Document:

Exhibit
10.6

 

PRESTIGE
GLOBAL FUND SPC

 

INVESTMENT
ADVISOR

PRESTIGE ASSET MANAGEMENT LIMITED

(Securities
& Futures Commission of Hong Kong licence: BHS708)

 

SUBSCRIPTION
AGREEMENT INSTRUCTIONS

 

Prestige
Global Fund SPC (the “Fund”) is offering the Participating Shares, as specified in the subscription below. Subscribers
should carefully review the current private placement memorandum of the Fund and any supplements of each Portfolio thereto as
supplied by the Manager (together, the “Private Placement Memorandum”) and the most recent annual report and audited
accounts (where applicable), before subscribing for Participating Shares.

 

Investment
in the Fund is intended for investors that are not U.S. Persons (as defined in the Private Placement Memorandum)

 

Capitalised
terms used herein without definition have the same meanings given to them in the Private Placement Memorandum.

 

		1.	Subscription
                                         Procedure:

 

		(a)	In
                                         order to subscribe for Participating Shares, each subscriber should:

 

		(i)	complete
                                         and sign the attached Subscription Agreement. If the subscribers are joint subscribers,
                                         each subscriber should sign the Subscription Agreement;

 

		(ii)	complete
                                         and sign the appropriate IRS Form(s) in accordance with the instructions accompanying
                                         the applicable Form. Please refer to ANNEX A;

 

		(iii)	complete
                                         and sign the appropriate all the Appendix inside this form as provided by the
                                         Manager;

 

The
completed forms and the verification documents in ANNEX B should then be returned to Prestige Asset Management Limited
(“Advisor”) at the address set out in section 4 below.

 

		(b)	During
                                         the Initial Offer Period, applicants should send completed Subscription Agreements, together
                                         with any supporting documents, to Advisor prior to 5.00 p.m. (Hong Kong time) on the
                                         Business Day which is ten (10) Business Days before the last Business Day of the Initial
                                         Offer Period. Subscription Agreements may be sent by facsimile transmission to the facsimile
                                         number or by email to the email address stated below promptly, provided that the original
                                         Subscription Agreement is forwarded to the Advisor forthwith. None of the Directors,
                                         the Fund or the Advisor accept any responsibility for any loss arising from the non-receipt
                                         or illegibility of any Subscription Agreement sent by facsimile or email, or for any
                                         loss caused by or as a result of any action taken in connection with facsimile or email
                                         instructions believed in good faith to have originated from properly authorised persons.
                                         Once a completed Subscription Agreement has been received by the Advisor it is irrevocable.
                                         Subscription received late or late cleared funds may be held over until the first Subscription
                                         Day and Participating Shares, if issued, will then be issued at the Subscription Price
                                         applicable on that day, although the Advisor may, under direction from the Investment
                                         Advisor, allow late cleared funds.

 

		(c)	After
                                         the close of the Initial Offer Period, new applicants for Participating Shares and Shareholders
                                         wishing to apply for additional Participating Shares must send their completed Subscription
                                         Agreements, together with any supporting documents to the Advisor prior to 5.00 p.m.
                                         (Hong Kong time) on the Business Day which is ten (10) Business Days before the applicable
                                         Subscription Day. Subscription Agreements may be sent by facsimile transmission to the
                                         facsimile number and by email to the email address stated below promptly, provided that
                                         the original Subscription Agreement is forwarded to the Advisor forthwith. None of the
                                         Directors, the Fund or the Advisor accept any responsibility for any loss arising from
                                         the non-receipt or illegibility of any Subscription Agreement sent by facsimile or email,
                                         or for any loss caused by or as a result of any action taken in connection with facsimile
                                         or email instructions believed in good faith to have originated from properly authorised
                                         persons. Once a completed Subscription Agreement has been received by the Advisor it
                                         is irrevocable. Subscription received late or late cleared funds may be held over until
                                         the next Subscription Day and Participating Shares, if issued will then be issued at
                                         the Subscription Price applicable on that day, although the Advisor may, under direction
                                         from the Directors, allow subscriptions on less than three Business Days’ notice
                                         or late cleared funds.

 

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		(d)	The
                                         Fund may reject any application in whole or in part and without giving any reason for
                                         doing so. If an application is rejected, the subscription monies paid, or the balance
                                         thereof in the case of a partial rejection, will be returned (without interest) as soon
                                         as practicable to the account from which the subscription monies were originally remitted.
                                         Any costs incurred in returning the subscription monies will be borne by the subscriber.

 

		(e)	The
                                         Fund is not responsible for the transmission of Subscription Agreements to the Advisor.
                                         All subscriptions are subject to acceptance by the Fund. Unless otherwise directed by
                                         the Directors, Subscription Agreements are irrevocable.

 

		(f)	The
                                         Participating Shares is subject to a subscription fee (the “Subscription Fee”).
                                         The Subscription Fee of each Class of Participating Shares is as specified in the relevant
                                         Appendix of the Supplement and must be paid within thirty (30) Business Day from the
                                         date of signing of the Subscription Agreement. The total subscription monies to be paid
                                         by a subscriber will equal the subscription amount plus the Subscription Fee. The Subscription
                                         Fee is paid to the Fund for the account of the Manager and is non-refundable. If timely
                                         payment is not made, a subscription may lapse and be cancelled. In such circumstances,
                                         the Company has the right to bring an action against the defaulting subscriber to obtain
                                         compensation for any loss directly or indirectly resulting from the failure by the subscriber
                                         to make good settlement by the settlement date. The Subscription Fee received by the
                                         Fund will not be refunded to the subscriber and the Manager will have the right to retain
                                         the Subscription Fee and to dispose or use it at its own will.

 

		(g)	Participating
                                         Shares will be issued in registered form. Certificates will generally not be issued nor
                                         will any other documentation be issued, other than confirmation notices. Unless the Fund
                                         directs otherwise, contract notes will include an investor identification number and
                                         details of the Participating Shares that have been allotted. Contract notes will be sent
                                         to investors only after approval of their Subscription Agreement. Fractions of Participating
                                         Shares purchased will be issued to three decimal places.

 

		2.	Payment
                                         Procedure:

 

		(a)	Full
                                         payment for Participating Shares subscribed for during the Initial Offer Period is due
                                         in cash (or by transfer of assets, if applicable) by 5.00 p.m. (Hong Kong time) on a
                                         day not less than five (5) Business Day of such Initial Offer Period.

 

		(b)	Full
                                         payment for Participating Shares subscribed for after the Initial Offer Period is due
                                         in cash (or by transfer of assets, if applicable) prior to 5.00 p.m. (Hong Kong time)
                                         on a day not less than five (5) Business Days (inclusive of the day when payment is received)
                                         prior to the Subscription Day on which the subscription is desired to be effected.

 

Payment
for the purchase price for the Participating Shares of the Portfolios must be made in cash and is payable in U.S. Dollars by electronic
transfer in immediately available funds (net of bank charges) to the relevant bank account set forth below. All subscription monies
must originate from an account held in the name of the applicant. No third party payment will be permitted. In the event that
subscription monies are received in any currency other than the relevant Dealing Currency, conversion into the relevant Dealing
Currency will be arranged by the Company at the risk and expense of the subscriber. Any bank charges incurred in respect of electronic
transfers will be deducted from the subscription monies and only the net amount will be invested in Participating Shares. Cheques
will not be accepted by the Advisor.

 

Where
monies are received prior to the dates outlined above, interest accrued will be for the benefit of the relevant Portfolio. Any
bank charges in respect of wire transfers will be deducted from subscriptions and only the net amount will be invested in Participating
Shares.

 

		3.	Subscription
                                         Account Details: (for settlement of purchase of Participating Shares)

 

Subscriptions
are to be made only by wire transfer. Cheques will not be accepted. In the event that subscription monies are received in any
currency other than U.S. Dollars, conversion into U.S. Dollars as required will be arranged by the Advisor at the risk and expenses
of the applicant. Any bank charges in respect of electronic transfers will be deducted from subscriptions and the net amount only
invested in shares.

 

For
the subscriptions in USD, please refer to the bank account details below:

 

	 	Bank
    Details:	 	 
	 	 	 	 
	 	Bank
    Account Name:	Prestige
    Global Fund SPC – Prestige Quantitative Opportunities Fund I SP 
	 	 	 
	 	Bank
    Account No./ IBAN:	7883741350
	 	 	 
	 	Name
    of Bank:	DBS
    Bank (Hong Kong) Limited
	 	 	 
	 	SWIFT
    Code/ ABA No.:	DHBKHKHH
	 	 	 
	 	Bank
    Address:	73rd
    Floor, The Center, 99 Queen’s Road Central, Central, Hong Kong

 

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		4.	Delivery
                                         of Completed Forms:

 

Completed
Subscription Agreements, IRS Forms and verification documents should be sent to the address below:

 

Prestige
Asset Management Limited

Suite
5102, Cheung Kong Center

2
Queen’s Road

Central,
Hong Kong

 

Attn:
Andrew Leung

 

		5.	Redemptions

 

Subject
to any applicable restrictions as set out under “Redemption and Transfer” and “Net Asset Value – Suspensions”
in the Private Placement Memorandum and the relevant Supplement for the particular Portfolio, Participating Shares may be redeemed
at the option of the Shareholder on any Redemption Day using the prescribed form as the Directors may determine from time to time.
A Shareholder wishing to redeem its Participating Shares must send a completed Redemption Notice to the Advisor at the address
specified in the Redemption Notice. The completed Redemption Notice must be received by no later than 5:00 p.m. (Hong Kong time)
on the day specified in the relevant Redemption Notice (or such shorter period as the Directors may permit, either generally or
in any particular case) before the relevant Redemption Day. Unless the Directors agree otherwise, any Redemption Notice received
after this time will be held over and dealt with on the next relevant Redemption Day.

 

Redemption
Notices may be submitted to the Advisor by fax to the facsimile number stated above or by email to the email address stated above
provided that, (i) the original signed redemption request is received by the Advisor prior to the Redemption Day; and (ii) the
Shareholder receives written confirmation from the Advisor that the faxed or emailed redemption request has been received. The
Advisor will confirm in writing within five Business Days of receipt all faxed or emailed redemption requests which are received
in good order. Investors failing to receive such written confirmation from the Advisor within five Business Days should contact
the Advisor to obtain the same. Failure to obtain such written confirmation will render faxed or emailed instructions void.
Once a Redemption Notice has been received by the Advisor it may not be revoked by the Shareholder unless redemptions
have been suspended in the circumstances set out under the heading “Net Asset Value - Suspensions” in the Private
Placement Memorandum or the Directors otherwise agree.

 

The
failure of any Shareholder to provide certain anti-money laundering information requested by the Fund, the Manager, the Investment
Advisor or the Administrator may, unless the Fund or the Administrator agree otherwise, prevent or delay the payment of redemption
proceeds. Each Shareholder acknowledges that the Administrator, the Fund, the Manager and the Investment Advisor shall be held
harmless against any loss arising as a result of a failure to process such Shareholder’s request to redeem if such information
as requested by the Fund, the Manager, the Investment Advisor or the Administrator have not been provided on a timely basis.

 

None
of the Fund, the Directors, the Manager, the Investment Advisor, the Administrator accept any responsibility for any loss arising
from the non-receipt or illegibility of any Redemption Notice sent by facsimile or email, or for any loss caused by or as a result
of any action taken in connection with facsimile or email instructions believed in good faith to have originated from properly
authorised persons. Where a redemption request is sent by facsimile transmission or by email, the Fund will not release the redemption
proceeds to the redeeming Shareholders until such time as both the original redemption request and the Subscription Agreement
are received by the Administrator.

 

		6.	Transfers

 

Participating
Shares may not be transferred without the prior written consent of the Directors, which consent may be withheld by the Directors
in their absolute discretion. The transferor will be required to complete and lodge with the Administrator an instrument of transfer
and the transferee will be required to complete and lodge an Subscription Agreement with the Administrator before the transfer
takes effect, which will contain various representations and warranties.

 

Prospective
transferees of Participating Shares will be asked to provide satisfactory evidence of identity and source of funds within such
reasonable time as the Fund, the Administrator or the Manager may determine in compliance with applicable anti-money laundering
laws and regulations.

******

 

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PRESTIGE
GLOBAL FUND SPC

SUBSCRIPTION
AGREEMENT 

 

The
undersigned subscriber hereby subscribes for, and offers to purchase, such number of participating non-voting redeemable shares
in the capital of Prestige Global Fund SPC (the “Fund”) of US$0.01 nominal value (“Participating Shares”),
as may be acquired for the subscription amount specified below upon the terms of the current Private Placement Memorandum and
any supplements thereto (the “Subscription”). The subscriber may select the Participating Shares of the Portfolio
most appropriate to his/her investment needs. The subscriber also agrees to the terms of subscription set out below which form
part of this Subscription Agreement.

 

	A.    SUBSCRIBER
    INFORMATION	(PLEASE
    USE BLOCK CAPITALS)
	 	 
	APPLICANT
	 	 
	1.     Title (Mr/Mrs/Miss/Ms/Other):	 
	 	 
	2.     Family Name:	 
	 	 
	3.     Given Name(s) (in
    full):	 
	 	 
	4.     Residential Address:	 
	 	 
	 	 
	 	 
	5.    
    Telephone Number:	 
	6.    
    Fax Number:	 
	7.    
    E-mail Address:	 
	8.    
    Nationality:	 
	9.    
    Occupation: 	 
	10.   Occupation
    Industry:	 
	11.   
    Source of Funds:	Investment
    Reserve/ Generated from sale of property or business/ Other *(delete as applicable)
	         If
    Other, please specify:	 
	
	 
	JOINT APPLICANT	 
	 	 
	1.     Title (Mr/Mrs/Miss/Ms/Other):	 
	 	 
	2.     Family Name:	 
	 	 
	3.     Given Name(s) (in
    full):	 
	 	 
	4.     Residential Address:	 
	 	 
	 	 
	 	 
	5.    
    Telephone Number:	 

 

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	6.    
    Fax Number:	 
	7.    
    E-mail Address:	 
	8.    
    Nationality:	 
	9.    
    Occupation:	 
	10.   Occupation
    Industry:	 
	11.   
    Source of Funds:	Investment
    Reserve/ Generated from sale of property or business/ Other *(delete as applicable)
	         If
    Other, please specify:	 
	 	 
	ENTITY	(PO Boxes are not
    accepted for registration purposes)
	 	 
	1.     Name of Applicant*:	 
	 	 
	2.     Registered Office:	 
	 	 
	 	 
	 	 
	3.     Telephone Number:	 
	4.    
    Fax Number:	 
	5.    
    E-mail Address:	 
	6.    
    Nature of Business**:	 
	7.    
    Incorporation No./Business No.:	 
	8.    
    Date of Incorporation:	 
	9.    
    Place of Incorporation:	 
	10.   Place
    of Business:	 
	11.   Name
    of Beneficial Owner(s) (if subscriber is a nominee):	 
	12.   
    Source of Funds:	Private
    Funds / Investment Funds / Other *(delete as applicable)
	 If Other,
    please specify:	 
	 	 
	13.   
    Please declare whether the investment is made for the company’s own account and not on behalf of any other party.

 

☐
Yes

☐
No

 

If
not, please provide us the full name and identity information of the individual or entity your company is acting for:

 

 

 

Note:
If the applicant is acting as a trustee, please give *the name of the trustee and the trust and **a description of the nature
of the trust.

 

Correspondence
details: If you wish correspondence to be sent to an address other than the address above, please provide details below.

 

	14.   
    Name:	 
	15.   
    Address:	 
	 	 

 

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	16.   
    Telephone No.: 	 
	17.   
    Fax No.:	 
	18.   
    E-mail:	 

 

 

	B.SUBSCRIPTION,
    DIVIDEND AND BANK ACCOUNT DETAILS

 

	Participating
    Shares:  	 	Subscription
    Amount (US$):	 	Share
    Class:
	Prestige Quantitative Opportunities Fund I SP
    	 	 	 	 
	Prestige Quantitative Opportunities Fund II
    SP 	 	 	 	 
	Prestige Quantitative Opportunities Fund III
    SP 	 	 	 	 

 

	Account
        Details:
	Please
        ensure that this is the same account that subscription monies are paid from. This account will be used to return
        any redemption proceeds and any dividend income (if applicable). The Advisor may request details of any relevant corresponding
        bank prior to making such payments. The subscriber undertakes to provide such information and to inform the Advisor in
        writing of changes to these details immediately. 

	 	 	 
	Bank Details:	 	 
	Bank Account Name:	 
	Bank Account No./ IBAN:	 
	Name of Bank:	 
	SWIFT Code/ ABA No.:	 
	Bank Address:	 
	 	 
	 	 
	 	 
	 	 

 

 

	C.SIGNATURE

 

	Subscriber(s)
        Signature:

        (if
        joint subscribers, both must sign)

         

         

         
	    
	 
	Name (if
    on behalf of an entity):	 

         
	Date:	 

 

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TERMS
OF SUBSCRIPTION

 

	1.	Subscriber’s Representations and Warranties

 

In
connection with its subscription for the Participating Shares (as defined above), the subscriber represents and warrants to and
for the benefit of the Fund, the Administrator, the Manager and the Investment Advisor as set forth below. If the subscriber is
a nominee, the representations below apply as appropriate to both the nominee and each beneficial owner of the Participating Shares.

 

		(a)	The
                                         subscriber hereby confirms that the subscriber is a “Professional Investor”
                                         as that term is defined in the Securities and Futures Ordinance (Cap 571) or the Securities
                                         and Futures (Professional Investor) Rules (the “Professional Investor Rules”)
                                         of Hong Kong. Where the subscriber is a “Professional Investor” as that term
                                         is defined in the Professional Investor Rules, the subscriber hereby represents and warrants
                                         that it meets the following criteria:

		(i)	it
                                         is a trust corporation holding total assets on trust with a total value of not less than
                                         HK$40 million or its foreign currency equivalent;

		(ii)	he/she
                                         is an individual who, either alone or with his spouse or children on a joint account,
                                         have a portfolio1 of not less than HK$8 million or its foreign currency equivalent;

		(iii)	it
                                         is a corporation or partnership having either:

		(A)	a
                                         portfolio of not less than HK$8 million or its foreign currency equivalent; or

		(B)	total
                                         assets of not less than HK$40 million or its foreign currency equivalent; or

		(iv)	it
                                         is a corporation the sole business of which is to hold investments and which is wholly
                                         owned by any one or more of the following persons:

		(A)	a
                                         trust corporation that falls within the description in sub-paragraph (i) above;

		(B)	an
                                         individual who, either alone or with any of his or her associates2 on a joint
                                         account, falls within the description at sub-paragraph (ii) above;

		(C)	a
                                         corporation that falls within the description at sub-paragraph (iii) above; or

		(D)	a
                                         partnership that falls within the description at sub-paragraph (iii) above.

 

		(b)	The
                                         subscriber obligated to provide an asset proof issued by bank or other financial institution
                                         within a period of 12 months. If the subscriber cannot provide any valid asset proof
                                         within the aforesaid period, the fund has the right to terminate all business relationships
                                         with the subscriber, and redeem all units of funds held in the name of the subscriber
                                         and managed by the fund. All the costs and losses arisen as such will be totally borne
                                         by the subscriber.

 

		(c)	The
                                         subscriber has the knowledge, expertise and experience in financial and business matters
                                         to evaluate the risks of investing in the Fund, is aware of the risks inherent in investing
                                         in the assets in which the Fund will invest and the method by which these assets will
                                         be held and/or traded, and can bear the loss of its entire investment in the Fund.

 

		(d)	The
                                         subscriber declares that the Participating Shares are not being acquired and will not
                                         be held in violation of any applicable laws.

 

		(e)	The
                                         subscriber and the directors (or equivalent officers) of the subscriber have received
                                         and carefully reviewed the Private Placement Memorandum, where relevant to their investment
                                         into a particular Portfolio and have authorised this subscription accordingly. The Fund
                                         has made available to the subscriber, during the course of this transaction and prior
                                         to the purchase of any Participating Shares, the opportunity to ask questions of representatives
                                         of the Fund concerning conditions of the offering of Participating Shares, and to obtain
                                         any additional information relating to the Participating Shares to the extent that the
                                         Fund possesses such information or can acquire it without unreasonable effort or expense.
                                         The subscriber acknowledges that this subscription is made on the terms of the Private
                                         Placement Memorandum and subject to the Fund’s Memorandum and Articles of Association.

 

 

 

 

		1	means
                                         a portfolio comprising any of the following: (a) securities; (b) a certificate of deposit
                                         issued by - (i) an authorised financial institution; or (ii) a bank which is not an authorised
                                         financial institution but is regulated under the law of any place outside Hong Kong;
                                         and (c) in relation to an individual, corporation or partnership, money held by a custodian
                                         for the individual, corporation or partnership.

		2	in
                                         relation to an individual, means the spouse of any child of the individual.

 

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		(f)	The
                                         subscriber acknowledges that the Participating Shares were not offered to the subscriber
                                         by any means of general solicitation or general advertising. The subscriber further acknowledges
                                         that he, she or it is not subscribing for Participating Shares pursuant hereto as a result
                                         of or subsequent to (i) any advertisement, article, notice or other communications published
                                         in any newspaper, magazine or similar media (including any internet site that is not
                                         password protected) or broadcast over television or radio or (ii) any seminar or meeting
                                         whose attendees, including the undersigned, had been invited as a result of, subsequent
                                         to or pursuant to any of the foregoing.

 

		(g)	The
                                         subscriber acknowledges and understands that the Participating Shares (i) have not been
                                         registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”),
                                         the securities laws of any state or the securities laws of any other jurisdiction, nor
                                         is such registration contemplated, and (ii) are being offered outside the United States
                                         in reliance upon the exemption from registration under Regulation S promulgated under
                                         the 1933 Act and may be offered inside the United States pursuant to the exemption from
                                         registration under Regulation D of the 1933 Act.

 

		(h)	The
                                         subscriber understands and agrees that the Fund intends to be exempt from registration
                                         as an investment company in the United States pursuant to an exception from the definition
                                         of investment company provided in Section 3(c)(1) of the U.S. Investment Company Act
                                         of 1940, as amended (the “1940 Act”).

 

		(i)	The
                                         subscriber acknowledges that the Investment Advisor is not registered with the U.S. Securities
                                         and Exchange Commission (the “SEC”) under the U.S. Investment Advisers Act
                                         of 1940, as amended (the “Advisers Act”), but may, in its sole and absolute
                                         discretion, or as otherwise required by applicable law or regulation, become so registered
                                         in the future. The Investment Advisor may elect to be treated as an “exempt reporting
                                         adviser” by the SEC (although it has not done so to date) and accordingly may be
                                         subject to SEC inspections and certain reporting requirements, recordkeeping and other
                                         obligations as determined from time to time by the SEC.

 

		(j)	The
                                         subscriber acknowledges that the Investment Advisor is not required to be, and is not
                                         currently, registered with the U.S. Commodity Futures Trading Commission (the “CFTC”)
                                         as a “commodity pool operator” or as a “commodity trading advisor”,
                                         as those terms are defined under the U.S. Commodity Exchange Act, as amended (the “Commodity
                                         Exchange Act”) in reliance on one or more applicable exemption(s) under the Commodity
                                         Exchange Act and the CFTC rules.

 

		(k)	The
                                         subscriber has been advised that the Participating Shares are subject to restrictions
                                         on transfer as set forth in the Private Placement Memorandum, that there is no public
                                         market for the Participating Shares, that no public market for the Participating Shares
                                         is expected to develop and that no share certificates will be issued.

 

		(l)	The
                                         subscriber is purchasing Participating Shares for investment for the subscriber’s
                                         own account (or, if the subscriber is a nominee, for the account of the beneficial owner
                                         indicated on this Subscription Agreement) and not with any present view towards resale
                                         or other distribution of any Participating Shares.

 

		(m)	The
                                         subscriber acknowledges that the Private Placement Memorandum is confidential and intended
                                         solely for the use by the subscriber for the purpose of enabling the subscriber to evaluate
                                         an investment in the Participating Shares. The subscriber agrees not to duplicate or
                                         to furnish particulars of the Private Placement Memorandum, or to divulge any of its
                                         contents, to any person other than the subscriber’s investment, legal or tax advisors
                                         (who may use the information contained in the Private Placement Memorandum solely for
                                         purposes relating to the subscriber’s investment in the Fund).

 

		(n)	The
                                         subscriber acknowledges that it will receive or have access to confidential proprietary
                                         information concerning the Fund, including, without limitation, portfolio positions,
                                         valuations, information regarding actual or potential investments by the Fund, financial
                                         information, trade secrets and the like (collectively, “Confidential Information”),
                                         which is proprietary in nature and non-public. The subscriber agrees that it shall not
                                         disclose or cause to be disclosed any Confidential Information to any person or use any
                                         Confidential Information for its own purposes or its own account, except in connection
                                         with its investment in the Fund and except as otherwise required by any regulatory authority,
                                         law or regulation, or by legal process.

 

		(o)	The
                                         information provided by the subscriber in this Subscription Agreement is accurate, correct
                                         and complete.

 

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		(p)	The
                                         subscriber, if not a natural person, is duly organised, validly existing, and in good
                                         standing under the laws of the jurisdiction in which it is organised and has the power
                                         and authority to enter into, and perform its obligations under, this Subscription Agreement.

 

		(q)	This
                                         Subscription Agreement (i) has been duly executed and delivered by the subscriber; (ii)
                                         if the subscriber is not a natural person, has been duly authorised by all necessary
                                         action on behalf of the subscriber; and (iii) is the valid and binding obligation of
                                         the subscriber enforceable according to its terms.

 

		(r)	The
                                         subscriber agrees to provide the Fund, the Manager, the Administrator and/or the Investment
                                         Advisor with any additional information which any of them may reasonably request in connection
                                         with this subscription and authorises the Fund, the Manager, the Administrator or the
                                         Investment Advisor to disclose such information relating to this Subscription to such
                                         persons as it considers appropriate.

 

		(s)	Notwithstanding
                                         any other provision contained herein, the subscriber acknowledges and agrees that non-public
                                         information concerning the subscriber set forth in this Subscription Agreement or otherwise
                                         disclosed by the subscriber to the Fund or agents of the Fund, such as the subscriber’s
                                         name, address, social security/identification number, assets and income, and information
                                         regarding the subscriber’s investment in the Fund (collectively, the “Information”),
                                         may be disclosed (a) to the Manager, the Administrator and the Investment Advisor including
                                         any delegates thereof, attorneys, accountants and auditors in furtherance of the Fund’s
                                         business and to other service providers such as brokers who may have a need for the information
                                         in connection with providing services to the Fund, (b) to companies and affiliates in
                                         the Investment Advisor’s group which perform marketing and investor servicing duties,
                                         (c) to third party service providers or financial institutions who may be providing marketing
                                         services to the Fund provided that such persons must agree to protect the confidentiality
                                         of the Information and use the Information only for the purposes of providing services
                                         to the Fund, and (d) to regulatory, tax and other authorities (including the IRS) and
                                         as otherwise required or permitted by law.

 

		(t)	In
                                         accordance with the preceding paragraph, the subscriber hereby consents to the transmission
                                         by the Fund, the Manager, the Administrator and/or the Investment Advisor including any
                                         delegates thereof of personal data provided by the subscriber to countries which may
                                         not have data protection legislation in place which is equivalent to or serve the same
                                         purposes as that of the jurisdiction where the Fund, the Manager, the Administrator and/or
                                         the Investment Advisor are established, provided that such transmission is reasonably
                                         required in order to perform their respective functions.

 

		(u)	The
                                         subscriber confirms that the subscriber shall be deemed to make each of the representations
                                         and warranties contained herein on a continuing basis.

 

		(v)	The
                                         subscriber agrees to indemnify and hold harmless the Fund, the Directors, the Manager,
                                         the Investment Advisor, the Administrator and their respective affiliates (each an “Indemnified
                                         Party”) against any loss, liability, cost or expense (including without limitation
                                         legal fees, taxes and penalties) which may result directly or indirectly, from any misrepresentation
                                         or breach of any representation, warranty, condition, covenant or agreement contained
                                         herein or in any other document delivered by the subscriber such Indemnified Party.

 

		(w)	The
                                         subscriber agrees to be bound by all of the provisions in the Private Placement Memorandum.

 

		(x)	The
                                         subscriber is not investing in reliance on any representation or warranty, express or
                                         implied, as to the performance of or the investment objective to be achieved by the Fund.

 

		(y)	The
                                         Directors or the Administrator reserve the right, without limitation and without providing
                                         any reason, to refuse in whole or in part the subscription for Participating Shares by
                                         any person, in their absolute discretion.

 

		(z)	The
                                         subscriber is aware that no U.S. federal or state agency and no other regulatory authority
                                         including the Securities and Futures Commission in Hong Kong have passed upon the Participating
                                         Shares or made any finding or determination as to the fairness of this investment and
                                         that the Private Placement Memorandum has not been filed with any such agency.

 

		(aa)	The
                                         subscriber has consulted its own professional advisers, including its own lawyers, accountants
                                         and investment advisers as the subscriber deems necessary, with respect to the suitability
                                         of this investment. In particular, but without limitation, the subscriber is relying
                                         solely upon the advice of its personal tax adviser with respect to the tax aspects of
                                         an investment in Participating Shares. The subscriber understands that any tax benefits
                                         that may be available to the subscriber in relation to its investment in Participating
                                         Shares may be lost through the adoption of new laws or regulations or changes to existing
                                         laws and regulations or changes in the interpretations of existing laws and regulations.
                                         The subscriber hereby agrees that it shall not take any action to present a petition
                                         or commence any case, proceeding, proposal or other action under any existing or future
                                         law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganisation,
                                         arrangement in the nature of insolvency proceedings, adjustment, winding-up, liquidation,
                                         dissolution, composition or analogous relief with respect to the Fund or the debts of
                                         the Fund unless and until a debt is immediately due and payable by the Fund to the subscriber.

 

    Page | 9 

     

    

 

		(bb)	The
                                         subscriber certifies under penalties of perjury that (a) the subscriber has completed
                                         and furnished to the Fund an applicable U.S. Internal Revenue Service Form W-8 (please
                                         refer to Annex A), and (b)(i) the subscriber is not a United States person (as
                                         defined in the U.S. Tax Code) and (ii) the subscriber will notify the Fund within sixty
                                         (60) days of any change in such status. The subscriber agrees to execute properly and
                                         provide to the Fund in a timely manner any tax documentation that the Manager, the Administration
                                         or the Investment Advisor believes is required or will enable the Fund or any subsidiary
                                         of the foregoing to comply with or mitigate any of their respective tax reporting, tax
                                         withholding, and/or tax compliance obligations, or which may arise as a result of a change
                                         in law or in the interpretation thereof.

 

		(cc)	Legislation
                                         known as the U.S. Foreign Account Tax Compliance Act, Sections 1471 through 1474 of the
                                         Code and the U.S. Treasury regulations thereunder (whether proposed, temporary or final),
                                         including any successor provisions, subsequent amendments, and administrative guidance
                                         promulgated thereunder (or which may be promulgated in the future), any applicable intergovernmental
                                         agreement (“IGA”) and related statutes, regulations or rules, and other guidance
                                         thereunder, any governmental authority pursuant to the foregoing authorities, and any
                                         agreement entered into by or with respect to the Fund (or any of its affiliates) (“FATCA”)
                                         and/or any similar automatic tax information exchange agreements or arrangements impose
                                         or may impose a number of obligations on the Fund (or any of its affiliates). In this
                                         regard:

 

		(1)	The
                                         subscriber acknowledges that the Fund and its affiliates are required to comply with
                                         FATCA and similar automatic tax information arrangements, and that, in order to comply
                                         with such requirements and/or to avoid the imposition of U.S. federal withholding tax,
                                         the Fund, the Directors, and the Fund’s and the Director’s agents and their
                                         affiliates, including, but not limited to, the Manager, the Investment Advisor, the Administrator
                                         and their directors or officers, may, from time to time, (A) require further information
                                         and/or documentation from the subscriber, which information and/or documentation may
                                         (1) include, but will not be limited to, information and/or documentation relating to
                                         or concerning the subscriber, the subscriber’s direct and indirect beneficial owners
                                         (if any), any such person’s identity, residence (or jurisdiction of formation)
                                         and income tax status, and (2) need to be certified by the subscriber under penalties
                                         of perjury, and (B) provide or disclose any such information and documentation to the
                                         U.S. Internal Revenue Service, other governmental agencies of the United States, or to
                                         any applicable jurisdiction under the terms of a relevant IGA (including any implementing
                                         legislation enacted as a result thereof), and to certain withholding agents.

 

		(2)	The
                                         subscriber agrees that it shall provide such information and/or documentation concerning
                                         itself and its direct and indirect beneficial owners (if any), as and when requested
                                         by the Fund, the Director’s, the Manager, the Investment Advisor, the Administrator
                                         or any of the their agents, as any such person, in its sole discretion, determines is
                                         necessary or advisable for the Fund (or any of its affiliates) to comply with its obligations
                                         under FATCA.

 

		(3)	The
                                         subscriber agrees to waive any provision of law of any non-U.S. jurisdiction that would,
                                         absent a waiver, prevent compliance with FATCA by the Fund or any affiliate thereof,
                                         including, but not limited to, the subscriber’s provision of any requested information
                                         and/or documentation.

 

		(4)	The
                                         subscriber acknowledges that if the subscribers does not timely provide and/or update
                                         the requested information and/or documentation or waiver (each, a “FATCA Compliance
                                         Failure”), as applicable, the Fund may, at its sole discretion and in addition
                                         to all other remedies available at law or in equity, immediately or at such other time
                                         or times redeem or withdraw all or a portion of the subscriber’s Participating
                                         Shares or investment, prohibit in whole or part the subscriber from participating in
                                         additional investments of the Fund and/or deduct from the subscriber’s account
                                         and retain amounts sufficient to indemnify and hold harmless the Fund, the Director’s
                                         and any of the Fund’s agents, or any other subscriber/investor, or any partner,
                                         member, shareholder, director, manager, officer, employee, delegate, agent, affiliate,
                                         executor, heir, assign, successor or other legal representative of any of the foregoing
                                         persons, from any and all withholding taxes, interest, penalties, cost, expenses and
                                         other losses or liabilities suffered by any such person or persons on account of a FATCA
                                         Compliance Failure; provided that the foregoing indemnity shall be in addition to and
                                         supplement any other indemnity provided under this Subscription Agreement.

 

    Page | 10 

     

    

 

		(5)	To
                                         the extent that the Fund, the Director’s and any of the Fund’s agents, or
                                         any other subscriber/investor, or any partner, member, shareholder, director, manager,
                                         officer, employee, delegate, agent, affiliate, executor, heir, assign, successor or other
                                         legal representative of any of the foregoing persons suffers any withholding taxes, interest,
                                         penalties and/or other expenses and costs on account of the subscriber’s FATCA
                                         Compliance Failure, (a) the subscriber shall promptly pay upon demand by or on behalf
                                         of the Fund to the Fund or, at the Fund’s direction, to any of the foregoing persons,
                                         an amount equal to such withholding taxes, interest, penalties and other expenses and
                                         costs, or (b) the Fund may reduce the amount of the next distribution or distributions
                                         which would otherwise have been made to the subscriber or, if such distributions are
                                         not sufficient for that purpose, reduce the proceeds of liquidation otherwise payable
                                         to the subscriber by an amount equal to such withholding taxes, interest, penalties and
                                         other expenses and costs.

 

		(6)	The
                                         subscriber acknowledges that the Directors, in consultation with their agents, will determine
                                         in its sole discretion, whether and how to comply with FATCA, and any such determinations
                                         shall include, but not be limited to, an assessment of the possible burden to subscribers/investors,
                                         the Fund and the Directors of timely collecting information and/or documentation.

 

		(7)	The
                                         subscriber acknowledges and agrees that it shall have no claim against the Fund, the
                                         Directors, the Manager, Investment Advisor, the Administrator and any of the Fund’s
                                         agents, or any other subscriber/investor, or any partner, member, shareholder, director,
                                         manager, officer, employee, delegate, agent, affiliate, executor, heir, assign, successor
                                         or other legal representative of any of the foregoing persons, for any damages or liabilities
                                         attributable to any FATCA compliance related determinations pursuant to Section (hh)(6);
                                         provided that the foregoing indemnity shall be in addition to and supplement any other
                                         indemnity provided under this Subscription Agreement.

 

		(dd)	The
                                         subscriber acknowledges that the Fund, the Manager, the Administrator and/or the Investment
                                         Advisor may disclose to each other, to any other service provider to the Fund or to any
                                         regulatory body in any applicable jurisdiction copies of this Subscription Agreement
                                         and any information concerning the subscriber provided by the subscriber to the Fund,
                                         the Manager, the Administrator and/or the Investment Advisor and any such disclosure
                                         shall not be treated as a breach of any restriction upon the disclosure of information
                                         imposed on such person by law or otherwise.

 

		(ee)	The
                                         subscriber consents to details relating to the subscriber’s subscription and holdings
                                         being disclosed to companies and affiliates in the Investment Advisor’s group,
                                         which perform marketing and investor servicing duties.

 

		(ff)	The
                                         subscriber understands, acknowledges and agrees that the Fund may amend the Private Placement
                                         Memorandum in the circumstances, and in accordance with the terms, set out in the Private
                                         Placement Memorandum and that any such amendment will apply to the each subscriber and
                                         in respect of any Participating Shares issued pursuant to this Subscription Agreement.

 

		(gg)	The
                                         subscriber understands and acknowledges that (i) from time to time the Fund may enter
                                         into agreements with certain prospective or existing holders of Participating Shares,
                                         under which those holders receive advantages not appearing in the Private Placement Memorandum,
                                         (ii) the Fund is not required to notify other shareholders of the rights granted by,
                                         and/or terms of, any such agreements, (iii) nor is the Fund obliged to offer such rights
                                         or terms to the subscriber or other Shareholders.

 

		(hh)	The
                                         subscriber understands and acknowledges that (i) although Participating Shares will not
                                         be issued until the relevant Subscription Day, subscription monies received by the Fund
                                         are deposited directly into an account in the name of the Fund, (ii) prior to the issuance
                                         of Participating Shares on the relevant Subscription Day, may be released to ensure that
                                         investment in the Fund can be effected on the relevant Subscription Day, and (iii) neither
                                         the Fund nor any delegate or agent of the Fund will be liable to the subscriber for any
                                         loss or damage howsoever arising out of or in relation to the deposit and or release
                                         of subscription monies prior to the issue of Participating Shares.

 

		(ii)	The
                                         subscriber agrees that it shall not present a petition to wind up the Fund on a just
                                         and equitable basis in the Grand Court of the Cayman Islands or make any other equivalent
                                         subscription before the courts of any other jurisdiction in connection with the realisation
                                         of the assets of the Fund in anticipation of the termination of the business of the Fund
                                         as contemplated by the Private Placement Memorandum and/or the Fund's Memorandum and
                                         Articles of Association.

 

    Page | 11 

     

    

 

		(jj)	By
                                         executing this document, the subscriber is consenting to electronic delivery and giving
                                         permission for the Fund and its service providers and other representatives, to deliver
                                         via email any documentation, reports and other information to be delivered to the subscriber
                                         in connection with the subscriber’s investment in the Fund. Such information may
                                         include confidential information regarding the Fund, including but not limited to, the
                                         subscriber and investment information. Certain information, at the discretion of the
                                         Fund, may be delivered to the Subscriber by regular mail, facsimile or courier. The subscriber
                                         also consents to the Fund transmitting information by email to any of the subscriber’s
                                         or the fund’s service providers, advisors, accountants or others to whom the subscriber
                                         has requested that such information be provided. The subscriber understands that contact
                                         via non-encrypted email, such as that expected to be used by the Fund, and the transmission
                                         of email data take place over public networks and therefore will be unprotected. Although
                                         the Fund and its service providers will take reasonable precautions regarding the integrity,
                                         confidentiality and security of information sent by email, none of the Fund, its affiliates
                                         or any of its service providers or other representatives will be liable for interception,
                                         system failure or other problems that may result in incompletion or incorrect transmission.
                                         In addition, information transmitted by email may need to be disclosed to third parties,
                                         including regulatory authorities with jurisdiction over the Fund or its service providers,
                                         and could be accessed by unauthorized persons.

 

The
subscriber agrees to release the Fund, its affiliates and its service providers from any form of liability or loss associated
with the communication of Fund information by email, including but not limited to, investor and investment information. The Fund
and its service providers make no warranties in relation to these matters and the subscriber accepts the risks associated with
the use of email. The Fund and its service providers also reserve the right to intercept, monitor and retain communications to
and from their systems as permitted by applicable law.

 

The
Subscriber understands that to receive information by email the subscriber will need Internet access, a valid email address and
the ability to install or download such subscriptions as the Fund may specify. If the subscriber wishes to retain information
sent by email, the subscriber will need access to a printer or other device to download and print or save such information. The
subscriber also understands that it is the subscriber’s obligation to inform the Fund in the event that any of the subscriber’s
or the subscriber’s service providers’ email addresses change. The subscriber may update any of the subscriber’s
or the subscriber’s service providers’ email addresses by contacting an appropriate representative of the Fund and
requesting an update.

 

This
consent will be effective immediately and will remain in effect unless and until the subscriber revokes it. At any time, the subscriber
may revoke this consent and/or request paper copies of any documents, at no additional cost to the subscriber, by sending a written
revocation and/or request the Administrator.

 

The
subscriber acknowledges that it may take up to three (3) days to process a revocation of consent to electronic delivery (or request
for paper copies) from the date that the subscriber’s revocation or request is received by the Fund.

 

	2.	Anti-Money Laundering Declarations

 

		(a)	The
                                         subscriber acknowledges that, in order to comply with measures aimed at the prevention
                                         of money laundering and terrorism, the Fund, the Administrator and/or any of their delegates
                                         or agents, may require verification of the identity of the subscriber and the source
                                         of the subscriber’s subscription monies before this subscription can be processed.
                                         The subscriber undertakes to provide (a) such information and documentation as the Fund,
                                         the Administrator and/or any of their delegates or agents may request to verify its identity
                                         in compliance with applicable anti-money laundering laws and regulations, and (b) any
                                         further information and documentation as the Fund, the Administrator and and/or any of
                                         their delegates or agents may request from time to time to ensure ongoing compliance
                                         with applicable laws and regulations. Subscribers should refer to ANNEX C for
                                         the Administrator’s verification requirements in connection with a subscription
                                         for Participating Shares. The subscriber acknowledges that neither the Fund nor any of
                                         its delegates or agents shall be liable for any loss arising as a result of a failure
                                         to process the subscriber’s subscription for Participating Shares if such information
                                         and documentation as has been requested has not been provided by the subscriber. The
                                         subscriber agrees to indemnify and hold harmless the Fund and its delegates and agents
                                         against any loss incurred by them due to such information and documentation as has been
                                         requested not being provided by the subscriber.

 

    Page | 12 

     

    

 

		(b)	The
                                         Fund and the Administrator each reserve the right to request such information as is necessary
                                         to verify the identity of a subscriber. The Fund and the Administrator also each reserve
                                         the right to request such identification evidence in respect of a transferee of Participating
                                         Shares. In the event of delay or failure by the subscriber or transferee to produce any
                                         information required for verification purposes, the Fund or the Administrator may refuse
                                         to accept the subscription or (as the case may be) to register the relevant transfer
                                         and (in the case of a subscription for Participating Shares) any funds received will
                                         be returned without interest to the account from which the monies were originally debited
                                         at the expense of the subscriber.

 

		(c)	The
                                         subscriber warrants and covenants that the Participating Shares are to be purchased with
                                         funds that are from legitimate sources in connection with its regular business activities
                                         and which do not constitute the proceeds of criminal conduct within the meaning given
                                         in the Proceeds of Crime Law (as amended) of the Cayman Islands. The subscriber acknowledges
                                         and understands that (a) under the Proceeds of Crime Law (as amended) of the Cayman Islands,
                                         if a person who is a resident in the Cayman Islands knows or suspects that a payment
                                         to the Fund (by way of subscription or otherwise) represents proceeds of criminal conduct,
                                         that person must report his knowledge or suspicion to the reporting authority, and (b)
                                         such report shall not be treated as a breach of any restriction upon the disclosure of
                                         information imposed by law or otherwise.

 

		(d)	The
                                         subscriber understands and agrees that the Fund prohibits the investment of funds by
                                         any persons or entities that are acting, directly or indirectly, (i) in contravention
                                         of any applicable laws and regulations, including anti-money laundering regulations or
                                         conventions, (ii) on behalf of terrorists or terrorist organisations, including those
                                         persons or entities that are included on the List of Specially Designated Nationals and
                                         Blocked Persons maintained by the U.S. Treasury Department's Office of Foreign Assets
                                         Control ("OFAC") or on any lists or resolutions issued by the United Nations
                                         (whether through the Security Council or otherwise) pursuant to which dealings with persons
                                         specified therein are prohibited, restricted or discouraged, as such lists may be amended
                                         from time to time; (iii) for a senior political figure, any member of a senior political
                                         figure's immediate family or any close associate of a senior political figure, unless
                                         the Fund, after being specifically notified by the subscriber in writing that the subscriber
                                         is such a person, conducts further due diligence, and determines that such investment
                                         shall be permitted, or (iv) as trustee, agent, representative or nominee for a foreign
                                         shell bank (such persons or entities in (i) - (iv) are collectively referred to as "Prohibited
                                         Persons").

 

		(e)	The
                                         subscriber warrants and covenants that: (i) the subscriber is not, nor is any person
                                         or entity controlling, controlled by or under common control with the subscriber, a Prohibited
                                         Person, and (ii) to the extent the subscriber has any beneficial owners, (a) the subscriber
                                         has carried out thorough due diligence to establish the identities of such beneficial
                                         owners, (b) based on such due diligence, the subscriber reasonably believes that no such
                                         beneficial owners are Prohibited Persons, (c) the subscriber holds the evidence of such
                                         identities and status and will maintain all such evidence in accordance with applicable
                                         law and regulation, and (d) the subscriber will make available such information and any
                                         additional information that the Fund may reasonably require upon request in order to
                                         comply with applicable law and regulation.

 

		(f)	Where
                                         this subscription is made as trustee, custodian, nominee or otherwise on behalf of another
                                         person or persons, the subscriber warrants that it has carried out reasonable verification
                                         checks on and obtained sufficient evidence as to the identity of such person or persons
                                         on whose behalf the subscriber shall be holding the Participating Shares so as to satisfy
                                         the subscriber of the provenance and legitimacy of the source of funds used to subscribe
                                         for the Participating Shares and has otherwise complied with the laws and regulations
                                         relating to anti-money laundering procedures that are applicable in the jurisdiction
                                         where such Participating Shares are offered or distributed and the subscriber acknowledges
                                         that in applying to be registered owner of the Participating Shares on such person’s
                                         or persons’ behalf the subscriber is confirming that it is satisfied as to the
                                         identity of the underlying beneficial holder(s) and the provenance and legitimacy of
                                         the funds being used to subscribe for the Participating Shares.

 

		(g)	If
                                         any of the foregoing representations, warranties or covenants in paragraphs (c) to (f)
                                         above cease to be true or if the Fund no longer reasonably believes that it has satisfactory
                                         evidence as to their truth, notwithstanding any other agreement to the contrary, the
                                         Fund may be obligated to take certain actions relating to the subscriber's holding of
                                         Participating Shares, including (but not limited to) freezing the subscriber’s
                                         investment, either by prohibiting additional investments, declining or suspending any
                                         redemption requests and/or segregating the assets constituting the investment in accordance
                                         with applicable regulations, or the subscriber’s investment may immediately be
                                         redeemed by the Fund, and the Fund may also be required to report such action and to
                                         disclose the subscriber’s identity to OFAC or other authorities. In the event that
                                         the Fund is required to take any of the foregoing actions, the subscriber understands
                                         and agrees that the subscriber shall have no claim against the Fund, the Directors, the
                                         Manager, the Investment Advisor or the Administrator or their respective affiliates,
                                         directors, members, partners, shareholders, officers, employees and agents for any form
                                         of damages as a result of any such actions.

 

    Page | 13 

     

    

 

		(h)	The
                                         subscriber understands and agrees that any redemption proceeds paid to the subscriber
                                         will be paid to the same account from which the subscriber’s investment in the
                                         Fund was originally remitted, unless the Fund or the Administrator agrees otherwise,
                                         in which case the Fund or the Administrator shall have the right to demand such information
                                         as regards the identity of the alternative beneficiary and its connection with the subscriber
                                         as may be required under applicable anti-money laundering rules and regulations prior
                                         to so agreeing.

 

		(i)	The
                                         Fund and the Administrator also each reserve the right to refuse to make any redemption
                                         payment to a Shareholder if any of the Directors or the Administrator suspects or is
                                         advised that the payment of any redemption moneys to such Shareholder might result in
                                         a breach or violation of any applicable anti-money laundering or other laws or regulations
                                         by any person in any relevant jurisdiction, or such refusal is considered necessary or
                                         appropriate to ensure the compliance by the Fund, the Directors or the Administrator
                                         with any such laws or regulations in any relevant jurisdiction.

 

	3.	Miscellaneous

 

		(a)	This
                                         Subscription Agreement shall be governed by, and construed in accordance with, the laws
                                         of the Cayman Islands without regard to any choice of law rules that would require or
                                         permit subscription of the laws of any other jurisdiction. The subscriber hereby irrevocably
                                         consents to the jurisdiction of any court sitting in the Cayman Islands for the purposes
                                         of any proceeding relating to this Subscription Agreement and waives any objection to
                                         the convenience of any such court. The subscriber hereby further irrevocably consents
                                         to the service of process out of any of the aforesaid courts, in any such suit, action
                                         or proceeding, by the mailing of copies thereof, by certified or registered mail, return
                                         receipt requested, addressed to the subscriber at the address of the subscriber then
                                         appearing on the records of the Fund. Nothing contained herein shall affect the right
                                         of the Fund to commence any action, suit or proceeding or otherwise to proceed against
                                         the subscriber in any other jurisdiction or to serve process upon the subscriber in any
                                         manner permitted by any applicable law in any relevant jurisdiction.

 

		(b)	This
                                         Subscription Agreement, the Private Placement Memorandum and the Memorandum and Articles
                                         of Association of the Fund contain the entire agreement between the parties with respect
                                         to the subscriber’s investment in Participating Shares. Provisions of this Subscription
                                         Agreement may not be modified or waived, except in writing.

 

		(c)	The
                                         subscriber may not assign any of the subscriber’s rights or interests in and under
                                         this Subscription Agreement without the prior written consent of the Fund, and any attempt
                                         at assignment without such consent shall be void and without effect.

 

		(d)	The
                                         subscriber hereby confirms that the Fund and the Administrator are each authorised and
                                         instructed to accept and execute any instructions in respect of the Participating Shares
                                         to which this Subscription relates given by the subscriber by facsimile or email. If
                                         instructions are given by the subscriber by facsimile or email, the subscriber undertakes
                                         to forward the original documentation immediately by courier to the Administrator. None
                                         of the Fund or the Administrator shall be responsible for any mis-delivery or non-receipt
                                         of any facsimile or email. The subscriber hereby indemnifies the Fund and the Administrator
                                         and agrees to keep each of them indemnified, against any loss of any nature whatsoever
                                         arising to each of them as a result of any of them acting on either facsimile or email
                                         instructions. The Fund and the Administrator may rely conclusively upon and shall incur
                                         no liability in respect of any action taken upon any notice, consent, request, instructions,
                                         email or other instrument believed, in good faith, to be genuine or to be signed by properly
                                         authorised persons.

 

		(e)	Any
                                         provision of this Subscription Agreement which is invalid or unenforceable in any jurisdiction,
                                         shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability
                                         without rendering the remaining provisions invalid or unenforceable or affecting the
                                         validity or enforceability of this Subscription Agreement in any other jurisdiction.

 

		(f)	If
                                         the subscriber is more than one person, the obligations of those persons under this Subscription
                                         Agreement shall be joint and several. Where applicable, for joint Shareholders, the Shareholders
                                         each individually authorizes the Fund and the Administrator and each of their delegates
                                         to act upon the written instructions of any one of the Shareholders in respect of the
                                         transfer or redemption of any of the Participating Shares registered in the joint names.

 

    Page | 14 

     

    

 

		(g)	By
                                         executing this document, the subscriber is consenting to electronic delivery and giving
                                         permission for the Fund and its service providers and other representatives to deliver
                                         via email any documentation, reports and other information to be delivered to the subscriber
                                         in connection with the subscriber’s investment in the Fund. Such information may
                                         include confidential information regarding the Fund, including but not limited to subscriber
                                         and investment information. Certain information, at the discretion of the Fund, may be
                                         delivered to the subscriber by regular mail, facsimile or courier. The subscriber also
                                         consents to the Fund transmitting information by email to any of the subscriber’s
                                         or the Fund’s service providers, advisors, accountants or others to whom the subscriber
                                         has requested that such information be provided.

 

The
subscriber understands that contact via non-encrypted email (such as that expected to be used by the Fund) and the transmission
of email data takes place over public networks and therefore will be unprotected. Although the Fund and its service providers
will take reasonable precautions regarding the integrity, confidentiality and security of information sent by email, neither the
Fund nor any of its service providers or other representatives will be liable for interception, system failure or other problems
that may result in incomplete or incorrect transmission. In addition, information transmitted by email may need to be disclosed
to third parties, including regulatory authorities with jurisdiction over the Fund or its service providers, and could be accessed
by unauthorized persons.

 

The
subscriber agrees to release the Fund and its service providers from any form of liability or loss associated with the communication
of Fund information by email, including but not limited to the subscriber and investment information. The Fund and its service
providers make no warranties in relation to these matters and the subscriber accepts the risks associated with the use of email.
The Fund and its service providers also reserve the right to intercept, monitor and retain communications to and from their systems
as permitted by applicable law.

 

The
subscriber understands that to receive information by email, the subscriber will need Internet access, a valid email address and
the ability to install or download such subscriptions as the Fund may specify. If the subscriber wishes to retain information
sent by email, the subscriber will need access to a printer or other device to download and print or save such information. The
subscriber also understands that it is the subscriber’s obligation to inform the Fund in the event that any of the subscriber’s
or the subscriber’s service providers’ email addresses change. The subscriber may update any of the subscriber’s
or the subscriber’s service providers’ email addresses by contacting an appropriate representative of the Fund and
requesting an update.

 

The
subscriber’s consent set out in this paragraph (g) will be effective immediately and will remain in effect unless and until
the subscriber revokes it. At any time, the subscriber may revoke this consent and/or request paper copies of any documents, at
no additional cost to the subscriber, by sending a written revocation and/or request to the Administrator. The subscriber acknowledges
that it may take up to three (3) days to process a revocation of consent to electronic delivery (or request for paper copies)
from the date that the subscriber’s revocation or request is received by the Fund.

 

    Page | 15 

     

    

 

ANNEX
A: IRS WITHHOLDING TAX FORMS

 

Anyone
subscribing for Participating Shares of the Fund is required to submit appropriate tax certifications under penalties of perjury.
With respect to subscribers purchasing Participating Shares as either joint tenants with right of survivorship or tenants-in-common,
please note that each individual must sign and complete the appropriate IRS Form. Subscribers who are grantors of a “grantor
trust,” and “grantor trusts” with multiple grantors, must provide appropriate tax forms for each grantor.

 

Please
carefully review the instructions accompanying the IRS Form that the subscriber is completing. The Fund will not consider an IRS
Form complete unless the subscriber has submitted all statements, certifications or other documents required by the applicable
IRS Form. Please note that subscribers may be required to provide updated tax forms (and certain other information from time to
time, including, without limitation, pursuant to FATCA).

 

The
most current versions of all the IRS Forms and their instructions are located at the websites listed below. Subscribers should
consult their own tax advisors about which form(s) to complete.

 

IRS
Form W-9 and Instructions

http://www.irs.gov/pub/irs-pdf/fw9.pdf

http://www.irs.gov/pub/irs-pdf/iw9.pdf

 

IRS
Form W-8BEN-E and Instructions

http://www.irs.gov/pub/irs-pdf/fw8bene.pdf

http://www.irs.gov/pub/irs-pdf/iw8bene.pdf

 

IRS
Form W-8BEN and Instructions

http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

http://www.irs.gov/pub/irs-pdf/iw8ben.pdf

 

IRS
Form W-8ECI and Instructions

http://www.irs.gov/pub/irs-pdf/fw8eci.pdf

http://www.irs.gov/pub/irs-pdf/iw8eci.pdf

 

IRS
Form W-8EXP and Instructions

http://www.irs.gov/pub/irs-pdf/fw8exp.pdf

http://www.irs.gov/pub/irs-pdf/iw8exp.pdf

 

IRS
Form W-8IMY and Instructions

http://www.irs.gov/pub/irs-pdf/fw8imy.pdf

http://www.irs.gov/pub/irs-pdf/iw8imy.pdf

 

    Page | 16 

     

    

 

ANNEX
B: AML APPENDIX

 

Applicants
are required to provide certain supplemental documentation in connection with this subscription. Please note all documents listed
under the class of applicant are required and must either be originals or certified true copies:

 

If
your bank account is not located in a country that is on the Administrator - Prescribed Countries**, please contact the Administrator
for further details regarding your KYC requirements.

 

	Investor
Category
	 	Requirements
	 	 	 
	Individuals	 	1.    Passport
        or official ID document with photograph, name, date of birth and nationality (and name change document if applicable)

         

        2.    Address
        proof e.g. copy of utility bill or bank statement. Must be less than 3 months old and display full name. P.O. Box mailing
        addresses are not acceptable.

         

        3.    Information
        on occupation and source of funds for investment (a statement on the subscription form or a signed letter will satisfy
        this requirement)

         

	Listed Companies/
    Regulated Institutions	 	1.    Certificate
        of incorporation or equivalent (and certificate on change of name if applicable)

         

        2.    Details
        of the registered office and place of business

         

        3.    Evidence
        of listing on recognised stock exchange* / regulated in an approved country* (e.g. extract from Bloomberg / Reuters /
        Stock Exchange / Regulator website)

         

        4.    List
        of Directors

         

        5.    Confirmation
        that the investment is made for the company’s own account and not on behalf of any other party and the source of
        funds for investment (a statement on the subscription form or a signed letter will satisfy this requirement)

         

        6.    Signed
        board resolution authorising the investment and conferring authority on those giving instructions

         

        7.    Authorised
        signature list with specimen signatures

         

        8.    Source
        of funds for investment (a statement on the subscription form or a signed letter will satisfy this requirement) and the
        latest available financial statement where appropriate

         

	Other
        Pooled Investment Vehicles

         

        (Pension
        Fund, Hedge Fund, Private Equity Fund, Fund of Fund, Venture Capital Funds)
	 	1.    Evidence
        of formation/incorporation (e.g. certificate of incorporation or equivalent, extract from regulators website or other
        appropriate documentation)

         

        2.    Extract
        from commercial register

         

        3.    Prospectus
        (offering document) or equivalent

         

        4.    Written
        confirmation that underlying investors have been identified and anti-money laundering checks have been carried out to
        the Administrator - Prescribed Countries** standards on the underlying investors in the Pooled Investment Vehicle. (Please
        request a standard letter template from the Administrator for this purpose.)

         

        5.    Signed
        board resolution/confirmation authorizing the investment and conferring authority on those giving instructions

         

        6.    Authorised
        signature list with specimen signatures

 

    Page | 17 

     

    

 

	Private
        Companies

         

        (Personal
        Investment Companies, Unquoted Companies)
	 	1.    Certificate
        of incorporation or equivalent (and certificate on change of name if applicable)

         

        2.    Details
        of the registered office and place of business

         

        3.    Signed
        board resolution/confirmation authorizing the investment and conferring authority on those giving instructions

         

        4.    Register
        of directors or Letter from lawyer/accountant/company secretary to confirm the names of directors.

         

        5.    Register
        of members or Letter from lawyer/accountant/company secretary that confirms the names of the principal beneficial
        owner (any person holding a 10% or more interest or with principal control over the company’s assets).

         

        6.    Company
        Search (e.g. Search of file at Company Registry) or any other government source showing live status of the company (if
        applicable), or recently audited financial statements

         

        7.    Passport
        or official ID document with photograph, name, date of birth and nationality (and name change document if applicable)
        of the following individuals:

         

        ●    Each
        principal beneficial owner (any person holding a 10% or more interest or with principal control over the company’s
        assets)

         

        ●    All
        the directors (including the Managing/Executive Director)

         

        ●    All
        authorised signatories

         

        8.    Address
        proof, e.g. copy of utility bill or bank statement, of the following individuals (must be less than 3 months old and display
        full name, P.O. Box mailing addresses are not acceptable):

         

        ●    Each
        principal beneficial owner (any person holding a 10% or more interest or with principal control over the company’s
        assets)

         

        ●    All
        the directors (including the Managing/Executive Director)

         

        ●    All
        authorised signatories

         

        9.    Confirmation
        that the investment is made for the company’s own account and not on behalf of any other party and the source of
        funds for investment (a statement on the subscription form or a signed letter will satisfy this requirement)

         

        10.    Authorised
        signature list with specimen signatures

         

        11.    Identification
        Information Form for Companies and Partnerships (Appendix 1)

         

        Note:
        Where the company has an ownership structure which is made up of several layers, please follow the chain of ownership
        and provide identification documents of the individuals who are the ultimate beneficial owners in line with the “Individuals”
        category.

         

        Note:
        If the Private Company or its parent that is regulated/listed on a Recognised Stock Exchange (See note *), follow the
        requirements for “Listed Companies / Regulated Institutions”.

	 	 	 
	Partnerships &
    Unincorporated Businesses	 	1.    Identification
        evidence for the general partners (GP) and all other partners who are empowered to give instructions (at least two partners
        / controllers and/or authorised signatories). If the partner is an entity, documentation requirements are in line with
        relevant category of entity; or if the partner is an individual, please follow the requirements for “Individuals”.

         

        2.    Business
        registration certificate or equivalent (i.e. formation) (and name change document if applicable)

         

        3.    Executed
        Partnership Agreement / Deed 

 

    Page | 18 

     

    

 

	      	 	4.    Mandate/deed/resolution
        from the partnership authorising the opening of an account or undertaking the transaction and conferring authority on
        those who will undertake transactions

         

        5.    Evidence
        of the detailed address of the partnership (P. O. Box mailing address is not acceptable)

         

        6.    For
        limited partnerships obtain written confirmation that an anti-money laundering (AML) investor / beneficiary identification
        verification has been performed up to the Administrator’s standards on the limited partners in the limited partnership.
        (Please request a standard letter template from the Administrator for this purpose.)

         

        7.    Authorised
        signature list with specimen signatures

         

        8.    Latest
        report and accounts (audited where applicable)

         

        9.    Identification
        Information Form For Companies and Partnerships (Appendix 1)

         

        10.  Names
        of all partners

         

        Not
        applicable if

         

        (i)    the
        partnership is a Pooled Investment Vehicles (PV) and the GP fulfills the requirements under “Nominee Accounts”
        below e.g. undertaking letter from and due diligence performed on the GP, or

         

        (ii)  the
        GP is an entity, where (1) GP itself is regulated* directly, or (2) GP itself is unregulated but its parent is regulated*.

         

        *    “regulated”
        means regulated in a country that is on the Administrator - Prescribed Countries ** list

         

        For
        other unregulated GP that is an entity or if the GP is an individual, names of all partners are still required.

         

        Note:
        Where the partnership has an ownership structure which is made up of several layers (e.g. if the general partners is also
        another limited partnership), please follow the chain of ownership and provide identification documents of the individuals
        who are the ultimate beneficial owners in line with the “Individuals” category.

         

	Trusts
    	 	Regulated Trustee
    in a country that is on the Prescribed Countries ** or parent of the Trustee is regulated in a country that is on the Prescribed
    Countries **
	 	 

        1.    Extract
        of authorisation from the relevant regulator

         

        2.    Written
        confirmation that the trustee has undertaken identity and anti-money laundering checks to the Administrator’s standards
        on settlors and main beneficiaries. (Please request a standard letter template from the Administrator for this purpose.)

         

        3.    Trust
        Deed

         

        4.    Authorised
        signature list with specimen signatures

         

        5.    Identification
        Information Form for a Trust (Appendix 2)

         

	 	Unregulated
                                    Trustee

                                     

	 	1.    Trust
        Deed

         

        2.    Identification
        evidence of all trustees, settlors, beneficial owners and authorised signatories, in line with all of the requirements
        for a “Company” (or listed/regulated entity if applicable) or “Individual” i.e. official photo
        ID and residential address proof (P.O. box is not acceptable)

         

        3.    Authorised
        signature list with specimen signatures

         

        4.    General
        nature of the trust (e.g. family trust, pension trust, charitable trust etc) and confirmation on the source of funds for
        investment (a statement on the subscription form or a signed letter will satisfy this requirement)

         

        5.    Identification
        Information Form for a Trust (Appendix 2)

 

    Page | 19 

     

    

 

	Nominee
        accounts 

         

        (Private
        bank, investment adviser or nominee company)
	 	Regulated
        third party or unregulated third party with regulated parent company

         

        (Subscription
        on behalf of underlying investor and the third party is located in a country that is on the Prescribed Countries **)

         

        Applicable
        for omnibus account only

         

	 	1.    Certificate
        of incorporation, or equivalent (certificates on change of name if applicable)

         

        2.    Extract
        of authorisation from the relevant regulator

         

        3.    Authorised
        signature list with specimen signatures

         

        4.    Confirmation
        on the source of funds for investment (a statement on the subscription form or a signed letter will satisfy this requirement)

         

        Note:
        “Omnibus accounts”, which may also be called “nominee” or house accounts, are used when an intermediary
        subscribes on behalf of its customers (i.e. the investors). In such cases, the investments are usually acquired in the
        name of the intermediary, but there may be cases where the intermediary establishes an account that specifies sub-accounts
        on behalf of the investors. In these cases, please follow the requirement for “Regulated third party – named
        underlying investor(s)”.

         

	 	Regulated
        third party

         

        (Subscription
        on behalf of underlying investor and the third party is located in a country that is on the [*])

         

        Applicable
        for named underlying investor(s)

         

	 	1.    Identification
        documentation of the named underlying investor(s) in line with all of the requirements for the applicable investor category,
        or

         

        ●    Written
        confirmation that the third party has undertaken identity and anti-money laundering checks to the Administrator’s
        standards (Please request a standard letter template from the Administrator for this purpose.), and

         

        ●    Extract
        of authorisation from the relevant regulator.

         

        2.    Authorised
        signature list with specimen signatures

         

	 	 	Unregulated
        third party

         

        (Subscription
        on behalf of underlying investor and the third party is located in a country that is on the Prescribed Countries **)

         

	 	1.    List
        of all named underlying investors

         

        2.    Identification
        documentation for all named underlying investors in line with the requirements of the applicable investor category or
        Written confirmation that the third party has undertaken identity and anti-money laundering checks to the Administrator’s
        standards. (Please request a standard letter template from the Administrator for this purpose.)

         

        3.    Details
        of registered office and place of business

 

    Page | 20 

     

    

 

	 	 	4.    Authorised
        signature list with specimen signatures

         

        5.    Identification
        documentation of the third party in line with all of the requirements for the applicable investor category

         

	 	Regulated
        or unregulated third party NOT located in a country that is on the Prescribed Countries **

         

        (Subscription
        on behalf of underlying investor or proposes to operate an omnibus account)

         

	 	1.    List
        of all named underlying investors

         

        2.    Identification
        documentation for all named underlying investors in line with the requirements of the applicable investor category

         

        3.    Details
        of registered office and place of business

         

        4.    Authorised
        signature list with specimen signatures

         

        Or
        otherwise provide the documentation listed below:

         

        ●    List
        of all named underlying investors

         

        ●    Identification
        documentation of the third party in line with all of the requirements for the applicable investor category

         

        ●    Written
        confirmation that the third party has undertaken identity and anti-money laundering checks to the Administrator’s
        standards. (Please request a standard letter template from the Administrator for this purpose.)

         

             ●    Authorised signature list with specimen signatures

 

		*	An
                                         approved exchange is one in a country which is a member of the Administrator –
                                         Prescribed Countries**.

 

		**	The
Administrator – Prescribed Countries (see Annex C)

 

Note:

		●	A
                                         certifier must be a suitable person, such as a lawyer, accountant, director or manager
                                         of a regulated credit or financial institution, a notary public or a member of the judiciary.
                                         The certifier should sign the copy document (printing his/her name clearly underneath)
                                         and clearly indicate his/her position or capacity, together with a contact address and
                                         phone number. The certifier must indicate that the document is a true copy of the original
                                         and that the photo is a true likeness of the individual.

		●	Where
                                         documents are not in English, a notarized translation is required.

		●	As
                                         part of the Administrator’s responsibility to comply with any applicable anti-money
                                         laundering regulations, the Administrator it may require detailed verification of an
                                         applicant’s identity and the source of the payment of subscription monies. The
                                         Administrator reserves the right to request such information as is necessary to verify
                                         the identity of an applicant and the source of the payment.

 

    Page | 21 

     

    

 

Annex
C: Prescribed Country List

 

FATF
Members and Observers

The
37 Members of the FAT

 

The
FATF currently comprises 35 member jurisdictions and 2 regional organisations, representing most major financial centres in all
parts of the globe.

 

	Argentina

        Australia

        Austria

        Belgium

        Brazil

        Canada

        China

        Denmark

        European
        Commission

        Finland
	France

        Germany

        Greece

        Gulf
        Co-operation Council

        Hong
        Kong, China

        Iceland

        India

        Ireland

        Italy
	Japan

        Republic
        of Korea  

        Luxembourg

        Malaysia

        Mexico

        Netherlands,
        Kingdom of

        New
        Zealand

        Norway

        Portugal
	Russian
        Federation

        Singapore

        South
        Africa

        Spain

        Sweden

        Switzerland

        Turkey

        United
        Kingdom

        United
        States 

 

FATF
Observers

 

Israel

Saudi
Arabia

 

 

Page | 22Exhibit
10.11

 

 

 

 

investment
ADVISORY Agreement

 

Between

 

PRESTIGE
GLOBAL ASSET MANAGEMENT LIMITED

(the
“Manager”)

 

and

 

Prestige
Asset Management Limited

(the
“Investment Advisor”)

 

in
respect of the Prestige Global Fund SPC

 

 

 

 

     

     

    

 

CONTENTS

 

	1.	Interpretation	1
	2.	Regulatory Status	3
	3.	Appointment of the Investment Advisor	3
	4.	Duties of the Investment Advisor	3
	5.	Delegation	5
	6.	Voting	5
	7.	Execution of Orders and Transactions	5
	8.	Representations and Warranties of the Manager	6
	9.	Representations and Warranties of the Investment
    Advisor	6
	10.	Manager’s Obligations	6
	11.	Restrictions and Requirements	6
	12.	Fees and Expenses	7
	13.	Limitation of Liability and Indemnity	7
	14.	Resignation and Termination	8
	15.	Conflicts of Interest	9
	16.	Complaints	10
	17.	Market Rules	10
	18.	No Licence	10
	19.	Confidentiality	10
	20.	Notices	11
	21.	Assignment	12
	22.	Amendments	13
	23.	Reservation of Rights	13
	24.	Whole Agreement	13
	25.	Severability	13
	26.	Force Majeure	13
	27.	Counterparts	13
	28.	No Partnership	13
	29.	Contracts (Rights of Third Parties) Ordinance	14
	30.	Governing Law	14
	31.	Jurisdiction	14

 

     

     

    

 

THIS
AGREEMENT is dated 21st February 2017 and made

 

BETWEEN:

 

		(1)	PRESTIGE
                                         GLOBAL ASSET MANAGEMENT LIMITED,
                                         (the “Manager”), an exempted company incorporated in the Cayman Islands
                                         with limited liability, having its registered office at 4th Floor, Harbour Place, 103
                                         South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands; and

 

		(2)	PRESTIGE
                                         ASSET MANAGEMENT LIMITED,
                                         (the “Investment Advisor”), a limited company formed under the laws
                                         of Hong Kong and having its principal place of business at Suite 5102, Cheung Kong Center,
                                         2 Queen’s Road Central, Hong Kong.

 

BACKGROUND:

 

		(A)	Prestige
                                         Global Fund SPC (the “Company”) is incorporated as an exempted company
                                         with limited liability in the Cayman Islands.

 

		(B)	The
                                         Company has appointed the Manager to manage the assets the Portfolio (as defined below).

 

		(C)	The
                                         Manager wishes to appoint the Investment Advisor as its delegate to assist in managing
                                         the assets of the Portfolio (as defined below) on a discretionary basis in pursuit of
                                         the investment programme and subject to such restrictions and limits as described in
                                         this Agreement, which appointment the Investment Advisor wishes to accept.

 

THE
PARTIES AGREE THAT:

 

		1.	Interpretation

 

		1.1	In
                                         this Agreement, unless the context otherwise requires, the following words have the following
                                         meanings:

 

“Administrator”
means the administrator appointed by the Company from time to time;

 

“Articles”
means the memorandum and articles of association of the Company, as amended from time to time, provided that such amendments are
notified to the Investment Advisor;

 

“Associate”
in relation to a person means a holding company or subsidiary undertaking of that person or a subsidiary of the holding company
(all as defined in the Companies Ordinance (Cap 622) of the Laws of Hong Kong;

 

“Authorised
Officer” means any person from time to time designated by the Company and/or the Manager, as the case may be, as authorised
to instruct the Investment Advisor;

 

“Business
Day” means a day (other than a Saturday or a Sunday) on which banks in Hong Kong are authorised to open for normal banking
business and/or such other day or days as the Directors may determine, either generally or in any particular case, provided that
where, as a result of a Number 8 Typhoon Signal, Black Rainstorm Warning or similar event, the period during which banks in Hong
Kong are open on any day are reduced, such day shall not be a Business Day;

 

“Company”
means Prestige Global Allocation Fund;

 

“Custodian”
means such person or persons appointed by the Company as a custodian(s) of the assets of the Company and any sub-custodian duly
appointed by it/them;

 

    1

     

    

 

“Directors”
means the members of the board of directors of the Company, for the time being and any duly constituted committee thereof and
any successors to such members as may be appointed from time to time;

 

“Gross
Negligence” means any act or omission showing so marked a departure from the normal standard of conduct of a professional
person exercising ordinary professional care and skill as to demonstrate reckless or wilful disregard of the consequences of that
act or omission.

 

“Investments”
means any investment or other asset of any description, the making or acquisition of which is authorised by the Articles, and
the private placement memorandum of the Company dated 28 November 2016 (the “Private Placement Memorandum”);

 

“Investment
Management Agreement” means the agreement dated on or around the date of this Agreement pursuant to which the Company
appointed the Manager to manage and invest all or any part of the Portfolio on a discretionary basis and to appoint the Investment
Advisor;

 

“Net
Asset Value” and “Net Asset Value per Share” are defined in the Private Placement Memorandum;

 

“Notifying
Party” has the meaning given to it in Clause 14.1;

 

“Participating
Shares” means the participating redeemable shares in the capital of the Company issued for and on behalf of the Company
in accordance with the Articles;

 

“Portfolio”
means all the assets and Investments of the Company, as the case may be, including, for the avoidance of doubt, any uninvested
cash;

 

		1.2	Clause
                                         headings shall not affect the interpretation of this Agreement.

 

		1.3	A
                                         person includes a natural person, corporate or unincorporated body (whether or
                                         not having separate legal personality).

 

		1.4	Unless
                                         the context otherwise requires, words in the singular shall include the plural and in
                                         the plural shall include the singular.

 

		1.5	Unless
                                         the context otherwise requires, a reference to one gender shall include a reference to
                                         the other genders.

 

		1.6	A
                                         reference to a statute or statutory provision is a reference to it as amended, extended
                                         or re-enacted from time to time.

 

		1.7	A
                                         reference to writing or written includes faxes and e-mail.

 

		1.8	Any
                                         obligation on a party not to do something includes an obligation not to allow that thing
                                         to be done.

 

		1.9	References
                                         to Clauses are to the clauses of this Agreement.

 

		1.10	Any
                                         words following the terms including, include, in particular, for
                                         example or any similar expression shall be construed as illustrative and shall not
                                         limit the sense of the words, description, definition, phrase or term preceding those
                                         terms.

 

		1.11	Unless
                                         the context otherwise requires or except as expressly provided contrary herein, words
                                         and expressions contained in this Agreement shall bear the same meaning as in the Articles.

 

		1.12	References
                                         herein to a party are to any party or together the parties to this Agreement.

 

    2

     

    

 

		2.	Regulatory
                                         Status

 

		2.1	The
                                         Investment Advisor is authorised and regulated by Securities and Futures Commission (the
                                         “SFC”) in accordance with the laws of Hong Kong.

 

		3.	Appointment
                                         of the Investment Advisor

 

		3.1	The
                                         Manager hereby appoints the Investment Advisor to manage and invest the Portfolio in
                                         accordance with its instructions and the Articles and the Private Placement Memorandum
                                         or as otherwise agreed between the Manager and the Company.

 

		3.2	This
                                         Agreement shall come into force upon its due execution by the parties hereto with effect
                                         from the date above written.

 

		3.3	Except
                                         as expressly provided in Clause 4, or as the Investment Advisor may be otherwise authorised,
                                         the Investment Advisor has no authority to act for or represent the Company and/or the
                                         Manager, as appropriate, and the Investment Advisor shall not be deemed an agent of the
                                         Company.

 

		3.4	The
                                         Manager may not appoint any other entity as investment advisor (or its equivalent) in
                                         respect of the Portfolio other than the Investment Advisor, except with the prior written
                                         consent of the Company.

 

		3.5	In
                                         carrying out its duties under this Agreement, the Investment Advisor may only appoint
                                         agents and/or delegates subject to the prior written consent of the Manager.

 

		4.	Duties
                                         of the Investment Advisor

 

		4.1	Subject
                                         to the Manager’s oversight and review, to Clause 3 and to the Articles and the
                                         Private Placement Memorandum, the Investment Advisor shall have the authority in relation
                                         to the execution of investment decisions made by the Manager and the management and investment
                                         of the Portfolio as the delegate of the Manager (and without prior reference to the Company,
                                         or the Manager), to buy, sell (including without limitation short sales), retain, convert,
                                         execute, exchange or otherwise deal in Investments, borrow securities, incur indebtedness,
                                         make deposits, subscribe to issues and offers for sale of, and accept placings, underwritings
                                         and sub-underwritings, of any Investments, effect transactions whether or not on any
                                         recognised market or exchange and whether or not frequently traded on any such market
                                         or exchange (including, without limitation, derivatives, transactions, repurchase and
                                         reverse repurchase transactions, and securities lending transactions), negotiate, settle
                                         and sign on behalf of the Company account opening and any other documentation required
                                         to be so negotiated, settled or signed in connection with the execution of transactions
                                         in relation to the Portfolio by the Investment Advisor and otherwise act as the Investment
                                         Advisor judges appropriate in relation to the management and investment of the Portfolio.
                                         The Investment Advisor shall have discretion to negotiate, settle and arrange for signing
                                         on behalf of the Company account opening documentation, provided that copies of such
                                         documentation are provided to the Company prior to signing.

 

		4.2	The
                                         Articles and the Private Placement Memorandum shall not be deemed to have been breached
                                         as a result of any appreciation or depreciation in value, redemptions and subscriptions,
                                         changes in interest or exchange rates or by reason of the receipt of any right, bonus
                                         or benefit in the nature of capital or by reason of any other action affecting every
                                         holder of the relevant investment. If any such restrictions are exceeded as a result
                                         of such events or otherwise or are breached, the Investment Advisor shall:

 

		(A)	so
                                         notify the Manager, as soon as practicable;

 

    3

     

    

 

		(B)	acquire
                                         or dispose of, as the case may be, no further Investments for the account of the Company
                                         as the case may be which at the date of acquisition or disposal would result in any restrictions
                                         being further exceeded or breached; and

 

		(C)	consult
                                         with the Manager as to the steps to be taken to remedy the situation,

 

PROVIDED
THAT the Investment Advisor shall always be entitled to acquire or dispose of Investments with a view to remedying any such excess
or breach.

 

		4.3	The
                                         Investment Advisor is authorised to give the Custodians, the Administrator, dealers or
                                         counterparties (including central clearing counterparties) any instructions on behalf
                                         of the Company, which may be necessary or desirable for the proper performance of the
                                         Investment Advisor’s duties under this Agreement and the Manager will use its best
                                         efforts to procure that the Company will confirm such authority to such parties on request.

 

		4.4	The
                                         Investment Advisor will, without prejudice to the generality of the foregoing, also provide
                                         the following services:

 

		(A)	analysis
                                         of the progress of all Investments and other assets within the Portfolio;

 

		(B)	the
                                         provision of the reports notified by the Manager to the Investment Advisor from time
                                         to time to the Company, and the Administrator in accordance with the timelines notified
                                         by the Manager to the Investment Advisor from time to time. All reports will be provided
                                         in either an excel spreadsheet or other format as agreed between the Company, and the
                                         Investment Advisor or in such other format as may be reasonably determined by the Company
                                         from time to time. The reports provided shall be generated from the internal systems
                                         of the Investment Advisor and not from reports provided by broker(s);

 

		(C)	preparation
                                         of material for inclusion in the reports of the Company whenever the Manager shall reasonably
                                         require such material;

 

		(D)	keeping
                                         or causing to be kept such books, records and statements as shall be necessary to give
                                         a complete record of all transactions which the Investment Advisor carries out for the
                                         account of the Company, as appropriate, which the Manager and the Company and persons
                                         authorised in writing by the Company, as appropriate, shall be entitled to inspect at
                                         all reasonable times.

 

		4.5	The
                                         Investment Advisor acknowledges that additional cash may be added to the Portfolio with
                                         no less than 2 Business Days’ notice to the Manager and cash or other assets may
                                         be withdrawn from the Portfolio to enable the Company to meet redemptions of Shares and
                                         other outgoings with no less than 30 calendar days’ notice to the Manager before
                                         the month-end date on which such redemption shall be effected.

 

		4.6	In
                                         the event that the Investment Advisor shall make any acquisitions or disposals of any
                                         Investments which will or may give rise to any obligations of disclosure imposed on the
                                         Company by any applicable legislation or regulatory requirement with respect to the Company’s
                                         interest therein, the Investment Advisor shall notify the Manager or the Company, as
                                         appropriate as soon as possible of the obligation of disclosure and the transaction giving
                                         rise to such obligation.

 

		4.7	Without
                                         prejudice to the Investment Advisor’s power to give instructions to any Custodian to
                                         transfer cash or securities held by them on behalf of the Company in connection with
                                         the settlement of transactions or for collateral or cash margin management purposes,
                                         the Investment Advisor is expressly prohibited from taking or receiving possession of
                                         any of the Investments. The Investment Advisor is not permitted to make payments or transfer
                                         securities from an account with any Custodian to another account which is not maintained
                                         in the name of the Company.

 

    4

     

    

 

		4.8	The
                                         Investment Advisor will retain for a period of at least 6 years, or longer as required
                                         by any applicable law, such books, records and statements as may be necessary to give
                                         to the Company a complete record of all transactions carried out by the Manager and the
                                         Investment Advisor for and on behalf of the Company, copies of any documents generated
                                         or received by the Manager in the ordinary course of business pertaining to the Company
                                         or the compensation payable to the Manager and the Investment Advisor.

 

		4.9	The
                                         Company may enter into agreements which require the consent from relevant parties to
                                         the recording and retention of telephone conversations with respect to matters pertinent
                                         to the management of the Portfolio. The Investment Advisor, its directors, officers,
                                         employees and agents consent to the recording and retention of such conversations and
                                         recognizes that conversations may be recorded without notice.

 

		5.	Delegation

 

		5.1	The
                                         Investment Advisor may not delegate any of its functions, powers and duties under this
                                         Agreement to any person except with the prior consent of the Manager. In connection with
                                         any such delegation, the Investment Advisor may provide information about the Manager,
                                         the Company and/or the Portfolio to the delegate. Except to the extent otherwise agreed
                                         with the Manager or the Company, as applicable, the Investment Advisor shall be responsible
                                         for the costs of any such delegation including, without limitation, any fees and expenses
                                         of the delegate.

 

		5.2	The
                                         Investment Advisor shall remain liable for the acts and omissions of its delegates which
                                         it would have been liable for under the terms of this Agreement had such acts or omissions
                                         been those of the Investment Advisor committed by it in the performance or non-performance
                                         of its obligations under this Agreement.

 

		5.3	Without
                                         limitation to the foregoing, the Investment Advisor may engage brokers for the Company’s
                                         account and may also engage third parties to advise in relation to the performance by
                                         it of any of the services to be provided under this Agreement.

 

		6.	Voting

 

The
Investment Advisor shall exercise, or refrain from the exercise of, any voting or other rights attached to the Investments comprised
in the Portfolio as the Investment Advisor shall in its absolute discretion think fit.

 

		7.	Execution
                                         of Orders and Transactions

 

		7.1	The
                                         parties agree that, when executing transactions in Investments on behalf of the Company,
                                         or placing orders relating to Investments on behalf of the Company with brokers for execution
                                         by those brokers, the Investment Advisor shall (except where there is no choice of execution
                                         venue) owe a duty to take all reasonable steps to obtain the best possible result for
                                         the Company, taking into account the terms of the Investment Advisor’s order execution
                                         policy, a summary of which has been provided to the Manager and the Company.

 

		7.2	The
                                         Investment Advisor shall maintain an authorized signatory list for the purposes of instructing
                                         the Custodian. The Investment Advisor may modify the authorized signatory list from time
                                         to time and must notify such change to the Manager, and the Company promptly after the
                                         modification. Wherever practically feasible, the Investment Advisor shall use its best
                                         efforts to arrange for any instructions to the Custodian to be jointly given by two authorized
                                         persons.

 

    5

     

    

 

		7.3	Subject
                                         to applicable law and regulations, the Investment Advisor may when executing transactions
                                         in Investments on behalf of the Company or placing orders relating to Investments on
                                         behalf of the Company with brokers for execution by those brokers, aggregate those transactions
                                         or orders with those of one or more of the Investment Advisor’s other clients.
                                         The Investment Advisor will allocate aggregated orders on a fair and reasonable basis
                                         in accordance with all legal and regulatory requirements and the Investment Advisor’s
                                         order allocation policy. Aggregation may, however, on some occasions operate to the disadvantage
                                         of the Company.

 

		8.	Representations
                                         and Warranties of the Manager

 

		8.1	The
                                         Manager represents and warrants that:

 

		(A)	it
                                         is validly existing and is duly empowered and authorised to execute, deliver and perform
                                         this Agreement and to give effect to the transactions contemplated hereby;

 

		(B)	this
                                         Agreement is binding upon it and enforceable in accordance with its terms except insofar
                                         as enforcement may be limited by bankruptcy, insolvency or other laws relating to or
                                         affecting enforcement of creditors’ rights or general principles of equity; and

 

		(C)	it
                                         has complied with and will continue to comply with all laws, rules and regulations or
                                         court and governmental orders by which it is bound or to which it is subject in connection
                                         with the execution and performance of this Agreement.

 

		9.	Representations
                                         and Warranties of the Investment Advisor

 

		9.1	The
                                         Investment Advisor represents and warrants that:

 

		(A)	it
                                         is validly existing, duly empowered and authorised to execute, deliver and perform this
                                         Agreement and to give effect to the transactions contemplated hereby;

 

		(B)	this
                                         Agreement is binding upon it and enforceable in accordance with its terms except insofar
                                         as enforcement may be limited by bankruptcy, insolvency or other laws relating to or
                                         affecting enforcement of creditors’ rights or general principles of equity; and

 

		(C)	it
                                         has complied with and will continue to comply with all laws, rules and regulations or
                                         court and governmental orders by which it is bound or to which it is subject in connection
                                         with the execution and performance of this Agreement.

 

		10.	Manager’s
                                         Obligations

 

		10.1	The
                                         Manager will supply or procure the supply to the Investment Advisor of a copy of the
                                         Articles and the Private Placement Memorandum and all other information as the Investment
                                         Advisor shall reasonably require to enable it to perform its duties hereunder.

 

		11.	Restrictions
                                         and Requirements

 

		11.1	In
                                         carrying out its duties hereunder, the Investment Advisor shall comply with all instructions
                                         of (i) the Manager and (ii) the Company; in connection therewith to the extent that such
                                         instructions are not inconsistent with applicable law or regulation. Such instructions
                                         may be given by letter, fax or by email, in each case, signed by an Authorised Officer
                                         or by telephone provided that telephone instructions shall be confirmed in writing by
                                         an Authorised Officer. The Investment Advisor shall not be required to acknowledge the
                                         instructions howsoever such instructions may be received.

 

    6

     

    

 

		11.2	Any
                                         instruction or stipulation given to the Investment Advisor seeking to amend or vary either
                                         the terms of this Agreement, which requires the prior agreement of the relevant parties,
                                         shall be disregarded by the Investment Advisor and shall require the requisite prior
                                         agreement of the relevant parties.

 

		12.	Fees
                                         and Expenses

 

		12.1	The
                                         Manager shall pay to the Investment Advisor by way of remuneration for its services according
                                         to the fee schedule stated in the Appendix.

 

		12.2	Fees
                                         payable pursuant to Clause 12.1 shall be inclusive of any value added tax payable in
                                         relation thereto which, if payable, shall be borne by the Investment Advisor.

 

		12.3	The
                                         Investment Advisor may, in its absolute discretion, from time to time waive or rebate
                                         all or any part of its fees hereunder to any third party.

 

		12.4	The
                                         Manager shall reimburse to the Investment Advisor such expenses as are agreed between
                                         the Manager and the Investment Advisor, but subject thereto, the Investment Advisor will
                                         be responsible for its expenses under this Agreement and for the fees and expenses of
                                         any investment advisor appointed by it, or any person to whom functions and duties are
                                         delegated under Clause 5 but for the avoidance of doubt not the fees of the Custodians,
                                         the Administrator, or any auditors, legal advisors or counterparty appointed by the Company.

 

		12.5	The
                                         Investment Advisor will confirm (on behalf of the Manager) whether fee calculations received
                                         from the Administrator are correct and notify the Administrator.

 

		13.	Limitation
                                         of Liability and Indemnity

 

		13.1	Save
                                         as provided in Clause 5.2 and subject to Clause 13.5 the Investment Advisor shall not
                                         be liable in respect of any act or omission of any person, firm or company through whom
                                         transactions in Investments are effected for the Company’s account, of the Custodians
                                         or any other party having custody or possession of the Company’s assets from time
                                         to time, or of any clearance or settlement system.

 

		13.2	Save
                                         as provided in Clause 5.2 and subject to Clause 13.5, the Investment Advisor shall not
                                         be liable for any loss howsoever arising except to the extent such loss is due to the
                                         Investment Advisor’s Gross Negligence, wilful default or fraud. No warranty is
                                         given by the Investment Advisor as to the performance or profitability of the Portfolio
                                         or any part of the Portfolio. Any such claim shall be brought only against the Investment
                                         Advisor and no claims in respect of this Agreement will be brought personally against
                                         any other persons involved in the performance of this Agreement, whether actual or deemed
                                         agents of the Investment Advisor or not.

 

		13.3	Notwithstanding
                                         anything to the contrary in this Agreement, the Investment Advisor shall not be liable
                                         for any loss of profits, incidental, indirect or consequential losses or for exemplary
                                         or punitive damages.

 

		13.4	The
                                         Manager out of its own assets will indemnify and keep indemnified the Investment Advisor
                                         and the members, officers and employees of the Investment Advisor (each an “Indemnified
                                         Person”) from and against any and all liabilities, obligations, losses, damages,
                                         suits and expenses which may be incurred by or asserted against the Investment Advisor
                                         in its capacity as Investment Advisor of the Portfolio and against any other Indemnified
                                         Person other than those resulting from the Gross Negligence, wilful default or fraud
                                         on the part of the Investment Advisor or that of an Indemnified Person.

 

    7

     

    

 

		13.5	Nothing
                                         in this Agreement shall exclude or restrict any duty or liability which the Investment
                                         Advisor may have under applicable law or regulation.

 

		13.6	The
                                         parties hereto agree that each Indemnified Person shall be entitled pursuant to the Contracts
                                         (Rights of Third Parties) Ordinance to enforce the terms of this Clause 13.

 

		14.	Resignation
                                         and Termination

 

		14.1	This
                                         Agreement shall continue and remain in force unless and until terminated by a party giving
                                         to all other parties not less than 90 days’ written notice PROVIDED THAT this Agreement
                                         may be terminated forthwith by notice in writing by a party (the “Notifying
                                         Party”), if any other party shall:

 

		(A)	commit
                                         any material breach of its obligations under this Agreement and if such breach is capable
                                         of being made good, shall fail to make good such breach within 30 days of receipt of
                                         written notice from the Notifying Party requiring it so to do; or

 

		(B)	be
                                         liquidated or dissolved (except a voluntary liquidation or a voluntary dissolution for
                                         the purposes of reconstruction or amalgamation upon terms previously approved in writing
                                         by the Notifying Party) or be unable to pay its debts as they fall due or commit any
                                         act of bankruptcy under the laws of any jurisdiction to which that party may be subject
                                         or if a receiver is appointed over any of its assets.

 

		14.2	Notwithstanding
                                         the foregoing provisions of this Clause 14, this Agreement will terminate automatically
                                         upon the termination for whatever reason of the Investment Management Agreement.

 

		14.3	Notwithstanding
                                         the foregoing provisions of this Clause 14 this Agreement may be terminated forthwith:

 

		(A)	if
                                         the Investment Advisor ceases to be appropriately authorised by the SFC;

 

		(B)	by
                                         the Investment Advisor giving written notice to the other parties hereto if the SFC requires
                                         the Investment Advisor to cease acting as the Investment Advisor of Portfolio.

 

		14.4	On
                                         termination of this Agreement, the Investment Advisor shall be entitled to receive all
                                         fees and other monies accrued due up to the date of such termination but shall not be
                                         entitled to compensation in respect of such termination.

 

		14.5	Termination
                                         of this Agreement shall be without prejudice to the completion of transactions already
                                         initiated. Such transactions will be completed by the Investment Advisor as soon as practicable.

 

		14.6	Upon
                                         termination in accordance with this Clause 14, the rights and obligations of the parties
                                         under this Agreement shall terminate and be of no future effect, except that Clauses
                                         1, 13, 19, 29, 30 and 31 shall remain in full force and effect.

 

		14.7	As
                                         soon as written notice has been served by the Notifying Party pursuant to Clause 14.1,
                                         the Investment Advisor will ensure the orderly transfer, liquidation or closing out of
                                         all outstanding Investments at the date of such notice and no further Investments shall
                                         be made.

 

    8

     

    

 

		15.	Conflicts
                                         of Interest

 

		15.1	The
                                         services of the Investment Advisor hereunder are not to be deemed exclusive. Each of
                                         the Manager and the Company acknowledge that the Investment Advisor and its members,
                                         officers, employees or Associates may from time to time act as investment adviser, manager,
                                         investment manager, director or dealer in relation to, or be otherwise involved in, funds
                                         or accounts other than the Manager or the Company which have similar or different objectives
                                         to those of the Manager or the Company (including investment funds and other vehicles
                                         which may invest, directly or indirectly, in the Company and/or in which the Company
                                         may invest, directly or indirectly). The Manager further acknowledges that one or more
                                         Associates of the Investment Advisor and their members, directors, officers or employees
                                         may from time to time act as an investment manager. It is, therefore, possible that any
                                         of them may, in the course of business, have potential conflicts of interest with the
                                         Manager or the Company. Each will, at all times, have regard in such event to its obligations
                                         to the Manager and the Company and will endeavour to ensure that such conflicts are resolved
                                         fairly.

 

		15.2	The
                                         Investment Advisor has a conflicts of interest policy which specifies the procedures
                                         that it follows and the measures that it has adopted in order to identify such conflicts
                                         and to avoid or to manage and/or disclose such conflicts in a way that ensures fair treatment
                                         for the Company.

 

		15.3	Subject
                                         always to the applicable rules and regulations, the Investment Advisor or any of its
                                         Associates or any person connected with the Investment Advisor may invest in, directly
                                         or indirectly, or manage or advise other investment funds or accounts which invest in
                                         assets which may also be purchased or sold by the Manager or the Company. None of the
                                         Investment Advisor, any of its Associates or any person connected with them is under
                                         any obligation to offer investment opportunities of which any of them becomes aware to
                                         the Manager or the Company or to account to the Manager or the Company in respect of
                                         (or share with the Manager or the Company or inform the Manager or the Company of) any
                                         such transaction or any benefit received by any of them from any such transaction, but
                                         will allocate such opportunities on an equitable basis between the Company and other
                                         clients.

 

		15.4	Subject
                                         always to the applicable rules and regulations, the Investment Advisor will not, and
                                         will procure that any Associate of the Investment Advisor will not, deal as principal
                                         or agent with the Company except where dealings are carried out as if effected on normal
                                         commercial terms negotiated on an arm’s length basis and provided also that:

 

		(A)	the
                                         Investment Advisor and any of its Associates may buy, hold and deal in any Investments
                                         upon its individual account notwithstanding that similar Investments may be held by the
                                         Manager or the Company and without prior reference to the Manager or the Company; and

 

		(B)	nothing
                                         herein contained shall prevent the Investment Advisor or any of its Associates, whether
                                         as principal or agent without prior reference to the Manager or the Company from contracting
                                         or entering into any financial or other transaction with any member, partner and/or director
                                         of the Manager or the Company, or with any company or body any of whose shares or securities
                                         are held by or for the account of the Investment Advisor, the Manager or the Company
                                         or from being interested in any such contract or transaction.

 

		15.5	For
                                         the avoidance of doubt, the Investment Advisor and any of its members, officers, employees
                                         or their related entities may invest in the Company through the direct or indirect acquisition
                                         of Shares.

 

    9

     

    

 

		15.6	The
                                         parties hereto acknowledge that:

 

		(A)	directors,
                                         members, officers, agents and shareholders of the Manager and/or the Company are or may
                                         be interested in the Investment Advisor as members, officers, employees or otherwise,
                                         and that members, directors, officers, and agents of the Investment Advisor and its Associates
                                         are or may be interested in the Manager or the Company as directors, officers, members,
                                         shareholders or otherwise;

 

		(B)	no
                                         person so interested shall be liable to account for any benefit to the other parties
                                         by reason solely of such interest; and

 

		(C)	the
                                         services being supplied by the Investment Advisor or any of its Associates hereunder
                                         or otherwise may at the option of the Investment Advisor or such Associate be supplied
                                         through directors, officers, members, shareholders, employees or agents who are so interested.

 

		16.	Complaints

 

		16.1	The
                                         Investment Advisor has in operation a written procedure for the effective consideration
                                         and proper handling of complaints from customers.

 

		16.2	Any
                                         complaints received should be referred to the compliance officer of the Investment Advisor.

 

		17.	Market
                                         Rules

 

		17.1	All
                                         transactions in Investments shall be subject to the rules and customs of the exchange
                                         or market and/or any clearing house through which the transactions are executed (if any),
                                         so far as they are applicable, and to any applicable law, rules or regulations. If there
                                         is any conflict between this Agreement and any such rules, customs or applicable law,
                                         the latter shall prevail.

 

		18.	No
                                         Licence

 

		18.1	Each
                                         of the parties hereto acknowledge for the benefit of each other that:

 

		(A)	no
                                         provision of this Agreement grants either of them any rights, except as contained herein,
                                         in any intellectual property belonging to or developed by the other party; and

 

		(B)	this
                                         Agreement does not constitute a licence in respect of any such intellectual property.

 

		19.	Confidentiality

 

		19.1	The
                                         parties shall at all times respect and protect the confidentiality of information acquired
                                         in consequence of this Agreement except pursuant to any right or obligation to or by
                                         which the relevant party may be entitled or bound to disclose information or under compulsion
                                         of law or pursuant to the requirements of competent regulatory authorities.

 

Nothing
in this Clause 19 shall prevent the disclosure of information by any party to its auditors, legal or other professional advisers
in the proper performance of their duties. In addition, the Manager hereby authorises the Investment Advisor and any delegate
appointed pursuant to Clause 5.1 to make available such information as may be required by any applicable law or regulation to
and any regulatory authorities and to any trade repository or counterparty.

 

    10

     

    

 

		19.2	The
                                         Investment Advisor acknowledges that the Manager and the Company, in conducting its activities,
                                         will be required to disclose certain information (including portfolio information and
                                         documentation) to certain advisors and third parties including:

 

		(A)	the
                                         Administrator;

 

		(B)	the
                                         existing investors of the Company; and

 

		(C)	the
                                         potential investors of the Company to the extent that the information to be disclosed
                                         pertains to the gross and net exposure numbers, liquidity and risk profiles and past
                                         performance of the relevant Company and that no information pertaining to individual
                                         investment positions shall be disclosed without the prior consent by the Investment Advisor.

 

In
relation to the above, the Company has agreed under the Investment Management Agreement to take all reasonable measures necessary
to ensure that such information remains confidential between the parties concerned and that no such information is used for activities
competing with the trading activities of the Manager or the Investment Advisor.

 

		19.3	Neither
                                         the Investment Advisor nor any of their principals, employees, affiliates or agents shall
                                         use, publish, circulate or distribute any material in relation to the Company nor shall
                                         any of the foregoing parties engage in any marketing, sales or promotional activities
                                         in connection with the offering of shares in the Company.

 

		19.4	None
                                         of the parties hereto shall do or commit any act, matter or thing which would or might
                                         prejudice or bring into disrepute in any manner the business or reputation of another
                                         party or any director or partner of such party.

 

		20.	Notices

 

		20.1	For
                                         the purposes of this clause, but subject to Clause 20.2 and20.3, notice includes any
                                         other communication.

 

		20.2	Any
                                         notice given hereunder shall be in writing and may be delivered by hand, or sent by fax,
                                         email or by pre-paid airmail, courier or first class post (or analogous service provided
                                         by a licensed postal operator) as appropriate to the registered office or principal place
                                         of business, fax number or email address provided by the party to whom it is addressed
                                         or to such other address, fax number or email address as may from time to time be notified
                                         to each other party to this Agreement.

 

Notices
given by pre-aid airmail, courier or post as appropriate shall be deemed to have been given seven days after sending or delivery
to the courier, as appropriate. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive
evidence that the notice has been sent by post or pre-paid airmail. Evidence that the fax was duly dispatched to the current fax
number of the addressee shall be conclusive evidence that the notice has been delivered. Evidence that a notice sent by courier
was properly addressed and delivered to the courier shall be conclusive evidence that the notice has been sent. Notices given
by hand or fax shall be deemed to have been given when delivered. Notices given by email shall be deemed to have been given when
actually received in readable form.

 

    11

     

    

 

		20.3	For
                                         the purposes of notices provided under this Agreement, the parties shall use the following
                                         details unless notified to the contrary:

 

If
to the Company:

 

Prestige
Global Allocation Fund

4th
Floor, Harbour Place

103
South Church Street

PO
Box 10240

Grand
Cayman

KY1-1002,
Cayman Islands 

	 	Phone:	+1 345 949 8599
	 	Fax:	+1 345 949 4451
	 	 	 
	 	Email:	fund.admin@prestigefh.com

 

If
to the Manager:

 

Prestige
Global Asset Management Limited

4th
Floor, Harbour Place

103
South Church Street

PO
Box 10240

KY1-1002,
Cayman Islands

	 	Phone:	+1 345 949 8599
	 	Fax:	+1 345 949 4451
	 	 	 
	 	Email:	fund.admin@prestigefh.com

 

If
to the Investment Advisor:

 

Prestige
Asset Management Limited

Suite
5102, Cheung Kong Center

2
Queen’s Road Central

Hong
Kong 

	 	Phone:	+852 2122 8599
	 	Fax:	+852 2122 8589
	 	 	 
	 	Email:	fund.admin@prestigefh.com

 

If
to the Administrator:

 

Prestige
Global Allocation Fund

c/o
Equinoxe Alternative Investment Services (Asia) Pte. Limited

112
Robinson Road

#12-02

Singapore
068902

 

Attn:
Liam McHugh/ Jenny Halim

Tel
No: +65 6800 9701

Fax
No. + 65 6222 8407

E-mail:
prestige@equinoxeais.com

 

		20.4	This
                                         Clause does not apply to the service of any proceedings or other documents in any legal
                                         action or, where applicable, any arbitration or other method of dispute resolution.

 

		21.	Assignment

 

		21.1	This
                                         Agreement may not be assigned by any party to this Agreement without the written consent
                                         of the others.

 

    12

     

    

 

		22.	Amendments

 

		22.1	This
                                         Agreement may only be amended by written agreement between the parties hereto.

 

		23.	Reservation
                                         of Rights

 

		23.1	The
                                         rights, powers, privileges and remedies provided in this Agreement are cumulative and
                                         are not exclusive of any rights, powers, privileges or remedies provided by law or otherwise.

 

		23.2	No
                                         failure to exercise nor any delay in exercising by either party to this Agreement of
                                         any right, power, privilege or remedy under this Agreement shall impair or operate as
                                         a waiver thereof in whole or in part.

 

		23.3	No
                                         single or partial exercise of any right, power, privilege or remedy under this Agreement
                                         shall prevent any further or other exercise thereof or the exercise of any other right,
                                         power, privilege or remedy.

 

		24.	Whole
                                         Agreement

 

		24.1	This
                                         Agreement, together with any documents referred to in it, constitutes the whole agreement
                                         between the parties relating to its subject matter and supersedes and extinguishes any
                                         prior drafts, agreements, undertakings, representations, warranties and arrangements
                                         of any nature, whether in writing or oral, relating to such subject matter.

 

		25.	Severability

 

		25.1	If
                                         any provision of this Agreement shall be held to be illegal, void, invalid or unenforceable
                                         under the laws of any jurisdiction, such provision shall be deemed to be deleted from
                                         this Agreement as if it had not originally been contained in this Agreement and the legality,
                                         validity and enforceability of the remainder of this Agreement in that jurisdiction shall
                                         not be affected, and the legality, validity and enforceability of the whole of this Agreement
                                         in any other jurisdiction shall not be affected. Notwithstanding the foregoing in the
                                         event of such deletion the parties shall negotiate in good faith in order to agree the
                                         terms of a mutually acceptable and satisfactory alternative provision in place of the
                                         provision so deleted.

 

		26.	Force
                                         Majeure

 

		26.1	Neither
                                         party shall be responsible for any failure to perform its duties hereunder if and for
                                         so long as such failure shall be caused by or directly or indirectly due to war, enemy
                                         action, the act or regulation of any government or other competent authority, riot, civil
                                         commotion, terrorism, rebellion, storm, tempest, act of God, accident, fire, lock-out,
                                         strike or other cause whether similar or not beyond the control of the relevant party,
                                         provided that the relevant party shall use all reasonable efforts to minimise the effects
                                         of the same.

 

		27.	Counterparts

 

		27.1	This
                                         Agreement may be executed in any number of counterparts, which shall together constitute
                                         one Agreement. Each party may enter into this Agreement by signing any such counterpart.

 

		28.	No
                                         Partnership

 

		28.1	Nothing
                                         in this Agreement shall constitute or be deemed to constitute any partnership, joint
                                         venture or similar relationship between the parties hereto and/or any other person nor,
                                         except as expressly provided in Clause 4, shall it constitute, or be deemed to constitute,
                                         any party the agent of the other party for any purpose.

 

    13

     

    

 

		29.	Contracts
                                         (Rights of Third Parties) Ordinance

 

		29.1	No
                                         person other than the parties to this Agreement and the Indemnified Persons solely for
                                         the purposes of Clause 13 shall have any rights under the Contracts (Rights of Third
                                         Parties) Ordinance (Cap. 623) to enforce or copy the benefit of any provision of this
                                         Agreement

 

		30.	Governing
                                         Law

 

		30.1	This
                                         Agreement and any non-contractual obligations arising from or connected with it shall
                                         be governed by Hong Kong law and this Agreement shall be construed in accordance with
                                         Hong Kong law.

 

		31.	Jurisdiction

 

		31.1	In
                                         relation to any legal action or proceedings arising out of or in connection with this
                                         Agreement (whether arising out of or in connection with contractual or non-contractual
                                         obligations) (“Proceedings”), each of the parties irrevocably submits
                                         to the non-exclusive jurisdiction of the Hong Kong courts and waives any objection to
                                         Proceedings in such courts on the grounds of venue or on the grounds that Proceedings
                                         have been brought in an inappropriate forum.

 

[remainder
of page left intentionally blank]

 

    14

     

    

 

IN
WITNESS, whereof the parties hereto have caused this Investment Advisory Agreement to be signed as of the day and year first above
written

 

	/s/ SHI Hongtao	 
	SIGNED
    BY SHI Hongtao	)
	for and on behalf
    of	)
	PRESTIGE GLOBAL ASSET MANAGEMENT

	)
	 	 
	/s/ LEUNG Ka Yee Andrew	 
	SIGNED BY LEUNG
    Ka Yee Andrew	)
	for and on behalf
    of	)
	PRESTIGE ASSET MANAGEMENT LIMITED

	)

 

    15

     

    

 

Appendix
1

 

Schedule
Fee

 

The
Manager shall pay to the Investment Adviser, by way of remuneration for its services under this Agreement, an advisory fee of
50% of the below fees collected from PRESTIGE GLOBAL FUND SPC:

 

Subscription
Fee (one time)

 

Management
Fee (monthly)

 

Performance
Fee (quarterly)

 

This Fee will be paid to the Investment Advisor on a quarterly basis. 

 

Dated
21st February 2017

 

	/s/ SHI Hongtao	 
	SIGNED
    BY SHI Hongtao	)
	for and on behalf
    of	)
	PRESTIGE GLOBAL
    ASSET MANAGEMENT	)
	 	 
	/s/ LEUNG Ka Yee Andrew	 
	SIGNED BY LEUNG
    Ka Yee Andrew	)
	for and on behalf
    of	)
	PRESTIGE ASSET MANAGEMENT LIMITED	)

 

     

     

    

 

Appendix
2

 

Regulatory
Status 

 

The
Investment Adviser is licensed by the SFC pursuant to the SFO to carry on type 4 (advising on securities) and type 9 (asset management)
regulated activity with CE Number BHS708.

 

Treatment
as a Professional Investor 

 

The
adviser has, based on its existing records and documents obtained from the Manager, classified the Manger as having a portfolio
of not less than HKD 8 million or its equivalent in any foreign currency.

 

The
Manager meets the requirements to be treated as a corporate professional investor (which is falling under section 3(a), (c) and
(d) of the Securities and Futures (Professional Investor) Rules, who has passed the Corporate Professional Investors Assessment
and have agreed to be treated as a professional investor by returning a signed declaration to indicate such consent.

 

The
adviser therefore consider the Manger as a Professional Investor pursuant to the Securities and Futures Ordinance (“SFO”).
The Adviser may rely on exemptions from the provisions of the Code referred to in paragraph 15.4 of the Code when dealing with
Corporate Professional Investors which meet the criteria of the CPI Assessment.

 

If
the Manger believe that it should not be treated as a Professional Investor, then the Manger must notify the Adviser promptly
in writing, and in case the value of the financial assets falls below HKD 8 million (or its equivalent in any foreign currency)
after the date of this Agreement, the Manager undertake to disclose this information to the Adviser immediately.

 

Material
Changes

 

The
Adviser undertakes to notify the Manager of any material change in its name, contact details, CE number, licensing status, the
nature of the services it provides, and the identity and status of its employees and others acting on its behalf with whom the
Manager may have contact. The Manager undertake to notify the Adviser in writing of any changes in the Manager’s name or
contact details, including the mailing address, facsimile number and e-mail address and to provide to the Adviser such documentation
as the Adviser may require to evidence such change. The Adviser shall not be responsible for any communication sent to the wrong
mailing address, facsimile or e-mail address where the Manager fail to do so.

 

Dated
21st February 2017

 

	/s/ SHI Hongtao	 
	SIGNED
    BY SHI Hongtao	)
	for and on behalf
    of	)
	PRESTIGE GLOBAL
    ASSET MANAGEMENT	)
	 	 
	/s/ LEUNG Ka Yee Andrew	 
	SIGNED BY LEUNG
    Ka Yee Andrew	)
	for and on behalf
    of	)
	PRESTIGE ASSET
    MANAGEMENT LIMITED	)

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