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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the U.S. Securities and Exchange
Commission on November 15, 2024</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><b>Registration&#160;No.&#160;333-[</b></span><b>&#9679;<span style="font-family: Times New Roman, Times, Serif">]</span></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
WASHINGTON, D.C. 20549</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType" id="ixv-46134">S-1</ix:nonNumeric><br/>
REGISTRATION STATEMENT<br/>
UNDER THE<i><br/>
</i>SECURITIES ACT OF 1933</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName" id="ixv-46135">TRILLER GROUP INC.</ix:nonNumeric><br/>
(Exact name of registrant as specified in its charter)</b></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="ixv-69"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="white-space: nowrap; width: 2%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6282</b></span></td> <td style="white-space: nowrap; width: 2%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityTaxIdentificationNumber" id="ixv-78"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>33-1473901</b></span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(State or other jurisdiction of <br/>
incorporation or organization)</b></span></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Primary Standard Industrial <br/>
Classification Code Number)</b></span></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(IRS Employer <br/>
Identification No.)</b></span></td></tr> </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>7119 West Sunset Boulevard, Suite 782</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Los Angeles, CA<br/>
310-893-5090<br/>
(Address,&#160;including&#160;zip&#160;code&#160;and&#160;telephone&#160;number,&#160;including&#160;area&#160;code,&#160;of&#160;registrant&#8217;s&#160;principal&#160;executive&#160;offices)</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Wing-Fai Ng</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>7119 West Sunset Boulevard, Suite 782</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Los Angeles, CA</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>310-893-5090<br/>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><i>Copies to:</i></b></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 51%; padding-left: 10pt; text-align: center; text-indent: -10pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lawrence Venick, Esq.<br/>
Loeb&#160;&amp; Loeb LLP<br/>
2206-19 Jardine House<br/>
1 Connaught Place, Central<br/>
Hong&#160;Kong, SAR<br/>
Telephone: (310) 728-5129</b></span></td>
    <td style="vertical-align: bottom; width: 49%; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ng
    Wing Fai<br/>
    Shu Pei Huang<br/>
    7119 West Sunset Boulevard, Suite 782<br/>
    Los Angeles, CA<br/>
    Telephone: 310-893-5090</b></span></td></tr>
  </table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Approximate date of commencement of proposed
sale to the public: </b>As soon as practicable after this registration statement is declared effective.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act&#160;of&#160;1933, check the
following box. &#9746;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional securities
for an offering pursuant to Rule&#160;462(b)&#160;under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. <ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod" id="ixv-46136">&#9744;</ix:nonNumeric></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule&#160;462(c)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule&#160;462(d)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221;
and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange&#160;Act.</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&#160;accelerated&#160;filer</span></td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&#160;filer</span></td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 10pt; text-indent: -10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-208"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated&#160;filer</span></ix:nonNumeric></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&#160;reporting&#160;company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntitySmallBusiness" id="ixv-215"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2.25pt">&#160;</td> <td style="padding-bottom: 2.25pt">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&#160;growth&#160;company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="ixv-223"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&#160;7(a)(2)(B)&#160;of the Securities Act. &#9744;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section&#160;8(a)&#160;of the
Securities Act&#160;of&#160;1933 or until the registration statement shall become effective on such date as the Securities and Exchange
Commission acting pursuant to said Section&#160;8(a), may determine.</b></p><div>

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</div><p style="color: Red; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The information in this prospectus is not complete and may be changed.
We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction
where the offer or sale is not permitted.</b></p><div>

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    <td style="color: Red; width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRELIMINARY&#160;PROSPECTUS</b></span></td>
    <td style="color: Red; width: 60%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUBJECT&#160;TO&#160;COMPLETION,&#160;DATED&#160;NOVEMBER 15, 2024</b></span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><b>34,741,701 shares of
common stock</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the offer and
sale from time to time by the selling securityholder named in this prospectus (the &#8220;Selling Securityholder&#8221;), or their
permitted transferees, of up to 34,741,701 shares of common stock, $0.001 par value (&#8220;ILLR Shares&#8221; or &#8220;common
stock&#8221;), of Triller Group Inc. (&#8220;our,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;ILLR,&#8221; the
&#8220;Company&#8221; or the &#8220;Group&#8221;) (formerly AGBA Group Holding Limited (&#8220;AGBA&#8221;)), consisting of
(i)&#160;up to 33,510, 000ILLR Shares issuable upon conversion of the convertible promissory notes in the principal amount up to
$33.51 million issued to YA II PN, LTD, a Cayman Islands exempt limited partnership (&#8220;Yorkville&#8221;) and
(ii)&#160;1,431,561 ILLR Shares issuable upon exercise of the common warrant (the &#8220;Warrant&#8221;) issued to Yorkville on June
28, 2024. The ILLR Shares to which this prospectus relates have been or may be issued by us to the Selling Securityholder pursuant
to an amended and restated standby equity purchase agreement, as amended on April 15, 2024, entered by and among AGBA, Triller Corp.
(&#8220;Triller Corp.&#8221; or &#8220;Triller&#8221;), and the Selling Securityholder (the &#8220;A&amp;R SEPA&#8221;) which was
further amended and restated on June 28, 2024 (the &#8220;Second A&amp;R SEPA&#8221;), from time to time after the date of this
prospectus, upon the terms and subject to the conditions set forth in the Second A&amp;R SEPA. We are not selling any securities
under this prospectus and will not receive any of the proceeds from the sale of our Common Stock by the Selling Securityholder.
However, we may receive up to $500,000,000 aggregate gross proceeds from sales of Common Stock that we may elect to make to the
Selling Securityholder pursuant to the Second A&amp;R SEPA after the date of this prospectus. See &#8220;The Standby Equity Purchase
Agreement&#8221; on page 147 of this prospectus for a description of the Second A&amp;R SEPA and &#8220;Selling
Securityholder&#8221; on page 149 of this prospectus for additional information regarding the Selling Securityholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Securityholder may sell or
otherwise dispose of the Common Stock described in this prospectus in a number of different ways and at varying prices. The Selling
Securityholder is an &#8220;underwriter&#8221; within the meaning of Section 2(a)(11) of the&#160;Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;), and any profits on the sales of shares of our Common Stock by the Selling Securityholder and any
discounts, commissions, or concessions received by the Selling Securityholder are deemed to be underwriting discounts and
commissions under the&#160;Securities Act. If any underwriters, dealers or agents are involved in the sale of any of the securities,
their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or
will be calculable from the information set forth, in any applicable prospectus supplement. We will pay the expenses incurred in
registering under the&#160;Securities Act&#160;the offer and sale of the shares of Common Stock to which this prospectus relates by
the Selling Securityholder, including our legal and accounting fees. See the sections &#8220;<span style="font-size: 10pt">About
this Prospectus&#8221; on page v and &#8220;Plan of Distribution&#8221; on page 150 of this prospectus for more information. No
securities may be sold without delivery of this prospectus and any applicable prospectus supplement describing the method and terms
of the offering of such securities. You should carefully read this prospectus and any applicable prospectus supplement before you
invest in our securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not a Hong Kong operating company; we are
a British Virgin Islands holding company with operations conducted by our subsidiaries located in Hong Kong. Our business is centered
in Hong Kong and does not have any operations in mainland China. Relevant organs of the PRC government have made recent statements or
recently taken regulatory actions related to data security, anti-monopoly, and overseas listings of mainland China businesses. For example,
in addition to the PRC Data Security Law and the Measures for Cybersecurity Review issued by the Cyberspace Administration of China which
became effective on February 15, 2022 (the &#8220;Measures&#8221;), relevant PRC government agencies have recently taken anti-trust enforcement
actions against certain mainland China-based businesses. The management of the Company understands that such enforcement actions were taken pursuant
to the PRC Anti-Monopoly Law which applies to monopolistic activities in domestic economic activities in mainland China and monopolistic
activities outside mainland China which eliminate or restrict market competition in mainland China. On February 17, 2023, the China Securities
Regulatory Commission, or CSRC, released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Overseas Listing Trial Measures, which came into effect on March 31, 2023. As a supplement to the Overseas Listing Trial Measures,
on February 24, 2023, the CSRC, together with other authorities, jointly revised the Provisions on Strengthening Confidentiality and Archives
Administration for Overseas Securities Offering and Listing, collectively with the Overseas Listing Trial Measures, the Overseas Listing
Regulations, which came into effect on March 31, 2023. The Overseas Listing Regulations require that a PRC domestic enterprise seeking
to issue and list its shares overseas shall complete the filing procedures with the CSRC, failing which we may be fined between RMB 1
million and RMB 10 million. Such overseas securities issuance and listing include direct and indirect issuance and listing. Where an enterprise,
whose principal business activities are conducted in China, seeks to issue and list its shares in the name of an overseas entity, such
practice is deemed as an indirect overseas issuance and listing in the meaning of the Overseas Listing Regulations.</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Company currently does not have any operations
in mainland China, there is no guarantee that the recent statements or regulatory actions by the relevant organs of the PRC government,
including statements relating to the PRC Data Security Law, the PRC Personal Information Protection Law, Overseas Listing Regulations
and VIEs as well as the anti-monopoly enforcement actions, will continue not to apply to the Company. Should such statements or regulatory
actions apply to companies such as the Company or its subsidiaries in the future, it could have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, its ability to accept foreign investments, and its
ability to offer or continue to offer securities to investors on a U.S. or other international securities exchange, any of which may,
in turn, cause the value of the Company&#8217;s securities to significantly decline or become worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Basic Law of the Hong Kong Special Administrative Region
(the &#8220;Basic Law&#8221;), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the
PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which shall be confined to laws relating
to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong). Notwithstanding the foregoing, the PRC legal
system is evolving rapidly, and PRC laws, regulations, and rules may change quickly with little advance notice. As many of these laws,
rules, and regulations are relatively new, and because of the limited number of published decisions and the non-precedential nature of
these decisions, the interpretation of these laws, rules, and regulations may be inconsistent and they may be subject to inconsistent
enforcement. The PRC government has exercised and continues to exercise substantial control over many sectors of the PRC economy, including
through regulation and/or state ownership. PRC government actions have had, and may continue to have, a significant effect on economic
conditions in the PRC and also on the businesses which are subject to them. If certain PRC laws and regulations were to apply to the Company
or its subsidiaries in the future, the application of such laws and regulations may have a material adverse impact on the business, financial
condition, results of operations, and prospects of the Company, which, in turn, may cause the value of the Company&#8217;s securities
to significantly decline or become worthless. For example, if the PRC Data Security Law were to apply to the Company&#8217;s Hong Kong-based
businesses, the Company could become subject to data security and privacy obligations, including the need to conduct a national security
review of data activities that may affect the national security of the PRC, and could be prohibited from providing data stored in Hong
Kong to foreign judicial or law enforcement agencies without approval from relevant PRC regulatory authorities. Compliance with such or
similar requirements could have a chilling effect on the business, financial condition and results of operations of the Company Therefore,
without relying on a PRC counsel, the management of the Company believes that it and/or its subsidiaries are not required to obtain from
Chinese authorities, including the CSRC and the Cyberspace Administration of China, to operate their business and to offer the securities
being registered to foreign investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holding Foreign Companies Accountable Act,
or the HFCA Act, was enacted into U.S. law on December 18, 2020. The HFCA Act states that if the SEC determines that a company has filed
audit reports issued by a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight
Board of the United States (the &#8220;PCAOB&#8221;) for three consecutive years beginning in 2021 (which in 2022 was reduced to two consecutive
years by AHFCAA as further described below), the SEC shall prohibit its securities from being traded on a national securities exchange
or in the over-the-counter trading market in the U.S. On December 16, 2021, the United States Public Company Accounting Oversight Board,
or PCAOB, issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in: (i) China, and (ii) Hong Kong. Our auditor, WWC, P.C., headquartered in California, U.S.A., is an independent
registered public accounting firm with the PCAOB and has been inspected by the PCAOB on a regular basis. The PCAOB currently has access
to inspect the working papers of our auditor. Our auditor is not headquartered in China or Hong Kong and was not identified in this report
as a firm subject to the PCAOB&#8217;s determination. On December 15, 2022, the PCAOB announced that it was able to secure complete access
to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB
Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting
firms headquartered in mainland China and Hong Kong. It is possible that the PCAOB may reassess its determinations in the future, and
it could determine that it is still unable to inspect or investigate completely registered public accounting firms in mainland China and
Hong Kong. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act (&#8220;AHFCAA&#8221;) was enacted, which amended
the HFCA Act by requiring the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is
not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled &#8220;Consolidated
Appropriations Act, 2023&#8221; (the &#8220;Consolidated Appropriations Act&#8221;), was signed into law by President Biden. The Consolidated
Appropriations Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection
years required for triggering the prohibitions under the Holding Foreign Companies Accountable Act from three years to two. Whether the
PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland
China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control. The PCAOB
is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections
in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB
has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed, without having
to wait another year to reassess its determinations. In the future, if there is any regulatory change or step taken by PRC regulators
that does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation,
or the PCAOB expands the scope of the determination so that we are subject to the HFCA Act, as the same may be amended, you may be deprived
of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading
of our securities, including trading on the national exchange and trading on &#8220;over-the-counter&#8221; markets, may be prohibited
under the HFCA Act.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>We are an &#8220;emerging growth company&#8221;
under applicable federal securities laws and are subject to reduced public company reporting requirements.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in our ordinary shares involves risks,
including those set forth in the &#8220;Risk Factors&#8221; section of this prospectus beginning on page 11.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is November [__], 2024</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; width: 90%">&#160;</td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">iv</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">v</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDUSTRY AND MARKET DATA</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">vi</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">9</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY CONSOLIDATED FINANCIAL DATA</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">10</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">11</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">85</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">85</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF AGBA BEFORE THE MERGER WITH TRILLER CORP.</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">86</td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUSINESS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">118</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE STANDBY EQUITY PURCHASE AGREEMENT</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">147</td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SECURITYHOLDER</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">149</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">150</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#s_002">EXECUTIVE COMPENSATION</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">152</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#s_003">PRINCIPAL STOCKHOLDERS</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">154</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#s_004">CERTAIN TRANSACTIONS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">156</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SHARE CAPITAL</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">157</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">162</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">162</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center">162</td></tr>
  </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTRODUCTORY NOTE AND FREQUENTLY USED TERMS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Group Inc. (&#8220;ILLR&#8221;, &#8220;Triller Group&#8221;,
or the &#8220;Company&#8221;) (formerly AGBA Group Holding Limited (&#8220;AGBA&#8221;)) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA&#8217;s legal jurisdiction from British Virgin Islands to the State of Delaware.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">On October 15, 2024, the Company consummated the merger transaction
(the &#8220;Merger&#8221;) with Triller Corp., a Delaware corporation (&#8220;Triller Corp.&#8221; or &#8220;Triller&#8221;), pursuant
to that certain Amended and Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the &#8220;Merger Agreement&#8221;),
by and between AGBA, its wholly owned subsidiary AGBA Social Inc. (&#8220;Merger Sub&#8221;), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, through its subsidiaries, currently operates a wealth
and health platform, and offers a wide range of financial service and products, covering life insurance, pensions, property-casualty insurance,
stock brokerage, mutual funds and lending businesses in Hong Kong, which we refer as &#8220;AGBA Legacy Group.&#8221; ILLR is also engaged
in financial technology business and financial investments, managing an ensemble of fintech investments and healthcare investment and
operating a health and wealth management platform with a broad spectrum of services and value-added information in health, insurance,
investments and social sharing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Corp. is a next generation, AI-powered, social media and live-streaming
event platform for creators, pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content
and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites
and networks, enabling them to reach millions of additional users. service. As of the closing of the Merger, Triller Corp. operates in
this capacity as a wholly owned subsidiary of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated in this registration statement
or unless the context requires otherwise, references in this registration statement to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Amended and
    Restated SEPA&#8221; means the Amended and Restated Standby Equity Purchase Agreement dated as of April 25, 2024, entered by
    Yorkville, AGBA, and Triller Corp.;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;B2B&#8221; means
    TAG International Limited, a BVI business company and wholly-owned&#160;subsidiary of the Company;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Convertible Notes&#8221; means the convertible notes issued to YA II PN, LTD, a Cayman Islands exempt limited partnership, pursuant to the Amended and Restated Standby Equity Purchase Agreement and the Second Amended and Restated SEPA;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Convoy Global&#8221; means Convoy Global Holdings Limited, TAG&#8217;s ultimate parent company;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>




</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;COVID-19&#8221; means the novel coronavirus, SARS-CoV-2;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Exchange&#160;Act&#8221; means the Securities Exchange&#160;Act&#160;of&#160;1934,
as amended;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;fintech&#8221; means financial services technology;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Fintech&#8221; means TAG Asia Capital Holdings Limited;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Greater Bay Area&#8221; or &#8220;GBA&#8221; means
the geographic region comprising Macau, Guangzhou, Shenzhen, and the surrounding area;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;HKCC&#8221; means Hong&#160;Kong Credit Corporation
Limited;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;HKSub&#8221; means OnePlatform International Limited,
a Hong&#160;Kong company and wholly-owned&#160;subsidiary of B2BSub;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Hong&#160;Kong&#8221; means the Hong&#160;Kong Special
Administrative Region of the People&#8217;s Republic of China;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Hong&#160;Kong Dollars&#8221; or &#8220;HK$&#8221;
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;IPO&#8221; means the initial public offering of AGBA
Acquisition Limited, completed on May&#160;16, 2019;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Legacy Group&#8221; means Convoy Global Holdings Limited
and its subsidiaries and affiliates, which do not include AGBA or any of its subsidiaries, B2B, B2BSub, and HKSub;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Nasdaq&#8221; means the Nasdaq Capital Market;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;OIP&#8221; means OnePlatform International Property
Limited;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;OPH&#8221; means, as the context requires, OnePlatform
Holdings Limited prior to the OPH Merger, and, B2B following the OPH Merger;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;OPH Merger&#8221; means the merger of OPH with and
into HKSub, with HKSub as the surviving entity, which completed on August&#160;11, 2022;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;PCAOB&#8221; means the Public Company Accounting Oversight
Board of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Private Placement Units&#8221; means private units
held by the Sponsor, which were acquired by the Sponsor at the consummation of the IPO;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Private Warrants&#8221; means warrants sold as part
of the Private Placement Units&#160;at the consummation of the IPO;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Public Warrants&#8221; means public warrants of the Company
trading on Nasdaq;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;SEC&#8221; or &#8220;Securities and Exchange Commission&#8221;
means the Securities and Exchange Commission of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Second
Amended and Restated SEPA&#8221; means the Second Amended and Restated Standby Equity Purchase Agreement dated as of June 28, 2024, entered
by Yorkville, AGBA, and Triller Corp.;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Securities Act&#8221; means the Securities Act&#160;of&#160;1933,
as amended;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Sponsor&#8221; means AGBA Holding Limited;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;TAG&#8221; means TAG Holdings Limited;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;TAG Business&#8221; means, B2B and Fintech together,
in each case including each such entity&#8217;s respective subsidiaries;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;ILLR Shares&#8221; means the common stock of the Company, US$0.001 par value per share;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;Transfer Agent&#8221; or &#8220;Continental&#8221;
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;U.S.&#160;Dollars,&#8221; &#8220;USD,&#8221; and &#8220;US$&#8221;
means the legal currency of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#8220;U.S.&#160;GAAP&#8221; means the accounting principles generally
accepted in the United&#160;States; and</p></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Yorkville&#8221;
means YA II PN, LTD, a Cayman Islands exempt limited partnership.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>






</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE&#160;REGARDING FORWARD-LOOKING
STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains forward-looking statements.
All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on the expectations
and beliefs of our management in light of historical results and trends, current conditions and potential future developments, and are
subject to a number of factors and uncertainties that could cause actual results to differ materially from forward-looking statements.
These forward-looking statements include statements about our future performance and opportunities; benefits of the Business Combination;
statements of the plans, strategies and objectives of management for future operations; and statements regarding future economic conditions
or performance. Forward-looking statements may contain words such as &#8220;will be,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;continue,&#8221; &#8220;project,&#8221; &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;could,&#8221;
&#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;guidance,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221;
&#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;pursue,&#8221; &#8220;should,&#8221; &#8220;target&#8221; or similar expressions,
and include the assumptions that underlie such statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements are based on the
current expectations of our management as applicable and are inherently subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that
have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors described in &#8220;Risk Factors,&#8221; those discussed and identified in
public filings made with the SEC by us and the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">expectations regarding our strategies and future financial
performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues,
products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to
invest in growth initiatives and pursue acquisition opportunities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the outcome of any legal proceedings that may be instituted
against us;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the risk that recent acquisitions or any proposed transactions
disrupt our current plans and/or operations, including the risk that we do not complete any such proposed transactions or achieve the
expected benefit from them;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ability to recognize the anticipated benefits of recent
acquisitions or any proposed transaction, which may be affected by, among other things, competition, our ability to grow and manage growth
profitably, and retain key employees;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">costs related to being a public company, acquisitions, commercial
collaborations and proposed transactions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">limited liquidity and trading of our common stock;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">geopolitical risk and changes in applicable laws or regulations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the possibility that we may be adversely affected by other
economic, business, and/or competitive factors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">risks relating to the uncertainty of our projected financial
information;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">risks related to the organic and inorganic growth of our
business and the timing of expected business milestones;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">risk that the COVID-19 pandemic, and local, state, federal
and international responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial
condition and results of operations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">litigation and regulatory enforcement risks, including the
diversion of management time and attention and the additional costs and demands on our resources; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the inability to maintain the listing of our common stock
on Nasdaq.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should one or more of these risks or uncertainties
materialize or should any of the assumptions made by our management prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All subsequent written and oral forward-looking
statements concerning our business or other matters addressed in this prospectus and attributable to us or any person acting on our behalf
are expressly qualified in their entirety by the cautionary statements contained or referred to in this prospectus. Except to the extent
required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances
after the date of this prospectus or to reflect the occurrence of unanticipated events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ABOUT THIS PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement that we filed with
the SEC using a &#8220;shelf&#8221; registration process. By using a shelf registration statement, the Selling Securityholder may sell
up to 34,741,701 ILLR Shares including (i)&#160;up to 33,510,000 ILLR Shares issuable upon conversion of the convertible promissory notes
in the principal amount up to $33.51 million issued to YA II PN, LTD, a Cayman Islands exempt limited partnership (&#8220;Yorkville&#8221;)
and (ii)&#160;1,431,561 ILLR Shares issuable upon exercise of the common warrant (the &#8220;Warrant&#8221;) issued to Yorkville on June
28, 2024. We will not receive any proceeds from the sale of ILLR Shares by the Selling Securityholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also file a prospectus supplement or post-effective
amendment to the registration statement of which this prospectus forms a part that may contain material information relating to these
offerings. The prospectus supplement or post-effective amendment, as the case may be, may add, update or change information contained
in this prospectus with respect to such offering. If there is any inconsistency between the information in this prospectus and the applicable
prospectus supplement or post-effective amendment, you should rely on the prospectus supplement or post-effective amendment, as applicable.
Before purchasing any of the ILLR Shares, you should carefully read this prospectus and any prospectus supplement and/or post-effective
amendment, as applicable, together with the additional information described under &#8220;<i>Where You Can Find More Information</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we, nor the Selling Securityholder, has
authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus and
any prospectus supplement and/or post-effective amendment, as applicable, prepared by or on behalf of us or to which we have referred
you. We and the Selling Securityholder takes no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. We and the Selling Securityholder will not make an offer to sell the ILLR Shares in any jurisdiction where
the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any prospectus supplement
and/or post-effective amendment, as applicable, is accurate only as of the date on the respective cover thereof. Our business, prospects,
financial condition or results of operations may have changed since those dates. This prospectus contains, and any prospectus supplement
or post-effective amendment may contain, market data and industry statistics and forecasts that are based on independent industry publications
and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness
of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that
may be included in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, may involve estimates,
assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under &#8220;Risk
Factors&#8221; in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable. Accordingly, investors
should not place undue reliance on this information.</p><div>












</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDUSTRY AND MARKET DATA</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market data and certain industry data and forecasts
used throughout this prospectus were obtained from sources we believe to be reliable, including market research databases, publicly available
information, reports of governmental agencies and industry publications and surveys. We have relied on certain data from third-party sources,
including internal surveys, industry forecasts and market research, which we believe to be reliable based on our management&#8217;s knowledge
of the industry. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily
know what assumptions regarding general economic growth were used in preparing the third-party forecasts we cite. Statements as to our
market position are based on the most currently available data. While we are not aware of any misstatements regarding the industry data
presented in this prospectus, our estimates involve risks and uncertainties and are subject to change based on various factors, including
those discussed under the heading &#8220;Risk Factors&#8221; in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<a id="a_004"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS SUMMARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>This summary highlights certain information
appearing elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information that you should consider
before investing in ILLR Shares and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information
appearing elsewhere in this prospectus. Before you decide to invest in ILLR Shares, you should read the entire prospectus carefully,
including &#8220;Risk Factors&#8221; and the financial statements of Triller Group and related notes thereto included elsewhere in this
prospectus. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through TAG International Limited and TAG Asia
Capital Limited, we currently operate in market-leading businesses: our Platform Business, Distribution Business, Healthcare Business,
and Fintech Business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2019, we have implemented a strategy to
expand and upgrade our long-standing broker-dealer business into a platform business and a distribution business. Today, we offer unique
product and service offerings:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">B2B: tech-enabled broker management platform for advisors
(&#8220;Platform Business&#8221;); and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">B2C: market leading portfolio of wealth and health products
(&#8220;Distribution Business&#8221;).</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have a market leadership in our healthcare
business through our 4% stake in and a strategic partnership with HCMPS.&#160;It is one of the most reputed healthcare brands in Hong&#160;Kong.
It has four self-operated medical centres and a network of over 700 healthcare service providers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we are an established operator and successful
investor in the finTech industry. We have carefully built out investment positions in FinTech, WealthTech and HealthTech businesses, applying
lessons learned from our own distribution, platform and healthcare businesses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Through
our wholly owned subsidiary Triller Corp., we</span> operate as a global, artificial intelligence (&#8220;AI&#8221;) powered
technology platform (&#8220;Technology Platform&#8221;) that serves a broad constituency of Creators and Brands around the world.
&#8220;Creators&#8221; include influencers, artists, athletes, other individuals and public figures that utilize or have utilized
our Technology Platform to create and publish content. Numerous famous Creators use our Technology Platform, including influencers
like Charli D&#8217;Amelio and Bryce Hall and music artists like The Weeknd. &#8220;Brands&#8221; are companies, products or product
lines which are active on our Technology Platform and utilize or have utilized one or more of our products or services offered
through our Technology Platform (&#8220;Direct Brands&#8221;), or companies, products or product lines whose associated data we
track, report on and make available to our clients as part of one or more of our product offerings (&#8220;Tracked Brands,&#8221;
and collectively with Direct Brands, &#8220;Brands&#8221;). Brands that have utilized or continue to utilize our platform include
McDonalds, Pepsi, Walmart, L&#8217;Or&#233;al, Puma, Charmin and Major League Baseball.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

</div><div>


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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alongside the Triller app (see &#8220;Triller&#8217;s Business &#8211; The Triller App&#8221;), Triller has
dramatically expanded its portfolio of offerings through organic growth and strategic acquisitions becoming a diversified Technology
Platform for the creation, distribution, measurement and monetization of digital, live and virtual content. It also produces content
under its own and third-party Brands, including trendsetting music, sports, lifestyle, fashion and entertainment media that creates
cultural moments, attracts users to Triller&#8217;s offerings and drives social interaction that serves as a cultural wellspring
across digital society.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>History</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&#160;14, 2022, AGBA Acquisition Limited,
or AAL, a British Virgin Islands&#8217; company and a special purpose acquisition company, consummated a series of transactions contemplated
by the Business Combination Agreement (the &#8220;Business Combination Agreement&#8221;)
entered by by and among AAL, AGBA Merger Sub I Limited, AGBA Merger Sub II Limited, TAG International Limited, TAG Asset Partners Limited,
OnePlatform International Limited, OnePlatform Holdings Limited, TAG Asia Capital Holdings Limited, and TAG Holdings Limited (&#8220;TAG&#8221;)
(the &#8220;Business Combination&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the closing of Business Combination: (i)&#160;AAL
became, through an acquisition merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited, TAG
Asia Capital Holdings Limited, and their collective subsidiaries; (ii)&#160;the governing documents of AAL were amended and restated,
becoming the Fifth Amended and Restated Memorandum and Articles of Association; (iii)&#160;the number of AAL&#8217;s authorized ordinary
shares was increased from 100&#160;million to 200&#160;million, and (iv)&#160;AAL&#8217;s name changed from &#8220;AGBA Acquisition Limited&#8221;
to &#8220;AGBA Group Inc.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Group Inc. (&#8220;ILLR&#8221;, &#8220;Triller Group&#8221;,
or the &#8220;Company&#8221;) (formerly AGBA Group Holding Limited (&#8220;AGBA&#8221;)) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA&#8217;s legal jurisdiction from British Virgin Islands to the State of Delaware.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company consummated
the merger transaction with Triller Corp., a Delaware corporation (&#8220;Triller Corp.&#8221; or &#8220;Triller&#8221;), pursuant to that certain Amended
and Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the &#8220;Merger Agreement&#8221;), by and
between AGBA, its wholly owned subsidiary AGBA Social Inc. (&#8220;Merger Sub&#8221;), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders. &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Current Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently operate five major businesses:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify"><i>Platform Business:</i> we operate as a &#8220;financial supermarket&#8221; offering over 1,800
                                                                                  financial products to a large universe of retail and corporate customers.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify"><i>Distribution Business:</i> our powerful financial advisor business is the largest in the market,
                                                                                  it engages in the personal financial advisory business (including advising and sales of a full range of financial services products
                                                                                  including long-term life insurance, savings and mortgages), with additional internal and external channels being developed and
                                                                                  added.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify"><i>Healthcare Business: </i>through our 4% stake in and a strategic partnership with HCMPS,
                                                                                  operating as one of the largest healthcare management organizations in the Hong&#160;Kong and Macau region, with over 800 doctors in
                                                                                  its network. Established in 1979, it is one of the most reputed healthcare brands in Hong&#160;Kong.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify"><i>Fintech Business:</i> we have an ensemble of leading fintech assets and businesses in Europe and
                                                                                  Hong&#160;Kong. In addition to financial gains, we also derive substantial knowledge transfers from our investee companies,
                                                                                  supporting our development and growth of new business models.</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Triller AI Business</i>: we are a global, artificial intelligence (&#8220;AI&#8221;) powered technology platform (&#8220;Technology Platform&#8221;) that serves a broad constituency of Creators and Brands around the world.</span></td></tr>
  </table>

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</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Permission or Approval from the PRC Government</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not a Hong&#160;Kong operating company;
we are a Delaware holding company with certain operations conducted by our subsidiaries located in Hong&#160;Kong. Certain of our business
is centered in Hong&#160;Kong and does not have any operations in mainland China. Relevant organs of the PRC government have made recent
statements or recently taken regulatory actions related to data security, anti-monopoly, and overseas listings of mainland China businesses.
For example, in addition to the PRC Data Security Law and the Measures for Cybersecurity Review issued by the Cyberspace Administration
of China which became effective on February&#160;15, 2022 (the &#8220;Measures&#8221;), relevant PRC government agencies have recently
taken anti-trust enforcement action against certain mainland China-based businesses. The management of the Company understands that such enforcement
action was taken pursuant to the PRC Anti-Monopoly Law which applies to monopolistic activities in domestic economic activities in mainland
China and monopolistic activities outside mainland China which eliminate or restrict market competition in mainland China. On February&#160;17,
2023, the China Securities Regulatory Commission, or CSRC, released the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies, or the Overseas Listing Trial Measures, which came into effect on March&#160;31, 2023. As a supplement
to the Overseas Listing Trial Measures, on February&#160;24, 2023, the CSRC, together with other authorities, jointly revised the Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing, collectively with the Overseas
Listing Trial Measures, the Overseas Listing Regulations, which came into effect on March&#160;31, 2023. The Overseas Listing Regulations
require that a PRC domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures with the CSRC,
failing which we may be fined between RMB 1&#160;million and RMB 10&#160;million. Such overseas securities issuance and listing include
direct and indirect issuance and listing. Where an enterprise, whose principal business activities are conducted in China, seeks to issue
and list its shares in the name of an overseas entity, such practice is deemed as an indirect overseas issuance and listing in the meaning
of the Overseas Listing Regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Company currently does not have any operations
in mainland China, there is no guarantee that the recent statements or regulatory actions by the relevant organs of the PRC government,
including statements relating to the PRC Data Security Law, the PRC Personal Information Protection Law, Overseas Listing Regulations
and VIEs as well as the anti-monopoly enforcement actions, will continue not to apply to the Company.&#160;Should such statements or regulatory
actions apply to companies such as the Company or its subsidiaries in the future, it could have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, its ability to accept foreign investments, and its
ability to offer or continue to offer securities to investors on a U.S.&#160;or other international securities exchange, any of which
may, in turn, cause the value of the Company&#8217;s securities to significantly decline or become worthless.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Basic Law of the
Hong&#160;Kong Special Administrative Region (the &#8220;Basic Law&#8221;), which is a national law of the PRC and the
constitutional document for Hong&#160;Kong, national laws of the PRC shall not be applied in Hong&#160;Kong except for those listed
in Annex&#160;III of the Basic Law (which shall be confined to laws relating to defense and foreign affairs as well as other matters
outside the autonomy of Hong&#160;Kong). Notwithstanding the foregoing, the PRC legal system is evolving rapidly, and PRC laws,
regulations, and rules may change quickly with little advance notice. As many of these laws, rules, and regulations are relatively
new, and because of the limited number of published decisions and the non-precedential nature of these decisions, the interpretation
of these laws, rules, and regulations may be inconsistent and they may be subject to inconsistent enforcement. The PRC government
has exercised and continues to exercise substantial control over many sectors of the PRC economy, including through regulation
and/or state ownership. PRC government actions have had, and may continue to have, a significant effect on economic conditions in
the PRC and also on the businesses which are subject to them. If certain PRC laws and regulations were to apply to the Company or
its subsidiaries in the future, the application of such laws and regulations may have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, which, in turn, may cause the value of its
securities to significantly decline or become worthless. For example, if the PRC Data Security Law were to apply to the
Company&#8217;s Hong&#160;Kong-based businesses, the Company could become subject to data security and privacy obligations, including
the need to conduct a national security review of data activities that may affect the national security of the PRC, and could be
prohibited from providing data stored in Hong&#160;Kong to foreign judicial or law enforcement agencies without approval from
relevant PRC regulatory authorities. Compliance with such or similar requirements could have a chilling effect on the business,
financial condition and results of operations of the Company.&#160;Therefore, without relying on a PRC counsel, the management of
the Company believes that it and/or its subsidiaries are not required to obtain from Chinese authorities, including the CSRC and
the Cyberspace Administration of China, to operate their business and to offer the securities being registered to foreign
investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategic Growth Plans</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><i>For the business of AGBA Legacy Group:</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Overall Market Opportunities in the Greater Bay Area</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Cross-Border Wealth Management Connect</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Future expansion plan to China</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Strategic Enablers to Capture GBA Opportunities</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>China B2B Partnership for Customer Acquisition</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>Service Centre for Customer and Partner Servicing</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Creating an Ecosystem Empowered by Fintech</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>Hong&#160;Kong&#8217;s fintech Landscape</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>The Synergy to be Realized Leveraging on Existing Infrastructure
and Partners</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>For the Triller Business:</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage
Our Technology, Tools and Features to Continue to Attract and Engage Creators, Brands and Users and Build a Robust Ecosystem</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invest in Adjacent High Growth Industry Segments</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emphasize Strategic Growth Through Mergers and Acquisitions on Our Technology Platform</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop Innovative Marketing, Advertising and Commerce Products</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following chart illustrates the
Company&#8217;s stockholder ownership and corporate structure as of the date of this prospectus:</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

</div><div>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive office is located at 7119
West Sunset Boulevard, Suite 782, Los Angeles, CA and our telephone number is 310-893-5090. We maintain a website at <i>https://www.trillercorp.com/</i>.
The information on our website is not incorporated by reference in this prospectus or any accompanying prospectus supplement, and you
should not consider it a part of this prospectus or any accompanying prospectus supplement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Risk Factors</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk Factors Relating to Future Resales</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Future sales of ILLR Shares, or the perception of future
sales of ILLR Shares, could cause the market price of ILLR Shares  to drop significantly, even if Triller&#8217;s business is doing
well.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Selling Securityholder can earn a positive rate of return
on their investment, even if other stockholders experience a negative rate of return.</td>
</tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk Factors Relating to the Company&#8217;s
Hong&#160;Kong Operations and Proximity to the PRC</i></b></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The business, financial condition, results of operations, and prospects of the Company may be
                                                                                       materially and adversely affected if certain laws and regulations of the PRC become applicable to the Company or its subsidiaries.
                                                                                       The Company may be subject to the risks and uncertainties associated with the evolving laws and regulations in the PRC, their
                                                                                       interpretation and implementation, and the legal and regulatory system in the PRC more generally, including with respect to the
                                                                                       enforcement of laws and the possibility of changes of rules and regulations with little or no advance notice.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The PRC government exerts substantial influence, discretion,
oversight, and control over the manner in which companies incorporated under the laws of PRC must conduct their business activities.
The Company has offices in Hong Kong with no operations in mainland China; however, there can be no guarantee that the PRC
government will not seek to intervene or influence the operations of its or its subsidiaries at any time.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The securities of the Company may be delisted or prohibited from
being traded &#8220;over-the-counter&#8221; under the Holding Foreign Companies Accountable Act (as amended by the Accelerating Holding
Foreign Companies Accountable Act) if the PCAOB were unable to fully inspect the company&#8217;s auditor.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Although not currently subject, the Company may become subject
to the PRC laws and regulations regarding offerings that are conducted overseas and/or foreign investment in&#160;China-based&#160;issuers,
and any failure to comply with applicable laws and obligations could have a material and adverse effect on the business, financial condition,
results of operations, and prospects of the Company and may hinder its ability to offer or continue to offer
securities to investors and cause the value of such securities to significantly decline or be worthless.</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Governments in the jurisdictions in which the Company operates or intends to operate may restrict or
                                                                                       control to varying degrees the ability of foreign investors to invest in businesses located or operating in such jurisdictions.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company is subject to many of the economic and political
risks associated with emerging markets, particularly China, due to its operations in Hong&#160;Kong. Adverse changes in Hong&#160;Kong&#8217;s
or China&#8217;s economic, political, and social conditions as well as government policies could adversely affect the Company&#8217;s business
and prospects.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company&#8217;s potential expansion of activities in China
is subject to various risks.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company&#8217;s financial services revenues are highly dependent
on macroeconomic conditions as well as Hong&#160;Kong, China, and global market conditions. Disruptions in the global financial markets
and economic conditions could adversely affect the Company and its institutional clients and customers.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Recent litigation, increased SEC disclosure requirements
and negative publicity surrounding China-based companies listed in the United States may result in increased regulatory scrutiny of the
Company and negatively impact the trading price of its shares, which could have a material adverse effect upon its business, including
its results of operations, financial condition, cash flows, and prospects.</td>
</tr></table>

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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Failure to comply with existing or future laws and regulations
related to data protection or data security could lead to liabilities, administrative penalties, or other regulatory actions, which could
negatively affect the Company&#8217;s operating results, business, and prospects.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The PRC may prevent the cash maintained by the Company in Hong&#160;Kong
from leaving, or the PRC could restrict deployment of such cash for the Company&#8217;s business purposes or for the payment of dividends.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk Factors Relating to the
Company&#8217;s Business</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The technologies that the Company uses may contain undetected errors,
which could result in customer dissatisfaction, damage to the Company&#8217;s reputation, or loss of customers.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We rely on our business relationships with product issuers and the
success of those product issuers, and the future development depends, in part, on the growth of such product issuers and their continued
collaboration.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The property agency segment of the Platform Business has historically
operated on thin margins, which expose it to risk of non-profitability and recent trends have caused the segment to be loss-making.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>




<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company relies on its business relationships with product
issuers and the success of those product issuers, and the Company&#8217;s future development depends, in part, on the growth of such product
issuers and their continued collaboration with the Company.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A number of our business partners are commercial banks and other financial
institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial services industry could
harm its business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Significant increases and decreases in the number of transactions by
the Company&#8217;s clients can have a material negative effect on the Company&#8217;s profitability and its ability to efficiently process
and settle transactions.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We operate in a variety of heavily regulated industries in Hong Kong
and globally, which expose its business activities to risks of noncompliance with an increasing body of complex laws and regulations.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A number of the Company&#8217;s business partners are commercial
banks and other financial institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial
services industry could harm its business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Significant increases and decreases in the number of transactions
by the Company&#8217;s clients can have a material negative effect on the Company&#8217;s profitability and its ability to efficiently process
and settle transactions.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We operate in a competitive and evolving industry; if the Company
is unable to compete effectively, it may lose market share.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are subject to evolving regulatory requirements, and failure to
comply with these regulations or to adapt to regulatory changes could materially and adversely affect its operations, business, and prospects.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may be adversely affected by the complexity, uncertainties, and
changes in regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses, or permits applicable
to our business may have a material adverse effect on its business and results of operations.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Uncertainties in the interpretation and enforcement of Hong Kong laws
and regulations could limit the legal protections available to us and our investors.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>


</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller has a limited operating history and experience fluctuations
in its results of operations due to the nature of its business and a number of factors, which makes it difficult to forecast its revenue
and evaluate its business and future prospects.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller has an unproven and evolving business model and the Company
cannot provide any assurance that Triller will generate significant revenues or operating profit.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller has various financial obligations which have come due in the
past six months and are coming due over the next twelve months and it may not be able to meet its cash obligations as those amounts come
due.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The loss of a large customer could have an adverse effect on Triller&#8217;s
business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Non-compliance with the objective and subjective criteria for the Paycheck
Protection Program (&#8220;PPP&#8221;) loan could have a material adverse effect on Triller&#8217;s business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If the Company&#8217;s goodwill or intangible assets become impaired,
the Company may be required to record an additional significant charge to earnings.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller is not in compliance with the payment obligations of a significant
number of its significant music licensing agreements and agreements with other vendors and counterparties.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may in the future be adversely affected by natural disasters, the
physical effects of climate change, and other catastrophic events, and by man-made problems such as geo-political conflicts and events,
including acts of war and terrorism, that could disrupt Triller&#8217;s business operations and adversely affect Triller&#8217;s financial
condition and results of operations.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Unfavorable macroeconomic conditions, including those caused by inflation
or reductions in customers&#8217; spending, could limit Triller&#8217;s ability to grow its business and negatively affect its results
of operations.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller&#8217;s financial performance in certain quarters and years
may fluctuate and may not be indicative of, or comparable to, its financial performance in subsequent financial quarters or years due
to economic conditions and operational factors.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller&#8217;s recent acquisitions have caused Triller to grow rapidly,
and Triller will need to continue to make changes to operate at its current size and scale. Triller has in the past faced and may in the
future face, difficulty in integrating the operations of the businesses acquired in its recent transactions, and Triller may never realize
the anticipated benefits and cost synergies from all of these transactions. If Triller is unable to manage its current operations or any
future growth effectively, its business could be adversely affected.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If the Company acquires, combines with or invests in other businesses,
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller is involved in lawsuits and other litigation matters that are
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Planned expansion of Triller&#8217;s operations into new products,
services and technologies, including content categories, is inherently risky and may subject Triller to additional business, legal, financial
and competitive risks.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Improper or illegal use of Triller&#8217;s Technology Platform could
seriously harm Triller&#8217;s business and reputation.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller tracks certain performance metrics with internal tools and
do not independently verify such metrics. Certain of Triller&#8217;s performance metrics are subject to inherent challenges in measurement,
and real or perceived inaccuracies in such metrics may harm Triller&#8217;s reputation and negatively affect its business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

</div><div>

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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If Triller&#8217;s efforts to attract Creators, users, consumers and
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Use of social media by Triller&#8217;s Creators, Brands and users may
materially and adversely affect Triller&#8217;s reputation or subject Triller to fines or other penalties.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller may not be successful in its efforts to further monetize its
Technology Platform, which may harm Triller&#8217;s business.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If Triller is unable to maintain adequate content on its Technology
Platform, its business may be harmed.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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new Creators, users, consumers and Brands, effectively educating and training Triller&#8217;s existing Creators and Brands on how to make
full use of Triller&#8217;s Technology Platform and increasing usage of Triller&#8217;s Technology Platform by Triller&#8217;s consumers.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Triller generates substantially all of its revenue from Brands. If
the content and services provided on Triller&#8217;s Technology Platform are not relevant to Brands, fail to attract new Brands or result
in a loss of Brands using Triller&#8217;s Technology Platform, Triller&#8217;s growth may be adversely impacted.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risk Factors Relating to Our Shares</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our share price has been, and could continue to be, volatile.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Stockholders could experience substantial dilution of their
investment as a result of future sales of our equity, subsequent exercises of our outstanding warrants and options, or the future grant
of equity by us.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Because we do not intend to pay cash dividends, our stockholders
will benefit from an investment in our ordinary shares only if it appreciates in value.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If securities or industry analysts do not publish
research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</div><div>

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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<a id="a_005"></a><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>THE OFFERING</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-top: 0pt; width: 48%; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer</b></span></td>
    <td style="padding-top: 0pt; white-space: nowrap; width: 1%; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; width: 51%; text-align: justify; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Triller Group Inc.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: justify; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt">ILLR Shares to be issued upon exercise of all Warrants</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">1,431,561</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
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    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">33,510,000</p></td></tr>
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    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resale of ILLR Shares</b></span></td>
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    <td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">34,941,561</td></tr>
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    <td style="padding-bottom: 0pt; padding-top: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ILLR
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    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">34,941,561</td></tr>
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    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We will receive up to an aggregate of $8,116,950.87 if the Warrant is exercised
if full for cash.&#160;If the market price for ILLR Shares does not increase above the per share exercise price of the Warrant, there
is a small likelihood that any of the Warrant will be exercised. We expect to use the net proceeds from the exercise of the Warrant for
general corporate purposes and to implement our business plan. We will not receive any proceeds from the sale of the ILLR Shares to
be offered by the Selling Securityholder.</p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
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    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This offering involves the potential sale of up to 34,941,561 ILLR Shares,
including (i)&#160;33,510,000 ILLR Shares issuable upon conversion&#160;&#160;of the convertible promissory notes in the principal amount
up to $33.51 million issued to Yorkville and (ii)&#160;1,431,561 ILLR Shares issuable upon exercise of the Warrant issued to Yorkville
on June 28, 2024. Once this registration statement is effective and during such time as it remains effective, the Selling Securityholder
will be permitted to sell the ILLR Shares. The resale, or expected or potential resale, of a substantial number of ILLR Shares in
the public market could adversely affect the market price for ILLR Shares and make it more difficult for our other stockholders such
as you to sell their ILLR Shares at times and prices that they feel are appropriate.</p></td></tr>

<tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt">&#160;</td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 0pt; padding-top: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NASDAQ Capital Market symbols</b></span></td>
    <td style="padding-top: 0pt; white-space: nowrap; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-bottom: 0pt; padding-top: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock and warrants are listed on Nasdaq under the symbols &#8220;ILLR&#8221; and &#8220;ILLRW&#8221;, respectively.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</div><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<a id="a_006"></a><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>TRILLER
GROUP INC.<br/>
SUMMARY FINANCIAL INFORMATION</b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The data below as for the nine months ended September 30, 2024 and
2023 has been derived from the unaudited condensed consolidated financial statements of the Company, and for the years ended December&#160;31,
2023 and 2022 has been derived from the audited consolidated financial statements of the Company for such&#160;years, which are included
in this prospectus. The Company&#8217;s consolidated financial statements are prepared and presented in accordance with U.S.&#160;GAAP.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s historical results are not necessarily indicative
of results to be expected for any future period. The information is only a summary and should be read in conjunction with the Company&#8217;s
consolidated financial statements and related notes, and the section entitled &#8220;<i>Management&#8217;s Discussion and Analysis of
Financial Condition and Results of Operations</i>&#8221; contained elsewhere herein. The historical results included below are not indicative
of the future performance of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents the Company&#8217;s selected consolidated balance
sheet data as of September 30, 2024, December&#160;31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selected Consolidated Balance Sheet Data:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Current assets</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">52,073,215</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">55,756,165</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">44,348,278</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40,969,995</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">96,421,493</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,588,967</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">101,221,333</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">102,280,274</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,486,196</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">74,071,054</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total shareholders&#8217; (deficit) equity</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(5,858,781</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">8,102,771</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">27,150,279</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents the Company&#8217;s selected consolidated statements
of operations and comprehensive loss for the nine months ended September 30, 2024 and 2023, and for the years ended December&#160;31,
2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selected Consolidated Statements of Operations
and Comprehensive Loss:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(25,783,493</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(36,319,457</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(43,845,322</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(286,538</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table represents the Company&#8217;s selected consolidated cash
flow data for the nine months ended September 30, 2024 and 2023, and the&#160;years ended December&#160;31, 2023 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,750,750</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,175,371</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,678,065</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</div><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing in our securities involves risks.
Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under &#8220;Cautionary Note&#160;Regarding
Forward-Looking Statements,&#8221; you should carefully consider the specific risks set forth herein. If any of these risks actually occur,
it may materially harm our business, financial condition, liquidity and results of operations. As a result, the market price of our securities
could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this prospectus
or any prospectus supplement are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known
to us or that we currently believe to be immaterial may become material and adversely affect our business.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Factors Relating to Future Resales</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>It is not possible to predict the actual
number of shares we will sell under the SEPA to the Selling Securityholder, or the actual gross proceeds resulting from those sales.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2024, we entered into the Second A&amp;R SEPA with the
Selling Securityholder, pursuant to which the Company has the right to sell to Yorkville up to $500 million of common stock, subject to
certain limitations and conditions set forth in the Second A&amp;R SEPA, from time to time during the term of the A&amp;R SEPA. Sales
of the shares of Common Shares to Yorkville under the Second A&amp;R SEPA, and the timing of any such sales, are at Triller&#8217;s option,
and Triller is under no obligation to sell any shares of Common Shares to Yorkville under the Second A&amp;R SEPA except in connection
with notices that may be submitted by Yorkville, in certain circumstances as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally have the right to control the timing and amount of any
sales of our shares of Common Stock to the Selling Securityholder under the Second A&amp;R SEPA. Generally, sales of our Common Stock,
if any, to the Selling Securityholder under the Second A&amp;R SEPA will depend upon market conditions and other factors to be determined
by us. We may ultimately decide to sell to the Selling Securityholder all, some or none of the shares of our Common Stock that may be
available for us to sell to the Selling Securityholder pursuant to the A&amp;R SEPA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the purchase price
per share to be paid by the Selling Securityholder for the shares of Common Stock that we may elect to sell to the Selling Securityholder
under the SEPA, if any, will fluctuate based on the market prices of our Common Stock prior to each advance made pursuant to the SEPA,
if any, it is not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of shares of Common
Stock that we will sell to the Selling Securityholder under the SEPA, the purchase price per share that the Selling Securityholder will
pay for shares purchased from us under the SEPA, or the aggregate gross proceeds that we will receive from those purchases by the Selling
Securityholder under the SEPA, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investors who buy shares at different times
will likely pay different prices.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the A&amp;R SEPA,
we will generally have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to the Selling Securityholder.
If and when we do elect to sell shares of our Common Stock to the Selling Securityholder pursuant to the SEPA, after the Selling Securityholder
has acquired such shares, the Selling Securityholder may resell all, some or none of such shares at any time or from time to time in its
discretion and at different prices. As a result, investors who purchase shares from the Selling Securityholder in this offering at different
times will likely pay different prices for those shares, and so may experience different levels of dilution, and in some cases substantial
dilution, and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase
from the Selling Securityholder in this offering as a result of future sales made by us to the Selling Securityholder at prices lower
than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling
Securityholder under the A&amp;R SEPA, or if investors expect that we will do so, the actual sales of shares or the mere existence of
our arrangement with the Selling Securityholder may make it more difficult for us to sell equity or equity-related securities in the future
at a time and at a price that we might otherwise wish to effect such sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales of ILLR Shares, or the perception
of future sales of ILLR Shares, could cause the market price of ILLR Shares to drop significantly, even if Triller&#8217;s business
is doing well.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale of ILLR Shares in the public market
or otherwise, including sales pursuant to this prospectus, or the perception that such sales could occur, could harm the prevailing market
price of ILLR Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for a stockholder
to sell equity securities in the future at a time and at a price that it deems appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed, at our expense, to prepare and file this registration
statement with the SEC registering the resale of up to 34,741,701 ILLR Shares, which include (i)&#160;33,510,000 ILLR Shares issuable
upon conversion of the convertible promissory notes in the principal amount up to $33.51 million issued Yorkville and (ii)&#160;1,431,561
ILLR Shares issuable upon exercise of the Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">After
it is effective and until such time that it is no longer effective, the registration statement will permit the resale of these shares.
The resale, or expected or potential resale, of a substantial number of ILLR Shares in the public market could adversely affect the
market price for ILLR Shares and make it more difficult for you to sell your ILLR Shares at times and prices that you feel are
appropriate. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities
in the future at a time and at a price that we deem appropriate.</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
we expect that, because there will be a large number of shares registered pursuant to this registration statement, the Selling Securityholder
will continue to offer the securities covered by this registration statement for a significant period of time, the precise duration of
which cannot be predicted. Accordingly, the adverse market and price pressures resulting from an offering pursuant to a registration
statement may continue for an extended period of time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
                                            certain restrictions on resale end pursuant to the effectiveness of this registration statement,
                                            the market price of ILLR Shares could drop significantly if the Selling Securityholders
                                            sell them or are perceived by the market as intending to sell them. These factors could also
                                            make it more difficult for ILLR to raise additional funds through future offerings
                                            of ILLR Shares or other securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Factors Relating to </b></span><b>the Company&#8217;s <span style="font-family: Times New Roman, Times, Serif">Hong&#160;Kong Operations
and Proximity to the PRC</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
business, financial condition, results of operations, and prospects of the Company may be materially and adversely affected if certain laws
and regulations of the PRC become applicable to the Company or its subsidiaries. the Company may be subject to the risks and uncertainties associated
with the evolving laws and regulations in the PRC, their interpretation and implementation, and the legal and regulatory system in the
PRC more generally, including with respect to the enforcement of laws and the possibility of changes of rules and regulations with little
or no advance notice.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company
                                            currently does not have operations in mainland China. Although the Company and its subsidiaries
                                            do service Chinese clients, all sales of financial products offered by the TAG Business and
                                            its subsidiaries occur in Hong&#160;Kong. the Company does not sell any financial products in mainland
                                            China, and all of the TAG Business&#8217;s customer data is maintained outside of mainland
                                            China. Accordingly, none of the Company or its subsidiaries are regulated by any regulatory authorities
                                            in mainland China. Pursuant to the Basic Law of the Hong&#160;Kong Special Administrative
                                            Region (the &#8220;Basic Law&#8221;), which is a national law of the PRC and the constitutional
                                            document for Hong&#160;Kong, national laws of the PRC shall not be applied in Hong&#160;Kong
                                            except for those listed in Annex&#160;III of the Basic Law and applied locally by promulgation
                                            or local legislation. The Basic Law expressly provides that the national laws of the PRC
                                            which may be listed in Annex&#160;III of the Basic Law shall be confined to those relating
                                            to defense and foreign affairs as well as other matters outside the autonomy of Hong&#160;Kong.
                                            While the National People&#8217;s Congress of the PRC has the power to amend the Basic Law,
                                            the Basic Law also expressly provides that no amendment to the Basic Law shall contravene
                                            the established basic policies of the PRC regarding Hong&#160;Kong. As a result, national
                                            laws of the PRC not listed in Annex&#160;III of the Basic Law do not apply to Hong&#160;Kong-based&#160;businesses.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">However,
                                            the laws and regulations in the PRC are evolving, and their enactment timetable, interpretation,
                                            and implementation involve significant uncertainties. To the extent that any PRC laws and
                                            regulations become applicable to the Company, the Company may be subject to the risks and uncertainties
                                            associated with the evolving laws and regulations of the PRC, their interpretation and implementation,
                                            and the legal and regulatory system in the PRC more generally, including with respect to
                                            the enforcement of laws and the possibility of changes of rules and regulations with little
                                            or no advance notice. If certain PRC laws and regulations, including existing laws and regulations
                                            and those enacted or promulgated in the future, were to become applicable to companies such
                                            as the Company or its subsidiaries in the future, the application of such laws and regulations may
                                            have a material adverse impact on the business, financial condition, results of operations,
                                            and prospects of the Company and its ability to offer securities to investors, any of which may,
                                            in turn, cause the value of ILLR&#8217;s securities to significantly decline or
                                            become worthless.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Relevant
                                            organs of the PRC government have made recent statements or recently taken regulatory actions
                                            related to data security, anti-monopoly, and overseas listings of mainland China businesses.
                                            For example, in addition to the PRC Data Security Law and the Measures for Cybersecurity
                                            Review issued by the Cyberspace Administration of China which became effective on February&#160;15,
                                            2022 (the &#8220;Measures&#8221;), relevant PRC government agencies have recently taken anti-trust&#160;enforcement
                                            action against certain mainland China-based&#160;businesses. The management of ILLR
                                            understands that such enforcement action was taken pursuant to the PRC Anti-Monopoly&#160;Law
                                            which applies to monopolistic activities in domestic economic activities in mainland China
                                            and monopolistic activities outside mainland China which eliminate or restrict market competition
                                            in mainland China. In addition, in July&#160;2021, the PRC government provided new guidance
                                            on PRC-based&#160;companies raising capital outside of the PRC, including through arrangements
                                            called variable interest entities (&#8220;VIEs&#8221;). In light of such developments, the
                                            SEC has imposed enhanced disclosure requirements on China-based&#160;companies seeking to
                                            register securities with the SEC.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">While
                                            the Company currently does not have any operations in mainland China, there is no guarantee that
                                            the recent statements or regulatory actions by the relevant organs of the PRC government,
                                            including statements relating to the PRC Data Security Law, the PRC Personal Information
                                            Protection Law, and VIEs as well as the anti-monopoly&#160;enforcement actions will continue
                                            not to apply to the Company.&#160;Should such statements or regulatory actions apply to companies
                                            such as ILLR or its subsidiaries in the future, it could have a material adverse
                                            impact on the business, financial condition, results of operations, and prospects of ILLR, ILLR&#8217;s ability to accept foreign investments, and ILLR&#8217;s
                                            ability to offer or continue to offer securities to investors on a U.S.&#160;or other international
                                            securities exchange, any of which may, in turn, cause the value of ILLR&#8217;s
                                            securities to significantly decline or become worthless. ILLR cannot predict the
                                            extent of such impact if such events were to occur.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company
                                            may also become subject to the laws and regulations of the PRC to the extent that the TAG
                                            Business commences business and customer facing operations in mainland China as a result
                                            of any future partnership, acquisition, expansion, or organic growth.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
PRC government exerts substantial influence, discretion, oversight, and control over the manner in which companies incorporated
under the laws of PRC must conduct their business activities. The Company has offices in Hong&#160;Kong and has no operations in
mainland China; however, there can be no guarantee that the PRC government will not seek to intervene or influence the operations of
its business or its subsidiaries at any time.</i></b></span>

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Because
                                            (i)&#160;the Company currently does not have operations in mainland China, (ii)&#160;all sales of
                                            financial products offered by the Company and its subsidiaries, including those to PRC citizens,
                                            occur in Hong&#160;Kong, and (iii)&#160;the TAG Business does not sell any financial products
                                            in mainland China, the PRC government currently does not directly govern the manner in which
                                            the Company conducts its business activities outside of mainland China. However, the PRC legal system
                                            is evolving quickly, and PRC laws, regulations, and rules may change quickly with little
                                            advance notice, including with respect to Hong&#160;Kong-based&#160;businesses. As a result,
                                            there can be no assurance that the Company will not be subject to direct influence or discretion
                                            over its business from organs of the PRC government in the future, due to changes in laws
                                            or other unforeseeable reasons or due to the Company&#8217;s expansion or acquisition of operations
                                            in or involving mainland China.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            PRC government has exercised and continues to exercise substantial control over many sectors
                                            of the PRC economy, including through regulation and/or state ownership. PRC government actions
                                            have had, and may continue to have, a significant effect on economic conditions in the PRC
                                            and the businesses which are subject to them. If the Company became subject to the direct intervention
                                            or influence of the PRC government at any time due to changes in laws or other unforeseeable
                                            reasons or as a result of the Company&#8217;s development, expansion, or acquisition of operations
                                            in the PRC, the Company may be required to make material changes in its operations, which may result
                                            in increased costs necessary to comply with existing and newly adopted laws and regulations
                                            or penalties for any failure to comply, or both. The Company cannot be assured that the PRC government
                                            will not, in the future, release regulations or policies regarding other industries, which,
                                            if applicable to the Company or its subsidiaries, may adversely affect the business, financial condition
                                            and results of operations of the Company.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            addition, the various segments of the Company are regulated by a number of Hong&#160;Kong regulators,
                                            including, the Hong&#160;Kong Insurance Authority and the Mandatory Provident Fund Schemes
                                            Authority. PRC government influence or oversight over such Hong&#160;Kong regulators may
                                            have an indirect but material impact on the Company, including but not limited to with respect to
                                            capital requirements, its ability to operate certain businesses, its operations in certain
                                            jurisdictions (including the markets in which the Company or its subsidiaries may operate in the
                                            future) and/or the implementation of certain controls and procedures in relation to risk
                                            management or cybersecurity. Furthermore, the market prices and/or liquidity of the securities
                                            of the Company could be adversely affected as a result of anticipated negative impacts of any such
                                            government actions, as well as negative investor sentiment towards Hong&#160;Kong-based&#160;companies
                                            subject to direct PRC government oversight and regulation, regardless of actual operating
                                            performance. There can be no assurance or guarantee that the PRC government would not intervene
                                            in or influence the operations of the Company, directly or indirectly, at any time.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
securities of ILLR may be delisted or prohibited from being traded &#8220;over-the-counter&#8221; under the Holding Foreign
Companies Accountable Act (as amended by the Accelerating Holding Foreign Companies Accountable Act) if the PCAOB were unable to fully
inspect the company&#8217;s auditor.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted into U.S.&#160;law
                                            on December&#160;18, 2020. The HFCA Act states that if the SEC determines that a company
                                            has filed audit reports issued by a registered public accounting firm that has not been subject
                                            to inspection by the Public Company Accounting Oversight Board of the United&#160;States
                                            (the &#8220;PCAOB&#8221;) for three consecutive&#160;years beginning in 2021, the SEC shall
                                            prohibit its securities from being traded on a national securities exchange or in the over-the-counter&#160;trading
                                            market in the U.S.&#160;On December&#160;16, 2021, the Public Company Accounting Oversight
                                            Board of the United&#160;States (the &#8220;PCAOB&#8221;) issued a Determination Report which
                                            found that the PCAOB is unable to inspect or investigate completely registered public accounting
                                            firms headquartered in: (i)&#160;China, and (ii)&#160;Hong&#160;Kong.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December 2, 2021, the SEC adopted final amendments implementing congressionally mandated submission and disclosure requirements of the
HFCA Act. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act (AHFCA Act) was enacted, which amended the
HFCA Act by requiring the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company&#8217;s securities
may be prohibited from trading or delisted has been reduced accordingly.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Lack
of access to PCAOB inspections prevents the PCAOB from fully evaluating audits and quality control procedures of the accounting firms
headquartered in mainland China or Hong&#160;Kong. As a result, investors in companies using such auditors may be deprived of the benefits
of such PCAOB inspections. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate
PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous
determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public
accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our,
and our auditor&#8217;s, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and
is already making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations
and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations
with the HFCA Act if needed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">WWC,
                                            P.C. is headquartered in California and has been inspected by the PCAOB on a regular basis.
                                            The management of ILLR believes, therefore, that WWC, P.C. is not subject to the
                                            determinations announced by the PCAOB on December&#160;16, 2021 with respect to PRC and Hong&#160;Kong-based&#160;auditors.
                                            WWC, P.C. is not included in the list of determinations announced by the PCAOB on December&#160;21,
                                            2021 in their HFCA Act Determination Report under PCAOB Rule&#160;6100. On August&#160;26,
                                            2022, the China Securities Regulatory Commission, or CSRC, the Ministry of Finance of the
                                            PRC, and PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and
                                            investigations of audit firms based in China and Hong&#160;Kong. Pursuant to the Protocol,
                                            the PCAOB has independent discretion to select any issuer audits for inspection or investigation
                                            and has the unfettered ability to transfer information to the SEC.&#160;However, uncertainties
                                            still exist whether this new framework will be fully complied with. If notwithstanding this
                                            new framework, the PCAOB was unable to fully inspect WWC, P.C. (or any other auditor of the
                                            Company) in the future, or if PRC or American authorities further regulate auditing work
                                            of Chinese or Hong&#160;Kong companies listed on the U.S.&#160;stock exchanges in a manner
                                            that would restrict WWC, P.C. (or any future auditor of the Company) from performing work
                                            in Hong&#160;Kong, ILLR may be required to change its auditor. Furthermore, there
                                            can be no assurance that the SEC, Nasdaq, or other regulatory authorities would not apply
                                            additional and more stringent criteria to ILLR in connection with audit procedures
                                            and quality control procedures, adequacy of personnel and training, or sufficiency of resources,
                                            geographic reach or experience as it relates to the audit of ILLR&#8217;s financial
                                            statements. The failure to comply with the requirement in the HFCA Act, as amended by the
                                            AHFCA Act, that the PCAOB be permitted to inspect the issuer&#8217;s public accounting firm
                                            within two&#160;years, would subject ILLR to consequences including the delisting
                                            of ILLR in the future if the PCAOB is unable to inspect ILLR&#8217;s accounting
                                            firm (whether WWC, P.C. or another firm) at such future time.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (&#8220;AHFCAA&#8221;) was enacted, which amended the HFCA
Act by requiring the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not subject
to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled &#8220;Consolidated Appropriations
Act, 2023&#8221; (the &#8220;Consolidated Appropriations Act&#8221;), was signed into law by President Biden. The Consolidated Appropriations
Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection years required
for triggering the prohibitions under the Holding Foreign Companies Accountable Act from three years to two. Whether the PCAOB will continue
to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong
Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control. The PCAOB is continuing
to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in
early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has
indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed, without having to
wait another year to reassess its determinations. In the future, if there is any regulatory change or step taken by PRC regulators that
does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation,
or the PCAOB expands the scope of the determination so that we are subject to the HFCA Act, as the same may be amended, you may be deprived
of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading
of our securities, including trading on the national exchange and trading on &#8220;over-the-counter&#8221; markets, may be prohibited
under the HFCA Act. The recent developments would add uncertainties to our offering and we cannot assure you whether the national securities
exchange we apply for listing or regulatory authorities would apply additional and more stringent criteria to us after considering the
effectiveness of our auditors&#8217; audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach, or experience as it relates to our audit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Although
not currently subject, the Company may become subject to the PRC laws and regulations regarding offerings that are conducted overseas and/or
foreign investment in&#160;China-based&#160;issuers, and any failure to comply with applicable laws and obligations could have a material
and adverse effect on the business, financial condition, results of operations, and the Company&#8217;s prospects of the Company and may hinder ILLR&#8217;s ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline
or be worthless.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recently,
the PRC government has initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based&#160;companies
listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly&#160;enforcement. On June&#160;10, 2021, the Standing Committee of the National People&#8217;s Congress
enacted the PRC Data Security Law, which took effect on September&#160;1, 2021. The law requires data collection to be conducted in a
legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based
on data classification and hierarchical protection system for data security.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
July&#160;6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on illegal activities in the securities market and promote the high-quality&#160;development of the capital
market, which, among other things, requires the relevant governmental authorities to strengthen cross-border&#160;oversight of law-enforcement&#160;and
judicial cooperation, to enhance supervision over China-based&#160;companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;20, 2021, the 30 meeting of the Standing Committee of the 13 National People&#8217;s Congress voted and passed the &#8220;Personal
Information Protection Law of the People&#8217;s Republic of China&#8221;, or &#8220;PRC Personal Information Protection Law&#8221;,
which became effective on November&#160;1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information
of natural persons within the territory of China that is carried out outside of China where (1)&#160;such processing is for the purpose
of providing products or services for natural persons within China, (2)&#160;such processing is to analyze or evaluate the behavior of
natural persons within China, or (3)&#160;there are any other circumstances stipulated by related laws and administrative regulations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;24, 2021, the China Securities Regulatory Commission (&#8220;CSRC&#8221;), together with other relevant government authorities
in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)
(&#8220;Draft Overseas Listing Regulations&#8221;). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking
to issue and list its shares overseas (&#8220;Overseas Issuance and Listing&#8221;) shall complete the filing procedures of and submit
the relevant information to CSRC.&#160;The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an
enterprise whose principal business activities are conducted in PRC seeks to issue and list its shares in the name of an overseas enterprise
(&#8220;Overseas Issuer&#8221;) on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC
domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing (&#8220;Indirect Overseas Issuance and
Listing&#8221;) under the Draft Overseas Listing Regulations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;28, 2021, the Cyberspace Administration of China (&#8220;CAC&#8221;) jointly with the relevant authorities formally published
Measures for Cybersecurity Review (2021)&#160;which took effect on February&#160;15, 2022 and replaced the former Measures for Cybersecurity
Review (2020)&#160;issued on July&#160;10, 2021. Measures for Cybersecurity Review (2021)&#160;stipulates that operators of critical
information infrastructure purchasing network products and services, and online platform operator (together with the operators of critical
information infrastructure, the &#8220;CII Operators&#8221;) carrying out data processing activities that affect or may affect national
security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users&#8217; personal
information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company
                                            or its subsidiaries may collect and store certain data (including certain personal information)
                                            from their clients, who may be PRC individuals, in connection with their business and operations
                                            and for &#8220;Know Your Customers&#8221; purposes (to combat money laundering). Given that
                                            (1)&#160;the Company and its subsidiaries are incorporated either in Hong&#160;Kong or the British
                                            Virgin Islands and are located in and conduct their operations in Hong&#160;Kong, (2)&#160;they
                                            have no subsidiary, VIE structure, nor any operations in mainland China, and (3)&#160;pursuant
                                            to the Basic Law, national laws of the PRC shall not be applied in Hong&#160;Kong except
                                            for those listed in Annex&#160;III of the Basic Law (which is confined to laws relating to
                                            defense and foreign affairs, as well as other matters outside the autonomy of Hong&#160;Kong),
                                            the management of the Company does not currently expect the Measures for Cybersecurity Review (2021),
                                            the PRC Personal Information Protection Law, or the Draft Overseas Listing Regulations to
                                            impact the operations of the TAG Business. As of date of this registration statement, the Company
                                            and its subsidiaries have conducted all sales activities in Hong&#160;Kong and in aggregate
                                            collected and stored personal information of less than one million users in the PRC, all
                                            of the data collected is stored in servers located in Hong&#160;Kong, and none of the Company or
                                            its subsidiaries have been informed by any PRC governmental authority of any requirement
                                            that it files for a cybersecurity review or a CSRC review. Accordingly, the management of
                                            the Company does not currently expect that the laws and regulations in the PRC on data security,
                                            data protection or cybersecurity apply to the Company or that the oversight of the CAC will be extended
                                            to the TAG Business&#8217;s operations in Hong&#160;Kong, because (i)&#160;the Company is not a
                                            &#8220;CII Operator&#8221; or a &#8220;Network Platform Operator&#8221; as defined under
                                            the relevant PRC cyberspace laws; (ii)&#160;the Company does not harm PRC national security, public
                                            interests, or the legitimate rights and interests of citizens or organizations of the PRC;
                                            (iii)&#160;the Company is not subject to PRC government cyberspace scrutiny; and (iv)&#160;the Company
                                            is compliant with PRC cyberspace laws that have been issued up to the date of this registration
                                            statement.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">However,
                                            since these statements and regulatory actions are new, it is highly uncertain how soon the
                                            legislative or administrative regulation making bodies will act, what existing or new laws
                                            or regulations or detailed implementations and interpretations will be modified or promulgated,
                                            if any, and whether any of these will apply to the Company, if at all. There can be no assurance
                                            that the Company will be able to comply in all respects with any PRC regulatory requirements that
                                            may become applicable to it in the future. For example, the Company&#8217;s current practice of
                                            collecting and processing personal information may be ordered to be rectified or terminated
                                            by regulatory authorities. In the event of a failure to comply with any applicable regulations,
                                            the Company may become subject to the consequences of such non-compliance, including fines and other
                                            penalties, which, in turn, may have a material adverse effect on the business, operations,
                                            financial condition, and prospects of the Company and may hinder the ability of the Company to offer or
                                            continue to offer securities to investors. Such an impact could, in turn, cause the value
                                            of such securities to significantly decline or be worthless.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The Company
is subject to many of the economic and political risks associated with emerging markets, particularly China, due to its operations in
Hong&#160;Kong. Adverse changes in Hong&#160;Kong&#8217;s or China&#8217;s economic, political, and social conditions as well as government
policies could adversely affect the Company&#8217;s business and prospects.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company
                                            currently conducts its business in Hong&#160;Kong and is considering options for expansion
                                            of its business in mainland China. Accordingly, the Company is subject to risks and uncertainties
                                            including fluctuations in mainland China&#8217;s GDP, unfavorable or unpredictable treatment
                                            in relation to tax matters, expropriation of private assets, exchange controls, restrictions
                                            affecting its ability to make cross-border&#160;transfer of funds, regulatory proceedings,
                                            inflation, currency fluctuations, or the absence of, or unexpected changes in, regulations
                                            and unforeseeable operational risks. In addition, the Company&#8217;s business, prospects, financial
                                            condition, and results of operations may be significantly influenced by political, economic,
                                            and social conditions in Hong&#160;Kong and China generally and by continued economic growth
                                            in China.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Chinese economy differs from the economies of most developed jurisdictions (such as Hong&#160;Kong)
                                            in many respects, including the amount of government involvement, level of development, growth
                                            rate, control of foreign exchange, and allocation of resources. Although the PRC government
                                            has implemented measures that focus on accounting for market forces to effect economic reform
                                            and aimed at reducing the state ownership of productive assets and establishing improved
                                            corporate governance in business enterprises, a substantial portion of China&#8217;s productive
                                            assets are still owned by the government. In addition, the PRC government continues to play
                                            a significant role in regulating development through industrial policies. The PRC government
                                            also exercises significant control over China&#8217;s economic growth through its allocation
                                            of resources, control of payment of foreign currency-denominated&#160;obligations, monetary
                                            policy, and preferential treatment for particular industries or companies. Many of the economic
                                            reforms carried out by the PRC government are unprecedented or experimental and are expected
                                            to be refined and improved over time. This refining and adjustment process may not necessarily
                                            have a positive effect on the operations and business development of the Company.&#160;Other political,
                                            economic, and social factors may also lead to further adjustments of the reform measures.
                                            For example, the PRC government has in the past implemented a number of measures intended
                                            to curtail certain segments of the economy, including the real estate industry, which the
                                            government believed to be overheating. These actions, as well as other actions and policies
                                            of the PRC government, could cause a decrease in the overall level of economic activity in
                                            the PRC and, in turn, have an adverse impact on the business and financial condition of the Company.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">While
                                            the Chinese economy has experienced significant growth over the past decades, growth has
                                            been uneven, both geographically and among various sectors of the economy. The PRC government
                                            has implemented various measures to encourage economic growth and guide the allocation of
                                            resources. Some of these measures, which may benefit the overall Chinese economy, may have
                                            a negative effect on the TAG Business. For example, the Company&#8217;s financial condition and
                                            results of operations may be adversely affected by government control over capital investments
                                            or changes in tax regulations. In addition, the PRC government has from time to time implemented
                                            certain measures, including interest rate changes, to control the pace of economic growth.
                                            These measures may cause decreased economic activity in China, as evidenced by the slowing
                                            of growth of the Chinese economy since 2012. In addition, COVID-19&#160;had a severe and
                                            negative impact on the Chinese economy since the first quarter of 2020. Whether this will
                                            lead to a prolonged downturn in the Chinese economy is still unknown. In addition, any future
                                            escalation of the ongoing trade war between the United&#160;States and China, regional or
                                            national instability, the ongoing impact of the COVID-19&#160;pandemic, or the armed conflict
                                            between Russia and Ukraine may negatively impact the growth of the Chinese economy. Any prolonged
                                            slowdown in the Chinese economy or adverse changes in the policies of the Chinese government
                                            or in the laws and regulations in China could have a material adverse effect on the overall
                                            economic growth of China and may reduce the demand for the Company&#8217;s services and solutions
                                            among potential Chinese customers and materially and adversely affect its business and results
                                            of operations.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">National
                                            laws of the PRC do not apply in Hong&#160;Kong unless they are listed in Annex&#160;III of
                                            the Basic Law and applied locally by promulgation or local legislation. National laws that
                                            may be listed in Annex&#160;III are currently limited under the Basic Law to those which
                                            fall within the scope of defense and foreign affairs as well as other matters outside the
                                            limits of the autonomy of Hong&#160;Kong. National laws and regulations relating to data
                                            protection, cybersecurity and the anti-monopoly&#160;have not been listed in Annex&#160;III
                                            and so do not apply directly to Hong&#160;Kong. The laws and regulations in the PRC are evolving,
                                            and their enactment timetable, interpretation and implementation involve significant uncertainties.
                                            To the extent any PRC laws and regulations become applicable to the Company, it may be subject to
                                            the risks and uncertainties associated with the legal system in the PRC, including with respect
                                            to the enforcement of laws and the possibility of changes of rules and regulations with little
                                            or no advance notice. The TAG Business may also become subject to the laws and regulations
                                            of the PRC to the extent it commences business and customer facing operations in mainland
                                            China as a result of any future acquisition, expansion, or organic growth.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The Company&#8217;s
potential expansion of activities in China is subject to various risks.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company
                                            and certain of its subsidiaries, as of the date of this registration statement, primarily
                                            operate in Hong&#160;Kong. The Company has been pursuing and will continue to pursue its growth
                                            strategy in China, particularly in the Greater Bay Area, comprising Macau, Guangzhou, Shenzhen,
                                            and the surrounding area. Currently, the Company does not have any Chinese operating entities and
                                            does not plan to use &#8220;variable interest entities,&#8221; or VIEs, in the future to
                                            conduct its operations. The management of the Company intends for such expansion to be conducted
                                            through customer referrals and partnerships, with its actual sales activities conducted in
                                            Hong&#160;Kong. For instance, the Company is currently in active discussions to establish a strategic
                                            partnership with a top asset manager (the &#8220;Potential Partner&#8221;) in China to provide
                                            offshore insurance solutions to its over 20&#160;million customers. Accordingly, the management
                                            of the Company expects the main source of revenue from such expansion in China to be generated from
                                            referral income.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Notwithstanding,
                                            expansion of China-related&#160;activities may expose the Company to additional risks, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changing
                                            global environment, including changes in U.S., Chinese, and international trade policies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Challenges
    associated with relying on local partners in markets that are not as familiar to the Company, including joint venture partners to help the Company
    establish its business;</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Difficulties
                                            managing operations in new regions, including complying with the various regulatory and legal
                                            requirements;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Different
                                            approval or licensing requirements;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recruiting
                                            sufficient suitable personnel in new markets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Challenges
                                            in providing services and solutions as well as support in these new markets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Challenges
                                            in attracting business partners and customers;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Potential
                                            adverse tax consequences;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Foreign
                                            exchange losses;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Limited
                                            protection for intellectual property rights;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Inability
                                            to effectively enforce contractual or legal rights;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">International
                                            travel restriction and temporary lock-down&#160;due to COVID-19; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Local
                                            political, regulatory, and economic instability or wars, civil unrest, and terrorist incidents.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Moreover,
changes in China&#8217;s economic, political, or social conditions or government policies could have a material adverse effect on the Company&#8217;s
growth plans.&#160;If the Company is unable to effectively avoid or mitigate these risks, its ability to grow its China-related&#160;business
will be affected, which could have a material adverse effect on its business, financial condition, results of operations, and prospects.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
                                            the Company further expands into the international market, it is increasingly subject to additional
                                            legal and regulatory compliance requirements, including local licensing and periodic reporting
                                            obligations. the Company may inadvertently fail to comply with local laws and regulations, and any
                                            such violation could subject the Company to regulatory penalties, such as revocation of licenses,
                                            which would in turn harm its brand, reputation, business operation and financial results.
                                            Although the Company has policies and procedures in place to enhance compliance with local laws
                                            and regulations, there can be no assurance that its employees, contractors, or agents will
                                            stay compliant with these policies and procedures.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The Company&#8217;s
financial services revenues are highly dependent on macroeconomic conditions as well as Hong&#160;Kong, China, and global market conditions.
Disruptions in the global financial markets and economic conditions could adversely affect the the Company and its institutional clients and
customers.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Given
                                            the certain of its business operations concentrated in Hong&#160;Kong, the Company&#8217;s success
                                            depends largely on the health of the Hong&#160;Kong financial industry, which is affected
                                            by changes in general economic conditions beyond the the Company&#8217;s control. Economic factors
                                            such as increased interest rates, slow economic growth or recessionary conditions, changes
                                            in household debt levels, and increased unemployment or stagnant or declining wages affect
                                            the the Company&#8217;s customers&#8217; income and thus their ability and willingness to take loans
                                            from the Company, invest with the Company, or engage with the Company&#8217;s other financial products. Domestic
                                            and global events affect all such macroeconomic conditions. Weak or a significant deterioration
                                            in economic conditions reduce the amount of disposable income both individual and institutional
                                            consumers have, which in turn reduces consumer spending and their willingness to engage with
                                            the the Company&#8217;s financial services. Any or all of the circumstances described above may
                                            lead to further volatility in or disruption of the credit markets at any time and could adversely
                                            affect the Company&#8217;s financial condition.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changes
                                            in the condition of Hong&#160;Kong&#8217;s and China&#8217;s economies generally affect the
                                            demand and supply of financial products, which in turn will affect demand for the solutions
                                            that the Company provides. For example, a credit crisis, or prolonged downturn in the credit markets
                                            could severely affect the Company&#8217;s operating environment by, for example, causing a tightening
                                            in credit guidelines, limited liquidity, deterioration in credit performance, or increased
                                            foreclosures. Since a significant portion of the Company&#8217;s revenue is generated from transaction-based&#160;fees
                                            and commissions, a decrease in transaction volumes could cause a material decline in the Company&#8217;s
                                            revenues for the duration of such crisis.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Global
                                            economies could suffer dramatic downturns as the result of a deterioration in the credit
                                            markets and related financial crisis as well as a variety of other factors including, extreme
                                            volatility in security prices, diminished liquidity and credit availability, and ratings
                                            downgrades or declining valuations of certain investments. In past economic downturns, governments
                                            have taken unprecedented actions to address and rectify these extreme market and economic
                                            conditions, including by providing liquidity and stability to the financial markets. If these
                                            actions are not successful, the return of adverse economic conditions may significantly affect
                                            the businesses of the Company&#8217;s customers, which could in turn negatively affect the Company&#8217;s
                                            revenues.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
addition, there is considerable uncertainty over the long-term&#160;effects of the expansionary monetary and fiscal policies adopted
by central banks and financial authorities in some of the world&#8217;s leading economies, including the European Union, the United&#160;States,
and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe, and Africa. There have also been concerns
on the relationship among China and other Asian countries, which may result in or intensify potential conflicts in relation to territorial
disputes, and escalations in the trade tensions between the United&#160;States and China. Starting from 2018, changes in U.S.&#160;trade
policies have occurred, including the imposition of tariffs. These types of developments, including a potential trade war, could have
a material adverse impact on the Chinese economy and in turn on the Hong&#160;Kong economy. On January&#160;31, 2020, the United Kingdom
ceased to be a member of the European Union (commonly referred to as &#8220;Brexit&#8221;). The effects of Brexit on worldwide economic
and market conditions remain uncertain. Brexit could adversely affect European and worldwide economic and market conditions and could
contribute to instability in global financial and foreign exchange markets. Furthermore, protests in Hong&#160;Kong in&#160;2019, political
instability in the Korean Peninsula, a slump in commodity prices, uncertainty over interest rates in the United&#160;States, the outbreak
and spread of the COVID-19&#160;pandemic, and the armed conflict between Russia and Ukraine have also resulted in instability and volatility
in the global financial markets. Recently, the global stock markets have experienced extreme volatility, in reaction to the outbreak
of the conflict between Russia and Ukraine and governments&#8217; responses thereto. It is unclear whether these challenges and uncertainties
will be contained or resolved, and what effects they may have on the global political and economic conditions in the long term.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recent
litigation, increased SEC disclosure requirements and negative publicity surrounding&#160;China-based&#160;companies listed in the United&#160;States
may result in increased regulatory scrutiny of the&#160;Company and negatively impact the trading price of its shares, which could have
a material adverse effect upon its business, including its results of operations, financial condition, cash flows, and prospects.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            management of the Company believes that recent litigation, increased SEC disclosure requirements,
                                            and negative publicity surrounding companies with operations in China that are listed in
                                            the United&#160;States have negatively impacted stock prices for these companies. Various
                                            equity-based&#160;research organizations have published reports on China-based&#160;companies,
                                            after examining their corporate governance practices, related party transactions, sales practices,
                                            and financial statements, and these reports have led to special investigations and listing
                                            suspensions on U.S.&#160;national exchanges, including the Nasdaq. In June&#160;2021, SEC
                                            Chair Gary Gensler requested a &#8220;pause&#8221; in U.S.&#160;IPOs of Chinese companies
                                            to assess these issues. In August&#160;2021, the SEC started to issue new disclosure requirements
                                            to companies operating in China and seeking to list on U.S.&#160;securities exchanges in
                                            order to boost investor awareness of the certain risks, including with respect to certain
                                            corporate structures of Chinese companies, such as VIEs and the risk of Chinese regulators
                                            intervening with company operations or data security policies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
                                            of the date of this registration statement, the Company and its subsidiaries have not entered into,
                                            and have no plans to enter into, any contractual arrangements with any VIEs in China. However,
                                            should the Company&#8217;s growth strategy involving China materialize and its current expansion
                                            plans materially change, the Company may be required to enter into contractual arrangements with
                                            VIEs, in which case the Company may become subject to risk associated with VIEs and come under increased
                                            scrutiny from U.S.&#160;securities regulators in light of such developments.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Any
                                            similar scrutiny of the Company, regardless of its merit (or lack thereof), could result in a diversion
                                            of management resources and energy, potential costs to defend against rumors, increased ongoing
                                            disclosure requirements, decreases and volatility in the trading price of shares, and increased
                                            directors and officers insurance premiums and could have a material adverse effect upon the
                                            company&#8217;s business, including results of operations, financial condition, cash flows,
                                            and prospects.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to comply with existing or future laws and regulations related to data protection or data security could lead to liabilities, administrative
penalties, or other regulatory actions, which could negatively affect the Company&#8217;s operating results, business, and prospects.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            regulatory framework for the collection, use, safeguarding, sharing, transfer and other processing
                                            of personal data worldwide is rapidly evolving and is likely to remain uncertain for the
                                            foreseeable future. Regulatory authorities in virtually every jurisdiction in which members
                                            of ILLR operate have implemented or are considering a number of legislative and
                                            regulatory proposals concerning personal data protection. The management of the Company
                                            has been monitoring the evolution of this area of law and intends to take steps to ensure
                                            compliance with laws applicable to the Company&#8217;s current operations in Hong&#160;Kong
                                            and potential future operations in China.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">While
                                            the management of ILLR believes that ILLR is not currently subject to PRC
                                            laws relating to the collection, use, sharing, retention, security, and transfer of confidential
                                            and private information, such as personal information and other data, ILLR may be
                                            subject to such laws in the future. These laws continue to develop, and the PRC government
                                            may adopt other rules and restrictions in the future. Non-compliance&#160;could result in
                                            penalties or other significant legal liabilities.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
PRC may prevent the cash maintained by the Company in Hong&#160;Kong from leaving, or the PRC could restrict deployment of such cash for the Company&#8217;s
business purposes or for the payment of dividends.</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company
                                            does not have any business operations in mainland China or maintain any cash balances in
                                            mainland China. However, if the Company were to establish business operations or maintain cash balances
                                            in mainland China, it may become subject to the PRC government&#8217;s controls on the convertibility
                                            of Renminbi into foreign currencies and the remittance of currencies out of China to foreign
                                            entities or investors. Under the existing PRC foreign exchange regulations, payments of current
                                            account items, including profit distributions, interest payments and expenditures from trade-related&#160;transactions,
                                            can be made in foreign currencies without prior approval from the State Administration of
                                            Foreign Exchange (&#8220;SAFE&#8221;) as long as certain procedural requirements related
                                            to foreign exchange control are met. Although generally the PRC government may not impose
                                            any restrictions on international payments or transfers on current account, the PRC government
                                            may, at its discretion, impose restrictions on access to foreign currencies for current account
                                            transactions, and there may also exist macro-prudential&#160;control in foreign exchange
                                            through position management or know-your-customer&#160;(KYC) policies. Approval from appropriate
                                            government authorities, including SAFE, the National Development and Reform Commission (NDRC)
                                            and the Ministry of Commerce may be required for certain transactions if Renminbi is converted
                                            into foreign currency and remitted out of China to pay capital expenses such as the repayment
                                            of loans denominated in foreign currencies. Furthermore, foreign currency loans or capital
                                            contributions may be subject to statutory limits and registration with competent authorities.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Hong&#160;Kong government has not issued similar laws or regulations for companies that are
                                            incorporated in or conduct businesses in Hong&#160;Kong. No cash is or is currently intended
                                            by the management of the Company to be held in the PRC by the Company or any of its subsidiaries. There
                                            is no regulatory restriction imposed by authorities in Hong&#160;Kong over the flow of funds
                                            among the Company and its subsidiaries, or on any distributions or dividends of the Company to its investors
                                            as of the date of this registration statement, and management of the Company does not expect there
                                            will be regulatory restrictions by authorities in Hong&#160;Kong.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Basic Law is the constitutional document for Hong&#160;Kong. Under Article&#160;112 of the
                                            Basic Law, no foreign exchange control policies shall be applied in Hong&#160;Kong. The Hong&#160;Kong
                                            dollar shall be freely convertible, and the Government of Hong&#160;Kong shall safeguard
                                            the free flow of capital within, into and out of the region. The power to amend the Basic
                                            Law lies in the National People&#8217;s Congress of the PRC and the ultimate power of interpretation
                                            of the Basic Law is vested in the Standing Committee of the National People&#8217;s Congress
                                            of the PRC.&#160;Therefore, the PRC has the power to cause a change in the Basic Law and
                                            cause capital controls to be imposed over Hong&#160;Kong. If the PRC were to do so, the PRC
                                            may also restrict the ability of the Company&#8217;s operating entities to remit currency maintained
                                            in Hong&#160;Kong offshore to pay dividends or make other payments, or otherwise to satisfy
                                            its foreign-currency-denominated&#160;obligations. In such case, relevant PRC governmental
                                            authorities may limit the ability of the Company to purchase foreign currencies in the future to
                                            settle transactions. As the PRC government may continue to strengthen its control over Hong&#160;Kong,
                                            this may limit the Company&#8217;s ability to utilize such currencies to fund its business activities
                                            outside of the PRC, or to pay dividends in foreign currencies.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Factors Relating to the Company&#8217;s Business and Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The technologies that the Company uses may
contain undetected errors, which could result in customer dissatisfaction, damage to the Company&#8217;s reputation, or loss of customers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of the solutions that we offer are built
on large stacks of data, requiring sophisticated and innovative technologies to address our operating needs, predict operating patterns,
and help make decisions in terms of business strategies and implementation plans. We aim to make its operations and solutions more streamlined,
automated, and cost-effective&#160;by using advanced technologies which are currently under development. We may encounter technical obstacles,
and it may discover problems that prevent such technologies from operating properly, or at all, which could adversely affect our information
infrastructure and other aspects of its business where such technologies are applied. If our solutions do not function reliably or fail
to achieve its customers&#8217; expectations for performance, we may lose existing customers or fail to attract new ones, which may damage
its reputation and adversely affect its business, financial condition, and results of operations. Material performance problems, defects,
or errors in our existing or new software, applications, and solutions may arise and may result from the interface between solutions and
systems and data that it did not develop, the function of which is beyond its control, or defects and errors that were undetected in internal
testing. These types of defects and errors, and any failure by us to identify and address them, could result in a loss of revenue or market
share, diversion of development resources, harm to our reputation and increased service and maintenance costs. Defects or errors may discourage
existing or potential customers from utilizing our solutions. Correcting these types of defects or errors could prove to be impossible
or impracticable. The costs incurred in correcting any defects or errors may be substantial and could have a material adverse effect on
our business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on our business relationships with
product issuers and the success of those product issuers, and the future development depends, in part, on the growth of such product issuers
and their continued collaboration.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business relies, in part, on financial
products provided by certain banks, insurance companies, or other companies that offer financial products (product issuers). Our management
team believes that establishment of business relationships with major product issuers such as MassMutual Asia Limited, Prudential Hong&#160;Kong
Limited, and Zurich International Life Limited, which facilitates our ability to provide a wide variety of products to satisfy customers&#8217;
needs and enables it to negotiate favorable terms with such product issuers, to the benefit of its customers, contributes to its current
success. The long-term&#160;business relationships that the Platform Business has established with major product issuers are formed on
the basis of the terms of business, broker contracts, and/or conditions issued by the product issuer(s)&#160; setting out the terms and
conditions upon which product issuer(s)&#160;are prepared to accept business referred or introduced to them. However, there is no assurance
that the Platform Business will succeed in maintaining existing and/or establishing new, strategic relationships with product issuers.
If the Platform Business cannot maintain and/or establish such relationships, it and its subsidiaries&#8217; access to similar financial
products may be restricted, and their business, operations, and financial position may, in turn, be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business&#8217;s future development
depends, in part, on the growth of such product issuers, on their continued development of new financial products, and on their continued
collaboration. Failure by such product issues to continue to sell new financial products may, in turn, limit our ability to offer such
products to their customers. There can be no assurance that if any product issuer discontinued its business or ceased to collaborate with
us could find replacement products on comparable terms, or at all. If the Platform Business cannot maintain its current pipeline of products
from product issuers, it and its subsidiaries&#8217; access to similar financial products may be restricted, and their business, operations,
and financial position may, in turn, be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The property agency segment of the Platform
Business has historically operated on thin margins, which expose it to risk of non-profitability and recent trends have caused the segment
to be loss-making.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The property agency segment of the Platform Business,
run by OnePlatform International Property Limited (&#8220;<b>OIP</b>&#8221;), has historically operated with thin profit margins. In accordance
with its contracts with property developers and agreements with its own staff, commission income from OIP&#8217;s operations is dispersed
broadly among both the consultancy force and salespersons, often equaling up to 50% of the commission. This significant split of commission
income has historically resulted in marginal profit for OIP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, the segment has been loss-making
and was supported by intercompany loans. While our management intends to generate sufficient cash flows from the segment to repay such
intercompany loans and create positive profit margins, there can be no assurance that the property agency segment of the Platform Business
will be able to generate such cash flows now or in the future. Without a change in the commission sharing mechanism or optimization of
the segment&#8217;s operating costs, the property agency segment&#8217;s ability to achieve additional profits may be limited. There can
be no assurance that OIP will be able to achieve changes in commission sharing or optimization of operating costs to sufficient levels,
or at all. In addition, given the competitive environment in which OIP operates, there also can be no guarantee that such changes would
not create a loss of engagement with property developers and salespersons. Such disruptions to the property agency segment of the Platform
Business could have negative effects on its business, financial condition, results of operations, and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Company relies on third parties for
various aspects of its business and the services and solutions that it offers. The Company&#8217;s business, results of operations, financial
condition, and reputation may be materially and adversely affected if these third parties do not continue to maintain or expand their
relationship with the Company, or if they fail to perform in accordance with the terms of their relevant contracts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on third parties for various aspects of
its business and the solutions they offer. For example, we rely on computer hardware, software, and cloud services, internet and telecommunication
services, and third-party&#160;supplied data. We expect to continue to rely on these third parties to supplement its capabilities for
a significant period, if not indefinitely. Therefore, we need all of these parties to function in a flawless and timely manner in order
to conduct its business. However, there can be no assurance that these third parties will provide their support properly or in a cost-effective&#160;manner
or that the third party-supplied&#160;data we rely on will be complete, accurate, or reliable. In the event of problems with any of these
third-party&#160;providers, transitioning to new providers may disrupt our business and increase costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the third-party service providers fail
to perform properly, there can be no assurance that we would be able to find suitable replacement suppliers on commercially reasonable
terms on a timely basis, or at all. The third-party service providers may carry out their business in an inappropriate manner or in violation
of regulations or laws. Any of such occurrences could diminish our ability to operate or damage its business reputation, or cause it regulatory
or financial harm, any of which could negatively affect our business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A number of our business partners are commercial
banks and other financial institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial
services industry could harm its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of our business partners are commercial
banks and other financial institutions that are highly regulated and must comply with complex and changing government regulations and
industry standards, which are subject to significant changes, in the various jurisdictions in which they operate. Global, regional, or
local regulatory developments, including those in respect of consumer protection, credit availability, risk management, and data privacy,
could adversely affect our customers or otherwise result in a reduction in the volume and frequency of its business transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our financial institution partners must sometimes
include restrictive provisions in their contracts with service providers, with respect to security and privacy, ongoing monitoring, risk
management, and other limitations. These provisions may increase our costs, limit the scope of the solutions we offer, or otherwise restrict
customer access. In addition, our customers may have less capacity or incentive to purchase solutions from us, may pass on their increased
costs to us, or may cease to use certain of our solutions. As aspects of our business employ a broker-based&#160;model, any reduction
of transactions by our partners may materially and adversely affect our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of such laws and regulations, certain
of our business partners have had, or will have, to adjust their business practices in ways that reduce their use of our solutions, and
these types of changes in response to regulatory developments may adversely affect our business, result of operations, and financial conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 32 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Significant increases and decreases in the
number of transactions by the Company&#8217;s clients can have a material negative effect on the Company&#8217;s profitability and its
ability to efficiently process and settle transactions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant volatility in the number of client
transactions and rebalancing activity may result in operational problems such as a higher incidence of failures to deliver services and
errors in processing transactions, and such volatility may also result in increased personnel and related processing costs. We may experience
adverse effects on its profitability resulting from significant reductions in product sales and may encounter operational problems arising
from unanticipated high transaction volume because we are not able to control such fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, significant transaction volume could
result in inaccurate books and records, which would expose us to disciplinary action by governmental agencies and other relevant regulators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We operate in a variety of heavily regulated
industries in Hong&#160;Kong and globally, which expose its business activities to risks of noncompliance with an increasing body of complex
laws and regulations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the heavily regulated nature of the industries
in which we operate, primarily the insurance, Mandatory Provident Fund (&#8220;<b>MPF</b>&#8221;), asset management and money lending
industries, we are required to comply with a wide array of Hong&#160;Kong laws and regulations that regulate, among other things, the
manner in which they conduct their businesses, which of our operating entities can provide certain services, and the fees that they may
charge. Governmental authorities and various Hong&#160;Kong agencies, including, among others, the Insurance Authority, the Mandatory
Provident Fund Authority, the Securities and Futures Commission, and the Inland Revenue Department, have broad oversight and supervisory
authority over us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of the financial services that we offer
and deliver, we engage in the relevant service must be licensed in Hong&#160;Kong as well as all relevant jurisdictions that require licensure
and must comply with each such jurisdiction&#8217;s respective laws and regulations, as well as with judicial and administrative decisions
applicable to it. Presently, in Hong&#160;Kong, we maintain Insurance Broker Licenses, HKSFC Licenses, and Money Lenders Licenses, in
addition to their business registrations with the Hong&#160;Kong Companies Registry. In addition, these companies are currently subject
to a variety of, and may in the future become subject to additional, laws that are continuously evolving and developing, including laws
on advertising as well as privacy laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These licensing requirements and other regulations
directly impact our business and require ongoing compliance, monitoring, and internal and external audits as they continue to evolve and
may result in ever-increasing&#160;public scrutiny and escalating levels of enforcement and sanctions. Subsequent changes to data protection
and privacy laws, for instance, could impact how we process personal information, and therefore limit the effectiveness of its products
or services or its ability to operate or expand its business, including limiting strategic partnerships that may involve the sharing of
personal information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the scope of the laws and regulations and
the intensity of the supervision to which we are subject have increased over time, in response to financial crises as well as other factors
such as technological and market changes. Regulatory enforcement and fines have also increased across the financial services sector in
Hong&#160;Kong and the other markets where we operate. Our management expects that its business will remain subject to extensive regulation
and supervision. These regulatory changes could result in an increase in our regulatory compliance burden and associated costs and place
restrictions on its operations. Our failure to comply with applicable licensing requirements and relevant laws and regulations could lead
to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss of its licenses and approvals to engage in its businesses;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage to its reputation in the industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental investigations and enforcement actions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administrative fines and penalties and litigation;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">civil and criminal liability, including class action lawsuits;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased costs of doing business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diminished ability to sell financial products;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability to raise capital; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability to execute on its business strategy, including its growth plans.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 33 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As applicable licensing requirements and laws
evolve, it may be more difficult for our management to identify these developments comprehensively, to interpret changes accurately, and
to train our employees effectively with respect to these laws and regulations. These difficulties potentially increase our exposure to
the risks of noncompliance with these licensing requirements, laws, and regulations, which could be detrimental to its business. In addition,
a failure to adequately vet and supervise our clients, service providers and vendors, to the extent they are covered by such licensing
requirements, laws, and regulations, may also have these negative results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To resolve issues raised in examinations or other
governmental actions, we or certain of our subsidiaries may be required to take various corrective actions, including changing certain
business practices, making refunds or taking other actions that could be financially or competitively detrimental to it. Our management
expects to continue to incur costs to comply with governmental regulations. In addition, certain legislative actions and judicial decisions
can give rise to the initiation of lawsuits against us for activities that it has conducted in the past. We have been, and its management
expects it to continue to be, subject to regulatory enforcement actions and private causes of action from time to time with respect to
its compliance with applicable laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have systems and procedures directed
to comply with these legal and regulatory requirements, there can be no assurance that more restrictive laws and regulations will not
be adopted in the future, or that governmental bodies or courts will not interpret existing laws or regulations in a more restrictive
manner, which could render its current business practices non-compliant or which could make compliance more difficult or expensive. Any
of these, or other, changes in laws or regulations could have a detrimental effect on us and its results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to evolving regulatory requirements,
and failure to comply with these regulations or to adapt to regulatory changes could materially and adversely affect its operations, business,
and prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of our aspects, including brokerage and technology
services to individual investors, banks, and insurance companies, insurance loss adjustment services, online publication services relating
to financial product information, facilitating consumer lending products for banks and online small loan companies, managing and distributing
various asset management products, and electronic certification services are subject to supervision and regulation by various governmental
authorities in Hong Kong or in other jurisdictions where we operate. As we continue to expand its solutions and product offerings, the
group may be subject to new and more complex regulatory requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also required to comply with applicable
laws and regulations in relevant jurisdictions to protect the privacy and security of its customers&#8217; information. Legal and regulatory
restrictions may delay, or possibly prevent, some of our solutions or services from being offered, which may have a material adverse effect
on its business, financial condition, and results of operations. Violation of laws and regulations may also result in severe penalties,
confiscation of illegal income, revocation of licenses and, under certain circumstances, criminal prosecution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, the regulatory framework governing
financial technology services is unclear and evolving. New laws or regulations may be promulgated, which could impose new requirements
or prohibitions that render our current operations or technologies non-compliant. In addition, due to uncertainties and complexities of
the regulatory environment, it cannot be assured that regulators will interpret laws and regulations the same way as we do, or that we
will always be in full compliance with applicable laws and regulations. To remedy any violations, we may be required to modify its business
models, solutions, and technologies in ways that render its solutions less appealing to potential customers. We may also become subject
to fines or other penalties, or, if we determine that the requirements to operate in compliance are overly burdensome, it may elect to
terminate potentially non-compliant operations. In each such case, our business, financial condition and results of operations may be
materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be adversely affected by the complexity,
uncertainties, and changes in regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses,
or permits applicable to our business may have a material adverse effect on its business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Hong&#160;Kong government extensively regulates
the internet industry, including foreign ownership of, and the licensing and permit requirements pertaining to, companies in the industry.
These internet-related&#160;laws and regulations are relatively new and evolving, and their interpretation and enforcement involve significant
uncertainties. As a result, in certain circumstances it may be difficult to determine what actions or omissions may be deemed to be in
violation of applicable laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interpretation and application of existing
Hong&#160;Kong laws, regulations and policies, and possible new laws, regulations, or policies, including those relating to the internet
industry, have created substantial uncertainties regarding the legality of existing and future foreign investments in, and our businesses
and activities.&#160;There can be no assurance that we have obtained all the permits or licenses required for conducting its business
or that it will be able to maintain or update its existing licenses or obtain new ones. If a government authority considers that we were
operating without the proper approvals, licenses, or permits or promulgates new laws and regulations that require additional approvals
or licenses or imposes additional restrictions on the operation of any part of its business, it may levy fines, confiscate our income,
revoke its business licenses, and/or require us to discontinue its relevant business or impose restrictions on the affected portion of
its business. Any of these actions may have a material adverse effect on our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 34 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainties in the interpretation and
enforcement of Hong&#160;Kong laws and regulations could limit the legal protections available to us and our investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong&#160;Kong laws and regulations concerning
the internet-related&#160; and financial services industries are developing and evolving. Although we have taken measures to comply with
the laws and regulations applicable to its business operations and to avoid conducting any non-compliant&#160;activities under these laws
and regulations, governmental authorities may promulgate new laws and regulations regulating the internet-related&#160;and financial services
industries. There can be no assurance that our operations would not be deemed to violate any such new laws or regulations. Moreover, developments
in the internet-related&#160;industries and financial services industry may lead to changes in existing laws, regulations, and policies
in Hong&#160;Kong, or in the interpretation and application of existing laws, regulations, and policies, which in turn may limit or restrict
us and could materially and adversely affect its business and operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Triller
has a limited operating history and experience fluctuations in its results of operations due to the nature of its business and a number
of factors, which makes it difficult to forecast its revenue and evaluate its business and future prospects.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller&#8217;s
ability to forecast its future results of operations and plan for and model future growth is limited. Triller has a limited operating
history which makes it difficult to predict its results of operations. In addition, Triller&#8217;s results of operations may fluctuate
from quarter to quarter as a result of the nature of its business and a number of factors, many of which are outside of Triller&#8217;s
control and may be difficult to predict. For example, Triller hosts Events under its Bareknuckle Fighting Championships (&#8220;<b>BKFC</b>&#8221;)
offerings which may lead to outsized revenue for one quarter compared to other quarters. Some additional factors that affect our results
include, but are not limited to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the level of demand for
    Triller&#8217;s Technology Platform and Events;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">its ability to retain existing
    or add new Creators and Brands;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">its ability to successfully
    integrate companies and assets it has acquired and in the future may acquire into its business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing and success
    of new features, integrations, capabilities and enhancements by Triller to its products or by its competitors to their products;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the competitive
    landscape of Triller&#8217;s market;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Triller&#8217;s ability
    to achieve widespread acceptance and use of its Technology Platform;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">errors in Triller&#8217;s
    forecasting of the demand for its Triller app, Technology Platform offerings and Events, which could lead to lower revenue, increased
    costs or both;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount and timing of
    operating expenses and capital expenditures, as well as entry into operating leases, that Triller may incur to maintain and expand
    its business and operations and to remain competitive;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of expenses
    and recognition of revenue;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">security breaches, technical
    difficulties or interruptions to its Technology Platform resulting in service level agreement credits;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse litigation judgments,
    other dispute-related settlement payments or other litigation-related costs;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory fines;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in, and continuing
    uncertainty in relation to, the legislative or regulatory environment;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal and regulatory compliance
    costs in new and existing markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of new employees
    added and employee turnover;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of the grant
    or vesting or settlement of equity awards to employees, directors or consultants;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of the conversion
    of Triller&#8217;s outstanding convertible securities or when our outstanding debt may become due or payable;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability of content
    for licensing for use by Creators on its Technology Platform;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pricing pressure as a result
    of competition or otherwise;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and timing of expenses
    related to the acquisition of businesses, talent, technologies or intellectual property, including potentially significant amortization
    costs and possible write-downs; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions
    in either domestic or international markets, including geopolitical uncertainty and instability.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Any
one or more of the factors above may result in significant fluctuations in Triller&#8217;s quarterly results of operations. You should
not rely on Triller&#8217;s past results as an indicator of our future performance. The variability and unpredictability of Triller&#8217;s
quarterly results of operations or other operating metrics could result in its failure to meet its expectations or those of analysts
that cover it or investors with respect to revenue or other key metrics for a particular period. If Triller fails to meet or exceed such
expectations for these or any other reasons, Triller could face costly lawsuits, including securities class action suits.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
addition, there has been historically a high failure rate among early-stage companies. Early-stage companies face a number of risks,
including, among others, the ability to effectively implement a growth strategy, counter and respond to actions by competitors, maintain
adequate control of expenses and achieve market acceptance. Triller&#8217;s future performance will depend upon a number of factors,
including its ability to successfully implement, launch, and achieve market acceptance of its Technology Platform and offerings to anticipate
and manage the risks associated therewith. Triller has encountered and expects to continue to encounter risks and uncertainties frequently
experienced by growing companies in rapidly evolving industries, such as the risks and uncertainties described herein. We cannot assure
you that we will successfully address any of these factors, and our failure to do so could have a material adverse effect on our business,
financial condition, results of operations and future prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Triller
has an unproven and evolving business model and the Company cannot provide any assurance that Triller will generate significant
revenues or operating profit.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller&#8217;s
current business model is unproven and evolving and the scale and profit potential, if any, is unknown at this time. Management has spent
significant time developing and refining its business model in an effort to increase revenue and gain market share. For example, in 2022,
Triller refocused its business model in an effort to refine the ways in which it generates revenue, as it determined that, at that time,
the Triller app would not be a revenue generating business model. Triller intends to further refine its revenue model, including through
its plan to implement a program designed to utilize the Triller app in a manner that allows it to monetize its existing user base and
through a proposed launch of a sales and marketing program, among others. To date Triller&#8217;s efforts to create a profitable business
model have not succeeded and there is no guarantee that it will achieve scale or profitability. Triller is subject to all of the risks
inherent in the creation of a new business. Its ability to achieve scale and profitability is dependent, among other things, the success
of its refocus of its business in 2022 and recent proposed changes to its revenue model, its ability to retain or add new users, Creators
and Brands to our Technology Platform, its ability to gain acceptance of our Technology Platform and on Triller&#8217;s ability to successfully
integrate companies it has acquired and in the future may acquire into its business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Triller
has various financial obligations which have come due in the past six months and are coming due over the next twelve months and it may
not be able to meet its cash obligations as those amounts come due.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller
has various convertible financial obligations which have come due in the past six months and are coming due over the next twelve months,
pursuant to which the holders thereof have the option to convert such obligations into equity securities of Triller or be paid in cash
at maturity. In the event these holders do not choose to convert such obligations into equity securities in Triller and instead elect
to receive cash in lieu of shares, Triller may not have sufficient cash on hand to satisfy these obligations or may be unable to meet
its cash obligations as they become due, which would materially harm Triller&#8217;s financial condition and liquidity as well as its
reputation.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
loss of a large customer could have an adverse effect on Triller&#8217;s business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2023, Triller had one customer that comprised approximately 11.5% of consolidated accounts receivable. As of
December 31, 2022, Triller had no customers that comprised over 10% of consolidated accounts receivable. During the years ended
December&#160;31, 2023 and 2022, Triller had a single customer, All Elite Wrestling, a customer of TrillerTV, which accounted for
approximately 19% and 16% of Triller&#8217;s consolidated revenue, respectively. Pursuant to Triller&#8217;s distribution agreement
with All Elite Wrestling (&#8220;<b>AEW</b>&#8221;), TrillerTV holds a non-exclusive, non-transferable right to distribute certain
audiovisual programs that are owned or controlled by AEW on TrillerTV&#8217;s distribution platform within the US and UK. In
consideration for such rights and pursuant to Triller&#8217;s distribution agreement, TrillerTV pays AEW a fixed percentage of all
net revenues generated through the distribution of such media (which usually occur through pay-per-view sales). In addition, the
distribution agreement grants TrillerTV the right to distribute and sell certain of AEW&#8217;s branded wrestling programs as a
monthly subscription service via Triller&#8217;s distribution platforms outside of the United States, United Kingdom and other
territories in return for a fixed percentage of all revenue collected by TrillerTV in connection therewith. The distribution
agreement automatically renews for successive one year periods and may be terminated by either party upon the delivery of 30
days&#8217; notice.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller
manages its exposure to credit risk by performing ongoing evaluation of its customers&#8217; credit worthiness and the amount of credit
extended to them. Customers of this size may divert management&#8217;s attention from other operational matters and pull resources from
other areas of the business, resulting in potential loss of revenue from other customers. The loss of, or significant curtailment of
purchases by, any one or more of Triller&#8217;s larger customers could have a material adverse effect on its operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Non-compliance
with the objective and subjective criteria for the Paycheck Protection Program (&#8220;PPP&#8221;) loan could have a material adverse
effect on Triller&#8217;s business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">On
April&#160;10, 2020, Triller Inc. received a PPP Loan from First Choice Bank, in the aggregate amount of $1,556,000, pursuant to the
Paycheck Protection Program (&#8220;<b>PPP</b>&#8221;) under Division A, Title I of the CARES Act, which was enacted March&#160;27, 2020.
The PPP Loan, which was in the form of a note dated April&#160;10, 2020 issued by First Choice Bank, which matured on April&#160;13,
2022, and bore interest at a rate of 1% per annum, payable monthly commencing on the fifth calendar day of the seventh month following
the date of first disbursement. The PPP Loan permitted prepayment by Triller at any time prior to maturity with no prepayment penalties.
Funds from the PPP Loan could only be used for payroll costs, any payment of interest on a covered mortgage obligation, any payment on
a covered rent obligation, or any covered utility incurred during the 8-week period beginning on the date of first disbursement of this
loan. Triller used the entire PPP Loan amount for what it considered to be qualifying expenses, under the current guidance as promulgated
by the U.S. Small Business Administration (the &#8220;<b>SBA</b>&#8221;). Under the terms of the PPP, certain amounts of the PPP Loan
may be forgiven if they are used for qualifying expenses as described in the CARES Act. The PPP Loan was forgiven by the First Choice
Bank on July&#160;28, 2021, but is currently being reviewed by the SBA. On January 11, 2024, Triller received a request for a production
of documents and information from the SBA.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
order to apply for the PPP Loan, Triller were required to certify, among other things, that the current economic uncertainty made the
PPP Loan request necessary to support Triller&#8217;s ongoing operations. If the SBA determines that Triller were ineligible to receive
the PPP Loan or determines that Triller did not comply with requirements after receiving the PPP Loan, Triller may be required to repay
the PPP Loan in its entirety and/or be subject to additional penalties and adverse publicity, which could have a material adverse effect
on Triller&#8217;s business, results of operations, and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
the Company&#8217;s goodwill or intangible assets become impaired, the Company may be required to record an additional significant
charge to earnings.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">A
                                            significant decline in the Company&#8217;s expected future cash flows, a significant adverse
                                            change in the business climate, slower economic growth or a significant and sustained decline
                                            in the value of ILLR&#8217;s common stock, any or all of which could be materially impacted by many of the risk factors
                                            discussed herein, may necessitate ILLR&#8217;s taking charges in the future related to
                                            the impairment of its goodwill. Future regulatory actions could also have a material impact
                                            on assessments of&#160;goodwill for impairment. If ILLR were to conclude that a future
                                            write-down of its&#160;goodwill is necessary, ILLR would record the appropriate charge,
                                            which could have a material adverse effect on its results of operations. ILLR reviews
                                            its goodwill for impairment annually and at any time upon the occurrence of certain events
                                            or substantive changes in circumstances that indicate the carrying amount of goodwill may
                                            not be recoverable. If such goodwill or intangible assets are deemed to be impaired, an impairment
                                            loss equal to the amount by which the carrying amount exceeds the fair value of the assets
                                            would be recognized. Any impacts to ILLR&#8217;s business, including macroeconomic conditions
                                            such as rising interest rates and fluctuations in markets, could result in impairments and
                                            significant charges to earnings.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Triller
is not in compliance with the payment obligations of a significant number of its significant music licensing agreements and agreements
with other vendors and counterparties.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller
is not in compliance with the payment obligations of a significant number of its contracts with certain of its counterparties, including
with respect to its music licenses, as a result of its inability to make certain fee payments required pursuant to such agreements or
its failure to make such payments on time. In addition to being behind on payments to music licensing counterparties, Triller is overdue
on payments to other parties and vendors, including but not limited to those providing Triller with engineering, marketing and legal
services. These amounts
currently exceed Triller&#8217;s cash balance and Triller currently has obligations, that could impact its ability to obtain financing
in the future. If Triller is not able to obtain sufficient financing to satisfy these obligations it may be unable to pay its obligations
when they come due. Triller also has payments due to certain of its landlords at its rented facilities. This may further affect Triller&#8217;s
ability to remain solvent and pay its obligations when they come due, including under existing litigation settlement obligations and
new adverse judgments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">While
Triller is currently working with its partners and counterparties and/or negotiating the terms of these various agreements, if Triller
is unsuccessful in renegotiating these agreements or receiving waivers of the due date of payments required thereunder, its partners
and vendors could terminate these agreements and require Triller to make these fee payments in their entirety. Further, if Triller&#8217;s
music licensing partners terminate Triller&#8217;s agreements, it will also lose the right to include their content on Triller&#8217;s
platform. Such counterparties have in the past and may in the future look to file litigation against Triller seeking such overdue payment,
which could have an adverse effect on Triller&#8217;s business, financial condition, and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may in the future be adversely affected by natural disasters, the physical effects of climate change, and other catastrophic events,
and&#160;by&#160;man-made&#160;problems&#160;such as&#160;geo-political&#160;conflicts and events, including acts of war and terrorism,
that could disrupt Triller&#8217;s business operations and adversely affect Triller&#8217;s financial condition and results of operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">We
have been, and may in the future be, adversely affected by significant natural disasters, the physical effects of climate change, or
other catastrophic events, such as the&#160;COVID-19&#160;pandemic, earthquakes, blizzards, tsunamis, hurricanes, droughts, fires, or
floods, or other catastrophic events, such as terrorism, the military conflict involving Russia and Ukraine and economic sanctions imposed
on Russia, extended outages of critical utilities, power loss, telecommunications failure, or any critical resource shortages affecting
us, Triller&#8217;s users or partners. In the event of a natural disaster or other catastrophic event, Triller and its third-party providers
may be unable to continue operations, may endure system interruptions, any of which could result in reputational harm, delays in development
or interruptions of Triller&#8217;s Technology Platform, breaches of data security, and loss of critical data, all of which could have
an adverse effect on Triller&#8217;s business, financial condition, and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
addition, although Triller is not directly impacted by the war between Russia and Ukraine, conflict in Ukraine has further disrupted
trade, intensified problems in the global supply chain, and contributed to inflationary pressures. Financial markets around the world
experienced volatility following the recent invasion of Ukraine by Russia. In response to the invasion, the United States, United Kingdom
and EU, along with others, imposed significant new sanctions and export controls against Russia, Russian banks and certain Russian individuals
and may implement additional sanctions or take further punitive actions in the future. The full economic and social impact of the sanctions
imposed on Russia (as well as possible future punitive measures that may be implemented), as well as the counter measures imposed by
Russia, in addition to the ongoing military conflict between Ukraine and Russia and related sanctions, which could conceivably expand
into the surrounding region, remains uncertain; however, both the conflict and related sanctions have resulted and could continue to
result in disruptions to trade, commerce, pricing stability, credit availability, supply chain continuity and reduced access to liquidity
in both Europe and globally, and has introduced significant uncertainty into global markets. In particular, the ongoing Russia-Ukraine
conflict and related sanctions has contributed to rapidly rising costs of living (driven largely by higher energy prices) in Europe and
other advanced economies. Further, a weak or declining economy could strain Triller&#8217;s suppliers and manufacturers. As a result,
Triller&#8217;s business and results of operations may be adversely affected by the ongoing conflict between Ukraine and Russia and related
sanctions, particularly to the extent it escalates to involve additional countries, further economic sanctions or wider military conflict.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Generally,
during times of war and other major conflicts, Triller, the third parties on which Triller relies, and Triller&#8217;s partners may be
vulnerable to a heightened risk of cyberattacks, including retaliatory cyberattacks, that could seriously disrupt Triller&#8217;s business.
Triller has experienced an increase in attempted cyberattacks on its products, systems, and networks, which Triller believes are related
to the conflict. Triller may also face retaliatory attacks by governments, entities, or individuals who do not agree with its public
expressions of support for Ukraine and its Ukrainian team members. Any such attack could cause disruption to Triller&#8217;s platform,
systems, and networks, result in security breaches or data loss, damage Triller&#8217;s brand, or reduce demand for Triller&#8217;s services
or advertising products. In addition, Triller may face significant costs (including legal and litigation costs) to prevent, correct,
or remediate any such breaches. Triller may also be forced to expend additional resources monitoring its platform for evidence of disinformation
or misuse in connection with the ongoing conflict.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Unfavorable&#160;macroeconomic&#160;conditions,
including those caused by inflation or reductions in customers&#8217; spending, could limit Triller&#8217;s ability to grow its business
and negatively affect its results of operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller&#8217;s
business is also impacted by macroeconomic factors. General business and economic conditions that could affect Triller&#8217;s business,
financial condition or results of operations include fluctuations in economic growth, debt and equity capital markets, liquidity of the
global financial markets, access to Triller&#8217;s liquidity within the U.S. banking system, the availability and cost of credit, investor
and consumer confidence, and the strength of the economies in which Triller, its manufacturers and its suppliers operate. Triller&#8217;s
products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such
discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions,
recessionary forces, rising and fluctuating interest rates, the availability and cost of consumer credit, levels of unemployment and
tax rates. In recent years, the United States and other significant economic markets have experienced cyclical downturns and worldwide
economic conditions remain uncertain. As global economic conditions continue to be volatile or economic uncertainty remains, trends in
consumer discretionary spending also remain unpredictable and subject to reductions and, therefore, Triller cannot be sure the extent
to which Triller may be affected by recessionary conditions. Unfavorable economic conditions may lead consumers to delay or reduce purchases
of Triller&#8217;s products and consumer demand for its products may not grow as Triller expects. Triller&#8217;s sensitivity to economic
cycles and any related fluctuation in consumer demand for its products and services could materially adversely affect Triller&#8217;s
business, financial condition, and results of operations. In addition, political instability or adverse political developments could
harm Triller&#8217;s business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">In
addition, market volatility, the high inflationary environment and economic uncertainty make it potentially very difficult for Triller&#8217;s
customers, its Brands, Creators and Triller to accurately forecast and plan future business activities. During challenging economic times,
Creators, Brands and users may have difficulty gaining timely access to sufficient credit or obtaining credit on reasonable terms and
may face increased costs or other negative financial impacts, each of which could impair their ability to make timely payments to Triller
and adversely affect Triller&#8217;s revenue. If that were to occur, Triller&#8217;s financial results could be harmed. Further, challenging
economic conditions may impair the ability of Triller&#8217;s Creators, Brands and users partners to pay for the applications and services
Triller offers, which may impact demand for its products. In addition, a weak or declining economy could also strain Triller&#8217;s
suppliers and manufacturers, possibly resulting in supply disruption. Any of the foregoing could harm Triller&#8217;s business and Triller
cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact Triller&#8217;s
business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><b><i>Triller&#8217;s
financial performance in certain quarters and years may fluctuate and may not be indicative of, or comparable to, its financial performance
in subsequent financial quarters or years due to economic conditions and operational factors.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">Triller&#8217;s
business is impacted geopolitical events, the overall macro-economy, Brands&#8217; marketing budgets and expenditures and other factors
such as interest rates. For example, when Brands have higher marketing expenditures or budgets, which often correspond to broader economic
factors, Triller benefits from these trends. In addition, Triller may generate less revenue during reporting periods that have fewer
major public or civic engagement on social media, which would have otherwise generated marketing dollars, resulting in lower marketing
spend by Brands. Triller&#8217;s intention is to continue to diversify its client base such that any one of these factors or events would
have a less significant impact on its overall revenue and operating results. If Triller is unsuccessful in diversifying its client base,
Triller would continue to be subject to significant fluctuation in its annual and quarterly results, and this may materially adversely
affect Triller&#8217;s business, financial condition, and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
recent acquisitions have caused Triller to grow rapidly, and Triller will need to continue to make changes to operate at its current
size and scale. Triller has in the past faced and may in the future face, difficulty in integrating the operations of the businesses
acquired in its recent transactions, and Triller may never realize the anticipated benefits and cost synergies from all of these transactions.
If Triller is unable to manage its current operations or any future growth effectively, its business could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s recent
acquisitions have caused Triller to grow rapidly, and Triller may need to continue to make changes to operate at its current size and
scale. If Triller fails to realize the anticipated benefits and cost synergies from its recent acquisitions, or if it experiences any
unanticipated or unidentified effects in connection with these transactions, including write-offs of goodwill, accelerated amortization
expenses of other intangible assets or any unanticipated disruptions with important third-party relationships, Triller&#8217;s business,
financial condition and results of operations could be adversely affected. Moreover, Triller&#8217;s recent acquisitions involve risks
and uncertainties including those associated with the integration of operations, financial reporting, technologies and personnel and the
potential loss of key employees, customers or strategic partners. The integration of Triller&#8217;s acquired businesses has and will
require significant time and resources. For example, Triller currently manually closes the books across its various subsidiaries and business
units, and manually consolidate and roll up such subsidiary financials into Triller&#8217;s consolidated financial statements. Triller
does not currently utilize a consolidated ERP system to manage the closing of Triller&#8217;s books or the roll up of financials into
Triller&#8217;s consolidated financials. This process creates a risk of errors, is time intensive and costly. Triller may not be able
to manage the integration of acquired businesses successfully or achieve the strategic, financial or operating objectives of the acquisition
or integration, any of which could adversely affect Triller&#8217;s business, results of operations or the value of Triller&#8217;s acquisitions,
and these acquisitions may not be accretive to its earnings and may negatively impact its results of operations. If Triller&#8217;s operations
continue to grow, Triller will be required, among other things, to upgrade its information systems and other processes and to obtain more
space for its expanding administrative support and other personnel. Triller&#8217;s continued growth could strain its resources, and Triller
could experience operating difficulties, including difficulties in hiring, training and managing an increasing number of employees. These
difficulties could result in the erosion of Triller&#8217;s brand image and reputation and could have an adverse effect on its business,
financial condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If the Company acquires, combines with or
invests in other businesses, it will face risks inherent in such transactions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has in the past
considered and will continue, from time to time, to consider, opportunistic strategic or transformative transactions, which could involve
acquisitions, combinations or dispositions of businesses or assets, or strategic alliances or joint ventures with companies engaged in
music entertainment, entertainment or other businesses. Any such combination could be material, be difficult to implement, disrupt the Company&#8217;s
business or change its business profile, focus or strategy significantly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company entered into
multiple strategic alliances in the past and later recognized related impairment losses on investments and goodwill. The Company may incur
debts in the future upon an acquisition or suffer losses related to impairment of these investments. The Company will continue to examine
the merits, risks and feasibility of potential transactions, and expect to explore additional acquisition opportunities in the future.
Such examination and exploration efforts, and any related discussions with third parties, may or may not lead to future acquisitions and
investments. The Company may not be able to complete acquiring or investing transactions that the Company initiates. The Company&#8217;s ability to
grow through such acquisitions and investments will depend on many factors, including the availability of suitable acquisition candidates
at an acceptable cost, the Company&#8217;s ability to reach agreement with acquisition candidates or investee companies on commercially reasonable
terms, the availability of financing to complete transactions and the Company&#8217;s ability to obtain any required governmental approvals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any future transaction
could involve numerous risks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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ongoing business and distraction of management;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">exposure to unknown and/or
contingent or other liabilities, including litigation arising in connection with the acquisition, disposition and/or against any businesses
the Company may acquire;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">reputational or other damages
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approval;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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between acquired businesses and the Company&#8217;s current businesses, including the Company&#8217;s ability to achieve the customer synergies
that motivated the acquisition;</span></td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If the Company enters into
significant transactions in the future, related accounting charges may affect its business, results of operations and financial condition,
particularly in the case of any acquisitions. In addition, the financing of any significant acquisition may result in changes in the Company&#8217;s
capital structure, including the incurrence of additional indebtedness, which may be substantial. Conversely, any material disposition
could reduce the Company&#8217;s indebtedness or require the amendment or refinancing of the Company&#8217;s outstanding indebtedness or a portion
thereof. the Company may not be successful in addressing these risks or any other problems encountered in connection with any strategic or
transformative transactions. The Company cannot assure you that if it makes any future acquisitions, investments, strategic alliances or joint
ventures or enter into any business combination that they will be completed in a timely manner, or at all, that they will be structured
or financed in a way that will enhance the Company&#8217;s creditworthiness or that they will meet the Company&#8217;s strategic objectives or
otherwise be successful. The Company also may not be successful in implementing appropriate operational, financial and management systems
and controls to achieve the benefits expected to result from these transactions. Failure to effectively manage any of these transactions
could result in material increases in costs or reductions in expected revenues, or both. In addition, if any new business in which the Company
invests or which it attempts to develop does not progress as planned, it may not recover the funds and resources the Company has expended
and this could have a negative impact on the Company&#8217;s businesses or the Company&#8217;s company as a whole.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller is involved
in lawsuits and other litigation matters that are expensive and time consuming, and, if resolved adversely, could harm Triller&#8217;s
business, financial condition, or results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller is involved in
numerous lawsuits, many of which claim statutory damages and/or seek significant changes to Triller&#8217;s business operations, and Triller
anticipates that it will continue to be involved in numerous lawsuits in the future. Triller has faced, currently face, and will continue
to face additional lawsuits based on claims related to, among other things, advertising, privacy, security, content intellectual property
infringement, employment or performance of services, activities on Triller&#8217;s Technology Platform, consumer protection, or product
performance or other claims related to the use of consumer hardware and software, music used on Triller&#8217;s platform or related to
Triller&#8217;s acquisitions. For example, Triller is currently the subject of various litigation proceedings, including a class action
lawsuit alleging unpaid wages for production workers, a lawsuit to collect all fees due by Universal Music Publishing Group amongst other
claims, a class action against one of Triller&#8217;s subsidiaries over the use of consumer personal identifying information and a lawsuit
by two social media influencers claiming they are entitled to equity based on services, some of which are entering mediation and/or settlement
discussions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There can be no assurances
that a favorable final outcome will be obtained in all Triller&#8217;s cases, and defending any lawsuit is costly and can impose a significant
burden on management and employees. Any litigation to which Triller is a party may result in an onerous or unfavorable judgment that may
not be reversed upon appeal or in payments of substantial monetary damages or fines, or Triller may decide to settle lawsuits on similarly
unfavorable terms, which has occurred in the past and which could adversely affect Triller&#8217;s business, financial conditions, or
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If these lawsuits are not resolved in its favor, Triller would not
have enough cash on hand to meet these obligations unless it is able to raise additional capital in an amount sufficient to satisfy them.
This may affect Triller&#8217;s ability to remain solvent and pay its obligations when they come due, including under existing litigation
settlement obligations and new litigation adverse judgments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the past, securities
class action litigation has often been brought against a company following a decline in the market price of its securities. This risk
is especially relevant for Triller because technology companies have experienced significant stock price volatility in recent years. If
Triller faces such litigation, it could result in substantial costs and a diversion of management&#8217;s attention and resources, which
could harm Triller&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Planned expansion
of Triller&#8217;s operations into new products, services and technologies, including content categories, is inherently risky and may
subject Triller to additional business, legal, financial and competitive risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller currently focus
its operations on its AI powered Technology Platform, which provides content creation and distribution (Triller app, TrillerTV, Metaverz,
Thuzio and Amplify.ai), fan engagement (Fangage, Julius and Amplify.ai) and targeted promotions and upsells (CrossHype) products and services
across the digital platforms used by Triller&#8217;s Creators and Brands. Further expansion of Triller&#8217;s operations and its marketplace
into additional products and services involves numerous risks and challenges, including potential new competition, increased capital requirements
and increased marketing spend to achieve customer awareness of these new products and services. Growth into additional content, product
and service areas may require changes to Triller&#8217;s existing business model and cost structure and modifications to its infrastructure
and may expose Triller to new regulatory and legal risks, any of which may require expertise in areas in which Triller has little or no
experience. There is no guarantee that Triller will be able to successfully expand its products and services into these areas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Improper or illegal use of Triller&#8217;s
Technology Platform could seriously harm Triller&#8217;s business and reputation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller cannot be certain
that the technologies that Triller has developed to repel spamming attacks will be able to eliminate all spam messages from its products.
Spammers attempt to use Triller&#8217;s products to send targeted and untargeted spam messages to users, which may embarrass or annoy
users and make Triller&#8217;s products less user friendly. Triller does not currently have procedures or processes in place to accurately
estimate the number of bots or spammers on Triller&#8217;s Technology Platform, but are actively working to prevent bots and spammers
from engaging on Triller&#8217;s platform. Triller&#8217;s actions to combat spam may also divert significant time and focus from improving
its products. As a result of spamming activities, Triller&#8217;s users may use its products less or stop using them altogether, and result
in continuing operational cost to Triller. Triller may also be subject to liability or claims related to such spamming activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Similarly, terrorists,
criminals, and other bad actors may use Triller&#8217;s Technology Platform to promote their goals and encourage users to engage in terror
and other illegal activities. Triller expects that as more people use its Technology Platform, these bad actors will increasingly seek
to misuse Triller&#8217;s products. Although Triller invests resources to combat these activities, including by suspending or terminating
accounts Triller believes are violating its Terms of Service, it expects these bad actors will continue to seek ways to act inappropriately
and illegally on its Technology Platform. Combating these bad actors requires Triller&#8217;s teams to divert significant time and focus
from improving its products. In addition, Triller may not be able to control or stop its Technology Platform from becoming the preferred
application of use by these bad actors, which may become public knowledge and seriously harm Triller&#8217;s reputation or lead to lawsuits
or attention from regulators. If these activities increase on Triller&#8217;s Technology Platform, Triller&#8217;s reputation, user growth
and user engagement, and operational cost structure could be seriously harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller tracks certain
performance metrics with internal tools and do not independently verify such metrics. Certain of Triller&#8217;s performance metrics are
subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm Triller&#8217;s reputation
and negatively affect its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller calculate
Consumer Accounts using internal company data that has not been independently verified. These numbers are based on what Triller
believes to be reasonable calculations for the applicable period of measurement, but there are inherent challenges in measuring
Consumer Accounts. For example, while Triller endeavors to accurately capture its Consumer Accounts, from time to time certain bot
and/or duplicate accounts are created and appear on its Technology Platform which may impact the number of Consumer Accounts. As a
result, Triller&#8217;s reported Consumer Accounts may include bot and duplicative accounts, thereby overstating Triller&#8217;s
actual Consumer Accounts. While Triller has recently undergone a robust process to purge as many of the duplicate and bot accounts
as practical given Triller&#8217;s resources and Triller regularly monitors and reviews these figures and have put in place controls
designed to prevent bot users and or duplicates, there can be no assurance that these controls will be effective in eliminating all
bot or duplicate accounts. The inclusion of duplicate and/or bot accounts in the Consumer Accounts reported at any given time may
lead to an inaccurate assessment of the total number of Consumer Accounts on Triller&#8217;s Technology Platform. If Creators,
Brands and users do not perceive Triller&#8217;s metrics to be accurate representations, or if Triller discovers material
inaccuracies in its metrics, Triller&#8217;s reputation may be harmed and Creators, Brands and users may be less willing to utilize
Triller&#8217;s Technology Platform or to allocate their budgets or resources to Triller&#8217;s products and services, which could
negatively affect Triller&#8217;s business and operating results. In addition, if investors, analysts or customers do not believe
Triller&#8217;s reported measures, such as Consumer Accounts, are sufficient or accurately reflect Triller&#8217;s business, Triller
may receive negative publicity and its operating results may be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If Triller&#8217;s efforts to attract
Creators, users, consumers and Brands are not successful, Triller&#8217;s revenues will be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller generates revenue
through Brands and consumers, with the majority of its revenue coming from Brands. To succeed, Triller must continue to attract and retain
Creators, users and consumers who have traditionally engaged with internet and social media platforms such as Instagram, Snapchat and
TikTok, as well as well as with video games, cable television,&#160;pay-per-view&#160;and&#160;video-on-demand&#160;services for entertainment.
With additional Creators and consumers, Triller will attract more Brands which will improve its revenue. Triller&#8217;s ability to attract
and retain Creators and users and consumers and have them regularly engage with Triller&#8217;s Technology Platform depends in part on
Triller&#8217;s ability to consistently provide its Creators, users and consumers a high-quality experience. Triller must also continue
to attract and retain influential Creators such as celebrities, athletes, journalists, sports leagues and teams, media outlets and Brands
to leverage its Technology Platform to disseminate content and interact and transact with their followers, and users and consumers. Typically,
Triller&#8217;s agreements with Creators may be terminated by Creators at any time. If Creators and consumers in either category do not
perceive Triller&#8217;s products to be of high quality, if Triller introduces new products or features that are not favorably received
by them or if Triller fails to introduce products and features that they desire, it may not be able to attract or retain Creators and
users and consumers. Triller also cannot guarantee that it will be able to continue to identify these Creators in the future. Additionally,
throughout Triller&#8217;s history, Creators from time to time have stopped participating on Triller&#8217;s Technology Platform and in
Triller&#8217;s Events for any number of reasons, and Triller cannot guarantee that it will be able to retain current Creators. Additionally,
many of Triller&#8217;s Creators users and consumers originate from&#160;word-of-mouth&#160;and referrals from existing Creators users
and consumers. If Triller&#8217;s efforts to satisfy its existing Creators, users and consumers are not successful, Triller may not be
able to attract new Creators, users and consumers, and as a result, it may fail to attract or retain Brands and its revenue may be affected
adversely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s success
depends on its ability to attract Brands to its Technology Platform and provide users and consumers with engaging content, which in part
depends on Creator contributed content. If Triller or Creators, including influential Creators, such as celebrities, athletes, journalists,
sports leagues and teams, media outlets and Brands, do not continue to contribute engaging content to Triller&#8217;s Technology Platform,
Triller&#8217;s consumer growth, retention and engagement may decline. That, in turn, may impair Triller&#8217;s ability to maintain good
relationships with Brands that utilize Triller&#8217;s Technology Platform or attract new Brands, which may seriously harm Triller&#8217;s
business and financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Use of social media
by Triller&#8217;s Creators, Brands and users may materially and adversely affect Triller&#8217;s reputation or subject Triller to fines
or other penalties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller integrate third-party
social media platforms into its Technology Platform. For example, in addition to Triller&#8217;s own content on its website and Triller
app, Triller&#8217;s Creators can share content on social-media platforms such as Facebook, Instagram, TikTok and Twitter. As laws and
regulations rapidly evolve to govern the use of these platforms and devices, the failure by us, Triller&#8217;s employees, Triller&#8217;s
network of Creators, Triller&#8217;s Brands, Triller&#8217;s users or third parties acting at Triller&#8217;s direction to abide by applicable
laws and regulations in the use of these platforms and devices or otherwise could subject Triller to regulatory investigations, class
action lawsuits, liability, fines or other penalties and have a material adverse effect on Triller&#8217;s business, financial condition
and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, any use
of social media for marketing may increase the burden on Triller to monitor compliance of such materials, and increase the risk that such
materials could contain problematic product or marketing claims in violation of applicable regulations. For example, in some cases, the
Federal Trade Commission (&#8220;<b>FTC</b>&#8221;) has sought enforcement action where an endorsement has failed to clearly and conspicuously
disclose a material relationship between an influencer and an advertiser. While Triller asks Creators to comply with FTC regulations and
Triller&#8217;s guidelines, Triller does not regularly monitor what its Creators post, and if Triller were held responsible for the content
of their posts, it could be forced to alter its practices, which could have material adverse effect on Triller&#8217;s business, financial
condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Negative commentary regarding
us, Triller&#8217;s products or Creators or Brands, Triller&#8217;s users and other third parties who are affiliated with Triller may
also be posted on social media platforms and may be adverse to Triller&#8217;s reputation or business. Creators with whom Triller maintains
relationships could engage in behavior or use their platform to communicate directly with Triller&#8217;s users and consumers in a manner
that reflects poorly on Triller&#8217;s brand and may be attributed to Triller or otherwise adversely affect Triller. It is not possible
to prevent such behavior, and the precautions Triller takes to detect this activity may not be effective in all cases. The harm may be
immediate, without affording Triller an opportunity for redress or correction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may not
be successful in its efforts to further monetize its Technology Platform, which may harm Triller&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s Technology
Platform generates revenue through Brands and consumers, with most of Triller&#8217;s revenue generated from Brands through revenue sharing
and service fee arrangements. When Triller enables the consumption of content by individuals in the form of Triller branded live Events,
Triller creates an ecosphere of content across its Technology Platform offerings and it also generates revenue in the form of live-event
ticket sales, pay-per-view fees, subscriptions and merchandise sales. Triller&#8217;s partnerships with high-profile Creators and Brands
enable Triller to host live Events that receive massive viewership. As such, Triller is seeking to expand its relationships with Brands,
its Creator and consumer base and increase the number of hours that consumers spend on Triller&#8217;s Technology Platform and the volume
of content that is published across and from Triller&#8217;s Technology Platform in an effort to create additional revenue opportunities.
Triller has made, and are continuing to make, significant investments to enable users, Brands, Creators, and advertisers to create compelling
content and deliver advertising to Triller&#8217;s users.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s ability
to deliver more relevant content to its users and consumers and to increase its Technology Platform&#8217;s value to Brands and Creators
depends on the collection of engagement data, which may be restricted or prevented by a number of factors. Consumers may decide to opt
out or restrict some of Triller&#8217;s ability to collect personal data or to provide them with more relevant and sponsored content.
Creators could refuse to allow Triller to collect data regarding engagement or refuse to implement mechanisms Triller requests to ensure
compliance with Triller&#8217;s legal obligations or technical requirements in some instances. If these possible scenarios occur to a
large enough extent, Triller may not be able to achieve its expected growth in revenue or gross profit. Triller may not be able to compete
effectively or adapt to any such changes or trends, which would harm Triller&#8217;s ability to grow its advertising revenue and harm
its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further, Triller may
not be successful in further monetizing its Technology Platform. Most of the revenue from Triller&#8217;s Technology Platform is generated
from Brands through revenue sharing and service fee arrangements. Revenue share comes from advertising, premium content, Events,&#160;pay-per-view&#160;fees,
subscription fees or merchandise sales that are transacted via Triller&#8217;s Technology Platform. As a result, Triller&#8217;s financial
performance and ability to grow revenue could be seriously harmed if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">there is a decline in Triller&#8217;s available content or a decrease in the perceived quantity, quality, usefulness or relevance of the content provided by Triller and Triller&#8217;s Creators;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">competitive developments result in Triller&#8217;s competitors possessing various competitive advantages, whether technological or otherwise;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Triller does not adjust to changes to the industry landscape;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Triller does not continue to invest in and strengthen Triller&#8217;s Technology Platform, including Triller&#8217;s suite of Creator offerings and Triller&#8217;s Events and Events-related services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Triller fails to identify attractive opportunities to enhance existing businesses or grow its portfolio of assets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Triller fails to continue to develop creative and entertaining programs and Events;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">macroeconomic conditions, including changes in corporate spending and discretionary consumer spending, divert Brand and consumer expenditures away from the markets Triller serves; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Triller fails to produce and/or distribute premier Events throughout the year, including BKFC and TrillerTV programming.</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 45 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>If Triller is unable to maintain adequate
content on its Technology Platform, its business may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may fail to attract
Creators that generate sufficient content hours on its Technology Platform and for its Brands. Triller&#8217;s business model depends
on its ability to connect its Brands with content Creators. If Triller is unable to grow and maintain spend from its Brands, either through
revenue sharing relationships or fee sharing arrangements, its results of operations may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller operates in a
highly competitive industry, and Triller competes for Brands with other social media outlets and streaming services, as well as traditional
media, such as radio, broadcast, cable and satellite TV and satellite and internet radio. Triller may not be successful in maintaining
or improving the number of its Brand partners who utilize Triller&#8217;s Technology Platform for advertising, premium content, Events,&#160;pay-per-view&#160;fees,
subscription fees or merchandise sales that are transacted via Triller&#8217;s Technology Platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s competitors
offer content and other platforms that may be more attractive to advertisers than Triller&#8217;s Technology Platform. If Triller is unable
to increase its revenue by, among other things, continuing to improve its Technology Platform&#8217;s data to further optimize and measure
its Brand partners&#8217; campaigns, increase revenue from fee sharing arrangements or the completion of successful campaigns for its
Brands, Triller&#8217;s business and its growth prospects may be harmed. Triller may not be able to compete effectively or adapt to any
such changes or trends, which would harm its ability to grow its advertising revenue and harm its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
success and revenue growth are dependent on adding new Creators, users, consumers and Brands, effectively educating and training Triller&#8217;s
existing Creators and Brands on how to make full use of Triller&#8217;s Technology Platform and increasing usage of Triller&#8217;s Technology
Platform by Triller&#8217;s consumers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s success
is dependent on regularly adding new Creators and Brands and increasing Triller&#8217;s consumers&#8217; usage of Triller&#8217;s platform
and Triller faces competition from a variety of other domestic and foreign companies. Triller faces competition from alternative providers
of the entertainment, content, live Events and sports industries. Triller&#8217;s contracts and relationships with Creators and Brands
generally do not include long-term or exclusive obligations requiring them to use Triller&#8217;s platform or maintain or increase their
use of Triller&#8217;s platform. Creators can also terminate their agreements with Triller for convenience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s Creators
and Brands typically have relationships with numerous providers and can use both Triller&#8217;s platform and those of Triller&#8217;s
competitors without incurring significant costs or disruption. Triller&#8217;s Brands may also choose to decrease their use of revenue
sharing and service fee arrangements. Accordingly, Triller must continually work to win new Brands and Creators and retain existing Brands
and Creators, increase their usage of Triller&#8217;s platform and increase Triller&#8217;s users. Given the number of products on Triller&#8217;s
Technology Platform, Triller may not be successful at educating and training Creators and Brands on how to use Triller&#8217;s platform
and products in order for Triller&#8217;s Creators and Brands to get the most benefit from Triller&#8217;s Technology Platform and increase
their usage. If these efforts are unsuccessful or Creators or Brands decide not to continue to maintain or increase their usage of Triller&#8217;s
Technology Platform for any other reason, or if Triller fails to attract new Creators or Brands, Triller&#8217;s revenue could fail to
grow or decline, which would materially and adversely harm Triller&#8217;s business, operating results and financial condition. Any increased
competition, which may not be foreseeable, or Triller&#8217;s failure to adequately address any competitive factors, could result in reduced
demand for its content, live Events, or brands, which could have an adverse effect on Triller&#8217;s business, financial condition, and
results of operations. Triller cannot assure you that its Creators, Brands and consumers will continue to use and increase their spend
on Triller&#8217;s platform or that it will be able to attract a sufficient number of new Creators, Brands, users and consumers to continue
to grow Triller&#8217;s business and revenue. If Brands representing a significant portion of Triller&#8217;s business decide to materially
reduce their use of Triller&#8217;s Technology Platform or cease using Triller&#8217;s Technology Platform altogether, Triller&#8217;s
revenue could be significantly reduced, which could have a material adverse effect on Triller&#8217;s business, operating results and
financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 46 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller generates
substantially all of its revenue from Brands. If the content and services provided on Triller&#8217;s Technology Platform are not relevant
to Brands, fail to attract new Brands or result in a loss of Brands using Triller&#8217;s Technology Platform, Triller&#8217;s growth
may be adversely impacted.</i></b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller generates substantially
all of its revenue from Brands through revenue sharing and service fee (including SaaS) arrangements. Revenue share comes from advertising,
premium content, Events,&#160;pay-per-view&#160;fees, subscription fees or merchandise sales that are transacted via Triller&#8217;s Technology
Platform. Service fees come from Brands that utilize Triller&#8217;s platform to reach consumers via a combination of campaign fees, sponsorship
fees and transaction fees or SaaS fees, including monthly subscription fees. Even though Triller also generates revenue from consumers
in the form of Creator-driven live-event ticket sales,&#160;pay-per-view&#160;fees, subscriptions and merchandise sales, Triller still
expects to continue to generate substantially all its revenue from Brands for the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Most Brands do not have
long-term commitments with us, and Triller&#8217;s efforts to establish long-term commitments may not succeed. Because most Brands do
not have long-term commitments with us, they may terminate their contracts and relationships with Triller and may instead pursue relationships
with competitors. Since Triller does not have long-term contractual commitments with its Brand partners, maintaining and enhancing relationships
with its Brand partners will require Triller to make substantial investments and these investments may not be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Brands with whom
Triller partners vary from small businesses to well-known Fortune 500 companies. Due to Triller&#8217;s limited operating history, many
Brands only recently started working with Triller&#8217;s Technology Platform solutions and spend a relatively small portion of their
overall advertising budget with Triller In addition, some Brands may view some of Triller&#8217;s Technology Platform offerings as experimental
and unproven or prefer certain of Triller&#8217;s products over others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Furthermore, in April
2021, Apple issued an iOS update that imposes heightened restrictions on Triller&#8217;s access and use of user data by allowing users
to more easily&#160;opt-out&#160;of tracking of activity across devices. Additionally, Google has announced that it will implement similar
changes with respect to its Android operating system and major web browsers, like Firefox, Safari, and Chrome, have or plan to make similar
changes as well. These changes have adversely affected Triller&#8217;s targeting, measurement, and optimization capabilities. This has
resulted in, and in the future is likely to continue to result in, reduced demand for Triller&#8217;s Technology Platform products and
could seriously harm Triller&#8217;s business. The longer-term impact of these changes on Triller&#8217;s industry, Triller&#8217;s competitors,
Triller&#8217;s business, and the developers, partners, and advertisers within Triller&#8217;s community is uncertain, and depending on
how Triller, its competitors, and the overall industry adjusts, and how Triller&#8217;s partners, advertisers, and users respond, Triller&#8217;s
business could be seriously harmed. While Triller implements alternative solutions, Triller is subject to rules and standards set by the
owners of such mobile operating systems which may be unclear, change, or be interpreted in a manner adverse to Triller and require Triller
to halt or change Triller&#8217;s solutions, any of which could seriously harm Triller&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller has made, and
are continuing to make, investments to enable Creators and Brands to deliver relevant content to consumers on Triller&#8217;s Technology
Platform. If Triller fails to continue to innovate and improve on its Technology Platform, its business may be harmed. New technologies,
products and services are driving rapid changes in consumer behavior as consumers seek more control over when, where and how they consume
content and access communications services. These technological advancements and changes in consumer behavior and/or Triller&#8217;s failure
to effectively anticipate or adapt to such changes, could reduce Triller&#8217;s subscriber activations and increase Triller&#8217;s user
churn rate, and could have a material adverse effect on Triller&#8217;s business, results of operations, financial condition and cash
flow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, Triller
relies heavily on its ability to collect and disclose data and metrics to its Brands so Triller can attract new Brands and retain
existing Brands. Any restriction or inability, whether by law, regulation, policy, or other reason, to collect and disclose data and
metrics which Triller&#8217;s Brands find useful would impede Triller&#8217;s ability to attract and retain Brands. Regulators
around the world are increasingly scrutinizing and regulating the collection, use, and sharing of personal data related to
advertising, which could materially impact Triller&#8217;s revenue and seriously harm Triller&#8217;s business. For example, the
European Union&#8217;s General Data Protection Regulation (&#8220;<b>EU GDPR</b>&#8221;) and the United Kingdom&#8217;s GDPR
(&#8220;<b>UK GDPR</b>&#8221;) expanded the rights of individuals to control how their personal data is collected and processed, and
placed restrictions on the use of personal data of younger minors. The processing of personal data for personalized advertising
under EU GDPR and UK GDPR continues to be under increased scrutiny from European regulators, which includes ongoing regulatory
action against large technology companies like Triller&#8217;s, the outcomes of which may be uncertain and subject to appeal. The
upcoming European Digital Services Act (&#8220;<b>DSA</b>&#8221;) which will go into effect in late 2023 or early 2024, prohibits
targeted advertising to minors based on the profiling of personal information in the European Union. Other European legislative
proposals and present laws and regulations may also apply to Triller&#8217;s or Triller&#8217;s advertisers&#8217; activities and
require significant operational changes to Triller&#8217;s business. For example, it is anticipated that the ePrivacy Regulation and
national implementing laws will replace the current national laws implementing the ePrivacy Directive, which could have a material
impact on the availability of data Triller relies on to improve and personalize its products and features. Outside of Europe, other
laws further regulate behavioral, interest-based, or targeted advertising, making certain online advertising activities more
difficult and subject to additional scrutiny. For example, in the United States, the California Consumer Privacy Act
(&#8220;<b>CCPA</b>&#8221;) and the California Privacy Rights Act of 2020 (&#8220;<b>CPRA</b>&#8221;) (operative January 2023),
place additional requirements on the handling of personal data for us, Triller&#8217;s partners, and Triller&#8217;s advertisers,
such as granting California residents the right to&#160;opt-out&#160;of a company&#8217;s sharing of personal data for certain
advertising purposes in exchange for money or other valuable consideration. Other states are considering similar legislation.
Moreover, individuals are also becoming increasingly aware of and resistant to the collection, use, and sharing of personal data in
connection with advertising. Individuals are becoming more aware of options related to consent and other options
to&#160;opt-out&#160;of such data processing, including through media attention about privacy and data protection.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further, Triller may
experience media, legislative, or regulatory scrutiny of its actions or decisions regarding user privacy, encryption, content, advertising
and other issues, which may materially adversely affect Triller&#8217;s reputation and Triller&#8217;s relationship with its Brands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller believes that
a positive reputation concerning its Technology Platform is important in attracting and retaining Brands. In addition, Triller may fail
to respond expeditiously or appropriately to objectionable practices by Creators users, or consumers, or to otherwise address user concerns
or suffer reputational harm, which could erode confidence in Triller&#8217;s Brand partners. To the extent the content Triller produces,
distribute or otherwise make available is perceived as low quality, offensive, harmful or otherwise not compelling to consumers and Brands,
Triller&#8217;s ability to establish and maintain a positive reputation may be adversely impacted and Triller may lose Brand relationships
or fail to attract new Brands to its business. Similarly, other companies with similar technologies and platforms may fail to respond
expeditiously or appropriately to objectionable practices on their respective platforms and may not otherwise address concerns from users,
family members of those users, or the broader public audience. If such other companies suffer public ridicule or reputational harm, such
negative views could erode confidence in Triller&#8217;s Brand partners.</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Triller&#8217;s user growth, engagement,
and monetization on mobile devices depend upon effective operation with mobile operating systems, networks, technologies, products, and
standards that Triller does not control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is no
guarantee that popular mobile devices will continue to feature Triller&#8217;s products, or that mobile device users will continue
to use Triller&#8217;s products rather than competing products. Triller is dependent on the interoperability of its products with
popular mobile operating systems, networks, technologies, products, and standards that Triller does not control, such as the Android
and iOS operating systems and mobile browsers. Changes, bugs, or technical issues in such systems, or changes in Triller&#8217;s
relationships with mobile operating system partners, handset manufacturers, browser developers, or mobile carriers, or in the
content or application of their terms of service or policies (which they have made in the past and continue to seek to implement)
that degrade Triller&#8217;s products&#8217; functionality, reduce or eliminate Triller&#8217;s ability to update or distribute its
products, give preferential treatment to competitive products, limit its ability to deliver, target, or measure the effectiveness of
ads, or charge fees related to the distribution of its products or its delivery of ads have in the past adversely affected, and
could in the future adversely affect, the usage of its products and monetization on mobile devices. For example, Apple previously
released an update to its Safari browser that limits the use of third-party cookies, which reduces Triller&#8217;s ability to
provide the most relevant ads to its users and impacts monetization, and also released changes to iOS that limit its ability to
target and measure ads effectively, while expanding their own advertising business. Triller expects that any similar changes to
Apple&#8217;s, Google&#8217;s, or others&#8217; browser or mobile platforms will further limit its ability to target and measure the
effectiveness of ads and impact monetization. Additionally, in order to deliver high quality mobile products, it is important that
Triller&#8217;s products work well with a range of mobile technologies, products, systems, networks, and standards that Triller does
not control, and that Triller has good relationships with handset manufacturers, mobile carriers, and browser developers. Triller
may not be successful in maintaining or developing relationships with key participants in the mobile ecosystem or in developing
products that operate effectively with these technologies, products, systems, networks, or standards. In the event that it is more
difficult for Triller&#8217;s users to access and use Triller&#8217;s products on their mobile devices, or if Triller&#8217;s users
choose not to access or use Triller&#8217;s products on their mobile devices or use mobile products that do not offer access to
Triller&#8217;s products, Triller&#8217;s user growth and user engagement could be harmed. From time to time, Triller may also take
actions regarding the distribution of its products or the operation of its business based on what Triller believes to be in its
long-term best interests. Such actions may adversely affect Triller&#8217;s users and Triller&#8217;s relationships with the
operators of mobile operating systems, handset manufacturers, mobile carriers, browser developers, other business partners, or
advertisers, and there is no assurance that these actions will result in the anticipated&#160;long-term&#160;benefits. In the event
that Triller&#8217;s users are adversely affected by these actions or if Triller&#8217;s relationships with such third parties
deteriorate, Triller&#8217;s user growth, engagement, and monetization could be adversely affected and Triller&#8217;s business
could be harmed. Triller has in the past experienced challenges in operating with mobile operating systems, networks, technologies,
products, and standards that Triller does not control, and any such occurrences in the future may negatively impact Triller&#8217;s
user growth, engagement, and monetization on mobile devices, which may in turn materially and adversely affect Triller&#8217;s
business and financial results.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Unfavorable media
coverage has in the past and could in the future materially adversely affect Triller&#8217;s business, brand image or reputation.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller receives a high
degree of media coverage. Unfavorable publicity and/or false media reports regarding us, Triller&#8217;s privacy practices, data security
compromises or breaches, product changes, product quality, litigation or regulatory activity, including any intellectual property proceeding,
or regarding the actions of Triller&#8217;s partners, Triller&#8217;s Creators, Triller&#8217;s Brands or consumers, Triller&#8217;s employees
or other companies in Triller&#8217;s industry, has in the past and could in the future adversely affect Triller&#8217;s brand image or
reputation. For example, there have been news articles discussing allegations against Triller for Triller&#8217;s nonpayment of fees,
including articles discussing Triller&#8217;s litigation with Sony Music Entertainment and Universal Music Publishing Group, which may
adversely affect Triller&#8217;s brand image or reputation. For more information, see discussion of the Sony Music Litigation under &#8220;<i>Description
of Triller&#8217;s Business&#8212;Legal Proceedings.</i>&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If Triller fails to protect
its brand image or reputation, Triller may experience material adverse effects to the size, demographics, engagement, and loyalty of Triller&#8217;s
Creator and user base or Brand relationships, resulting in decreased revenue, fewer app installs (or increased app uninstalls), or slower
user growth rates. In addition, if securities analysts or investors perceive any media coverage of us, or other companies with similar
technologies and platforms, to be negative, the value of Triller&#8217;s Series&#160;A common stock (and, after the closing of the Merger,
of Triller Common Stock) may be materially adversely affected. Any of the foregoing could materially adversely affect Triller&#8217;s
business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
market is competitive and dynamic. Triller faces and will continue to face significant competition for Creators, Brands and consumers,
which could result in reduced profit margins and loss of market share.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller faces robust
and rapidly evolving competition in all aspects of its business, including from companies that allow users to share and discover content
and/or that enable Creators and Brands to use content platforms to reach customers, such as Apple, Alphabet (including Google and YouTube),
Amazon, Snapchat, Facebook (including Instagram), ByteDance (including TikTok), ESPN+, BT Sport, Kayo Sports, Klaviyo and Showtime, among
others.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller competes to attract,
engage and retain users against current and potential competitors, both globally and in particular geographic regions where it operates.
These competitive risks are heightened because some of Triller&#8217;s competitors have more extensive hardware, software, and service
offerings, longer histories, larger user bases, increased brand recognition, more experience in the markets in which Triller competes
and greater overall resources than Triller. These advantages enable them to devote more financial resources to technology, infrastructure,
fulfillment and marketing, which in turn enables them to offer competitive services at little or no profit or even at a loss. For example,
prominent, well-funded competitors like Apple, Google, and Amazon have a competitive advantage because they can leverage the substantially
broader product offerings in their ecosystem to gain subscribers through bundled offers and to monetize users. Additionally, Triller&#8217;s
current and future competitors have engaged and will continue to engage in mergers or acquisitions with each other to combine and leverage
their broad audiences, content and capabilities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Relatedly, Triller competes
for users based on its presence and visibility as compared with other businesses and platforms that deliver audio and video content through
the internet and connected devices. Triller faces significant competition for users
from companies promoting their own digital content online or through application stores, including large, well-funded, and seasoned participants
in the digital media market.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller also faces increasing
competition because of new or emerging technologies and changes in market conditions. Triller&#8217;s current and future competitors have
introduced, and may continue to introduce, new ways of consuming or engaging with content, such as ByteDance, that cause Triller&#8217;s
users, especially the younger demographic, to switch to another product, which would negatively affect Triller&#8217;s user retention,
growth, and engagement. As the market for&#160;on-demand&#160;video on the internet and mobile and connected devices increases, new competitors,
business models and solutions are likely to emerge. Triller believes that companies with a combination of technical expertise, brand recognition,
financial resources and digital media experience pose a significant threat of developing competing&#160;on-demand&#160;distribution technologies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Additionally, Triller
competes for a share of advertisers&#8217; overall marketing budgets with other content providers on a variety of factors, including perceived
return on investment, effectiveness and relevance of Triller&#8217;s advertising products and content offering, pricing structure, and
ability to deliver large volumes or precise types of advertisements to targeted user demographic pools. Triller also competes for advertisers
with a range of internet companies, including major internet portals, search engine companies, social media sites and mobile applications,
as well as traditional advertising channels such as terrestrial radio and television.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Most of Triller&#8217;s
competitors in this market have substantially greater financial and other resources, larger research and development staffs, and more
experience and capabilities in developing, marketing and distributing products. Ongoing pricing pressure could result in significant price
erosion, reduced profit margins and loss of market share, any of which could have a material adverse effect on Triller&#8217;s business,
results of operations, financial position and liquidity. Large internet companies with strong brand recognition, such as TikTok, Facebook,
Google, Amazon and Twitter, have significant numbers of sales personnel, substantial advertising inventory, proprietary advertising technology
solutions and traffic that provide a significant competitive advantage and have a significant impact on pricing for reaching these user
bases. Failure to compete successfully against Triller&#8217;s current or future competitors could result in the loss of current or potential
advertisers, a reduced share of Triller&#8217;s advertisers&#8217; overall marketing budget, the loss of existing or potential users,
or diminished brand strength, which could adversely affect Triller&#8217;s pricing and margins, lower Triller&#8217;s revenue, increase
Triller&#8217;s research and development and marketing expenses and prevent Triller from achieving or maintaining profitability.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, Triller competes
with other forms of entertainment and leisure activities. While Triller monitors general market conditions, significant shifts in consumer
demand that could materially alter public preferences for different forms of entertainment and leisure activities are difficult to predict.
Failure to adequately identify and adapt to these competitive pressures could have a negative impact on Triller&#8217;s business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Access to certain
of Triller&#8217;s products depends on mobile app stores and other third parties such as data center service providers, hosted web service
providers, internet transit providers and other communications systems service providers. If third parties such as the Apple App Store
or Google Play Store adopt and enforce policies that limit, prohibit or eliminate Triller&#8217;s ability to distribute or update its
applications through their stores, or increase the costs to do so, it could materially adversely affect Triller&#8217;s business, financial
condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s
products and services mainly depend on mobile application stores and the continued services and performance of other third parties
such as data center service providers, third party computer systems, internet transit providers, and other communications systems
and service providers. Triller&#8217;s mobile applications are almost exclusively accessed through and depend on the Apple App Store
and the Google Play Store. While Triller&#8217;s mobile applications are generally free to download from these stores, Triller
offers its users the opportunity to purchase subscriptions and certain &#224; la carte features through these applications.
Triller determines the prices at which these subscriptions and features are sold, subject to approval by Apple or Google, as
relevant. Purchases of these subscriptions and features via Triller&#8217;s mobile applications are mainly processed through the
in-app payment systems provided by Apple and Google. Triller pays Apple and Google, as applicable, a meaningful share (up to 30%) of
the revenue it receives from transactions processed through in-app payment systems (Google reduced its in-app purchase fees for
subscription payments to 15% as of January 1, 2022). If the Apple App Store or the Google Play Store were to experience an outage,
or if either decided to exit a market, many of Triller&#8217;s users may be unable to access Triller&#8217;s apps, which could
materially adversely affect Triller&#8217;s business, financial condition and results of operations. Any deterioration in
Triller&#8217;s relationships with these and other third-party suppliers, vendors, and business partners, or any adverse change in
the terms and conditions governing these relationships, could have a negative impact on Triller&#8217;s business, financial
condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Furthermore, application
stores and other third party providers such as Apple and Google have broad discretion to make changes to their operating systems or payment
services or change the manner in which their mobile operating systems function and their respective terms and conditions applicable to
the distribution of Triller&#8217;s Technology Platform, including the amount of, and requirement to pay, certain fees associated with
purchases required to be facilitated by such third parties through Triller&#8217;s applications, and to interpret their respective terms
and conditions in ways that may limit, eliminate, or otherwise interfere with Triller&#8217;s products and services, Triller&#8217;s ability
to distribute its Technology Platform through their stores, Triller&#8217;s ability to update its applications, including to make bug
fixes or other feature updates or upgrades, the features Triller provides, the manner in which Triller markets its in-app&#160;products
and services, its ability to access native functionality or other aspects of mobile devices, and its ability to access information about
its users that they collect. There can be no assurance that Apple or Google, or any other similar third party, will not limit, delay,
eliminate, or otherwise interfere with the distribution of Triller&#8217;s Technology Platform, or that Triller will not be limited or
prohibited from using certain current or prospective distribution or marketing channels in the future. To the extent any of them do so,
Triller&#8217;s business, financial condition and results of operations could be materially adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, the websites
and apps of Triller&#8217;s competitors may rank higher than offerings from Triller&#8217;s Technology Platform and Triller&#8217;s Triller
app in search engines and or app stores, and/or Triller&#8217;s application may be difficult to locate in device application stores, which
could draw potential users away from Triller&#8217;s service and toward those of Triller&#8217;s competitors. Device application stores
often offer users the ability to browse applications by various criteria, such as the number of downloads in a given time period, the
length of time since an application was released or updated, or the category in which the application is placed. If Triller is unable
to compete successfully for users against other digital media providers by maintaining and increasing its presence, ease of use, and visibility
and the amount of content streamed on Triller&#8217;s Technology Platform may fail to increase or may decline and Triller&#8217;s subscription
fees and advertising sales may suffer.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>In operating its
Technology Platform, Triller may fail to launch new products or features according to its timetable, and its new products or features
may not be commercially successful.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In order for Triller&#8217;s
integrated global platform to succeed over time, Triller will need to license, acquire or develop new products or features that can generate
additional revenue and further diversify Triller&#8217;s revenue sources. A number of factors, including technical difficulties, government
approvals and licenses of intellectual property rights required for launching new products, lack of sufficient development personnel and
other resources, and adverse developments in Triller&#8217;s relationship with the licensors of Triller&#8217;s new licensed products
could result in delay in launching Triller&#8217;s new products. Therefore, Triller cannot assure you that it will be able to meet its
timetable for new launches.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Additionally, Triller&#8217;s
operations and revenues are affected by consumer tastes and entertainment trends, including consumer use of Triller&#8217;s Technology
Platform and other applications such as TikTok, Instagram, Facebook, Netflix and YouTube, and various other social media apps and short-
and long- form streaming services, as well as the market demand for live sports and music Events, user-generated content generally, and
internet-based Brand engagement, each of which are unpredictable and may be affected by changes in the economic, social, cultural and
political climate or global issues such as the recent COVID-19 pandemic. Changes in consumers&#8217; tastes or perceptions of Triller&#8217;s
Technology Platform, content or business partners, whether as a result of the economic, social, cultural or political climate or otherwise,
could adversely affect Triller&#8217;s operating results. Triller&#8217;s failure to avoid a negative perception among consumers or anticipate
and respond to changes in consumer preferences, including in the form of content creation or distribution, could result in reduced demand
for Triller&#8217;s services and content offerings or those of Triller&#8217;s partners and owned assets across Triller&#8217;s Technology
Platform, which could have an adverse effect on Triller&#8217;s business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There are many
factors that may adversely affect the popularity of Triller&#8217;s new products. For example, Triller may fail to anticipate and
adapt to future technical trends and new business models, fail to satisfy consumer preferences and requirements, fail to effectively
plan and organize marketing and promotion activities, fail to effectively detect and prevent programming errors or defects in the
products, and fail to operate Triller&#8217;s new products at acceptable costs. Triller cannot assure you that its new products will
gain market acceptance and become commercially successful. If Triller is not able to license, develop or acquire additional digital
entertainment products that are commercially successful, Triller&#8217;s future revenues and profitability may decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>The use of Automatic Content Recognition
(&#8220;ACR&#8221;) technology to collect viewing behavior data is emerging and may not be successful.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The utilization of viewing
behavior data collected using ACR technology to inform digital advertising and content delivery is an emerging industry, and future demand
and market acceptance for this type of data is uncertain. If the market for the use of this data does not develop or develops more slowly
than Triller expects, or if Triller is unable to successfully develop and monetize its Brands, Creators, or offerings off of the viewing
behavior data it collects, its growth prospects may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>Payment methods used on Triller&#8217;s
Technology Platform subject Triller to third party payment processing-related risks.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller accepts payments
from its users through a variety of methods, including online payments with credit cards and debit cards issued by major banks, payments
made with gift cards processed by third-party providers and payment through third-party online payment platforms such as PayPal, Stripe,
Afterpay, and Apple Pay. Triller also relies on third parties to provide payment processing services. For certain payment methods, including
credit and debit cards, Triller pays interchange and other fees, which may increase over time and raise its operating costs and lower
its profit margins. Triller may also be subject to fraud and other illegal activities in connection with the various payment methods Triller
offers, including online payment options and gift cards. Transactions on Triller&#8217;s Technology Platform and mobile applications are
&#8220;card-not-present&#8221; transactions, so they present a greater risk of fraud. Criminals are using increasingly sophisticated methods
to engage in illegal activities such as unauthorized use of credit or debit cards and bank account information. Requirements relating
to consumer authentication and fraud detection with respect to online sales are complex. Triller may ultimately be held liable for the
unauthorized use of a cardholder&#8217;s card number in an illegal activity and be required by card issuers to pay charge-back fees. Charge-backs
result not only in Triller&#8217;s loss of fees earned with respect to the payment, but also leave Triller liable for the underlying money
transfer amount. If Triller&#8217;s charge-back rate becomes excessive, card associations also may require Triller to pay fines or refuse
to process Triller&#8217;s transactions. In addition, Triller may be subject to additional fraud risk if third-party service providers
or its employees fraudulently use consumer information for their own gain or facilitate the fraudulent use of such information. Overall,
Triller may have little recourse if it processes a criminally fraudulent transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller or a third party
may experience a data security breach involving credit card information and when this occurs, affected cardholders will often cancel their
credit cards. In the case of a breach experienced by a third party, the more sizable the third party&#8217;s customer base and the greater
the number of credit card accounts impacted, the more likely it is that Triller&#8217;s users would be impacted by such a breach. To the
extent Triller&#8217;s users are ever affected by such a breach experienced by Triller or a third party, affected users would need to
be contacted to obtain new credit card information and process any pending transactions. It is likely that Triller would not be able to
reach all affected users, and even if Triller could, some users&#8217; new credit card information may not be obtained and some pending
transactions may not be processed, which could materially adversely affect Triller&#8217;s business, financial condition and results of
operations. Even if Triller&#8217;s users are not directly impacted by a given data security breach, they may lose confidence in the ability
of service providers to protect their personal information generally, which could cause them to stop using their credit cards online and
choose alternative payment methods that are not as convenient for Triller or restrict Triller&#8217;s ability to process payments without
significant cost or user effort. Additionally, if Triller fails to adequately prevent fraudulent credit card transactions, it may face
litigation, fines, governmental enforcement action, civil liability, diminished public perception of Triller&#8217;s security measures,
significantly higher credit card-related costs and substantial remediation costs, or refusal by credit card processors to continue to
process payments on Triller&#8217;s behalf, any of which could materially adversely affect Triller&#8217;s business, financial condition
and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller is subject
to payment card association operating rules, certification requirements and various rules, regulations and requirements governing
electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for Triller to comply. As
Triller&#8217;s business changes, Triller may also be subject to different rules under existing standards, which may require new
assessments that involve costs above what Triller currently pay for compliance. If Triller fails to comply with the rules or
requirements of any provider of a payment method it accepts, or if the volume of fraud in Triller&#8217;s transactions limits or
terminates Triller&#8217;s rights to use payment methods it currently accepts, or if a data breach occurs relating to
Triller&#8217;s payment systems, among other things, Triller may be subject to fines and higher transaction fees and lose its
ability to accept credit and debit card payments from its consumers, process electronic funds transfers or facilitate other types of
online payments, and its reputation and its business, financial condition and results of operations could be materially and
adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The validity, enforceability
and scope of protection of intellectual property in internet-related industries are evolving, and therefore, uncertain. Triller may have
to engage in litigation or other legal proceedings to enforce and protect its intellectual property rights, which could result in substantial
costs and diversion of its resources, and have a material adverse effect on its business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
Technology Platform depends on the reliability of the network infrastructure and related services provided by itself and third parties,
which is subject to physical, technological, security and other risks. Triller could suffer a loss of revenue and increased costs, exposure
to significant liability, reputational harm and other serious negative consequences if Triller sustains damages, cyber-attacks or other
data security breaches that disrupt its operations or result in the dissemination of proprietary or confidential information about Triller
or its customers or other third parties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The development and operation
of Triller&#8217;s Technology Platform is subject to physical, technological, security and other risks which may result in interruption
in service or reduced capacity. These risks include physical damage, power loss, telecommunications failure, capacity limitation, hardware
or software failures or defects and breaches of physical and cybersecurity by computer viruses, system&#160;break-ins&#160;or otherwise.
An increase in the volume of usage of Triller&#8217;s Technology Platform could strain the capacity of the software and hardware employed
to prevent and identify such failures, breaches and attacks, which could result in slower response time or system failures. In particular,
Triller&#8217;s industry has witnessed an increase in the number, intensity and sophistication of cybersecurity incidents caused by hackers
and other malicious actors such as foreign governments, criminals, hacktivists, terrorists and insider threats. Hackers and other malicious
actors may be able to penetrate Triller&#8217;s network security and misappropriate or compromise Triller&#8217;s confidential, sensitive,
personal or proprietary information, or that of third parties, and engage in the unauthorized use or dissemination of such information.
They may be able to create system disruptions, or cause shutdowns. Hackers and other malicious actors may be able to develop and deploy
viruses, worms, ransomware and other malicious software programs that attack Triller&#8217;s products or otherwise exploit any security
vulnerabilities of Triller&#8217;s systems. For example, in 2021 Triller experienced a dictionary attack that resulted in approximately
100 of its users&#8217; accounts being taken over. In addition, sophisticated hardware and operating system software and applications
that Triller procures from third parties may contain defects in design or manufacture, including &#8220;bugs,&#8221; cybersecurity vulnerabilities
and other problems that could unexpectedly interfere with the operation or security of its systems. For example, in 2022, as a result
of a bug introduced in the application, Triller estimated that potentially 504 accounts may have been compromised.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The occurrence of any
of these events could result in interruptions, delays or cessation in service to users of Triller&#8217;s online services, which could
have a material adverse effect on Triller&#8217;s business and results of operations. Triller may be required to expend significant capital
or other resources to protect against the threat of security breaches and attacks or to alleviate problems caused by such actions, including
the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, any compromise
of security from a security breach or cyber-attack could deter customers or business partners from entering into transactions that involve
providing confidential information to Triller. As a result, any compromise to the security of Triller&#8217;s systems could have a material
adverse effect on its business, reputation, financial condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While Triller has implemented
industry-standard physical and cybersecurity measures, Triller&#8217;s network may still be vulnerable to unauthorized access, computer
viruses, denial of service and other disruptive problems. Triller has experienced in the past, and may experience in the future, security
breaches or attacks. There can be no assurance that any measures implemented will not be circumvented in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s business
is also vulnerable to delays or interruptions due to Triller&#8217;s reliance on infrastructure and related services provided by third
parties.&#160;End-users&#160;of Triller&#8217;s offerings depend on Internet Service Providers (&#8220;<b>ISPs</b>&#8221;) and Triller&#8217;s
system infrastructure for access to the internet games and services Triller offers. Some of these services have experienced service outages
in the past and could experience service outages, delays and other difficulties due to system failures, stability or interruption. Triller
may lose Creators or consumers as a result of delays or interruption in service, including delays or interruptions relating to high volumes
of traffic or technological problems, which may prevent the use of Triller&#8217;s Technology Platform for a period of time and could
materially adversely affect Triller&#8217;s business, revenues, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to all of
the foregoing, in the event that Triller&#8217;s service agreements are terminated or expire with network infrastructure providers, Triller
could experience interruptions in access to Triller&#8217;s Technology Platform as well as significant delays and additional expense in
arranging for or creating new facilities or re-architecting Triller&#8217;s Technology Platform for deployment on a different network
infrastructure service provider, which would adversely affect Triller&#8217;s business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may experience
losses due to subscriber fraud and theft of service.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subscribers may in the
future obtain access to the subscription services on Triller&#8217;s Technology Platform without paying for service by unlawfully using
Triller&#8217;s authorization codes, engaging in otherwise illegal activity or by submitting fraudulent credit card information. To date,
no material losses from unauthorized credit card transactions and theft of service have occurred. Triller has implemented anti-fraud procedures
in order to control losses relating to these practices, but these procedures may not be adequate to effectively limit all of Triller&#8217;s
exposure in the future from fraud. If Triller&#8217;s procedures are not effective, consumer fraud and theft of service could significantly
decrease Triller&#8217;s revenue and have a material adverse effect on Triller&#8217;s business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If TV streaming
develops more slowly than Triller expects, Triller&#8217;s operating results and growth prospects could be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">TV streaming is a continuously
evolving, making it difficult to evaluate the prospects for Triller&#8217;s TV streaming offerings. The level of demand and market acceptance
for Triller&#8217;s streaming offerings are subject to a high degree of uncertainty. Triller believes that the growth and success of its
streaming offerings, such as Triller TV, and BKFC, will depend on the availability of quality content, the quality and reliability of
new devices and technology and the cost for subscribers relative to other sources of content. These technologies, products and content
offerings continue to emerge and evolve. Users, Creators or Brands may find TV streaming platforms to be less attractive than traditional
TV, which would harm Triller&#8217;s business. If new technologies render the TV streaming market obsolete or Triller is unable to successfully
compete with current and new competitors and technologies, its business may be harmed. The future growth of Triller&#8217;s business depends
in part on the growth of TV streaming advertising, and on advertisers increasing spend on such advertising.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Changes to Triller&#8217;s
existing products and apps, or the introduction of new products and brand names that Triller develops, could fail to attract or retain
Creators users, consumers or Brand partners, or generate revenue and profits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s ability
to retain, increase and engage its Creators, consumers or Brand partners and to increase its revenue depends heavily on its ability to
continue to evolve its Technology Platform and to create successful new products and develop new brands for Triller, both independently
and in conjunction with developers or other third parties. Triller may introduce significant changes to its existing products, or acquire
or introduce new and unproven third-party products, and product extensions, including using technologies with which Triller has little
or no prior development or operating experience. Triller has also invested, and expect to continue to invest, significant resources in
growing its products to support increasing usage as well as new lines of business, new products, new product extensions and other initiatives
to generate revenue. For example, Triller acquired Julius, which operates a marketplace that connects Brands with Creators with whom they
may desire to partner. There is no guarantee that investing in new lines of business, new products, new product extensions and other initiatives
will succeed. If Triller&#8217;s new or enhanced brands, products or product extensions fail to engage users, marketers, or developers,
or if Triller&#8217;s business plans are unsuccessful, Triller may fail to attract or retain users or to generate sufficient revenue,
operating margin or other value to justify its investments, and its business may be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may also introduce
new products, features or terms of service or policies, and seek to find new, effective ways to show its community new and existing products
and alert them to events and meaningful opportunities to connect, that users do not like, which may negatively affect its reputation and
usage of the offerings on its Technology Platform. New products may provide temporary increases in engagement that may ultimately fail
to attract and retain users such that they may not produce the long-term benefits that Triller expects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
ability to introduce new features, capabilities and enhancements is dependent on adequate research and development resources. If Triller
does not adequately fund its research and development efforts, or if its research and development investments do not translate into material
enhancements to us, it may not be able to compete effectively and its business, results of operations and financial condition may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To remain competitive,
Triller must continue to develop new features, capabilities and enhancements to its Technology Platform, including all of its services
and technology offerings. This is particularly true as Triller further expands and diversifies its capabilities to address additional
markets. Maintaining adequate research and development resources, such as the appropriate personnel and development technology, to meet
the demands of the market is essential. The development of new features, services, or products for Triller&#8217;s Technology Platform
depends on a number of factors, including Triller&#8217;s ability to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">spend its development&#160;budget&#160;efficiently
or effectively on commercially successful and innovative technologies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">realize the expected benefits
of its strategy;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">develop products that are competitive
in relation to its competitors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">develop technology in a timely
and cost-effective manner;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">anticipate user, Creator and
Brand demand for an offering Triller is developing; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">fund and recoup costs incurred.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If Triller is unable
to develop features and capabilities internally due to certain constraints, such as employee turnover, lack of management ability or a
lack of other research and development resources, which may be exacerbated by Triller&#8217;s current negative working capital and low
cash balance, Triller&#8217;s business will be harmed. Moreover, research and development projects can be technically challenging and
expensive. The nature of these research and development cycles may cause Triller to experience delays between the time Triller incurs
expenses associated with research and development and the time it is able to offer compelling features, capabilities, and enhancements
and generate revenue, if any, from such investment. Additionally, anticipated demand for a feature, integration, capability or enhancement
Triller is developing could decrease after the development cycle has commenced, and Triller would nonetheless be unable to avoid substantial
costs associated with the development of any such feature, integration, capability or enhancement. If Triller expends a significant amount
of resources on research and development and its efforts do not lead to the successful introduction or improvement of features, integrations
and capabilities that are competitive, it would harm its business, results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further, many of Triller&#8217;s
competitors expend a considerably greater amount of funds on their respective research and development programs, and those that do not
may be acquired by larger companies that would allocate greater resources to Triller&#8217;s competitors&#8217; research and development
programs. Triller&#8217;s failure to maintain adequate research and development resources or to compete effectively with the research
and development programs of Triller&#8217;s competitors would give an advantage to such competitors and may harm Triller&#8217;s business,
results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In 2021, Triller launched
subscription packages to bring its collection of virtual and live Events and other content in its library to paid subscribers. Triller&#8217;s
assessments are based on prior experience and market competition and may not be accurate and Triller could be underpricing or overpricing
its subscription services, which may require Triller to continue to adjust its pricing packages and incorrect pricing could result in
harm to its business. Furthermore, subscriber price sensitivity may vary by location, and as Triller expands into different countries,
its pricing packages may not enable Triller to compete effectively in these countries. In addition, if Triller&#8217;s Technology Platform
or services change, then Triller may need to, or Triller may choose to, revise its pricing. Such changes to Triller&#8217;s pricing model
or its ability to efficiently price its Brand services offerings, digital and&#160;in-person&#160;event tickets, or content library could
harm its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller must increase
the scale and efficiency of its technology infrastructure to support its growth.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s technology
must scale to process the potential increased usage of its Technology Platform. Triller must continue to increase the capacity of its
Technology Platform to support its high-volume strategy, to cope with increased data volumes, increased use by Creators, Brands and users
and an increasing variety of advertising formats and platforms, and to maintain a stable service infrastructure and reliable service delivery.
To the extent Triller is unable, for cost or other reasons, to effectively increase the capacity of its Technology Platform or support
emerging advertising formats or services preferred by users, consumers, Creators and Brands, its revenue will suffer. Triller expects
to continue to invest in its Technology Platform to meet increasing demand. Such investment may negatively affect its profitability and
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If there are interruptions
or performance problems associated with the technology or infrastructure of Triller&#8217;s Technology Platform, including interruptions
that impact Triller&#8217;s third-party service providers, users may experience service outages, new users may be reluctant to adopt Triller&#8217;s
product offerings, users may leave Triller&#8217;s Technology Platform, and Triller&#8217;s reputation could be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s business
and continued growth rely, in part, on the ability of existing and potential users to access Triller&#8217;s Technology Platform without
interruption or degradation of performance. Triller&#8217;s products and systems rely on software and hardware that is highly technical
and complex, and depend on the ability of such software and hardware to store, retrieve, process and manage immense amounts of data. Triller
has in the past and may in the future experience disruptions, outages, and other performance problems with its technology due to factors
such as infrastructure changes, introductions of new functionalities, human or software errors, capacity constraints, or attacks by malicious
third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Despite internal testing,
particularly when first introduced or when new versions or enhancements are released, Triller&#8217;s software may contain serious errors
or defects, security vulnerabilities, or software bugs that are difficult to detect and correct, which Triller may be unable to successfully
correct in a timely manner or at all. In some instances, Triller may not be able to identify the cause or causes of these performance
problems immediately or in short order. Triller may not be able to maintain the level of service uptime and performance required by customers,
especially during peak usage times and as Triller&#8217;s user traffic and number of integrations increase. If Triller&#8217;s Technology
Platform is unavailable or if users are unable to access these platforms within a reasonable amount of time (especially during live Events),
or at all, Triller&#8217;s business would be harmed. Since users rely on Triller&#8217;s Technology Platform to create and share social
media content and experience live event and other programming, any outage would negatively impact Triller&#8217;s brand, reputation and
customer satisfaction, and could give rise to legal liability under Triller&#8217;s service level agreements with paid customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, Triller
depends on services from various third parties to maintain its infrastructure, including cloud-based infrastructure services.
Triller currently hosts its Technology Platform primarily using Amazon Web Services (&#8220;<b>AWS</b>&#8221;) and Google.
Triller&#8217;s operations depend on protecting the virtual cloud infrastructure hosted in AWS and Google by maintaining its
configuration, architecture, features and interconnection specifications, as well as the information stored in these virtual data
centers and which third-party internet service providers transmit. If a service provider fails to provide sufficient capacity to
support Triller or otherwise experiences service outages, such failure could interrupt access to Triller&#8217;s Technology Platform
by users and organizations, which could adversely affect their perception of Triller&#8217;s reliability and Triller&#8217;s
revenue. Any disruptions in these services, including as a result of actions outside of Triller&#8217;s control, would significantly
impact the continued performance of Triller&#8217;s Technology Platform. A prolonged AWS service disruption affecting
Triller&#8217;s Technology Platform would negatively impact Triller&#8217;s ability to serve its consumers and partners, and could
damage its reputation with current and potential consumers and partners, expose Triller to liability, cause Triller to lose
consumers or partners or otherwise harm Triller&#8217;s business. Triller may also incur significant costs for using alternative
equipment or taking other actions in preparation for, or in reaction to, events that damage the AWS services Triller use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the future, these
services may not be available to Triller on commercially reasonable terms, or at all. Any loss of the right to use any of these services
could result in Triller&#8217;s decreased functionality until equivalent technology is either developed by Triller or, if available from
another provider, is identified, obtained, and integrated into Triller&#8217;s infrastructure. Triller may also be unable to effectively
address capacity constraints, upgrade its systems as needed, and continually develop its technology and network architecture to accommodate
actual and anticipated changes in technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s Technology
Platform, services and technologies are vulnerable to malicious attacks and security breaches. Such attacks are of ever-increasing levels
of sophistication and are made by groups and individuals with a wide range of motives and expertise, including organized criminal groups,
and others. For example, in 2021 Triller experienced a dictionary attack that resulted in approximately 100 of its users&#8217; accounts
being taken over and, in 2022, as a result of a bug introduced in the application, Triller estimated that potentially 504 accounts may
have been compromised. The techniques used to breach security safeguards evolve rapidly, and they may be difficult to detect for an extended
period of time, and the measures Triller takes to safeguard its technology may not adequately prevent such incidents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While Triller has taken
steps to protect its confidential and personal information and that of its users and other business relationships and have invested in
information technology, there can be no assurance that Triller&#8217;s efforts will prevent service interruptions or security breaches
in Triller&#8217;s systems or the unauthorized or inadvertent wrongful use or disclosure of such confidential information. Such incidents
could adversely affect Triller&#8217;s business operations, reputation, and client relationships. Any such breach would require Triller
to expend significant resources to mitigate the breach of security and to address matters related to any such breach, including the payment
of fines. Although Triller maintains an insurance policy that covers data security, privacy liability, and cyber-attacks, Triller&#8217;s
insurance may not be adequate to cover losses arising from breaches or attacks on Triller&#8217;s systems. Triller also may be required
to notify regulators about any actual or perceived personal data breach as well as the individuals who are affected by the incident within
strict time periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller is also in
the process of integrating the technology of its acquired companies. The resulting size and diversity of Triller&#8217;s technology
systems, as well as the systems of third-party vendors with whom Triller contracts, increase the vulnerability of such systems to
breakdowns and security breaches. In addition, Triller relies on technology at live Events, the failure or unavailability of which,
for any significant period of time, could affect Triller&#8217;s business, Triller&#8217;s reputation and the success of
Triller&#8217;s live Events. Triller also relies on technology to provide its digital offerings, live streaming and virtual Events,
which may be vulnerable to hacking, denial of service attacks, human error and other unanticipated problems or events that could
result in interruptions in Triller&#8217;s service and unauthorized access to, or alteration of, the content and data contained on
Triller&#8217;s systems and those of Triller&#8217;s third- party vendors. Any significant interruption or failure of the technology
upon which Triller relies, or any significant breach of security, could result in decreased performance and increased operating
costs, adversely affecting Triller&#8217;s business, financial condition and results of operations. Implementation of changes in
Triller&#8217;s technology may cost more or take longer than originally expected and may require more testing than initially
anticipated. Any failure to update and enhance Triller&#8217;s technology in a timely and cost-effective manner could materially
adversely affect Triller&#8217;s users&#8217; experience with Triller&#8217;s various products and thereby negatively impact the
demand for Triller&#8217;s products, and could increase Triller&#8217;s costs, either of which could materially adversely affect
Triller&#8217;s business, financial condition and results of operations. Implementation of changes in Triller&#8217;s technology may
cost more or take longer than originally expected and may require more testing than initially anticipated. Any failure to update and
enhance Triller&#8217;s technology in a timely and cost-effective manner could materially adversely affect Triller&#8217;s
users&#8217; experience with Triller&#8217;s various products and thereby negatively impact the demand for Triller&#8217;s products,
and could increase Triller&#8217;s costs, either of which could materially adversely affect Triller&#8217;s business, financial
condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, the delivery
of Triller&#8217;s products and services through Triller&#8217;s Technology Platform presents the potential for further vulnerabilities.
For instance, Triller may be subject to boycotts, spam, spyware, ransomware, phishing and social engineering, viruses, worms, malware,
DDOS attacks, password attacks,&#160;man-in-the-middle&#160;attacks, cybersquatting, impersonation of employees or officers, abuse of
comments and message boards, fake reviews, doxing and swatting. While Triller has internal policies in place to protect against these
vulnerabilities, Triller can make no assurances that it will not be adversely affected should one of these events occur. Additionally,
there is an increased risk that Triller may experience cybersecurity-related events and other security challenges, as a result of its
hybrid and remote employees and service providers working from&#160;non-corporate-managed&#160;networks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Furthermore, Triller&#8217;s
future success will depend on its ability to adapt to emerging technologies such as tokenization, new authentication technologies, such
as blockchain technologies, artificial intelligence, machine learning, virtual and augmented reality, and cloud technologies. Additionally,
Triller&#8217;s efforts to adapt to emerging technologies may not always be successful and Triller may not make appropriate investments
in new technologies, which could materially adversely affect its business, financial condition and results of operations. For example,
the use of AI and ML is becoming increasingly prevalent in Triller&#8217;s industry, and, although Triller intends to continue developing
its Technology Platform&#8217;s AI and ML capabilities to meet the needs of its customers, Triller may be unable to accurately or efficiently
integrate machine learning and artificial intelligence features or functionalities of the quality or type sought by Triller&#8217;s customers
or offered by Triller&#8217;s competitors. These development efforts may also require significant engineering, sales, and marketing resources,
all of which could require significant capital and management investment. If Triller is unable to enhance its Technology Platform and
product offerings to keep pace with rapid technological and regulatory change, or if new technologies, including AI and ML solutions,
emerge that are able to deliver competitive products at aggressive or alternative prices, more efficiently, more conveniently or more
securely than Triller&#8217;s Technology Platform, demand for Triller&#8217;s Technology Platform and product offerings may decline, and
Triller&#8217;s business, financial condition, and results of operations may be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any of the above circumstances
or events may adversely impact the user experience, harm Triller&#8217;s reputation, cause organizations to terminate Triller&#8217;s
agreements, impair Triller&#8217;s ability to obtain license renewals from organizations, impair Triller&#8217;s ability to grow its user
base, subject Triller to financial penalties and otherwise harm Triller&#8217;s business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If Triller is unable
to ensure that its Technology Platform interoperates with a variety of software applications that are developed by others, including its
partners, Triller may become less competitive and its results of operations may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s Technology
Platform must integrate with a variety of network, hardware, and software platforms, and Triller needs to continuously modify and enhance
the platform to adapt to changes in hardware, software, networking, browser, and database technologies. In particular, Triller has developed
its Technology Platform to be able to integrate with third-party applications, including the applications of its competitors as well as
its partners, through the interaction of APIs. In general, Triller relies on the providers of such software systems to allow Triller access
to their APIs to enable these integrations. Triller is typically subject to standard terms and conditions that govern the distribution,
operation, and fees of such third-party systems and platforms which are subject to modification by such providers from time to time. Triller&#8217;s
business may be harmed if any provider of such platforms or systems:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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access to its software or APIs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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or other policies, including fees charged to, or other restrictions on Triller or other application developers;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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relationships with one or more of Triller&#8217;s competitors; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">develops or otherwise favors
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</tr></table><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Third-party services
and products are constantly evolving, and Triller may not be able to modify its Technology Platform apps to ensure their compatibility
with that of other third parties following development changes. In addition, some of Triller&#8217;s competitors may be able to disrupt
the operation or compatibility of Triller&#8217;s Technology Platform on or with their products or services or exert strong business influence
on Triller&#8217;s ability to operate and terms upon which Triller do so. Should any of Triller&#8217;s competitors modify their products,
standards or terms in a manner that degrades the functionality of Triller&#8217;s Technology Platform or gives preferential treatment
to competitive products or services, whether to enhance their competitive position or for any other reason, the interoperability of Triller&#8217;s
Technology Platform with these products could decrease and Triller&#8217;s business, results of operations, and financial condition could
be harmed. If Triller is not permitted or able to integrate with these and other third-party applications in the future, demand for Triller&#8217;s
Technology Platform would be harmed and Triller&#8217;s business, results of operations, and financial condition would be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller has created mobile
versions of its websites and the various offerings that comprise its Technology Platform to respond to the increasing number of people
who access Triller&#8217;s products and services through mobile devices. If these mobile applications and websites do not perform well,
Triller&#8217;s business may suffer. Triller is also dependent on third-party application stores (such as those managed by Apple and Google)
that may prevent Triller from timely updating its product offerings, building new features, integrations, and capabilities, or charging
for access. Certain of these third parties are now, and others may in the future become, competitors of us, and could stop allowing or
supporting access to the platform or the apps that comprise the platform through their products, could allow access to the platform or
such apps only at an unsustainable cost, or could make changes to the terms of access in order to make Triller&#8217;s Technology Platform
and applications less desirable or harder to access, for competitive reasons. In addition, Triller&#8217;s Technology Platform and applications
interoperate with servers, mobile devices, and software applications predominantly through the use of protocols, many of which are created
and maintained by third parties. Triller therefore depends on the interoperability of its applications with such third-party services,
mobile devices, and mobile operating systems, as well as cloud-enabled hardware, software, networking, browsers, database technologies,
and protocols that Triller does not control. Any changes in such technologies that degrade the functionality of Triller&#8217;s apps or&#160;give
preferential treatment to competitive services could adversely affect adoption and usage of Triller&#8217;s apps. Also, Triller may not
be successful in developing or maintaining relationships with key participants in the mobile industry or in ensuring that Triller&#8217;s
apps operate effectively with a range of operating systems, networks, devices, browsers, protocols and standards. If Triller is unable
to effectively anticipate and manage these risks, or if it is difficult for users to access and use Triller&#8217;s apps, Triller&#8217;s
business, results of operations and financial condition may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller relies
on software and services from other parties. Defects in, or the loss of access to, software or services from third parties could increase
Triller&#8217;s costs and adversely affect the quality of Triller&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller relies on technologies
from third parties, such as AWS and Google, to operate critical functions of its business, including cloud infrastructure services and
customer relationship management services. Triller&#8217;s business would be disrupted if any of the third-party software or services
Triller utilizes and relies upon, such as AWS and Google, or functional equivalents thereof, were unavailable due to extended outages
or interruptions, or because they are no longer available on commercially reasonable terms or prices. In each case, Triller would be required
to either seek licenses to software or services from other parties and redesign the Triller app or certain aspects of Triller&#8217;s
Technology Platform to function with such software or services or develop these components itself, which would result in increased costs
and could result in delays in launches and releases of new features, integrations, capabilities or enhancements until equivalent technology
can be identified, licensed, or developed, and integrated into the Triller app. Furthermore, Triller might be forced to limit the features
available in its Technology Platform. These delays and feature limitations, if they occur, could harm Triller&#8217;s business, results
of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller incorporates
software and services from third parties into its Technology Platform, and its inability to maintain rights to such software and services
would harm its business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller licenses patents,
software, technology and procure services from third parties that it incorporates into or integrate with its Technology Platform. Some
of the foregoing licenses and services are material and important to the functionality and operation of Triller&#8217;s Technology Platform
and would be difficult to replace. For example, Triller licenses music and video editing technology from a third party licensor which
is a material component of its Technology Platform.
Some of Triller&#8217;s agreements with its licensors provide for a limited term. Although Triller has taken steps to protect its rights
in certain technology, and identify alternatives where applicable, if Triller is unable to continue to license any of this intellectual
property for any reason, its ability to develop and sell access to its Technology Platform containing such technology could be harmed.
Similarly, if Triller is unable to license necessary intellectual property from third parties now, or in the future, on commercially reasonable
terms or at all, Triller may be forced to acquire or develop alternative technology, which Triller may be unable to do in a commercially
feasible manner, or at all, and Triller may be required to use alternative technology of lower quality or performance standards, which
would adversely affect Triller&#8217;s business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller also cannot be
certain that its licensors are not infringing the intellectual property rights of third parties or that its licensors have sufficient
rights to the licensed intellectual property in all jurisdictions in which Triller may sell access to its Technology Platform. In addition,
many licenses are non-exclusive, and therefore Triller&#8217;s competitors may have access to the same technology licensed to Triller.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Certain of Triller&#8217;s
products contain third-party open source software components, and failure to comply with the terms of the underlying open source software
licenses could restrict Triller&#8217;s ability to sell its products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain of Triller&#8217;s
products contain components that are licensed under&#160;so-called&#160;&#8220;open source,&#8221; &#8220;free&#8221; or other similar
licenses. Open source software is made available to the general public on an&#160;&#8220;as-is&#8221;&#160;basis under the terms of a&#160;non-negotiable&#160;license.
Triller currently combines its proprietary software with open source software, but not in a manner that Triller believes requires the
release of the source code of its proprietary software to the public. Triller does not plan to integrate its proprietary software with
open source software in ways that would require the release of the source code of its proprietary software to the public. Although Triller
has certain processes in place to monitor and manage its use of open source software to avoid subjecting its platform to conditions Triller
does not intend, the terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that
these licenses could be construed in a way that could impose unanticipated conditions or restrictions on Triller&#8217;s ability to provide
or distribute Triller&#8217;s platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s use and
distribution of open source software may entail greater risks than use of third-party commercial software. Open source licensors generally
do not provide support, warranties, indemnification, or other contractual protections regarding infringement claims or the quality of
the code. In addition, if Triller combines its proprietary software with open source software in a certain manner, Triller could, under
certain open source licenses, be required to release to the public or remove the source code of Triller&#8217;s proprietary software.
Triller may also face claims alleging noncompliance with open source license terms or infringement or misappropriation of proprietary
software. These claims could result in litigation, require Triller to purchase a costly license or remove the software. In addition, if
the license terms for open source software that Triller uses change, it may be forced to&#160;re-engineer its solutions, incur additional
costs or discontinue the sale of its offerings if&#160;re-engineering&#160;could not be accomplished on a timely basis or at all. Although
Triller monitors its use of open source software to avoid subjecting its offerings to unintended conditions, Triller cannot assure you
that its processes for monitoring and managing its use of open source software in its platform will be effective and there is a risk that
these licenses could be construed in a way that could impose unanticipated conditions or restrictions on its ability to commercialize
its offerings. Triller cannot guarantee that it has incorporated open source software in its software in a manner that will not subject
Triller to liability or in a manner that is consistent with its current policies and procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The failure to
maintain or renew Triller&#8217;s agreements with producers or distributors of free, freemium and&#160;pay-per-view&#160;content could
adversely impact Triller&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller enters into
long-term contracts for both the acquisition and the distribution of media content, including contracts for the acquisition of
content rights for sporting events and other programs. As these contracts expire, Triller must renew or renegotiate the contracts,
and if Triller is unable to renew them on acceptable terms, Triller may lose content rights or distribution rights. Even if these
contracts are renewed, the cost of obtaining content rights may increase (or increase at faster rates than Triller&#8217;s
historical experience). Moreover, Triller&#8217;s ability to renew these contracts on favorable terms may be affected by
consolidation in the market for content distribution and the entrance of new participants in the market for distribution of content
on digital platforms. With respect to the acquisition of content rights, particularly sports content rights, the impact of these
long-term contracts on Triller&#8217;s results over the term of the contracts depends on a number of factors, including the strength
of advertising markets, subscription levels and rates for content, effectiveness of marketing efforts and the size of viewer
audiences. There can be no assurance that revenues from content based on these rights will exceed the cost of the rights plus the
other costs of producing and distributing the content.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s ability
to provide its subscribers with content also depends on content providers and other rights holders licensing rights, including distribution
rights, to such content and certain related elements thereof, such as the public performance of music contained within the content Triller
distributes. The license periods and the terms and conditions of such licenses vary, and Triller is currently operating outside the terms
of some of its current licenses. If the content providers and other rights holders are not or are no longer willing or able to license
Triller content upon terms acceptable to us, Triller&#8217;s ability to stream content to its subscribers may be adversely affected and/or
its costs could increase. Because of these provisions as well as other actions Triller may take, content available through its service
can be withdrawn on short notice. As competition increases, Triller has seen the cost of certain programming increase.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
business depends on its ability to send consumer engagement messages, including emails, SMS, and mobile and web notifications, and any
significant disruption in service with Triller&#8217;s third-party providers or on mobile operating systems could result in a loss of
customers or less effective consumer-brand engagement, which could harm Triller&#8217;s business, financial condition, and results of
operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s brand,
reputation, and ability to attract new customers depend on the reliable performance of Triller&#8217;s technology infrastructure and content
delivery. Triller&#8217;s Technology Platform engages with consumers through emails, SMS and push notifications, and Triller depends on
third-party services for delivery of such notifications. Any incident broadly affecting the interaction of third-party devices with Triller&#8217;s
platform, including any delays or interruptions in these services that could cause delays to emails, SMS, or mobile and web notifications,
could adversely affect Triller&#8217;s business. Similarly, cybersecurity events could result in a disruption to such third-party&#8217;s
services, including regulatory investigations, reputational damage, and a loss of sales and customers, which could in turn impact Triller&#8217;s
business. A prolonged disruption, cybersecurity event or any other negative event affecting a third-party service could lead to customer
dissatisfaction and could in turn damage Triller&#8217;s reputation with current and potential customers, result in a breach under Triller&#8217;s
agreements with its customers, and cause Triller to lose customers or otherwise harm its business, financial condition, and results of
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller depends in part
on mobile operating systems and their respective infrastructures to send notifications through various applications that utilize its platform.
As new email, mobile devices, and mobile and web platforms are released, existing email, mobile devices, and platforms may cease to support
Triller&#8217;s platform or effectively roll out updates to Triller&#8217;s customers&#8217; applications. Any changes in these systems
or platforms that negatively impact the functionality of Triller&#8217;s platform could adversely affect Triller&#8217;s ability to interact
with consumers in a timely and effective fashion, which could adversely affect Triller&#8217;s ability to retain and attract new customers.
The parties that control the operating systems for mobile devices and mobile, web, and email platforms have no obligation to test the
interoperability of new mobile devices or platforms with Triller&#8217;s platform, and third parties may produce new products that are
incompatible with or not optimal for the operation of Triller&#8217;s platform. Additionally, in order to deliver high-quality consumer
engagement, Triller needs to ensure that its platform is designed to work effectively with a range of mobile technologies, systems, networks,
and standards. If consumers choose to use products or platforms that do not support Triller&#8217;s platform, or if Triller does not ensure
its platform can work effectively with such products or platforms, Triller&#8217;s business and growth could be harmed. Triller also may
not be successful in developing or maintaining relationships with key participants in the email or mobile industries that permit such
interoperability. If Triller is unable to adapt to changes in popular operating systems and platforms, it expects that its customer retention
and customer growth would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
business may be adversely affected if Triller&#8217;s access to music rights is limited or delayed. The concentration of control of content
by major music licensors means that even one entity, or a small number of entities working together, may unilaterally affect Triller&#8217;s
access to music and other content. Triller depends upon third-party licenses for the use of music on Triller&#8217;s platform and in Triller&#8217;s
content. An adverse change to, loss of, or claim that Triller does not hold necessary licenses may have an adverse effect on its business,
operating results, and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Music is an
important element of the overall content that Triller makes available on the Triller app. Triller relies on licensors that hold
rights to sound recordings and musical compositions, over whom Triller has no control, for the music related content Triller makes
available on the Triller app. To secure the rights to use music in Triller&#8217;s content and on the Triller app, Triller enters
into agreements to obtain licenses from rights holders such as performing rights organizations, record labels, music publishers,
collecting societies, artists and songwriters, and other copyright owners (or their agents). Triller pays royalties to such parties
or their agents around the world. Triller cannot guarantee that these parties will always choose to license to Triller.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The process of obtaining
licenses involves identifying and negotiating with many rights holders, some of whom are unknown, or difficult to identify, or for whom
Triller may have conflicting ownership information, and implicates a myriad of complex and evolving legal issues across many jurisdictions,
including open questions of law as to when and whether particular licenses are needed with respect to the use of musical compositions
and sound recordings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The music industry is
highly concentrated, which means that one or a small number of entities may, on their own, take actions that adversely affect Triller&#8217;s
business. For example, the music rights licensed to Triller under Triller&#8217;s agreements with major record labels and major publishing
companies are necessary for Triller to exploit the majority of music consumed on the Triller app. Triller&#8217;s business may be adversely
affected if Triller&#8217;s access to music is limited or delayed, or if any of the various rights to such music are no longer licensed
to us, if Triller&#8217;s relationships deteriorate with one or more of these rights holders, or if they choose not to license to Triller
for any other reason. Rights holders also may attempt to take advantage of their market power by seeking onerous financial terms from
Triller. Triller may elect not to renew certain agreements with rights holders for any number of reasons, or Triller may decide to explore
different licensing schemes or economic structures with certain or all rights holders. Artists and/or songwriters may object and may exert
public or private pressure on rights holders to discontinue or to modify license terms, or Triller may elect to discontinue use of an
artist or songwriter&#8217;s catalog based on a number of factors, including actual or perceived reputational damage. Additionally, there
is a risk that aspiring rights holders, their agents, or legislative or regulatory bodies will create or attempt to create new rights
that could require Triller to enter into new license agreements with, and pay royalties to, newly defined groups of rights holders, some
of which may be difficult or impossible to identify.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Even if Triller is able
to secure music rights from record labels, music publishers and other copyright owners, artists and/or artist groups may object and may
exert public or private pressure on third parties to discontinue licensing rights to us, hold back content from us, or increase royalty
rates. As a result, Triller&#8217;s ability to continue to license rights to music is subject to convincing a broad range of stakeholders
of the value and quality of Triller&#8217;s service. In addition, Triller&#8217;s music licenses from record labels, music publishers
and other copyright owners may not contemplate some of the features and content that Triller may wish to add to its service, or new service
offerings or revenue models that Triller may wish to launch. To the extent that Triller is unable to license or continue to license a
large amount of music rights or the music rights related to the music written or performed by certain popular artists, Triller&#8217;s
business, operating results, and financial condition could be materially harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">With respect to musical
compositions, in addition to obtaining the synchronization, distribution and reproduction rights, Triller also needs to obtain public
performance or communication to the public rights, and this needs to be accomplished on a territory basis. At times, while Triller may
hold sufficient license rights for certain music in a territory such as the United States, it may be difficult to obtain the license for
the same music rights from the applicable rights holders outside of such territory.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the United States,
public performance rights are typically obtained separately through intermediaries known as performing rights organizations (&#8220;<b>PROs</b>&#8221;)
which (a)&#160;issue blanket licenses with copyright users for the public performance of musical compositions in their repertory, (b)&#160;collect
royalties under those licenses, and (c)&#160;distribute such royalties to copyright owners. Triller has, or are in some instances in the
process of obtaining licenses, for public performance of musical compositions in the United States, Canada, Mexico, Europe and other territories,
through local collecting societies representing songwriters and publishers, and from certain publishers directly, or a combination thereof.
The royalty rates available to Triller from the PROs today may not be available to Triller in the future. The royalty rates under licenses
provided by American Society of Composers, Authors and Publishers (&#8220;<b>ASCAP</b>&#8221;) and Broadcast Music Inc. (&#8220;<b>BMI</b>&#8221;)
currently are governed by consent decrees, which were issued by the U.S. Department of Justice in an effort to curb anti-competitive conduct.
Removal of or changes to the terms or interpretation of these agreements could affect Triller&#8217;s ability to obtain licenses from
these PROs on current and/or otherwise favorable terms, which could harm Triller&#8217;s business, operating results, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In other parts of the
world, including in Canada and Europe, Triller has or are in some instances in the process of obtaining licenses for public performance
of musical compositions through local collecting societies representing songwriters and publishers, and from certain publishers directly,
or a combination thereof. Given the licensing landscape in other territories for public performance rights, Triller cannot guarantee that
it will be able to finalize and enter into licensing agreements in such territories, or that Triller&#8217;s licenses with collecting
societies and Triller&#8217;s direct licenses with publishers provide full coverage for all of the musical compositions it uses in its
service in the countries in which it operates, or that Triller may enter in the future. Publishers, songwriters, and other rights holders
who choose not to be represented by major or independent publishing companies or collecting societies have, and could in the future, adversely
impact Triller&#8217;s ability to secure licensing arrangements in connection with musical compositions that such rights holders own or
control, and could increase the risk of liability for copyright infringement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although Triller expends
significant resources to seek to comply with applicable contractual, statutory, regulatory, and judicial frameworks, it cannot guarantee
that it currently holds, or will always hold, every necessary right to use all of the music that is used on Triller&#8217;s service now
or that may be used in Triller&#8217;s products and services in the future, and Triller cannot assure you that Triller is not infringing
or violating any third-party intellectual property rights, or that Triller will not do so in the future. These challenges, and others
concerning the licensing of music on Triller&#8217;s platform, may subject Triller to significant liability for copyright infringement,
breach of contract, or other claims.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller is a party
to many music license agreements that are complex and impose numerous obligations upon Triller that may make it difficult to operate Triller&#8217;s
business, and a breach, or perceived breach, of such agreements could adversely affect Triller&#8217;s business, operating results, and
financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s license
agreements are complex and impose numerous obligations on us, including obligations to, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain of Triller&#8217;s
license agreements may also contain minimum guarantees or require that Triller makes minimum guarantee or advance payments, which are
not always tied to Triller&#8217;s number of users or stream counts for music used in Triller&#8217;s service. Accordingly, Triller&#8217;s
ability to achieve and sustain profitability and operating leverage in part depends on Triller&#8217;s ability to increase its revenue
through increased sales of subscriptions on terms that maintain an adequate gross margin. Triller&#8217;s license agreements that contain
minimum guarantees typically have terms of between one and three years, but Triller&#8217;s users may cancel their subscriptions at any
time. Triller relies on estimates to forecast whether such minimum guarantees and advances against royalties could be recouped against
Triller&#8217;s actual content costs incurred over the term of the license agreement. To the extent that Triller&#8217;s estimates underperform
relative to Triller&#8217;s expectations, and Triller&#8217;s content costs do not exceed such minimum guarantees and advance payments,
Triller&#8217;s margins may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Some of Triller&#8217;s
license agreements may also include so-called &#8220;most-favored nations&#8221; provisions, which require that certain terms (including
material financial terms) are no less favorable than those provided to any similarly situated licensor. If agreements are amended or new
agreements are entered into on more favorable terms, these most-favored nations provisions could cause Triller&#8217;s payment or other
obligations to escalate substantially. Additionally, some of Triller&#8217;s license agreements require consent to undertake new business
initiatives utilizing the licensed content (e.g., alternative distribution models), and without such consent, Triller&#8217;s ability
to undertake new business initiatives may be limited and Triller&#8217;s competitive position could be impacted.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If Triller breaches any
obligations in any of its license agreements, or if it uses content in ways that are found to exceed the scope of such agreements, Triller
could be subject to monetary penalties or claims of infringement, and its rights under such agreements could be terminated. Furthermore,
certain of Triller&#8217;s licenses are currently expired by their terms, and Triller is relying on ordinary course of dealing extensions
with such licensors. Additionally, Triller is not current on payments under all of its licenses, which may increase the risk of litigation
with certain of its licensors. Triller also runs the risk of such licensors making copyright infringement claims against us, which could
have a material adverse effect on Triller&#8217;s business, financial condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the past, Triller
has entered into agreements that required Triller to make substantial payments to licensors to resolve instances of past use at the same
time that Triller enters into go-forward licenses. These agreements may also include most-favored nations provisions. If triggered, these
most favored nations provisions could cause Triller&#8217;s payments or other obligations under those agreements to escalate substantially.
If Triller needs to enter into additional similar agreements in the future, it could have a material adverse effect on its business, financial
condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller faces risks,
such as unforeseen costs and potential liability, in connection with content Triller produces, licenses, and distributes through Triller&#8217;s
Technology Platform.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a producer and distributor
of content, Triller faces potential liability for negligence, copyright and trademark infringement, claims for violation of the right
of publicity or privacy, or other claims based on the nature and content of materials that Triller produces, license, and distribute,
such as content from its live Events. Triller also may face potential liability for content used in promoting its Technology Platform
and Events, including marketing materials or its community-related content. Triller may decide to remove content from its Technology Platform,
not to place certain content on its Technology Platforms, or to discontinue or alter its production of certain types of content if Triller
believes such content might not be well received by its consumers and partners or could be damaging to its brand and business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To the extent Triller
does not accurately anticipate costs or mitigate risks, including for content that it obtains but ultimately does not appear on or is
removed from its Technology Platforms, or if Triller become liable for content it produces, licenses or distributes, its business may
suffer. Litigation to defend these claims could be costly and the expenses and damages arising from any liability could harm its business
and reputation. Triller may not be indemnified against claims or costs of these types and Triller cannot guarantee that it is adequately
insured to indemnify Triller for all liability that may be imposed on Triller.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
ability to generate revenue from discretionary consumer and corporate spending on entertainment and sports events, such as ticket sales,
corporate sponsorships and advertising, is subject to many factors, including many that are beyond Triller&#8217;s control, such as general
macroeconomic conditions and catastrophic events.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s
business depends on discretionary consumer and corporate spending. Many factors related to discretionary consumer and corporate
spending, including economic conditions affecting disposable consumer income such as inflation, including the current persistent
inflationary environment, unemployment levels, fuel prices and prices for other goods and services, interest rates, including the
current environment of rapidly rising interest rates, changes in tax rates, tax laws that impact companies or individuals, and
inflation can significantly impact Triller&#8217;s operating results. Declines in advertising, sponsorship and other Brand
partnership revenue can also be caused by the economic prospects of specific advertisers or industries, by increased competition for
the leisure time of audiences and audience fragmentation, by the growing use of new technologies causing advertisers to alter their
spending priorities based on these or other factors. In addition, Brands&#8217; willingness to purchase advertising or to sponsor
Triller&#8217;s live Events may be adversely affected by lower audience ratings for Triller&#8217;s programming content. While
consumer and corporate spending may decline at any time for reasons beyond Triller&#8217;s control, such as economic recessions or
other economic conditions, natural disasters, severe weather, pandemics such as the&#160;COVID-19&#160;pandemic, wars, acts of
terrorism, power loss, telecommunications failure or other catastrophic events, the risks associated with Triller&#8217;s businesses
become more acute in periods of a slowing economy or recession, which may be accompanied by reductions in corporate sponsorship and
advertising and decreases in attendance at live entertainment and sports events, among other things. There can be no assurance that
consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in
economic conditions, thereby possibly impacting Triller&#8217;s operating results and growth. A prolonged period of reduced consumer
or corporate spending, as occurred during the&#160;COVID-19&#160;pandemic, could have an adverse effect on Triller&#8217;s business,
financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Owning and managing
certain Events for which Triller sells media and sponsorship rights and ticketing exposes Triller to greater financial risk than market
participants who are not vertically integrated. If the live Events that Triller owns and manages are not financially successful, Triller&#8217;s
business could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller acts as a principal
by owning and managing certain live Events for which it sells media and sponsorship rights and ticketing, such as BKFC. Organizing and
operating a live event involves significant financial risks as Triller bears all or most event costs, including a significant amount of&#160;up-front&#160;costs.
In addition, Triller typically books its live Events many months in advance of holding the event and often agree to pay various third
parties fixed guaranteed amounts prior to receiving any related revenue. Accordingly, if a planned event fails to occur or there is any
disruption in Triller&#8217;s ability to live stream or otherwise distribute an event, whether as a result of technical difficulties or
otherwise, Triller could lose a substantial amount of these&#160;up-front&#160;costs, fail to generate anticipated revenue and be forced
to issue refunds for media and sponsorship rights, advertising fees, and ticket sales. There can be no assurance that Triller will not
suffer financial harm or adverse impacts to its business operations if Triller is required to cancel and/or reschedule any live Events.
Triller could be compelled to cancel or postpone all or part of an event for many reasons, including poor weather, issues with obtaining
permits or government regulation or performers failing to participate, as well as operational challenges caused by extraordinary incidents
such as terrorist or other security incidents, mass-casualty incidents, natural disasters, public health concerns including pandemics
such as the recent&#160;COVID-19&#160;pandemic or similar events. Such incidents have been shown to cause a nationwide disruption of commercial
and leisure activities. For example, in 2021 and 2022 Triller had to cancel a total of four Events due to key participants contracting&#160;COVID-19.&#160;These
cancelations resulted in Triller&#8217;s being unable to recoup or avoid payment for various nonrefundable expenses Triller had paid and/or
incurred in connection with such Events. Triller often has cancellation insurance policies in place to cover a portion of its losses if
it is compelled to cancel an event, but its coverage may not be sufficient and is subject to deductibles. If the live Events that Triller
owns and manages are not financially successful, it could suffer an adverse effect on its business, financial condition and results of
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The failure to
continue creating and partnering with those who create popular live events and&#160;pay-per-view&#160;programming could adversely impact
Triller&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The creation, marketing
and distribution of Triller&#8217;s media entertainment programming, including Triller&#8217;s&#160;pay-per-view&#160;and digital live
Events, is critical to Triller&#8217;s business and to Triller&#8217;s ability to generate revenues. A failure to continue developing
or partnering with those who develop creative and entertaining programs and events would likely lead to a decline in the popularity of
Triller&#8217;s brand of entertainment and would adversely affect Triller&#8217;s ability to generate revenues and could have a material
adverse effect on Triller&#8217;s business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may pay
upfront expenses when planning live Events, entering into exclusive agreements for video series, or licensing rights to distribute and
publicly perform music, and if these arrangements do not perform as Triller expects, its business, results of operations and financial
condition may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may
pay&#160;one-time,&#160;upfront&#160;non-recoupable&#160;or recoupable signing fees or advances to certain entertainers (e.g.
musicians, athletes, and influencers) or event venues in order to produce high-quality live and virtual entertainment, or gain
exclusive ticketing or streaming video rights. Triller may also pay upfront fees for access to song catalogs by music labels. If the
party does not comply with the terms of the contract or perform an event, such fees are refundable to Triller. Triller pay these
upfront fees based on the expectations to generate revenue on ticket sales, sponsorships, advertising
and&#160;on-demand&#160;payments by users. Triller makes the decision to make these payments based on its assessment of the past
success of the entertainers, past event data, and other financial information. Triller includes commercial and legal protections in
its contracts that include upfront fees, such as requiring certain performance obligations, to mitigate the financial risk of making
these payments. However, live and virtual Events may vary greatly from&#160;year-to-year&#160;and from event to event as a result of
external factors, including event planning and budgeting commitments as well as other competing events, streaming platform
commitments, etc. If Triller&#8217;s assumptions and expectations prove wrong, or a counterparty defaults, resulting in an
unsuccessful event, Triller&#8217;s return on these signing fees will not be realized and Triller&#8217;s business and results of
operations will be harmed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further, Triller has
in the past, and may in the future, face legal claims from Creators or vendors who did not receive advanced payout payments, which may
harm Triller&#8217;s business, results of operation and financial condition. Triller has in the past, and may in the future, also face
legal claims from Creators who did not meet contractual minimums or other contractual provisions to receive payments, which may harm Triller&#8217;s
business, results of operation or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Participants and
spectators in connection with Triller&#8217;s live entertainment and sports Events are subject to potential injuries and accidents, which
could subject Triller to personal injury or other claims and increase Triller&#8217;s expenses (for which Triller&#8217;s insurance may
not provide adequate coverage), as well as reduce attendance at Triller&#8217;s live entertainment and sports Events, causing a decrease
in Triller&#8217;s revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller holds numerous
live Events each year. This schedule exposes Triller&#8217;s performers, athletes and Triller&#8217;s employees who are involved in the
production of those Events to the risk of travel and performance-related accidents, the consequences of which are not fully covered by
insurance. The physical nature of Triller&#8217;s Events exposes Triller&#8217;s performers and athletes to the risk of serious injury
or death. There are inherent risks to participants and spectators involved with producing, attending or participating in live entertainment
and sports events including the risk of an actual or threatened terrorist act, fire, explosion, protests, riots, and other safety or security
issues, any one of which could result in injury or death to attendees and/or damage to the facilities at which such an event is hosted.
Injuries and accidents may occur from time to time in the future, which could subject Triller to substantial claims and liabilities for
injuries. Incidents in connection with Triller&#8217;s entertainment and sports Events at any of Triller&#8217;s venues or venues that
Triller rents could also result in claims, reducing operating income or reducing attendance at Triller&#8217;s Events, causing a decrease
in Triller&#8217;s revenues. There can be no assurance that the insurance Triller maintains will be adequate to cover any potential losses.
The physical nature of many of Triller&#8217;s live sports Events exposes the athletes that participate to the risk of serious injury
or death. For example, participants in BKFC do not wear any padding or gloves, which may result in increased numbers of injuries, including,
among others, maxillofacial fractures and dental avulsions. These injuries could also include concussions or more serious injuries, and
many sports leagues and organizations have been sued by athletes over alleged long-term neurocognitive impairment arising from concussions.
Although the participants in certain of Triller&#8217;s live sports Events, as independent contractors, are responsible for maintaining
their own health, disability and life insurance, Triller may seek coverage under its accident insurance policies or its general liability
insurance policies, for injuries that athletes incur while competing. To the extent such injuries are not covered by its policies, Triller
may self-insure medical costs for athletes for such injuries. Liability to Triller resulting from any death or serious injury, including
concussions, sustained by athletes while competing, could adversely affect its business, financial condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s live
Events will entail other risks inherent in public live events, including air and land travel interruption or accidents, the spread of
illness,&#160;injuries&#160;resulting from building problems, equipment malfunction, terrorism or other violence, local labor strikes
and other &#8220;force majeure&#8221; type events. If an event Triller hosts or in which Triller participates experiences an internet
or power outage, the event may be delayed or canceled, and Triller&#8217;s reputation may be harmed. These circumstances could result
in personal&#160;injuries&#160;or deaths, including to Triller&#8217;s employees and contractors, canceled Events and other disruptions
to Triller&#8217;s business or result in liability to third parties. Triller cannot guarantee its insurance policies will provide Triller
coverage for these incidents or that any coverage Triller obtain will be adequate to cover its liabilities. Moreover, if there were a
public perception that the safety or security measures are inadequate at the Events Triller hosts, whether or not that is the case, it
could result in reputational damage and a decline in future attendance at Events hosted by Triller. In addition, Triller streams a number
of live Events every year, and if an event Triller hosts or participates in experiences an internet or power outage, the event may be
delayed or canceled, and Triller&#8217;s reputation may be harmed and Triller may incur additional financial expense. The occurrence of
any of these circumstances could adversely affect Triller&#8217;s business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>A decline in the
popularity of Triller&#8217;s brand of sports entertainment, including as a result of changes in the social and political climate, could
adversely affect Triller&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s operations
are affected by consumer tastes and entertainment trends, which are unpredictable and subject to change and may be affected by changes
in the social and political climate. Some of live event programming is created to evoke a passionate response from consumers. For example,
BKFC live Events may be negatively perceived by some parts of the public and negative events or publicity related to such Events may result
in a decline in the popularity of such events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>A determination
that independent contractors are employees could expose Triller to various liabilities and additional costs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In certain states, notably
California and New York, legislative changes have been enacted or are contemplated that draw into question Triller&#8217;s ability to
treat performers and athletes as independent contractors in those states. The impact of these initiatives on Triller is unknown. If Triller
is required to reclassify independent contractors as employees, Triller may incur additional costs and taxes which could adversely affect
Triller&#8217;s business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Regulations that govern
the status and classification of independent contractors are subject to changes and divergent interpretations by various authorities,
which can create uncertainty and unpredictability for Triller. For example, in 2020 California passed a worker classification statute
(&#8220;<b>AB 5</b>&#8221;), which effectively narrowed the definition of an independent contractor by requiring hiring entities to use
a stricter test to determine a given worker&#8217;s classification. In addition, AB 5 places the burden of proof for classifying workers
as independent contractors on hiring entities and provides enforcement powers to the state and certain cities. Legislative proposals concerning
worker classification are being considered by various other states, including New York and New Jersey. Additionally, any requirement to
reclassify independent contractors as employees may require Triller to significantly alter Triller&#8217;s existing business model or
operations, including suspending or ceasing operations in impacted jurisdictions, increase Triller&#8217;s costs and impact Triller&#8217;s
ability to add new talent and grow Triller&#8217;s business. For instance, existing talent may decide not to partner with Triller and
new talent may not join given the loss of flexibility under an employment model. Any of the foregoing could have an adverse impact on
Triller&#8217;s business, financial condition, and results of operations and Triller&#8217;s ability to achieve or maintain profitability.
If ultimately required, worker&#8217;s compensation insurance for Triller&#8217;s talent or other aspects of their treatment as employees
in those states could add expense to, or otherwise alter, Triller&#8217;s operations, which could affect Triller&#8217;s business, financial
condition and/or results of operations. Liability to Triller resulting from any death or serious injury sustained by one of Triller&#8217;s
performers or athletes while performing could adversely affect Triller&#8217;s business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The Company&#8217;s insurance may not be adequate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller plans to hold numerous live Events each year. This schedule
exposes Triller&#8217;s performers and Triller&#8217;s employees who are involved in the production of those Events to the risk of travel
and performance-related accidents, the consequences of which may not be fully covered by insurance. The physical nature of the Company&#8217;s
Events exposes the Company&#8217;s performers to the risk of serious injury or death. Although the Company has general liability insurance
and umbrella insurance policies, and although the Company&#8217;s performers are responsible for obtaining their own health, disability
and life insurance, the Company cannot assure you that the consequences of any accident or injury will be fully covered by insurance.
the Company&#8217;s liability resulting from any accident or injury not covered by the Company&#8217;s insurance could have a material
adverse effect on the Company&#8217;s business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may be
prohibited from promoting and conducting Triller&#8217;s live Events if it does not comply with applicable regulations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In various states in
the United States, athletic commissions and other applicable regulatory agencies require Triller to comply with their regulations, which
may include obtaining promoters licenses, performers licenses, medical licenses and/or event permits in order for Triller to promote and
conduct Triller&#8217;s live events. In the event that Triller fails to comply with the regulations of a particular jurisdiction, Triller
may be prohibited from promoting and conducting live events in that jurisdiction. The inability to present Triller&#8217;s live Events
over an extended period of time or in a number of jurisdictions could have a material adverse effect on Triller&#8217;s business, operating
results and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Labor disputes,
whether involving Triller&#8217;s own employees or sports leagues, creative talent or broadcast partners may disrupt Triller&#8217;s operations
and adversely affect Triller&#8217;s results of operations.</i></b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Some of the performers
and vendors Triller uses for its live Events and content production, including music and athletic talent and production crews, may be
covered by collective bargaining agreements or works councils. If the parties Triller has contracts with are unable to reach agreements
with labor unions before the expiration of their collective bargaining agreements, the individuals who were covered by those agreements
may have a right to strike or take other actions that could adversely affect Triller. Moreover, many collective bargaining agreements
are industry-wide agreements, and Triller lacks control over the negotiations and terms of the agreements. A labor dispute involving Triller&#8217;s
contracted parties may result in work stoppages or disrupt Triller&#8217;s operations and reduce Triller&#8217;s revenue, and resolution
of disputes may increase Triller&#8217;s costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Labor disputes in sports
leagues or associations could have an adverse impact on Triller&#8217;s business, financial condition and results of operations. In addition,
any labor disputes that occur in any sports league or association for which Triller has the rights to broadcast live games or events may
preclude Triller from airing or otherwise distributing scheduled games or events, which could have a negative effect on Triller&#8217;s
business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The sales cycle
for live events programming varies and may negatively affect Triller&#8217;s ability to prepare accurate financial forecasts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The sales cycle related
to Triller&#8217;s live Events programming and the related revenue streams, which typically ranges from a single week to multiple months,
may also cause Triller to experience a delay between increasing operating expenses and the generation of corresponding revenue, if any.
Accordingly, Triller may be unable to prepare accurate internal financial forecasts or replace anticipated revenue that Triller does not
receive as a result of delays arising from these factors, and Triller&#8217;s results of operations in future reporting periods may be
below the expectations of investors. If Triller does not address these risks successfully, Triller&#8217;s results of operations could
differ materially from Triller&#8217;s estimates and forecasts or the expectations of investors, causing Triller&#8217;s business to suffer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller has no assurance
that the substantial time and money spent on its sales efforts will generate significant revenue. If conditions in the marketplace, generally
or with specific Brands, Creators or consumers, change negatively, it is possible that Triller will be unable to recover any of these
expenses. Triller&#8217;s sales efforts involve educating Triller&#8217;s Brands, Creators or consumers about the use, technical capabilities
and benefits of Triller&#8217;s Technology Platform. Some of Triller&#8217;s Brands, Creators or consumers undertake an evaluation process
that frequently involves not only Triller&#8217;s Technology Platform but also the offerings of Triller&#8217;s competitors. As a result,
it is difficult to predict when Triller will obtain new Brands, Creators or consumers and begin generating revenue from these new Brands,
Creators or consumers. Even if Triller&#8217;s sales efforts result in obtaining a new Brand, Creator or user, it may not sufficiently
justify the expenses incurred to acquire the Brand, Creator or user and the related training support. As a result, Triller may not be
able to add Brands, Creators or consumers, or generate revenue, as quickly as Triller may expect, which could harm Triller&#8217;s growth
prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>A significant slowdown
in the growth of AI and&#160;AI-related&#160;markets could affect Triller&#8217;s business and earnings. Even if the market does grow,
there is a possibility that Triller may not be able to grow at a similar pace.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">AI and&#160;AI-related&#160;markets
are still in their infancy in comparison to other widely used software types, it is unclear whether AI and&#160;AI-related&#160;markets
will continue to grow. The success of Triller&#8217;s Technology Platform will depend on the willingness of Creators and Brands to increase
their use of AI. If Creators and Brands do not perceive the benefits of AI products and services, then AI and&#160;AI-related&#160;markets
could experience a significant slowdown in growth, which would diminish the market for Triller&#8217;s Technology Platform and have a
negative effect on Triller&#8217;s business, operating results, and financial condition. Additionally, if market growth falls short of
Triller&#8217;s expectations Triller may not be able to adjust its Technology Platform quickly enough to maintain and grow its operations.
Even if&#160;AI-related&#160;markets do grow, Triller may not be able to adjust its spending quickly enough to keep pace or grow at a
similar or steady pace with such growth, and Triller may misjudge market and business trends, which would harm its business, operating
results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>AI services and
products developed by Triller may become obsolete due to fast growing technological innovations or the entry of competitors with more
financial and brand power.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">AI is a fast growing
industry and Triller must successfully adapt and manage technological advances in AI and&#160;AI-related&#160;markets, as well as effectively
compete with the emergence of additional competitors in the industry in order to maintain and grow Triller&#8217;s AI business and AI
services. Thus, the success of Triller&#8217;s AI services and business depends in large part on Triller&#8217;s ability to keep pace
with rapid technological changes in the development and implementation of AI products and services. For example, the development of groundbreaking
technological innovations in AI, or innovations that would render AI obsolete, would harm Triller&#8217;s AI related business and make
Triller&#8217;s AI services less durable. Further, the entry of competitors into the AI market that have more financial and brand power,
could cause Triller&#8217;s share of the market to be significantly reduced thereby negatively affecting Triller&#8217;s business, operating
results, and financial condition. For example, both Google and Microsoft have announced near term AI products and services. Any one of
which may be a direct competitor with Triller&#8217;s Amplify conversation AI services. There is a risk that these or other competitors
could cause significant disruptions to Triller&#8217;s AI business model, and that Triller will be unprepared to compete effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Failure to attract
and retain additional qualified personnel could prevent the Company from executing the Company&#8217;s business strategy and growth plans.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To execute the Company&#8217;s business strategy, the Company must
attract and retain highly qualified personnel, including in the areas of AI and ML. Competition for executive officers, software developers,
compliance and risk management personnel and other key employees in the Company&#8217;s industry and location is intense. The Company
competes with many other companies for software developers with high levels of experience in designing, developing, and managing cloud-based
software, as well as for skilled legal and compliance and risk operations professionals. Many of the companies with which the Company
competes for experienced personnel have greater resources than the Company does and can frequently offer such personnel substantially
greater compensation than the Company can offer. If the Company fails to identify, attract, develop and integrate new personnel, or fail
to retain and motivate its current personnel, its growth prospects would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The information
that Triller&#8217;s AI learns may include highly confidential information. In the unlikely event of a leakage of such confidential information,
Triller&#8217;s credibility may be negatively impacted, which may affect Triller&#8217;s business, operating results, and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s AI may
come to learn sensitive and confidential information. When accumulating such information the risks of a data breach or inadvertent disclosure
of such information is of paramount concern. The information Triller&#8217;s AI obtains may become released due to a hack or data breach
by third-parties as well as accidently released by Triller. Any unauthorized disclosure of such information could damage Triller&#8217;s
reputation, interrupt Triller&#8217;s operations, and may result in a violation of applicable laws. If such information is released, it
could cause Creators and Brands to not trust Triller&#8217;s AI services and reduce the number of customers Triller attracts. Further,
if such a leak were to occur Triller may also have to cease its AI operations to install additional security measures to prevent the further
occurrence of leaks, which may be time consuming and expensive. Accordingly, if there is a leak of sensitive or confidential information
by Triller&#8217;s AI, whether as a result of third-parties, or caused by us, it would seriously harm Triller&#8217;s business, operating
results, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Use of new and
emerging AI applications, such as genAI content creation, may require additional investment and costs, and pose risks to Triller&#8217;s
business and could subject Triller to legal liability.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Uncertainty around new
and emerging AI applications, such as genAI content creation, may require additional investment in the development of proprietary datasets
and ML models, development of new approaches and processes to provide attribution or remuneration to content creators and building systems
that enable creatives to have greater control over the use of their work in the development of AI, which may be costly and could impact
Triller&#8217;s profit margin. Developing, testing, and deploying AI systems may also increase the cost profile of Triller&#8217;s offerings
due to the nature of the computing costs involved in such systems.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may use
generative AI tools in its business. GenAI is a broad label describing any type of AI that can produce new text, images, video, or
audio clips. Technically, this type of AI learns patterns from training data and generates new, unique outputs with similar
properties. GenAI tools producing content which can be indistinguishable from that generated by humans is a relatively novel
development, with benefits, risks, and liabilities still unknown. Recent decisions of the U.S. Copyright Office suggest that Triller
would not be able to claim copyright ownership in any source code, text, images,
or other materials, which Triller develops through use of genAI tools, and the availability of such protections in other countries is
unclear. As a result, Triller could have no remedy if third parties reused those same materials, or similar materials also generated by
AI tools. Triller also face risks to any confidential or proprietary information of the Company which it may include in any prompts or
inputs into any genAI tools, as the providers of the genAI tools may use these inputs or prompts to further train the tools. Not all providers
offer an option to opt-out of such usage, and, even where Triller does opt-out, it cannot guarantee that the opt-out will be fully effective.
In addition, Triller has little or no insight into the third-party content and materials used to train these genAI tools, or the extent
of the original works which remain in the outputs. As a result, Triller may face claims from third parties claiming infringement of their
intellectual property rights, or mandatory compliance with open source software or other license terms, with respect to software, or other
materials or content Triller believed to be available for use, and not subject to license terms or other third party proprietary rights.
Triller could also be subject to claims from the providers of the genAI tools, if Triller uses any of the generated materials in a manner
inconsistent with their terms of use. Any of these claims could result in legal proceedings and could require Triller to purchase a costly
license, comply with the requirement of open source software license terms, or limit or cease using the implicated software, or other
materials or content unless and until Triller can re-engineer such software, materials, or content to avoid infringement or change the
use of, or remove, the implicated third party materials, which could reduce or eliminate the value of its technologies and services. Any
of these risks could be difficult to eliminate or manage, and, if not addressed, could have a material adverse effect on Triller&#8217;s
business, results of operations, financial condition, and future prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may be
unable to protect its patents, trademarks and other intellectual property rights, and others may allege that Triller infringes upon their
intellectual property rights.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller has invested
significant resources in brands associated with its business such as &#8220;Triller,&#8221; &#8220;Triller Fight Club,&#8221; &#8220;TrillerFest,&#8221;
and &#8220;TrillerTV&#8221; in an attempt to obtain and protect its public recognition. These brands are essential to Triller&#8217;s
success and competitive position. Triller has also invested significant resources in the premium content that it produces.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s intellectual
property portfolio primarily consists of patents, patent applications, copyrights, registered and unregistered trademarks, trademark applications,
domain names,&#160;know-how,&#160;and trade secrets. Triller&#8217;s trademarks and other intellectual property rights are critical to
Triller&#8217;s success and Triller&#8217;s competitive position. Triller&#8217;s intellectual property rights may be challenged and invalidated
by third parties and may not be strong enough to provide meaningful commercial competitive advantage. While Triller has been issued patents
and have additional patent applications pending, there can be no assurance that Triller&#8217;s issued patents will not be limited in
scope or invalidated, or that Triller&#8217;s patent applications will result in issued patents. Triller has not registered its intellectual
property in all jurisdictions in which it operates or has plans to operate. If Triller fails to maintain its intellectual property, its
competitors might be able to enter the market, which would harm its business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, a portion of
Triller&#8217;s intellectual property has been acquired from one or more third parties. While Triller has conducted diligence with respect
to such acquisitions, because Triller did not participate in the development or prosecution of much of the acquired intellectual property,
Triller cannot guarantee that its diligence efforts identified and/or remedied all issues related to such intellectual property, including
potential ownership errors, potential errors during prosecution of such intellectual property, and potential encumbrances or issues arising
through the acquisition that could limit Triller&#8217;s ability to enforce such intellectual property rights.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further, policing
unauthorized use and other violations of Triller&#8217;s intellectual property is difficult, particularly given Triller&#8217;s
international scope, so Triller is susceptible to others infringing, diluting or misappropriating its intellectual property rights.
If Triller is unable to maintain and protect its intellectual property rights adequately, Triller may lose an important advantage in
the markets in which it competes. In particular, the laws of certain foreign countries do not protect intellectual property rights
in the same manner as do the laws of the United States and, accordingly, Triller&#8217;s intellectual property is at greater risk in
those countries even where Triller takes steps to protect such intellectual property. For example, some license provisions
protecting against unauthorized use, copying, transfer, and disclosure of Triller&#8217;s products, or certain aspects of
Triller&#8217;s Technology Platform or products may be unenforceable under the laws of certain jurisdictions. Further, competitors,
foreign governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized access to
Triller&#8217;s proprietary information and technology. Additionally, certain unauthorized use of Triller&#8217;s intellectual
property may go undetected, or Triller may face legal or practical barriers to enforcing its legal rights even where unauthorized
use is detected. Triller has not actively monitored trademark filings by third parties. The disclosure to, or independent
development by, a competitor of any of Triller&#8217;s trade secrets,&#160;know-how&#160;or other technology not protected by a
patent or other intellectual property system could materially reduce or eliminate any competitive advantage that Triller may have
over such competitor. Additionally, failure to comply with applicable procedural, documentary, fee payment, foreign filing license
and other similar requirements with the United States Patent and Trademark Office and various similar foreign governmental agencies
could result in abandonment or lapse of the affected patent, trademark or application. Accordingly, despite Triller&#8217;s efforts,
Triller may be unable to prevent third parties from infringing upon, misappropriating or designing around Triller&#8217;s technology
and intellectual property or claiming that Triller infringes upon or misappropriate their technology and intellectual property.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The confidentiality and
invention agreements Triller has entered into to protect its intellectual property rights may not have been properly entered into on every
occasion with the applicable counterparty, and Triller cannot predict whether these agreements will be adequate to prevent infringement
or misappropriation of these rights or be sufficient to ensure ownership of these rights, and such agreements can be difficult and costly
to enforce or may not provide adequate remedies if violated. Further, Triller may not have entered into such agreements with all relevant
parties. If Triller failed to enter into one of these agreements, or if the assignment language is found to be insufficient under applicable
laws, it may not have effectively granted ownership of certain technology or other intellectual property to Triller. In such an event,
there would be a risk that the applicable counterparty would not be available to (or would not be willing to) assist Triller in perfecting
its ownership of the technology or intellectual property, or the counterparty may even assert ownership rights against Triller and make
claims for fees, damages, or equitable relief with respect to such technology or intellectual property, which may have an adverse effect
on Triller&#8217;s ability to utilize, perfect, or protect Triller&#8217;s proprietary rights over such technology and intellectual property.
Such agreements may also be breached and trade secrets or confidential information may be willfully or unintentionally disclosed, including
by employees who may leave Triller&#8217;s company and join Triller&#8217;s competitors, or Triller&#8217;s competitors or other parties
may learn of the information in some other way. Any such infringement of Triller&#8217;s intellectual property rights would also likely
result in Triller&#8217;s commitment of time and resources to protect these rights. Triller has engaged, and continue to engage, in litigation
with parties that claim or misuse some of its intellectual property. Triller is involved in certain pending lawsuits relating primarily
to the ownership of certain intellectual property rights. Similarly, Triller may infringe on others&#8217; intellectual property rights.
One or more adverse judgments with respect to these intellectual property rights could have a material adverse effect on Triller&#8217;s
business, operating results and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, in
the ordinary course of Triller&#8217;s business, Triller has been and may become involved in administrative processes, including re-examination,&#160;<i>inter
partes</i>&#160;review, interference, derivation opposition and/or cancellation proceedings with respect to some of Triller&#8217;s intellectual
property or third-party intellectual property. Any such proceedings or other litigation or dispute involving the scope or enforceability
of Triller&#8217;s intellectual property rights or any allegation that Triller infringes, misappropriate or dilute upon the intellectual
property rights of others, regardless of the merit of these claims, could be costly and time-consuming and have in the past and may in
the future lead to loss or narrowing of Triller&#8217;s intellectual property. If any infringement or other intellectual property claim
made against Triller by any third party is successful, if Triller is required to indemnify a third party with respect to a claim, or if
Triller is required to, or decide to, cease use of a brand or technology, rebrand or obtain&#160;non-infringing&#160;intellectual property
(such as through a license), it could result in harm to Triller&#8217;s competitive position, delay introductions of enhancements to Triller&#8217;s
platform, result in Triller&#8217;s substituting inferior or more costly technologies into Triller&#8217;s platform, or harm Triller&#8217;s
reputation and brand, and could adversely affect Triller&#8217;s business and financial condition. Triller expects that the occurrence
of infringement claims is likely to grow as the market for Triller&#8217;s Technology Platform and Events grows and as Triller introduces
new and updated products and offerings. Accordingly, Triller&#8217;s exposure to damages resulting from infringement claims could increase
and this could further exhaust Triller&#8217;s financial and management resources.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Through new and existing
legal and illegal distribution channels, consumers have increasing options to access entertainment video. Piracy, in particular, threatens
to damage Triller&#8217;s business. Furthermore, in light of the compelling consumer proposition, piracy services are subject to rapid
global growth. Triller&#8217;s streaming video solutions are directly threatened by the availability and use of pirated alternatives.
The value that streaming services are willing to pay for content that Triller develops may be reduced if piracy prevents these services
from realizing adequate revenues on these acquisitions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Lastly, in the event
of a bankruptcy, Triller&#8217;s intellectual property licenses could be affected in numerous ways. A bankruptcy could result in Triller
losing intellectual property rights. In particular, the United States Bankruptcy Code definition of intellectual property only includes
trade secrets, patents and patent applications, copyrights, and mask works and does not include trademarks so in the event of Triller&#8217;s
bankruptcy, Triller could lose rights to its trademarks.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller has been,
and in the future may be, sued by third parties for alleged infringement of their proprietary rights.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is considerable
patent and other intellectual property development activity in Triller&#8217;s market, and litigation, based on allegations of infringement
or other violations of intellectual property, is frequent in the music and social media industries. However, Triller may not be aware
if Triller&#8217;s Technology Platform or technology is infringing, misappropriating, or otherwise violating third-party intellectual
property rights, and such third parties may bring claims alleging such infringement, misappropriation, or violation. Because patent applications
can take years to issue and are often afforded confidentiality for some period of time, there may currently be pending applications, unknown
to us, that later result in issued patents that could cover Triller&#8217;s Technology Platform or technology and there is also a risk
that Triller could adopt a technology without knowledge of a pending patent application, which technology would infringe a third-party
patent once that patent is issued. Furthermore, it is common for individuals and groups to purchase patents and other intellectual property
assets for the purpose of making claims of infringement to extract settlements from companies like Triller&#8217;s. Triller&#8217;s patent
portfolio may provide little or no deterrence in a litigation with such&#160;non-practicing&#160;entities or other adverse patent owners
that have no relevant solution revenue as Triller would not be able to assert its patents against such entities or individuals.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s use of third-party content, including music content,
software, and other intellectual property rights may be subject to claims of infringement or misappropriation. Triller cannot guarantee
that its internally developed or acquired technologies and content do not or will not infringe the intellectual property rights of others.
From time to time, Triller&#8217;s competitors or other third parties have in the past and may in the future claim that Triller is infringing
upon or misappropriating their intellectual property rights, and Triller may be found to be infringing upon such rights. For example,
in 2023 Triller settled litigation brought by Sony Music Entertainment, Sony Music Entertainment US Latin LLC, Arista Records LLC, Provident
Label Group LLC, Records Label, LLC, and Zomba Recording LLC (collectively, &#8220;<b>Sony Music</b>&#8221;), alleging claims for breach
of contract relating to an agreement permitting the use of Sony Music&#8217;s content in user-created videos, copyright infringement,
contributory copyright infringement, and vicarious copyright infringement (the &#8220;<b>Sony Music Lawsuit</b>&#8221;) and were recently
sued again by Sony Music for breach of the settlement agreement.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Many potential litigants, including some of Triller&#8217;s competitors
and patent-holding companies, have the ability to dedicate substantial resources to assert their intellectual property rights and to defend
claims that may be brought against them. Claims or litigation have caused in the past and could in the future cause Triller to incur significant
expenses and, if successfully asserted against us, could require that Triller pays substantial damages or ongoing royalty payments, prevent
Triller from offering its Technology Platform or services or using certain technologies, force Triller to implement expensive work-arounds,
or impose other unfavorable terms. In addition, Triller may be required to license additional technology from third parties to develop
and market new platform features, which may not be on commercially reasonable terms, or at all, and would adversely affect Triller&#8217;s
ability to compete. Any license or settlement entered into as the result of claims or litigation may not provide Triller with sufficient
rights to practice Triller&#8217;s Technology Platform. Triller has in the past and may in the future enter into patent license agreements
as a result of third-party patent assertions. In the event that Triller does not comply with the requirements of a patent license agreement
or fail to make required payments, Triller may be subject to breach of contract claims, which may subject Triller to monetary damages
and loss of rights under the license agreement. Triller expects that the occurrence of infringement claims is likely to grow as the market
for Triller&#8217;s Technology Platform and Events grows and as Triller introduces new and updated products and offerings. Accordingly,
Triller&#8217;s exposure to damages resulting from infringement claims could increase and this could further exhaust Triller&#8217;s financial
and management resources. Further, during the course of any litigation, Triller may make announcements regarding the results of hearings
and motions, and other interim developments. If securities analysts and investors regard these announcements as negative, the value of
ILLR Shares may decline. Even if intellectual property claims do not result in litigation or are resolved in Triller&#8217;s favor,
these claims, and the time and resources necessary to resolve them, could divert the resources of Triller&#8217;s management and require
significant expenditures. Any of the foregoing could prevent Triller from competing effectively and could have an adverse effect on Triller&#8217;s
business, financial condition, and operating results.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, Triller&#8217;s
agreements with certain partners and certain vendors include indemnification provisions under which Triller agrees to indemnify them for
losses suffered or incurred as a result of claims of intellectual property infringement pertaining to Triller&#8217;s products and technology.
Some of these indemnity agreements provide for uncapped liability and some indemnity provisions survive termination or expiration of the
applicable agreement. Any claim of infringement by a third party, even one without merit, whether against Triller or for which Triller
is required to provide indemnification, could cause Triller to incur substantial costs defending against the claim, could distract Triller&#8217;s
management from Triller&#8217;s business, and could require Triller to cease use of such intellectual property. Further, because of the
substantial amount of discovery required in connection with intellectual property litigation, Triller risks compromising Triller&#8217;s
confidential information during this type of litigation. Any dispute with a partner or vendor with respect to these intellectual property
indemnification obligations could have adverse effects on Triller&#8217;s relationship with that counterparty and other potential partners
or vendors, and harm Triller&#8217;s business and operating results. Triller may be required to make substantial payments for legal fees,
settlement fees, damages, royalties, or other fees in connection with a claimant securing a judgment against us, Triller may be subject
to an injunction or other restrictions that cause Triller to cease selling subscriptions to Triller&#8217;s platform, Triller may be subject
to an injunction or other restrictions that cause Triller to rebrand or otherwise cease using certain trademarks in specified jurisdictions,
or Triller may be required to redesign any allegedly infringing portion of Triller&#8217;s platform or Triller may agree to a settlement
that prevents Triller from distributing Triller&#8217;s platform or a portion thereof, any of which could adversely affect Triller&#8217;s
business, financial condition and results of operations. In addition, Triller&#8217;s insurance may not be adequate to indemnify Triller
for all liability that may be imposed, or otherwise protect Triller from liabilities or damages, and any such coverage may not continue
to be available to Triller on acceptable terms or at all.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may incur
significant expenses to protect its intellectual property rights, and if Triller is unable to adequately protect its intellectual property
rights, its competitive position could be harmed.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller regards its copyrights,
service marks, trademarks, trade secrets, patents and other intellectual property as critical to its success. Triller relies on a combination
of copyright and trademark laws, trade secret protection, confidentiality and&#160;non-disclosure&#160;agreements, and other contractual
provisions to protect Triller&#8217;s proprietary software, trade secrets and similar intellectual property. Triller has patents, copyrights
and trademarks in certain jurisdictions and may apply for further trademark and copyright registrations and additional patents, which
may provide such protection in relevant jurisdictions. However, Triller cannot assure you that its efforts will prove to be sufficient
or that third parties will not infringe upon or misappropriate its proprietary rights. Unauthorized use of the intellectual property,
whether owned by or licensed to us, could adversely affect Triller&#8217;s business and reputation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller may be
subject to disputes or liabilities associated with content made available on its products and services.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller provides various
products and services that enable Brands and Creators and other users to make content available on its service. For example, Creators
or users can record and distribute their content and can upload profile images. These may subject Triller to claims of intellectual property
infringement by third parties if such Brands and Creators or users do not obtain the appropriate authorizations from rights holders. In
addition to intellectual property infringement, Triller has faced and will continue to face other claims relating to content that is published
or made available through its products and services. These may include claims related to defamation, rights of publicity and privacy,
and online safety. For example, Triller is dependent on those who provide content on its service complying with the terms and conditions
of any license agreements with us, its end user license agreements, or commercial agreements Triller may enter into with certain Brands
and Creators or users, which prohibit providing content that infringes the intellectual property or proprietary rights of third parties
or is otherwise legally actionable pursuant to privacy and/or publicity rights, and other applicable laws, rules, and regulations. However,
Triller cannot guarantee that the Brands and Creators and users who provide content on its service will comply with their obligations,
and any failure of Brands and Creators and users to do so may materially impact Triller&#8217;s business, operating results, and financial
condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller and other
intermediate online service providers rely primarily on two sets of laws in the U.S., to shield Triller from legal liability with
respect to user activity, including actions based on invasion of privacy and other torts, unfair competition, copyright and
trademark infringement, and other theories based on the nature and content of the materials searched, the advertisements posted, or
the content provided by Brands, Creators or users. The Digital Millennium Copyright Act (&#8220;<b>DMCA</b>&#8221;) provides service
providers a safe harbor from monetary damages for copyright infringement claims, provided that service providers comply with various
requirements designed to stop or discourage infringement on their platforms by their users. Section 230 of the Communications
Decency Act (&#8220;<b>CDA</b>&#8221;) protects providers of an interactive computer service from liability with respect to most
types of content, including defamatory information, provided over their service by others, including users. Both the DMCA safe
harbor and Section 230 of the CDA face regular calls for revision, including without limitation in a number of CDA reform bills
currently being considered by legislators. Furthermore, recent litigation involving cloud hosting companies has created uncertainty
with respect to the applicability of DMCA protections to companies that host substantial amounts of user content. For these reasons
and others, now or in the future, the DMCA, CDA, and similar provisions may be interpreted as not applying to Triller or may provide
Triller with incomplete or insufficient protection from claims. Changes in any such laws that shield Triller from liability could
materially harm Triller&#8217;s business, operating results, and financial condition. In many, but not all, territories outside of
the United States there are laws similar to the DMCA which exempt Triller from copyright infringement liability that may arise due
to hosting user-uploaded materials. In some countries, particularly in Europe and the APAC region, these laws are being readjusted
and new -at times burdensome -constraints are being imposed onto service providers. Although Triller has invested and continue to
invest in systems and resources, which are intended to ensure that Triller is compliant with the requirements of U.S. and
international laws relating to, among other things, materials that infringe on copyrights and contain other objectionable content,
Triller&#8217;s systems may not be sufficient or Triller may unintentionally err and fail to comply with these laws and regulations
which could expose Triller to claims, judgments, monetary liabilities and other remedies, and to limitations on Triller&#8217;s
business practices which could materially adversely affect Triller&#8217;s business and financial results. For example, Triller
entered into a settlement agreement relating to a lawsuit for copyright infringement whereby Triller agreed to pay Wixen $10.0
million in scheduled payments through September 2024 and approximately $5.5&#160;million remains due. Triller currently do not have
sufficient cash on hand to satisfy this obligation which could result in penalties under the settlement agreement. Although Triller
does not currently have cash on hand to satisfy this obligation, it has access to certain facilities which it believes will help
satisfy this obligation, including the up to $200.0 million available from the Sabeera Convertible Promissory Notes, of which
Triller has drawn $0.7&#160;million to date. Triller anticipates utilizing approximately $25.0 million available to Triller under
the Sabeera Convertible Promissory Notes. In addition, Triller has entered into a $500.0 million SEPA with Yorkville which may
provide further liquidity and working capital support, if applicable conditions are met. On April 25, 2024, Triller entered into an
agreement with Yorkville and AGBA to amend and restate the SEPA (the &#8220;<b>Amended SEPA</b>&#8221;), and on June 28, 2024, AGBA
and Triller entered into the Second A&amp;R SEPA with Yorkville. Triller believes that it will be able to satisfy all current and
future commitments under the Wixen Settlement due to its access to liquidity and capital lines. However, if Triller is not able to
obtain sufficient financing to satisfy these obligations it will have a material adverse effect on its business and Triller may have
to limit operations in a manner inconsistent with its development and growth plans.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Given the large volume
of content that various third parties make available on Triller&#8217;s Technology Platform, it is challenging for Triller to accurately
verify the legitimacy of such content and review or moderate such content to ensure that it is otherwise in compliance with Triller&#8217;s
policies, so inappropriate content may be posted or activities executed before Triller is able to take protective action, which could
subject Triller to legal liability. Even if Triller complies with legal obligations to remove or disable content, Triller may continue
to allow use of its products or services by individuals or entities who others find hostile, offensive, or inappropriate. The activities
or content of Triller&#8217;s Creators, Brands or users may lead Triller to experience adverse political, business and reputational consequences,
especially if such use is high profile. Conversely, actions Triller takes in response to the activities of Triller&#8217;s Creators, Brands
or users, up to and including banning them from using Triller&#8217;s products, services, or properties, may harm Triller&#8217;s brand
and reputation. In addition to liability based on Triller&#8217;s activities in the United States, Triller may also be deemed subject
to laws in other countries that may not have the same protections or that may impose more onerous obligations on us, which may impose
additional liability or expense on us, including additional theories of intermediary liability.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, Brands may
not wish to associate with certain types of content and if Triller cannot reliably exclude their ads from certain types of content, Triller&#8217;s
business relationships may also be negatively impacted. If Triller fails to build and maintain an effective system to moderate the content
on Triller&#8217;s Technology Platform, Triller&#8217;s users, Creators, or Brands may lose trust in us, Triller&#8217;s reputation may
be impaired, and Triller&#8217;s business may be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller is subject
to governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and
Triller&#8217;s actual or perceived failure to comply with such obligations could harm Triller&#8217;s business, including regulatory
investigations or actions; litigation; fines and penalties; disruptions of Triller&#8217;s business operations; reputational harm; loss
of revenue or profits; and other adverse business consequences.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Since Triller processes
personal information and other sensitive data such as confidential business data, trade secrets, and intellectual property, from and about
Triller&#8217;s Creators, Brands, users, employees, service providers, and other third parties, Triller is subject to general business
regulations and laws, as well as regulations and laws specific to the internet, which may include laws and regulations related to user
privacy, data protection, information security, consumer protection, payment processing, taxation, intellectual property, electronic contracts,
internet access and content restrictions. Triller&#8217;s handling of data is subject to a variety of laws and regulations, including
regulation by various government agencies, including the FTC, and various state, local and foreign regulators. The U.S. federal and various
state and foreign governments have adopted or proposed limitations on the collection, distribution, use and storage of personal data of
individuals. Any failure or perceived failure by Triller to comply with privacy or security laws, policies, legal obligations or industry
standards or any security incident that results in the unauthorized disclosure, release or transfer of personal data or other user data
may result in governmental enforcement actions, litigation, fines and penalties and/or adverse publicity, and could cause Triller&#8217;s
users to lose trust in us, which could have an adverse effect on Triller&#8217;s reputation and business. Triller cannot guarantee that
it has been or will be fully compliant in every jurisdiction. Litigation and regulatory proceedings are inherently uncertain, and the
laws and regulations governing issues such as privacy, payment processing, taxation and consumer protection related to the internet continue
to develop.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As Triller&#8217;s service
and others like Triller gain traction in international markets, governments are increasingly looking to introduce new or extend legacy
regulations to these services. Laws and regulations concerning privacy, data protection and information security are evolving, and changes
to such laws and regulations could require Triller to change features of Triller&#8217;s services, which may in turn reduce demand for
Triller&#8217;s services. Triller&#8217;s failure to comply with federal, state and international data privacy laws and regulations could
harm Triller&#8217;s ability to successfully operate Triller&#8217;s business and pursue Triller&#8217;s business goals. For example,
the CCPA, among other things, requires covered companies to provide disclosures to California consumers and afford such consumers the
ability to opt-out of sales of personal data.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Additionally, broad consumer
privacy laws have been enacted in a number of states including California. Colorado, Connecticut, Iowa, Utah and Virginia. For example,
the Montana legislature voted to ban TikTok on April 14, 2023. Governor Greg Gianforte signed Senate Bill 419, which prohibits mobile
application stores from offering TikTok within the state. The bill also makes it illegal for TikTok to operate within the state. It is
not yet fully clear how these laws will be enforced and how certain of their requirements will be interpreted. The effects of these laws
are potentially significant and may require Triller to modify Triller&#8217;s data collection or processing practices and policies and
to incur substantial costs and expenses in an effort to comply and increase Triller&#8217;s potential exposure to regulatory enforcement
and/or litigation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The CCPA has prompted
a number of proposals for new federal and state-level privacy legislation. Such proposed legislation, if enacted, may add additional complexity,
variation in requirements, restrictions and potential legal risk, require additional investment of resources in compliance programs, impact
strategies and the availability of previously useful data and could result in increased compliance costs and/or changes in business practices
and policies. At the federal level, there is a significant and potentially transformative bipartisan bill being debated.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Other federal and state
laws restrict the use and protect the privacy and security of personally identifiable information. For example, according to the FTC,
failing to take appropriate steps to keep consumers&#8217; personal information secure constitutes unfair acts or practices in or affecting
commerce in violation of Section 5(a) of the Federal Trade Commission Act, 15 U.S.C. &#167; 45(a). The FTC expects a company&#8217;s data
security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and
complexity of its business and the cost of available tools to improve security and reduce vulnerabilities. In recent years, the FTC has
paid increased attention to privacy and data security matters, and Triller expects them to continue to do so in the future.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The privacy of children&#8217;s
personal data collected online is also becoming increasingly scrutinized both in the United States and internationally. For example, the
United Kingdom&#8217;s Age Appropriate Design Code (&#8220;<b>AADC</b>&#8221;) and incoming Online Safety Bill, focuses on online safety
and protection of children&#8217;s privacy online. A similar law, the California&#8217;s Age-Appropriate Design Code Act (&#8220;<b>CAADCA</b>&#8221;)
was signed into law in California and goes into effect on July 1, 2024. The CAADCA implements into law certain principles taken from the
AADC, among other things, and imposes substantial new obligations upon companies. Passage of the CAADCA and similar laws may further complicate
compliance efforts and may increase legal risk and compliance costs for Triller and Triller&#8217;s third party partners. In the U.S.,
Triller may have obligations on the federal level under the Children&#8217;s Online Privacy Protection Act (&#8220;<b>COPPA</b>&#8221;).
Despite Triller&#8217;s efforts, no assurances can be given that the measures Triller has taken to address COPPA requirements will be
sufficient to completely avoid allegations of COPPA violations, any of which could expose Triller to significant liability, penalties,
reputational harm and loss of revenue, among other things. Additionally, new laws and regulations are being considered in various jurisdictions
to require the monitoring of user content or the verification of users&#8217; identities and age such as a comprehensive new measure just
signed into law in Utah.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, many foreign
jurisdictions in which Triller does business, including the European Union and other jurisdictions have laws and regulations dealing with
the collection and use of personal data obtained from their residents, which are more restrictive in certain respects than those in the
U.S. Laws and regulations in these jurisdictions apply broadly to the collection, use, storage, disclosure and security of personal data
that identifies or may be used to identify an individual. Triller may be required to modify its policies, procedures, and data processing
measures in order to address requirements under these or other privacy, data protection, or cyber security regimes, and may face claims,
litigation, investigations, or other proceedings regarding them and may incur related liabilities, expenses, costs, and operational losses.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Within the European Union,
legislators adopted the EU GDPR, which became effective in May 2018, and which imposes heightened obligations and risk upon Triller&#8217;s
business and which may substantially increase the penalties to which Triller could be subject in the event of any non-compliance. Under
the EU GDPR, parties are either controllers, which are decision-makers that exercise overall control over the purposes and means of data
processing, whether alone or jointly with one or more other persons, or processors, who act on behalf of, and only on the instructions
of, the relevant controller. In the provision of Triller&#8217;s services to its users, Triller generally acts as a controller, which
imposes significant compliance obligations on Triller under the EU GDPR. If Triller fails to satisfy these obligations, it may be subject
to investigation or administrative fines from supervisory authorities or subject to individual claims that Triller failed to comply with
the applicable provisions of EU GDPR. In addition, further to the United Kingdom&#8217;s exit from the European Union on January 31, 2020,
the EU GDPR ceased to apply in the United Kingdom at the end of the transition period on December 31, 2020. In addition, Triller is also
subject to data protection laws in the United Kingdom. The UK GDPR and the UK Data Protection Act 2018 set out the United Kingdom&#8217;s
data protection regime, which is independent from but aligned to the European Union&#8217;s data protection regime. Non-compliance with
the EU GDPR, or UK GDPR, may result in monetary penalties of up to &#8364;20 million (or &#163;17.5 million under UK GDPR) or 4% of worldwide
annual turnover, whichever is higher. Further, a wide variety of other potential enforcement powers are available to competent supervisory
authorities in respect of potential and suspected violations of the EU GDPR, or UK GDPR, including audit and inspection rights, and powers
to order temporary or permanent bans on all or some processing activities. The EU GDPR and UK GDPR also confer a private right of action
on data subjects and consumer associations to lodge complaints with supervisory authorities, seek judicial remedies, and obtain compensation
for damages resulting from violations of the EU GDPR and UK GDPR.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The EU GDPR also provides
that European Economic Area (&#8220;<b>EEA</b>&#8221;) Member States may make their own further laws and regulations to introduce additional
requirements (for example, related to the processing of &#8220;special categories of personal data,&#8221; as well as personal data related
to criminal offenses or convictions) which adds to the complexity of processing personal data in or from the EEA or the United Kingdom.
This may lead to greater divergence in the law that applies to the processing of personal data across the EEA and/or United Kingdom, compliance
with which could limit Triller&#8217;s ability to collect and process data in the context of Triller&#8217;s EEA and/or United Kingdom
operations, and/or could cause Triller&#8217;s compliance costs to increase, ultimately having an adverse impact on Triller&#8217;s business
and harming Triller&#8217;s business and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The EU GDPR also
regulates cross-border transfers of personal data and requires transferee countries to have protections equivalent to protections
available in the EU. The EU GDPR imposes strict rules on the transfer of personal data to countries outside the EEA, Switzerland or
the United Kingdom, including the United States, in respect of which the European Commission or the United Kingdom government has
not issued a so-called &#8220;adequacy decision&#8221; or  &#8220;adequacy regulation&#8221; (known as &#8220;third
countries&#8221;), unless the parties to the transfer have implemented specific safeguards to protect the transferred personal data.
This includes putting in place the European Commission&#8217;s Standard Contractual Clauses (&#8220;<b>SCCs</b>&#8221;) for
transfers outside of the EEA and a similar transfer mechanism for transfers of personal data outside of the United Kingdom, the
International Data Transfer Agreement or Addendum (&#8220;<b>IDTA</b>&#8221;). Under both the EU GDPR and the UK GDPR, exporters are
also required to assess the risk of the data transfer on a case-by-case basis, including conducting an analysis of the laws in the
destination country. The SCCs had to be in place by December 27, 2022, whereas the IDTA must be implemented in all existing
contracts by March 21, 2024. Finalizing the implementation of the updated SCCs and IDTA, and conducting the required risk
assessments, may continue to necessitate significant contractual overhaul of Triller&#8217;s data transfer arrangements with users,
sub-processors and vendors. On June 28, 2021, the European Commission published its decision recognizing the United Kingdom as
having adequate laws to the protect the rights and freedoms of data subjects such that personal data may transfer to from the EU to
the United Kingdom without an approved transfer mechanism. The decision is effective for four years and its continuing effect is
dependent on United Kingdom and regulation on data privacy not diverging materially from the EU GDPR. The United Kingdom Government
also confirmed that data transfers to the EU remain free flowing.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, other European
data protection laws require that affirmative opt-in consent is procured to the placement of cookies and similar tracking technologies
on users&#8217; devices (other than those that are &#8220;strictly necessary&#8221; to provide services requested by the user), including
those used for analytics, personalization of experiences and advertising. These requirements may increase Triller&#8217;s exposure to
regulatory enforcement actions, increase Triller&#8217;s compliance costs and reduce demand for Triller&#8217;s products. A new regulation
proposed in the EU, which would apply across the EEA, known as the ePrivacy Regulation, if and when enacted, may further restrict the
use of cookies and other online tracking technologies on which Triller&#8217;s products rely, as well as increase restrictions on the
types of direct marketing campaigns that Triller&#8217;s platform enables. The final version of the ePrivacy Directive is likely to introduce
regulatory enforcement powers akin to those available to supervisory authorities under the EU GDPR, including significant administrative
fines and other penalties for non-compliance. Given the delay in finalizing the ePrivacy Regulation, certain regulators have issued guidance
on the requirement to seek strict opt-in consent to all non-essential cookies and similar technologies and the requirement to increase
the standard of transparency relating to use of cookies and similar technologies. Triller is likely to need to invest significantly in
compliance with these types of new legislation in order to attract and maintain users in the EEA.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The global regulatory
framework governing the collection, processing, storage, use and sharing of certain information, particularly financial and other personal
data, is rapidly evolving and is likely to continue to be subject to uncertainty and varying interpretations. The proliferation of privacy
and data protection laws has heightened risks and uncertainties concerning cross-border transfers of personal data and other data, which
could impose significant compliance costs and expenses on Triller&#8217;s business, increase Triller&#8217;s potential exposure to regulatory
enforcement and/or litigation, and have a negative effect on Triller&#8217;s existing business and on Triller&#8217;s ability to attract
and retain new users.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller publicly posts
documentation regarding its practices concerning the collection, processing, use and disclosure of data. Although Triller endeavors to
comply with its published policies and documentation, it may at times fail to do so or be alleged to have failed to do so. Any failure
or perceived failure by Triller to comply with Triller&#8217;s privacy policies or any applicable privacy, security or data protection,
information security or consumer-protection related laws, regulations, orders or industry standards could expose Triller to costly litigation,
significant awards, fines or judgments, civil and/or criminal penalties or negative publicity, and could materially and adversely affect
Triller&#8217;s business, financial condition and results of operations. The publication of Triller&#8217;s privacy policy and other documentation
that provide promises and assurances about privacy and security can subject Triller to potential state and federal action if they are
found to be deceptive, unfair, or misrepresentative of Triller&#8217;s actual practices, which could, individually or in the aggregate,
materially and adversely affect Triller&#8217;s business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may in the
future be, subject to enforcement actions, investigations, litigation, or other inquiries regarding Triller&#8217;s data privacy and
security practices. Additionally, advocacy organizations have also filed complaints with data protection authorities against
advertising technology companies, arguing that certain of these companies&#8217; practices do not comply with the EU GDPR and/or the
UK GDPR. It is possible that investigations or enforcement actions will involve Triller&#8217;s practices or practices similar to
Triller&#8217;s. If Triller&#8217;s privacy or data security measures fail to comply with current or future laws and regulations,
Triller may be subject to claims, legal proceedings or other actions by individuals or governmental authorities based on privacy or
data protection regulations and Triller&#8217;s commitments to users or others, as well as negative publicity and a potential loss
of business. Moreover, if future laws and regulations limit Triller&#8217;s ability to process personal data, Triller&#8217;s costs
could increase, and Triller&#8217;s business, results of operations and financial condition could be harmed. In addition, privacy
advocates and industry groups have regularly proposed, and may propose in the future, self-regulatory standards with which Triller
must legally comply or that contractually apply to Triller. If Triller fails to follow these security standards even if no user
information is compromised, it may incur significant fines, negative publicity and reputational damage or experience a significant
increase in costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Because the interpretation
and application of privacy and data protection laws, regulations and standards are uncertain and quickly changing, it is possible that
these obligations may be interpreted and applied in manners that are, or are asserted to be, inconsistent with Triller&#8217;s practices.
Preparing for and complying with these obligations requires significant resources. Further, adaptation of the digital advertising marketplace
requires increasingly significant collaboration between participants in the market, such as content Creators, Brands and marketers. Failure
of the industry to adapt to changes in data privacy and security obligations and user response to such changes could negatively impact
inventory, data, and demand. Triller cannot control or predict the pace or effectiveness of such adaptation, and Triller cannot predict
the impact such changes may have on its business. In addition, it may be necessary for Triller to fundamentally change its business activities,
information technologies, systems, and practices, and to those of any third parties that process personal information on Triller&#8217;s
behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Although Triller endeavors
to comply with all applicable data privacy and security obligations, Triller may at times fail or be perceived to have failed to do so.
For example, Triller&#8217;s subsidiary, TrillerTV, is party to a class action over its use of consumer personal identifying information
from Facebook. Moreover, despite Triller&#8217;s efforts, Triller&#8217;s customers, personnel or third parties upon whom Triller relies
may fail to comply with such obligations, which could negatively impact Triller&#8217;s business operations and compliance posture. For
example, any failure by a third-party processor to comply with applicable law, regulations, or contractual obligations could result in
adverse effects, including inability to operate Triller&#8217;s business and proceedings against Triller by governmental entities or others.
Any inability, or perceived inability, to address or comply with applicable data privacy or security obligations could result in significant
consequences, including, but not limited to, government enforcement actions (e.g., investigations, fines, penalties, audits, inspections,
and similar); litigation (including class-related claims); additional reporting requirements and/or oversight; bans on processing personal
information; and orders to destroy or not use personal information. Any of these events could have a material adverse effect on Triller&#8217;s
reputation, business, or financial condition, including but not limited to: loss of customers; additional costs and liabilities; damage
Triller&#8217;s reputation; reduction in sales and demand for Triller&#8217;s platform; and harm Triller&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, as internet
commerce and advertising continues to evolve, increasing regulation by federal, state and foreign regulatory authorities becomes more
likely. For example, California&#8217;s Automatic Renewal Law requires companies to adhere to enhanced disclosure requirements when entering
into automatically renewing contracts with consumers. Other states have enacted similar laws in recent years. As a result, a wave of consumer
class action lawsuits has been brought against companies that offer online products and services on a subscription or recurring basis.
Any failure, or perceived failure, by Triller to comply with any of these laws or regulations could result in damage to Triller&#8217;s
reputation, lost business, and proceedings or actions against Triller by governmental entities or others, which could impact Triller&#8217;s
operating results. As Triller improves its TV streaming platform, Triller may also be subject to new laws and regulations specific to
such technologies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If Triller fails
to retain existing users or add new users, or if Triller&#8217;s users decrease their level of engagement with Triller&#8217;s products,
Triller&#8217;s revenue, financial results, and business may be significantly harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The size of
Triller&#8217;s user base and Triller&#8217;s users&#8217; level of engagement across Triller&#8217;s products are critical to
Triller&#8217;s success. Triller&#8217;s financial performance has been and will continue to be significantly determined by
Triller&#8217;s success in adding, retaining, and engaging active users of Triller&#8217;s products that deliver ad impressions.
Triller has experienced, and expect to continue to experience, fluctuations and declines in the size of Triller&#8217;s active user
base in one or more markets from time to time, particularly in markets where Triller has achieved higher penetration rates. User
growth and engagement are also impacted by a number of other factors, including competitive products and services, such as TikTok,
that have reduced some users&#8217; engagement with Triller&#8217;s products and services, as well as global and regional business,
macroeconomic, and geopolitical conditions. For example, the&#160;COVID-19&#160;pandemic led to increases and decreases in the size
and engagement of Triller&#8217;s active user base from period to period at different points during the pandemic, and the resulting
effects from the COVID-19 pandemic may continue to have a varied impact on the size and engagement of Triller&#8217;s active user
base in the future. Any future declines in the size of Triller&#8217;s active user base may adversely impact Triller&#8217;s ability
to deliver ad impressions and, in turn, Triller&#8217;s financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If people do not perceive
Triller&#8217;s products to be useful, reliable, and trustworthy, Triller may not be able to attract or retain users or otherwise maintain
or increase the frequency and duration of their engagement. A number of other social networking companies that achieved early popularity
have since seen their active user bases or levels of engagement decline, in some cases precipitously. There is no guarantee that Triller
will not experience a similar erosion of Triller&#8217;s active user base or engagement levels. Triller&#8217;s user engagement patterns
have changed over time, and user engagement can be difficult to measure, particularly as Triller introduces new and different products
and services. Any number of factors can negatively affect user retention, growth, and engagement, including if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Triller&#8217;s products are
subject to increased regulatory scrutiny or approvals, including from international privacy regulators (particularly in the EEA/UK),
or there are changes in Triller&#8217;s products that are mandated or prompted by legislation, regulatory authorities, executive actions,
or litigation, including settlements or consent decrees, that adversely affect the user experience;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Triller is unable to offer
a number of&#160;its most significant products and services, including Facebook and Instagram, in Europe, or are otherwise limited in
Triller&#8217;s business operations, as a result of European regulators, courts, or legislative bodies determining that Triller&#8217;s
reliance on Standard Contractual Clauses (&#8220;<b>SCCs</b>&#8221;) or other legal bases&#160;Triller relies&#160;upon to transfer user
data from the European Union to the United States is invalid; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">there is decreased engagement
with Triller&#8217;s products, or failure to accept Triller&#8217;s terms of service, as part of privacy-focused changes that&#160;Triller
has implemented or may implement in the future, whether voluntarily, in connection with the EU GDPR and/or the UK GDPR, the European
Union&#8217;s ePrivacy Directive, CPRA, or other laws, regulations, or regulatory actions, or otherwise.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, certain
of these factors have negatively affected user retention, growth, and engagement to varying degrees. If Triller is unable to maintain
or increase its user base and user engagement, particularly for its significant revenue-generating Technology Platform, its revenue and
financial results may be adversely affected. Any significant decrease in user retention, growth, or engagement could render its products
less attractive to users, marketers, and developers, which is likely to have a material and adverse impact on its ability to deliver ad
impressions and, accordingly, its revenue, business, financial condition, and results of operations. As the size of Triller&#8217;s active
user base fluctuates in one or more markets from time to time, Triller will become increasingly dependent on its ability to maintain or
increase levels of user engagement and monetization in order to grow revenue.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Existing federal,
state, and foreign laws regulate the senders of commercial emails and text messages and changes in privacy laws could adversely affect
Triller&#8217;s ability to provide its services and could impact its results from operations or result in costs and fines.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller may use a variety
of direct marketing techniques to promote its business, including email marketing, telemarketing and marketing conducted via SMS and MMS
messages. In the United States, these activities are regulated by laws such as the Controlling the Assault of&#160;Non-Solicited&#160;Pornography
and Marketing&#160;(&#8220;<b>CAN-SPAM</b>&#8221;)&#160;Act of 2003, the Telephone Consumer Protection Act (&#8220;<b>TCPA</b>&#8221;)
and various state laws and regulations governing telephone solicitation and text message marketing.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The&#160;CAN-SPAM&#160;Act,
among other things, obligates the sender of commercial emails to provide recipients with the ability to opt out of receiving future commercial
emails from the sender. The ability of message recipients to opt out of receiving commercial emails may minimize the effectiveness of
Triller&#8217;s marketing efforts. In addition, certain foreign jurisdictions, such as Australia, Canada, the United Kingdom, and the
European Union, have enacted laws that regulate sending email, and some of these laws are more restrictive than U.S. laws. For example,
some foreign laws prohibit sending commercial email unless the recipient has provided the sender advance consent to receive such email,
or in other words has&#160;&#8220;opted-in&#8221;.&#160;A requirement that recipients opt into, or the ability of recipients to opt out
of, receiving commercial emails may minimize the effectiveness of Triller&#8217;s marketing efforts. Any failure by Triller to comply
fully with the&#160;CAN-SPAM&#160;Act or other laws governing Triller&#8217;s commercial email programs may subject Triller to substantial
fines and penalties.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Similarly, the TCPA is
a U.S. federal statute that protects consumers from unwanted telephone calls, faxes and text messages. TCPA violations can result in significant
financial penalties for businesses including civil forfeiture penalties or criminal fines imposed by the Federal Communications Commission
(&#8220;<b>FCC</b>&#8221;) and statutory damages liability through consumer lawsuits brought by private plaintiffs or public enforcement
actions brought by state attorneys general or other consumer protection authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Numerous class-action
suits under federal and state laws have been filed in recent years against companies that conduct telemarketing and texting campaigns,
with many resulting in multi-million-dollar judgments or settlements. While Triller strives to comply with all laws applicable to its
marketing operations, courts, the FCC, and other enforcement authorities may disagree with Triller&#8217;s interpretations of such laws
and subject Triller to penalties, statutory damages and other liability for noncompliance. Determination by a court or regulatory agency
that Triller&#8217;s operations violate the TCPA or other marketing laws could require Triller to terminate some portions of Triller&#8217;s
business, and could have material adverse effect on Triller&#8217;s business, operating results, and financial condition. Even an unsuccessful
legal challenge of Triller&#8217;s marketing activities could result in adverse publicity and could require a costly response from Triller.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Moreover, many states
have enacted telemarketing and text message marketing laws and regulations that are even more proscriptive than the TCPA and that pose
additional litigation and regulatory enforcement risks. For example, Florida, Washington, and Oklahoma have enacted statutes that are
in many respects more restrictive than the TCPA. Other U.S. states may pass similar (or possibly more burdensome) laws in the future that
may erode Triller&#8217;s ability to effectively market Triller&#8217;s services via telephone solicitation or text messaging and expose
Triller to currently unforeseen liability. The TCPA and other laws governing Triller&#8217;s marketing activities are also subject to
frequent amendment, as well as to reinterpretation by courts and regulators, and any future amendments or interpretations could adversely
affect the continuing effectiveness of Triller&#8217;s marketing efforts and could force changes in Triller&#8217;s marketing strategies.
Triller may not be able to respond to such developments with adequate alternative marketing strategies and, as result, any such developments
could have an adverse effect on Triller&#8217;s business, operating results, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>If Triller&#8217;s
or Triller&#8217;s users&#8217; security measures are compromised or unauthorized access to Triller&#8217;s data (including that of Triller&#8217;s
users or other sensitive or confidential information) is otherwise obtained, Triller&#8217;s Technology Platform may be perceived as not
being secure, Triller&#8217;s users may be harmed and may curtail or cease their use of Triller&#8217;s Technology Platform, Triller&#8217;s
reputation may be damaged and Triller may incur significant liabilities.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s operations
involve the storage and transmission of data of users of Triller&#8217;s platform, including personally identifiable information and sensitive
information of the company. Security incidents could result in unauthorized access to, loss of or unauthorized disclosure of this information,
litigation, indemnity obligations and other possible liabilities, as well as negative publicity, which could damage Triller&#8217;s reputation,
impair Triller&#8217;s sales and harm Triller&#8217;s users and Triller&#8217;s business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s
products and services involve the collection, storage, processing, and transmission of a large amount of data. Cyber-attacks and
other malicious internet-based activity continue to increase generally, and platforms that maintain data such as the data Triller
maintains have been targeted by such attacks. If Triller&#8217;s security measures are compromised as a result of third-party
action, employee or user error, malfeasance, stolen or fraudulently obtained&#160;log-in&#160;credentials or otherwise,
Triller&#8217;s reputation could be damaged, Triller&#8217;s business may be harmed and Triller could incur significant liability.
If third parties with whom Triller works, such as vendors or developers, violate applicable laws, Triller&#8217;s security policies
or Triller&#8217;s acceptable use policy, such violations may also put Triller&#8217;s users&#8217; information at risk and could in
turn have an adverse effect on Triller&#8217;s business. In addition, if the security measures of Triller&#8217;s users are
compromised, even without any actual compromise of Triller&#8217;s own systems, Triller may face negative publicity or reputational
harm if Triller&#8217;s users or anyone else incorrectly attributes the blame for such security breaches to Triller or
Triller&#8217;s systems. Triller may be unable to anticipate or prevent techniques used to obtain unauthorized access or to sabotage
systems because they change frequently and generally are not detected until after an incident has occurred. As Triller increases its
user base and its brand becomes more widely known and recognized, Triller may become more of a target for third parties seeking to
compromise its security systems or gain unauthorized access to its users&#8217; data. Any failure to prevent or mitigate security
breaches and improper access to or disclosure of Triller&#8217;s data or user data, including personal information, content, or
payment information from users, or information from marketers, could result in the loss, modification, disclosure, destruction, or
other misuse of such data, which could harm Triller&#8217;s business and reputation and diminish Triller&#8217;s competitive
position. In addition, computer malware, viruses, social engineering (such as spear phishing attacks), scraping, and general hacking
continue to be prevalent in Triller&#8217;s industry, have occurred on Triller&#8217;s systems in the past, and will occur on
Triller&#8217;s systems in the future.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Cyber-attacks,&#160;denial-of-service&#160;attacks,
ransomware attacks, business email compromises, computer malware, viruses, and social engineering (including phishing) are prevalent in
Triller&#8217;s industry. Triller&#8217;s internal computer systems and those of Triller&#8217;s current and any future strategic collaborators,
vendors, and other contractors or consultants are vulnerable to damage from cyber-attacks, computer viruses, unauthorized access, natural
disasters, cybersecurity threats, terrorism, war and telecommunication and electrical failures. Cyber incidents have been increasing in
sophistication and frequency and can include third parties gaining access to employee or user data using stolen or inferred credentials,
computer malware, viruses, spamming, phishing attacks, ransomware, card skimming code, and other deliberate attacks and attempts to gain
unauthorized access. The techniques used to sabotage or to obtain unauthorized access to Triller&#8217;s Technology Platform, systems,
networks, or physical facilities in which data is stored or through which data is transmitted change frequently, and Triller may be unable
to implement adequate preventative measures or stop security breaches while they are occurring. Because the techniques used by computer
programmers who may attempt to penetrate and sabotage Triller&#8217;s network security or Triller&#8217;s website change frequently and
may not be recognized until launched against a target, Triller may be unable to anticipate these techniques. Additionally, during the
recent COVID-19 pandemic, and potentially beyond as remote work and resource access expand, there is an increased risk that Triller may
experience cybersecurity-related events such as&#160;COVID-19&#160;themed phishing attacks, exploitation of any cybersecurity flaws that
may exist, an increase in the number cybersecurity threats or attacks, and other security challenges as a result of most of Triller&#8217;s
employees and Triller&#8217;s service providers continuing to work remotely from&#160;non-corporate&#160;managed networks. Triller has
previously been, and may in the future become, the target of cyber-attacks by third parties seeking unauthorized access to Triller&#8217;s
or Triller&#8217;s users&#8217; data or to disrupt Triller&#8217;s operations or ability to provide Triller&#8217;s services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller also relies on
third-party service providers and technologies to operate critical business systems to process confidential and personal information in
a variety of contexts. In addition, some of Triller&#8217;s developers or other partners, such as those that help Triller measure the
effectiveness of ads, may receive or store information provided by Triller or by Triller&#8217;s users through mobile or web applications
integrated with Triller&#8217;s products. Triller provides limited information to such third parties based on the scope of services provided
to Triller. Triller&#8217;s ability to monitor these third parties&#8217; cybersecurity practices is limited. These third-party providers
and technologies may not have adequate measures in place, and could experience or cause a security incident that compromises the confidentiality,
integrity or availability of the systems or technologies they provide to Triller or the information they process on Triller&#8217;s behalf.
While Triller has taken steps designed to protect the proprietary, regulated, sensitive, confidential and personal information in Triller&#8217;s
control, Triller&#8217;s security measures or those of the third parties on which Triller relies may not be effective against current
or future security risks and threats. If these third parties or developers fail to adopt or adhere to adequate data security practices,
or in the event of a breach of their networks, Triller&#8217;s data or Triller&#8217;s users&#8217; data may be improperly accessed, used,
or disclosed. Additionally, Triller does not currently maintain company-wide policies and procedures with respect to such risks, instead
relying on Triller&#8217;s individual business units to implement the appropriate policies and procedures that each such business unit
believes necessary. Such approach may be less effective than implementing global policies across all business units.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If Triller or one
of Triller&#8217;s trusted third parties were to experience a cyberattack leading to interruptions in Triller&#8217;s operations, it
could result in a material disruption of Triller&#8217;s development programs and Triller&#8217;s business operations, whether due
to a loss of Triller&#8217;s trade secrets or other proprietary information or other disruptions. Moreover, enforcing a claim that a
party illegally disclosed or misappropriated a trade secret are difficult, expensive, time-consuming, and the outcome is
unpredictable. In addition, effective trade secret protection may not be available in every country in which Triller&#8217;s
products are available or where Triller has employees or independent contractors as some courts inside and outside the United States
are less willing or unwilling to protect&#160;trade&#160;secrets. If any of Triller&#8217;s&#160;trade&#160;secrets&#160;were to be
disclosed to or independently developed by a competitor or other third party, Triller&#8217;s competitive position would be
materially and adversely harmed.&#160;These cyber-attacks could be carried out by threat actors of all types (including but not
limited to nation states, organized crime, other criminal enterprises, individual actors and/or advanced persistent threat groups).
In addition, Triller may experience intrusions on Triller&#8217;s physical premises by any of these threat actors. To the extent
that any disruption or security breach were to result in a loss of, or damage to, Triller&#8217;s data or applications, or
inappropriate disclosure of confidential or proprietary information, Triller could incur liability and Triller&#8217;s competitive
position could be harmed. Any breach, loss, or compromise of personal data may also subject Triller to civil fines and penalties, or
claims for damages either under the EU GDPR and relevant member state law in the European Union, other foreign laws, and other
relevant state and federal privacy laws in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Many governments have
enacted laws requiring companies to notify individuals of data security incidents or unauthorized transfers involving certain types of
personal data Security compromises experienced by Triller&#8217;s competitors, by Triller&#8217;s users or by Triller may lead to public
disclosures, which may lead to widespread negative publicity. For example, in July 2023, the SEC adopted rules requiring registrants to
disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity
risk management, strategy, and governance. Any security compromise in Triller&#8217;s industry, whether actual or perceived, could harm
Triller&#8217;s reputation, erode user confidence in the effectiveness of Triller&#8217;s security measures, negatively impact Triller&#8217;s
ability to attract new users, cause existing users to elect not to renew their subscriptions or subject Triller to third-party lawsuits,
regulatory fines or other action or liability, which could materially and adversely affect Triller&#8217;s business and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There can be no assurance
that any limitations of liability provisions in Triller&#8217;s contracts for a security breach would be enforceable or adequate or would
otherwise protect Triller from any such liabilities or damages with respect to any particular claim. Triller also cannot be sure that
Triller&#8217;s existing general liability insurance coverage and coverage for errors or omissions will continue to be available on acceptable
terms or will be available in sufficient amounts to cover one or more large claims, or that the insurer will not deny coverage as to any
future claim. The successful assertion of one or more large claims against Triller that exceed available insurance coverage, or the occurrence
of changes in Triller&#8217;s insurance policies, including premium increases or the imposition of large deductible or&#160;co-insurance&#160;requirements,
could have a material adverse effect on Triller&#8217;s business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For example, Triller&#8217;s
subsidiary, TrillerTV, is party to a class action over its use of consumer personal identifying information from Facebook. Any such inquiries
could subject Triller to substantial fines and costs, require Triller to change Triller&#8217;s business practices, divert resources and
the attention of management from Triller&#8217;s business, or adversely affect Triller&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller faces uncertainties
associated with international markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s production
of live Events overseas subjects Triller to the risks involved in foreign travel, local regulations, including regulations requiring Triller
to obtain visas for Triller&#8217;s performers, and political instability inherent in varying degrees in those markets. In addition, the
licensing of Triller&#8217;s television and branded merchandise in international markets exposes Triller to some degree of currency risk.
These risks could adversely affect Triller&#8217;s operating results and impair Triller&#8217;s ability to pursue Triller&#8217;s business
strategy as it relates to international markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>As a result of
Triller&#8217;s operations in international markets, Triller is subject to risks associated with the legislative, judicial, accounting,
taxation, regulatory, political and economic risks and conditions specific to such markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller provides its
Technology Platform in certain jurisdictions abroad through brands and businesses that it owns and operates, including Asia, Latin America,
Europe and Africa, and Triller expect to continue to expand its international presence. Triller faces, and expect to continue to face,
additional risks in the case of its existing and future international operations, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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changes in diplomatic relations and unfavorable economic conditions in the markets in which&#160;Triller has international operations
or into which&#160;Triller may expand;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">more restrictive or otherwise
unfavorable government regulation of the entertainment and sports industry, which could result in increased compliance costs or otherwise
restrict the manner in which&#160;Triller provides services and the amount of related fees charged for such services;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">limitations on the enforcement
of intellectual property rights;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">enhanced difficulties of integrating
any foreign acquisitions;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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content on Triller&#8217;s Technology Platform;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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of foreign subsidiaries to repatriate profits or otherwise remit earnings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">fluctuations in currency exchange
rates and compliance with currency controls;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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in some foreign countries, which could impair Triller&#8217;s ability to enforce Triller&#8217;s contractual rights in those countries;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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standards and accepted practices; and</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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due to distance, language and cultural differences, including issues associated with (i)&#160;business practices and customs that are
common in certain foreign countries but might be prohibited by U.S. law and Triller&#8217;s internal policies and procedures and (ii)&#160;management
and operational systems and infrastructures, including internal financial control and reporting systems and functions, staffing and managing
of foreign operations, which&#160;Triller might not be able to do effectively or on a cost-efficient basis.</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Failure to expand internationally and manage the complexity of international
operations could harm Triller&#8217;s business, financial condition, and results of operations. In addition, Triller may be subject to
additional liabilities associated with the content on its Technology Platform due to content regulation which may vary based on its international
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Additionally, if Triller
fails to adequately prevent fraudulent credit card transactions, it may face litigation, fines, governmental enforcement action, civil
liability, diminished public perception of Triller&#8217;s security measures, significantly higher credit card-related costs and substantial
remediation costs, or refusal by credit card processors to continue to process payments on Triller&#8217;s behalf, any of which could
materially adversely affect Triller&#8217;s business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller is subject
to extensive U.S. and foreign government regulations, and Triller&#8217;s failure to comply with these regulations could adversely affect
its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s operations
are subject to federal, state and local laws, statutes, rules, regulations, policies, and procedures in the United States and around the
world, which are subject to change at any time, governing matters such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Noncompliance with these
laws could subject Triller to whistleblower complaints, investigations, sanctions, settlements, prosecution, other enforcement actions,
disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, reputational harm, adverse media
coverage and other collateral consequences. Multiple or repeated failures by Triller to comply with these laws and regulations could result
in increased fines or proceedings against Triller. If any subpoenas or investigations are launched, or governmental or other sanctions
are imposed, or if Triller do not prevail in any possible civil or criminal litigation, Triller&#8217;s business, results of operations
and financial condition could be materially harmed. In addition, responding to any such enforcement or similar action will likely result
in a materially significant diversion of management&#8217;s attention and resources and significant defense costs and other professional
fees. Enforcement actions and any imposed sanctions could further harm Triller&#8217;s business, results of operations, and financial
condition. There can be no assurance that a law or regulation will not be interpreted or enforced in a manner contrary to Triller&#8217;s
current understanding. In addition, the promulgation of new laws, rules and regulations could restrict or unfavorably impact Triller&#8217;s
business, which could decrease demand for Triller&#8217;s services, reduce revenue, increase costs or subject it to additional liabilities.
For example, some legislatures have proposed laws in the past that would impose potential liability on Triller and other promoters and
producers of live events for incidents that occur at Triller&#8217;s Events, particularly relating to drugs and alcohol or the spread
of&#160;COVID-19.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the United
States and certain foreign jurisdictions, Triller may have direct and indirect interactions with government agencies and
state-affiliated entities in the ordinary course of Triller&#8217;s business. In particular, athletic commissions and other
applicable regulatory agencies require Triller to obtain licenses for promoters, medical clearances, licenses for athletes, or
permits for Events in order for Triller to promote and conduct Triller&#8217;s live Events and productions. In the event that
Triller fails to comply with the regulations of a particular jurisdiction, including the laws and regulations that apply to dealings
with or involving government agencies, state-affiliated entities and their officials (such as anti-corruption laws), whether through
Triller&#8217;s acts or omissions or those of third parties, Triller may be prohibited from promoting and conducting Triller&#8217;s
live Events and productions in the relevant jurisdictions or become subject to investigations or enforcement actions. Instances of
noncompliance with applicable laws may result in the imposition of fines or other penalties, including the inability to present
Triller&#8217;s live Events and productions in the relevant jurisdictions, which could lead to a decline in revenue streams or have
other adverse effects on Triller&#8217;s business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller is required to
comply with export control and economic and trade sanctions laws imposed by the United States or by other jurisdictions where Triller
has operations, maintain personnel or otherwise do business, which may restrict Triller&#8217;s transactions in certain markets, and with
certain customers, business partners, and other persons and entities. As a result, Triller is not permitted to, directly or indirectly
(including through a third-party intermediary), procure goods, services or technology from, or engage in transactions with, individuals
and entities that are the target of applicable sanctions. Triller is also required to conduct Triller&#8217;s business in compliance with
applicable export control requirements, including those that apply to the development and distribution of software, technology and other
items. Triller&#8217;s products have in the past, and could in the future be, provided inadvertently in violation of such laws. Any violation
of export control or sanctions laws could result in fines, other civil and criminal sanctions against Triller or Triller&#8217;s employees,
prohibitions on the conduct of Triller&#8217;s business (e.g., loss of export privileges, debarment from doing business with International
Development Banks and similar organizations), and damage to Triller&#8217;s reputation, which could have an adverse effect on Triller&#8217;s
business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller is subject
to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and&#160;non-compliance&#160;with such laws can subject Triller
to criminal penalties or significant fines and harm Triller&#8217;s business and reputation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller is subject to
anti-corruption and anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &#8220;<b>FCPA</b>&#8221;),
the U.S. domestic bribery statute contained in 18 U.S.C. &#167; 201, U.S. Travel Act, the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (&#8220;<b>USA PATRIOT Act</b>&#8221;), as amended, and other
anti-corruption, anti-bribery and anti-money laundering laws in countries in which Triller conducts activities. Anti-corruption and anti-bribery
laws have been enforced aggressively in recent years and are interpreted broadly and prohibit companies and their employees and agents
from promising, authorizing, making, or offering improper payments or any other thing of value to government officials and others in the
private sector. As Triller increases its international sales and business, which may include increased interactions with officials and
employees of government agencies or state-owned or -affiliated entities, Triller&#8217;s risks under these laws may increase. Noncompliance
with these laws could subject Triller to investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement
of profits, significant fines, damages, other civil and criminal penalties or injunctions, adverse media coverage, and other consequences.
Any investigations, actions or sanctions could harm Triller&#8217;s business, results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, in the
future Triller may use third parties to sell access to its products and services and conduct business on Triller&#8217;s behalf outside
the United States. Triller or such future third-party intermediaries may have direct or indirect interactions with officials and employees
of government agencies or state-owned or -affiliated entities, and Triller can be held liable for the corrupt or other illegal activities
of such future third-party intermediaries, as well as Triller&#8217;s employees, representatives, contractors, partners, and agents,
even if Triller does not explicitly authorize such activities. Triller has implemented an anti-corruption compliance program but cannot
assure you that all of its employees and agents, as well as those companies to which Triller outsources certain of its business operations,
will not take actions in violation of its policies and applicable law, for which Triller may be ultimately held responsible. Any violation
of the FCPA, other applicable anti-corruption laws, or applicable anti-money laundering laws could result in whistleblower complaints,
adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension
or debarment from U.S. government contracts, any of which could have a materially adverse effect on Triller&#8217;s reputation, business,
results of operations, and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The Company may be
unsuccessful in its strategic acquisitions and investments, and the Company may pursue acquisitions and investments for its strategic value
in spite of the risk of lack of profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company faces significant uncertainty in connection with acquisitions
and investments. To the extent the Company chooses to pursue certain investment or acquisition strategies, the Company may be unable to
identify suitable targets for these deals, or to make these deals on favorable terms. If the Company identifies suitable acquisition candidates,
investments or strategic partners, its ability to realize a return on the resources expended pursuing such deals, and to successfully
implement or enter into them will depend on a variety of factors, including its ability to obtain financing on acceptable terms, requisite
government approvals, as well as the factors discussed below. Additionally, the Company may decide to make or enter into acquisitions
or investments with the understanding that such acquisitions or investments will not be profitable, but may be of strategic value to Triller.
Triller&#8217;s current and future acquisitions, investments, including existing investments accounted for under the equity method may
also require that the Company makes additional capital investments in the future, which would divert resources from other areas of the
Company&#8217;s business. The Company cannot provide assurances that the anticipated strategic benefits of these deals will be realized
in the long-term or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company may fail to identify or assess the magnitude of certain
liabilities, shortcomings or other circumstances prior to acquiring a company, making an investment or entering into a strategic business
agreement and, as such, may not obtain sufficient warranties, indemnities, insurance or other protections. This could result in unexpected
litigation or regulatory exposure, unfavorable accounting treatment, unexpected increases in taxes, a loss of anticipated tax benefits,
or other adverse effects on the Company&#8217;s business, operating results or financial condition. Additionally, some warranties and
indemnities may give rise to unexpected and significant liabilities. Future acquisitions and strategic business arrangements that The
Company may pursue could result in dilutive issuances of equity securities and the incurrence of future debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
international sales and operations, including Triller&#8217;s planned business development activities outside of the United States, subject
Triller to additional risks and challenges that can adversely affect Triller&#8217;s business, results of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As part of its growth strategy, Triller expects to continue to expand
its international operations, which may include opening additional offices in new jurisdictions and providing its Technology Platform
in additional languages and&#160;on-boarding&#160;new Creators, Brands and users outside the United States. Any new markets or countries
into which Triller attempts to sell subscriptions to its Technology Platform or other products may not be receptive to its business development
activities. Triller currently has sales personnel and sales and customer and product support operations in the United States, Canada,
Bulgaria, the Netherlands, France, the United Kingdom, India and Mexico. Triller believes that its ability to attract new customers to
its Technology Platform and to convince existing customers to renew or expand their use of Triller&#8217;s Technology Platform is directly
correlated to the level of engagement Triller achieves with its customers in their home countries. To the extent that Triller is unable
to effectively engage with&#160;non-U.S.&#160;customers, Triller may be unable to effectively grow in international markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s international
operations also subject Triller to a variety of additional risks and challenges, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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infrastructure and legal compliance costs associated with having operations and developing Triller&#8217;s business in multiple jurisdictions;</span></td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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and operating Triller&#8217;s business across a significant distance, in different languages, among different cultures and time zones,
including the potential need to modify Triller&#8217;s&#160;Unified-CXM&#160;platform and products to ensure that they are culturally
appropriate and relevant in different countries;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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enforcing agreements, collecting accounts receivable or satisfying revenue recognition criteria, especially in emerging markets;</span></td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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ability to sell Triller&#8217;s Technology Platform and for Triller&#8217;s solution to be effective in&#160;non-U.S.&#160;markets that
have different cultural norms and related business practices that&#160;de-emphasize&#160;the importance of positive customer and employee
experiences;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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services. For example, legislation in Germany and India has resulted in the past, and may result in the future, in the imposition of
fines or other penalties for failure to comply with certain content removal, law enforcement cooperation, and disclosure obligations;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 88 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Any of these risks and
challenges could adversely affect Triller&#8217;s operations, reduce Triller&#8217;s revenue or increase Triller&#8217;s operating costs,
each of which could adversely affect Triller&#8217;s ability to expand Triller&#8217;s business outside of the United States and thereby
Triller&#8217;s business more generally, as well as Triller&#8217;s results of operations, financial condition and growth prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Global political uncertainty
also poses risks of volatility in global markets, which could negatively affect Triller&#8217;s operations and financial results. Changes
in U.S. policy regarding foreign trade or manufacturing may create negative sentiment about the U.S. among non-U.S. dealers, end customers,
employees or prospective employees, all of which could adversely affect Triller&#8217;s business, sales, hiring and employee retention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Compliance with laws
and regulations applicable to Triller&#8217;s international operations substantially increases Triller&#8217;s cost of doing business.
Triller may be unable to keep current with changes in government requirements as they change from time to time. Failure to comply with
these regulations could have adverse effects on Triller&#8217;s business. In many foreign countries it is common for others to engage
in business practices that are prohibited by Triller&#8217;s internal policies and procedures or U.S. or other regulations applicable
to Triller. Although Triller has implemented policies and procedures designed to ensure compliance with these laws and policies, there
can be no assurance that Triller&#8217;s employees, contractors, partners and agents will comply with these laws and policies. Violations
of laws or Triller&#8217;s policies by Triller&#8217;s employees, contractors, partners or agents could result in delays in revenue recognition,
financial reporting misstatements, enforcement actions, disgorgement of profits, fines, civil and criminal penalties, damages, injunctions,
other collateral consequences and increased costs, including the costs associated with defending against such actions, or the prohibition
of the importation or exportation of Triller&#8217;s Technology Platform and related services, each of which could adversely affect Triller&#8217;s
business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Existing and future
laws and evolving attitudes about data privacy and security may impair Triller&#8217;s ability to collect, use, and maintain data points
of sufficient type or quantity to develop and train Triller&#8217;s artificial intelligence algorithms.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Jurisdictions outside
of the United States, the EU, and the UK also are passing more stringent data privacy and security laws, rules and regulations with which
Triller may be obligated to comply. For example, Brazil&#8217;s General Data Protection Law (Lei Geral de Prote&#231;&#227;o de Dados
Pessoais) (&#8220;<b>LGPD</b>&#8221;) (Law No.&#160;13,709/2018), China&#8217;s Personal Information Protection Law (&#8220;<b>PIPL</b>&#8221;),
and Japan&#8217;s Protection of Personal Information (&#8220;<b>APPI</b>&#8221;), impose strict requirements for processing personal data.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller continues to
see jurisdictions imposing data localization laws, which require personal data, or certain subcategories of personal data, to be stored
in the jurisdiction of origin. Specifically, Russia, China and India have passed or are in the process of passing laws that impose more
stringent requirements on data privacy and which have, amongst other things, more stringent data localization requirements. These regulations
may inhibit Triller&#8217;s ability to expand into those markets or prohibit Triller from continuing to offer services and/or collaborate
with partners in those markets without significant additional costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to Triller&#8217;s
legal obligations, Triller&#8217;s contractual obligations relating to data privacy and security have become increasingly stringent due
to changes in data privacy and security and the expansion of Triller&#8217;s service offerings. Certain data privacy and security laws,
such as the EU GDPR and the CCPA, require Triller&#8217;s customers to impose specific contractual restrictions on their service providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Apart from
government activity and Triller&#8217;s customer contracts, privacy advocacy and other industry groups have established or may
establish new self-regulatory standards that may place additional burdens on Triller&#8217;s ability to provide Triller&#8217;s
services globally. Triller&#8217;s customers expect Triller to meet voluntary certification and other standards established by third
parties, such as TRUSTe, the American Institute for Certified Public Accountants, or the International Standards Organization. If
Triller is unable to maintain these certifications or meet these standards, it could adversely affect Triller&#8217;s ability to
provide Triller&#8217;s solutions to certain customers and could harm Triller&#8217;s business. Business partners and other third
parties with a strong influence on how consumers interact with Triller&#8217;s products, such as Apple, Google, Facebook and
Mozilla, may create new privacy controls or restrictions on their products and platforms, limiting the effectiveness of
Triller&#8217;s services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 89 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">With laws, rules, regulations
and other obligations relating to data privacy and security imposing new and stringent obligations, and with substantial uncertainty over
the interpretation and application of these and other obligations, Triller may face challenges in addressing their requirements and making
necessary changes to Triller&#8217;s policies and practices, and may incur significant costs and expenses in an effort to do so. Additionally,
if the third parties Triller work with, such as Triller&#8217;s vendors or third-party service providers, violate applicable laws, rules
or regulations or Triller&#8217;s policies, such violations also may put Triller&#8217;s or Triller&#8217;s customers&#8217; data at risk
and could in turn have an adverse effect on Triller&#8217;s business. Any failure or perceived failure by Triller or Triller&#8217;s third-party
service providers to comply with Triller&#8217;s applicable internal and external policies or notices relating to data privacy or security,
Triller&#8217;s contractual or other obligations to customers or other third parties, or any of Triller&#8217;s other legal obligations
relating to data privacy or security, may result in governmental investigations or inquiries (which have occurred in the past and may
occur in the future), enforcement actions, litigation, disputes or other claims, indemnification requests, restrictions on providing Triller&#8217;s
services, claims or public statements against Triller by privacy advocacy groups or others, adverse press and widespread negative publicity,
reputational damage, significant liability or fines and the loss of the trust of Triller&#8217;s customers, any of which could have a
material adverse effect on Triller&#8217;s business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The costs of compliance
with, and other burdens imposed by, laws, rules, regulations and other obligations relating to data privacy and security applicable to
the businesses of Triller&#8217;s customers may adversely affect Triller&#8217;s customers&#8217; ability and willingness to use, collect,
manage, disclose, handle, store, transmit and otherwise process information from their employees, customers and partners, which could
limit the use, effectiveness and adoption of Triller&#8217;s Technology Platform and reduce overall demand. Furthermore, the uncertain
and shifting regulatory environment and trust climate may cause concerns regarding data privacy and may cause Triller&#8217;s customers
or Triller&#8217;s customers&#8217; customers to resist providing the data necessary to allow Triller&#8217;s customers to use Triller&#8217;s
services effectively. Even the perception of privacy concerns, whether or not valid, may inhibit market adoption, effectiveness or use
of Triller&#8217;s applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Unfavorable outcomes
in legal proceedings may adversely affect Triller&#8217;s business and operating results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s results may be affected by the outcome of pending and
future litigation. Unfavorable rulings in Triller&#8217;s legal proceedings could result in material liability to Triller or have a negative
impact on Triller&#8217;s business, results of operations, financial condition, reputation, or relations with Triller&#8217;s employees
or third parties. The outcome of litigation, including class action lawsuits, is difficult to assess or quantify. Plaintiffs in class
action lawsuits may seek recovery of very large or indeterminate amounts and the magnitude of the potential loss relating to such lawsuits
may remain unknown for substantial periods of time. This may affect Triller&#8217;s ability to remain solvent and pay Triller&#8217;s
obligations when they come due, including under existing litigation settlement obligations and new adverse judgments. If Triller is unable
to resolve any such matters favorably, Triller&#8217;s business, operating results, and financial condition may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, Triller is currently, and from time to time in the future
may be, subject to various other claims, investigations, legal and administrative cases and proceedings (whether civil or criminal), or
lawsuits by governmental agencies, or claims by Triller&#8217;s current or former employees or private parties. If the results of these
investigations, proceedings, claims or suits are unfavorable to Triller or if Triller is unable to successfully defend against third-party
lawsuits, Triller may be required to pay monetary damages or may be subject to fines, penalties, injunctions, or other censure that could
have an adverse effect on Triller&#8217;s business, financial condition, and results of operations. Even if Triller adequately addresses
the issues raised by an investigation or proceeding or successfully defend a third-party lawsuit or counter claim, Triller may have to
devote significant financial and management resources to address these issues, which could have an adverse effect on Triller&#8217;s business,
results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The Company may be
subject to liability claims if it breaches its contracts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">is the Company subject to numerous obligations in its contracts with
its business partners. Despite the procedures, systems and internal controls the Company has implemented to comply with its contracts,
it has breached commitments in the past and may breach these commitments in the future, whether through a weakness in these procedures,
systems, and internal controls, inability or difficulty complying with commitments, whether due to lack of resources or capabilities or
otherwise, negligence, or the willful act of an employee or contractor. The Company&#8217;s insurance policies, including errors and omissions
insurance, may be inadequate to compensate it for the potentially significant losses that may result from claims arising from breaches
of the Company&#8217;s contracts, disruptions in Triller&#8217;s services, failures or disruptions to Triller&#8217;s infrastructure,
catastrophic events and disasters or otherwise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, such insurance may not be available to the Company in
the future on economically reasonable terms, or at all. Further, Triller&#8217;s insurance may not cover all claims made against the Company
and defending a suit, regardless of its merit, could be costly and divert management&#8217;s attention. For example, judgment has recently
been entered against the Company following litigation regarding payment of fees with Universal Music Publishing Group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>The market and
sectors in which the Company participates are competitive and rapidly evolving, and if it does not compete effectively with established companies
as well as new market entrants Triller&#8217;s business, results of operations, and financial condition could be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s business model is a new category of integrating entertainment
and social media with technology in a rapidly evolving market that is intensely competitive, fragmented, and subject to rapidly changing
technology, shifting customer needs, new market entrants, and frequent introductions of new products and services. Moreover, the Company
expects competition to increase in the future from established competitors and new market entrants, including established technology and
major media companies who have not previously entered the market. Triller&#8217;s other competitors fall into the following categories:
live sports events and&#160;pay-per-view&#160;programming, such as WWE and UFC; web content programming platforms, such as Netflix; and
social media companies with social video features, such as Instagram, Facebook, Snapchat and TikTok. With the introduction of new technologies,
the evolution of Triller&#8217;s business, and new market entrants, the Company expects competition to intensify in the future. Established
companies may not only develop their own live events programming platforms and social video sharing technology, but also acquire or establish
product integration, distribution, or other cooperative relationships with Triller&#8217;s current competitors. For example, while the
Company currently partners with entertainment and media companies, they may develop and introduce products that directly or indirectly
compete with the Company. New competitors or alliances among competitors may emerge and rapidly acquire significant market share due to
factors such as greater brand name recognition, a larger existing user and/or customer base, superior product offerings, a larger or more
effective sales organization, and significantly greater financial, technical, marketing, and other resources and experience. In addition,
with the recent increase in large merger and acquisition transactions in the entertainment, social media and technology industry, there
is a greater likelihood that the Company will compete with other large entertainment and media companies in the future. The Company expects
this trend to continue as companies attempt to strengthen or maintain their market positions in an evolving industry. Companies resulting
from these possible consolidations may create more compelling product offerings and be able to offer more attractive pricing options,
making it more difficult for the Company to compete effectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Many of Triller&#8217;s existing competitors have, and some of Triller&#8217;s
potential competitors could have, substantial competitive advantages such as greater brand name recognition and longer operating histories,
larger sales and marketing budgets and resources, broader distribution, and established relationships with vendors, partners, and customers,
greater customer experience resources, greater resources to make acquisitions, lower labor, and development costs, larger and more mature
intellectual property portfolios, and substantially greater financial, technical and other resources. Such competitors with greater financial
and operating resources may be able to respond more quickly and effectively than the Company can to new or changing opportunities, technologies,
standards, or customer requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, some of Triller&#8217;s larger competitors have substantially
broader product offerings and leverage their relationships based on other products or incorporate functionality into existing products
to gain business in a manner that discourages users from using the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Conditions in Triller&#8217;s market could also change rapidly and
significantly as a result of technological advancements, partnering by Triller&#8217;s competitors or continuing market consolidation,
and it is uncertain how Triller&#8217;s market will evolve. New&#160;start-up&#160;companies that innovate and large competitors that
are making significant investments in research and development may develop similar or superior products and technologies that compete
with the Company. These competitive pressures in Triller&#8217;s market or Triller&#8217;s failure to compete effectively may result in
price reductions, fewer customers, reduced revenue, gross profit, and gross margins, increased net losses, and loss of market share. Any
failure to meet and address these factors could harm Triller&#8217;s business, results of operations, and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Certain metrics
and estimates of market opportunity included in this registration statement may prove to be inaccurate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This registration statement includes certain internal estimates of
the market for Triller&#8217;s Technology Platform and other opportunities. Market opportunity estimates, whether obtained from third-party
sources or developed internally, are subject to significant uncertainty and are based on assumptions and estimates that may not prove
to be accurate. The estimates, forecasts and other forward-looking information in this registration statement relating to the size of
Triller&#8217;s target market, market demand and adoption, capacity to address this demand, and pricing may prove to be inaccurate. The
addressable market Triller estimates may not materialize for many years, if ever, and even if the markets in which it competes meet the
size estimates in this registration statement, Triller&#8217;s business could fail to grow at similar rates, if at all. In addition, certain
of the metrics, including Total Consumer Accounts, Number of Brands and Number of Creators, included in this registration statement are
based on data Triller collects and obtain from third party APIs and Triller is not able to independently verify the data underlying such
metrics or determine if the datapoints in such metrics represent users. Triller currently does not have systems or processes in place
to accurately measure the amount of potential duplicative accounts on a continuous basis, although Triller has in the recent past undertaken
a robust process to purge as many of the duplicate and bot accounts as practical be given Triller&#8217;s resources. Although Triller
is responsible for the disclosure provided in this registration statement and believe such third-party information is reliable, Triller
has not independently verified any such third-party information. As such, the metrics Triller includes in this registration statement
may prove to not be accurate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
Technology Platform and products are dependent on APIs built and owned by third parties, including social media networks, and if Triller
loses access to data provided by such APIs or the terms and conditions on which it obtains such access become less favorable, Triller&#8217;s
business could suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Triller&#8217;s Technology
Platform and products depend on the ability to access and integrate with third-party APIs.&#160;In particular, Triller has developed its
products to integrate with certain&#160;social&#160;media&#160;network&#160;APIs and the third-party applications of other parties. Generally,
APIs and the data Triller receives from the APIs are written and controlled by the application provider. Any changes or modifications
to the APIs or the data provided could negatively impact the functionality of, or require Triller to make changes to, Triller&#8217;s
platform and products, which would need to occur quickly to avoid interruptions in service for Triller&#8217;s customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To date, Triller has
not relied on negotiated agreements to govern Triller&#8217;s relationships with most data providers and, in general, it relies on publicly
available APIs. As a result, in many cases, Triller is subject to the standard terms and conditions for application developers of such
providers, which govern the distribution, operation and fees of such integrations, and which are subject to change by such providers from
time to time. Triller&#8217;s business, cash flows or results of operations may be harmed if any third party provider changes, limits
or discontinues Triller&#8217;s access to its APIs and data, modifies its terms of service or other policies, including fees charged or
restrictions on Triller or application developers, changes or limits how Triller can use information and other data collected through
the APIs; or experiences disruptions of its technology, services or business generally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Factors Relating to Our Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our share price has been, and could continue
to be volatile.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been significant volatility in the market price and trading
volume of equity securities, which may be unrelated to the financial performance of the companies issuing the securities. These broad
market fluctuations could negatively affect the market price of our stock. The market price and volume of our ordinary shares could fluctuate,
and in the past has fluctuated, more dramatically than the stock market in general. Stockholders may not be able to resell their shares
at or above the price they paid for them due to fluctuations in the market price of our stock caused by changes in our operating performance
or prospects or other factors. Some factors, in addition to the other risk factors identified above, that could have a significant effect
on our stock market price include, but are not limited to, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">actual or anticipated fluctuations in our operating results
or future prospects;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our announcements or our competitors&#8217; announcements
of new services;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the public&#8217;s reaction to our press releases, our other
public announcements and our filings with the SEC;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">strategic actions by us or our competitors, such as acquisitions
or restructurings;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">new laws or regulations or new interpretations of existing
laws or regulations applicable to our business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in accounting standards, policies, guidance, interpretations,
or principles;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in our growth rates or our competitors&#8217; growth
rates;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">developments regarding our patents or proprietary rights
or those of our competitors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our inability to raise additional capital as needed;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">concerns or allegations as to the safety or efficacy of our
products;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in financial markets or general economic conditions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">sales of shares by us or members of our management team, our significantstockholders,
or certain institutionalstockholders; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in stock market analyst recommendations or earnings
estimates regarding our stock, other comparable companies or our industry generally.</td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because we do not intend to pay cash dividends,
our stockholders will benefit from an investment in our common stock only if it appreciates in value.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to retain our future earnings, if any,
to finance the expansion of our business and do not expect to pay any cash dividends in the foreseeable future. As a result, the success
of an investment in our ordinary shares will depend entirely upon any future share price appreciation. There is no guarantee that our
ordinary shares will appreciate in value or even maintain the price at which our stockholders purchased their shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading market for our ordinary shares will
depend on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over
these analysts. There can be no assurance that analysts will cover us or provide favorable coverage. If one or more of the analysts who
cover us downgrade our stock or change their opinion of our stock, our share price would likely decline. If one or more of these analysts
cease coverage of the Company or fail to regularly publish reports on the Company, we could lose visibility in the financial markets,
which could cause our share price or trading volume to decline.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">All of the shares of our Common Stock offered by
the Selling Securityholder pursuant to this prospectus will be sold by the Selling Securityholder for its own respective account. We will
not receive any of the direct proceeds from these sales. However, we expect to receive proceeds under the SEPA from sales of Common Stock
that we may elect to make to the Selling Securityholder pursuant to the SEPA, if any, from time to time in our discretion. See the section
of this prospectus titled &#8220;Plan of Distribution&#8221; elsewhere in this prospectus for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We currently expect to use
any net proceeds we receive under the SEPA primarily for working capital. We may also use a portion of the net proceeds for the acquisition
of, or investment in, technologies, solutions or businesses that complement our business, although we have no present agreements to enter
into any acquisitions or investments. As of the date of this prospectus, we cannot specify with certainty all of the particular uses,
and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will retain broad discretion
over the use of these proceeds and could utilize the proceeds in ways that do not necessarily improve our results of operations or enhance
the value of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIVIDEND POLICY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not declared or paid dividends to stockholders
since inception and do not plan to pay cash dividends in the foreseeable future. We currently intend to retain earnings, if any, to finance
our growth.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND<br/>
</b></p><div>

</div><p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><b>RESULTS OF OPERATIONS
OF THE COMPANY&#160;</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations is intended to help you understand the results of operations and financial
condition of AGBA  for the three and nine months ended September 30, 2024 and 2023 and the years ended December
31, 2023 and 2022 (the &#8220;Covered Periods&#8221;).</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">AGBA is a leading one-stop financial supermarket based in Hong Kong
servicing over 400,000 individual and corporate customers. AGBA offers the broadest set of financial services and healthcare products
in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best
suit their needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the Covered Periods, &#160;the Company has operated four
major areas of businesses, comprising of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distribution Business:</i>&#160;AGBA&#8217;s powerful financial advisor business is the largest in the market, it engages in the personal financial advisory business (including advising and sales of a full range of financial services products including long-term life insurance, savings and mortgages), with additional internal and external channels being developed and added.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Platform Business:</i>&#160;AGBA operates as a &#8220;financial supermarket&#8221; offering over 1,800 financial products to a large universe of retail and corporate customers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Healthcare Business:</i>&#160;Through AGBA&#8217;s 4% stake in and a strategic partnership with HCMPS, operating as one of the largest healthcare management organizations in the Hong Kong and Macau region, with over 800 doctors in its network. Established in 1979, it is one of the most reputed healthcare brands in Hong Kong.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fintech Business:</i>&#160;AGBA has an ensemble of leading FinTech assets and businesses in Europe and Hong Kong. In addition to financial gains, AGBA also derives substantial knowledge transfers from its investee companies, supporting the development and growth of AGBA&#8217;s new business models.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Distribution
Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Distribution Business
comprises a variety of captive financial services distribution channels. We have built a market leading financial advisors distribution
channel in Hong Kong. We have also built other distribution channels alongside our market leading financial advisors business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our combined captive
distribution channels enable us to directly access one of the largest pools of customers accessible to independent financial services
providers in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 30%; border-bottom: black 1.5pt solid; padding-right: 0.8pt"><span style="font-size: 10pt"><b>Channel</b></span></td>
    <td style="width: 3%; padding-right: 0.8pt">&#160;</td>
    <td style="width: 67%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><b>Description</b></span></td></tr>

<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Financial Advisors Business (&#8220;FA Business&#8221;)</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#8220;Focus&#8221; is engaged in the distribution of life insurance, asset management, property-casualty and Mandatory Provident Fund products through its teams of independent financial advisors (brokers).</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Alternative Distribution Business</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">A collection of distribution channels, including salaried financial planners targeting HNWI, development teams pursuing corporate partnerships and incubating financial advisor teams.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our largest distribution channel is the FA Business, operating under
the brand name Focus. With its large salesforce of financial advisors, &#8220;Focus&#8221; provides a wide range of financial products
and independent advisory services to individual and corporate customers, primarily in connection with life insurance products. Our FA
Business has been the clear market leader in the insurance brokerage industry in Hong Kong for decades, building up a large and highly
productive salesforce. As of September 30, 2024, there were around 562 financial advisors at &#8220;Focus&#8221;, organized into 10 sales
teams. Each team is led by a &#8220;tree head&#8221;, responsible for managing the financial advisors within their teams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to the FA
Business, we continued to expand our distribution footprint with the establishment and expansion of a number of additional distribution
channels, collectively known as our Alternative Distribution Business. These distribution channels are targeted at specific customer segments
and/or capturing specific distribution opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During 2024, we continued to make significant investments into developing
and expanding our financial advisors salesforce, broadening and deepening the product range, as well as upgrading the supporting infrastructure.
Our infrastructure not only supports the financial consultants in engaging with their customers, it also provides extensive operational
support in relation to the processing of transactions, associated payment flows, as well as after-sales services. Building our infrastructure
required substantial investments into technological, operational and financial systems, as well as the development of comprehensive operational
and support teams (operations support, customer services, payments, etc.). Since many of the financial products offered to our customers
are regulated, on top of the various operational requirements, we have built significant internal capabilities in the areas of risk and
internal control, as well as legal and compliance to ensure an appropriate level of regulatory compliance and supervision.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As a result of our efforts
to expand our distribution capabilities and improve our supporting infrastructure, we have successfully developed these inter-related
strategic assets:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Vast customer base in Hong
Kong and growing customer base in Mainland China.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">State-of-the-art supporting
infrastructure.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Relationships with and access
to a broad range of leading global financial product providers.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Deep market knowledge and understanding.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Highly productive and well-trained
salesforce.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We will continue to capitalize
on these core strategic assets and match them with the emerging opportunities in our three core industries (life insurance, wealth management
and healthcare).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the nine months ended September 30, 2024, the Company made $15.2
million from commission in the Distribution Business. The revenue attributed to the Company during 2024 only captured an insignificant
portion of the revenues actually generated by the financial advisors currently associated with Focus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We will continue to widen
our distribution footprint and actively explore further opportunities to develop partnerships and generate customer leads on the ground
in Mainland China, as well as refining our abilities to service our customer base. We expect sales volumes to return to the levels previously
recorded, prior to the pandemic period, especially with the re-opening of the Mainland border and the ongoing integration of Hong Kong
into the Greater Bay area.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Platform Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Platform business,
through OPH and its subsidiaries, is a one-stop financial supermarket with a breadth of products and services that is unrivaled in Hong
Kong sourced from leading global product providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Platform Business
was set up to take advantage of the decades-long experience we built up in supporting the largest financial advisors salesforce in Hong
Kong. We were already servicing a large pool of customers and in the process, built up a wide library of world class financial products
and constructed a state-of-the-art technological and operational infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Platform Business
now operates this full-service platform under its &#8220;OnePlatform&#8221; brand and has opened it up to banks, other financial institutions,
family offices, brokers, and individual independent financial advisors that are looking for support in advising and serving their retail
clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our technology-enabled
Platform Business offers a wide range of financial products, covering life insurance, pensions, property-casualty insurance, stock brokerage,
mutual funds, money lending and real estate agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to its unrivaled
product-shelf, the Platform Business offers digital-enabled sales management and support solutions, business operations support, comprehensive
customer services, and training support.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Currently, our platform
financial services and investment products mainly comprise mutual fund distributions, portfolio management, money lending, insurance and
Mandatory Provident Fund (MPF) products, and international real estate referral and brokerage services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The OnePlatform brand currently covers 80 insurance providers selling
1,183 products, and 53 asset management fund houses with over 1,141 products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Fintech Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fintech Business
has collected an ensemble of valuable fintech assets in its investment portfolio. Fintech Business&#8217; management team has strived
to establish the business as a leading name in the fintech investment sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Core Fintech investments held under the Fintech Business as of September
30, 2024 include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">1.</span></td><td style="text-align: justify"><span style="font-size: 10pt">An investment in Tandem Money
Limited, a UK digital bank.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">2.</span></td><td style="text-align: justify"><span style="font-size: 10pt">An investment in CurrencyFair
Limited, a B2B and B2C payments company.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">3.</span></td><td style="text-align: justify"><span style="font-size: 10pt">An investment in Oscar Health
Inc., a US direct-to-consumer digital health insurer.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">4.</span></td><td style="text-align: justify"><span style="font-size: 10pt">An investment in Goxip Inc.,
a fashion media platform based in Hong&#160;Kong.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying amount in<br/> US$ thousands&#160;<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Notes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Carrying amount represents
Fintech&#8217;s attributable interest in the investment portfolio asset.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
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Stock Exchange with an average current market price of $4.01 per share in 2023.</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
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  <tr style="vertical-align: top">
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LC Healthcare Fund I, L.P. to an independent third party for a purchase price of $2.15 million.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white"></p><div>

</div><!-- Field: Page; Sequence: 97 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Healthcare Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We currently hold a 4%
equity stake in HCMPS, one of the leading healthcare management organizations in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Founded in 1979 and currently
operating under the Dr. Jones Fok &amp; Associates Medical Scheme Management Limited (&#8220;JFA&#8221;) brand, JFA is one of the most
reputed healthcare brands in Hong Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers
&#8211; providing healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA&#8217;s clients include
blue chip companies from various industry and leading insurers. Apart from Hong Kong, JFA is the largest operator in Macau with around
70 clinics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">JFA operates a city-wide
medical network that includes 340 general practitioners (&#8220;GP&#8221;), 11 laboratories and imaging centers, 273 specialist doctors,
25 physiotherapy centers, 12 Chinese medicine practitioner clinics, all based in Hong Kong, and 69 GP clinics in Macau. Over 380,000 out-patient
and in-patient visits are recorded annually through HCMPS&#8217;s medical network. JFA offers its patients a full range of medical services,
including general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination, X-ray, laboratories and imaging
services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that the future
of healthcare is in &#8220;Smart Health&#8221; &#8211; technology that offers improved patient-care management and leverages data as the
new tool for solving complex healthcare challenges with reduced operating costs. We will focus on technology/digitalization and consumerization
of healthcare to create an ecosystem empowering customers to proactively manage their health and well-being and to improve their access
to healthcare at a lower cost &#8211; with connectivity across the care continuum. We believe that JFA has the captive customer base,
infrastructure and product/service offerings to optimize customer experience to further grab market share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are currently working
to transform JFA into the best medical care institution in Asia by 2025, redefining industry standards in the Greater Bay Area and offering
market-leading customer care and best-in-class infrastructure empowered by data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Key Factors Affecting Our Results of Operations
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that our financial performance has been, and in the foreseeable
future will continue to be, primarily driven by multiple factors as described below, each of which presents growth opportunities for our
business. These factors also pose important challenges that we must successfully address in order to sustain our growth and improve our
results of operations. Our ability to successfully address these challenges is subject to various risks and uncertainties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Components of Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, we are operating the below business
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt">&#160;</td>
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<tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
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    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Company&#8217;s revenues were generated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Revenue and Other Loss</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have disaggregated our operating revenue from
contracts with customers into categories based on the nature of the revenue, as well as other losses from our investment portfolio. The
following table presents the revenue streams by segments, with the presentation of revenue categories presented on the consolidated statements
of operations for the periods/years indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">41,472</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">996,252</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">996,252</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -1.9pt; padding-left: 1.9pt">Recurring asset management service fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,342,361</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; text-indent: -1.9pt; padding-left: 1.9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,937,431</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">&#8212;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Costs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commission expense represents the portion of premiums
from insurance or investment products retained by financial consultants, pursuant to the terms of their respective contracts. Commission
rates vary by market due to local practice, competition and regulations. Commissions fluctuate directly in relation to sales volume.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and Marketing Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and Marketing Expense primarily consists
of personnel-related costs attributable to our sales and marketing personnel, marketing expense for brand promotion and spending on marketing
programs to launch the insurance and investments products distributed by consultants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Technology Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technology expense primarily includes personnel-related
costs attributable to our IT team, technology contractors, server facilities expenses, telecommunications expenses, software and hardware
expenses to support and maintain the Platform Business infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Personnel and Benefit Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit expense primarily consists
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management, corporate development, office administration, legal and human resources functions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal and Professional Fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and Professional fees primarily consist
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other General and Administrative Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other general and administrative expenses primarily
consist of rent and facilities expenses allocated based upon total direct costs, as well as, general corporate costs and allocated overhead
expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that our general and administrative
expenses will continue to increase in future periods, primarily due to increased headcount to support anticipated growth in our Distribution
and Platform Businesses, and due to incremental costs associated with operating as a public company, including costs to comply with the
rules and regulations applicable to companies listed on a securities exchange and costs related to compliance and reporting obligations
pursuant to the rules and regulations of the SEC and stock exchange listing standards, public relations, insurance and professional services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Comparison of the Three Months Ended September&#160;30,
2024 and 2023:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables set forth our results of
operations for the periods presented in U.S. dollars (in thousands):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(661</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(401</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 102 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the major operating
revenues for the three months ended September 30, 2024 and 2023:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify">Distribution Business</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,701</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Platform Business</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">739</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fintech Business</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distribution Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 86.42% and
89.92% of the total revenue for the three months ended September 30, 2024 and 2023, respectively. Income from the Distribution Business
mainly related to commissions earned, which decreased by US$7.2 million, or 60.42%, from US$11.9&#160;million in 2023 to US$4.7&#160;million
in 2024. The decrease in revenue primarily attributed from the economic recession and outward migration in Hong Kong. The largest segment
of the Distribution Business is our FA Business, operated under the &#8220;Focus&#8221; brand name.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized revenue breakdown by product and type
of contracts:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three months&#160;ended <br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify">Life insurance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,921</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">639</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: right">(121</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">)</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">By the type of contracts:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,701</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,496</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(6,795</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">TOTAL</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Platform Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business contributed 13.58% and 10.08%
of the total revenue for the three months ended September 30, 2024 and 2023, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 September 30,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: justify">&#160;</td>
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    <td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt">1,843</span></td>
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    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">91</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-size: 10pt"><i>(232</i></span></td>
    <td><span style="font-size: 10pt"><i>)</i></span></td>
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    <td style="text-align: right"><span style="font-size: 10pt"><i>(71.83</i></span></td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 95.29%
and 96.38% of the total commission expense for the three months ended September 30, 2024 and 2023, respectively. Commission expense for
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and Marketing Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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million or 87.67% for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Research and Development Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Personnel and Benefit Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit cost decreased by US$1.0
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation for employees increased
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was primarily due to the issuance of common stocks to our independent directors under the 2024 Equity Incentive Plan and issuance of common
stocks to our officers and employees to compensate for their contributions of services and performance, offset by the decrease in the
amortization of the fair value of the restricted share units due to the vested and forfeited shares in 2024. The fair value of the restricted
share units is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal and Professional Fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees in aggregate decreased
by US$0.7 million, or 19.46%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023.
The decrease was primarily attributed to the decrease in the consulting fees incurred during the period, which settled by the issuance
of our common stocks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees, related party of
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by the Chairman of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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and business marketing service rendered by certain third party consultants, equal to 5,349,582 shares of common stock at the market price
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total other general and administrative expenses
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30, 2023. The net increase was mainly due to the increase in building management fee and utilities of US$0.08 million and other operating
expenses of US$0.4 million, offset by the decrease in depreciation on right-of-use assets of US$0.09 million, and overseas travelling
expense of US$0.08 million. The depreciation on right-of-use assets and the interest expense on lease liabilities were mainly attributed
to the commercial operating lease entered with an independent third party for the use of an office premises in Hong Kong. The lease has
original terms exceeding one year, but not more than three years with an option to renew for a further term of three years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss from Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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denominated in Sterling. The net foreign exchange gain increased by US$2.0&#160;million or 227.89% for the three months ended
September 30, 2024, as compared to the net foreign exchange loss for the three months ended September 30, 2023, due to the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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liabilities are subject to re-measurement of each balance sheet date until exercised. For the three months ended September 30, 2024 and
2023, we recognized the change in fair value in aggregate of $0.6 million and nil in our condensed consolidated statements of operations
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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27.10% for the three months ended September 30, 2024, as compared to three months ended September 30, 2023, primarily due to the decrease
in operating expense of US$8.9 million, offset by the decrease in total revenues of US$7.8 million and increase in other income of US$2.3
million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Nine months ended September 30, 2024 vs
nine months ended September 30, 2023</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,697</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,354</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(1,324</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(4,308</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,707</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,281</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,089</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(1,808</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,878</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(661</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,441</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,242</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: right">1,199</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: right">53.48</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(36,319</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">390</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">385</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">5</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">1.30</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">826</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">785</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">1,914.63</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(37</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">489</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(526</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(107.57</td><td style="font-style: italic; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,281</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Change in fair value of forward share purchase liability</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(82</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(82</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(379</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(379</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">217</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">122</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">796</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(35,523</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(6,772</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(56</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(28,849</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the major operating
revenues for the nine months ended September 30, 2024 and 2023:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine months&#160;ended <br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">%</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify">Distribution Business</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,211</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">37,569</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; font-style: italic">&#160;</td>
    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">(22,358</td><td style="width: 1%; font-style: italic; text-align: left">)</td><td style="width: 1%; font-style: italic">&#160;</td>
    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">(59.51</td><td style="width: 1%; font-style: italic; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Platform Business</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,806</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,082</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Fintech Business</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">TOTAL</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: right">(23,634</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">)</td><td style="font-style: italic; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: right">(56.74</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">)</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distribution Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 84.43% and
90.20% of the total revenue for the nine months ended September 30, 2024 and 2023, respectively. Income from the Distribution Business
mainly related to commissions earned, which significantly decreased by US$22.4 million, or 59.51%, from US$37.6&#160;million in 2023 to
US$15.2&#160;million in 2024. The largest segment of the Distribution Business is our FA Business, operated under the &#8220;Focus&#8221;
brand name. The decrease in revenue primarily attributed from the economic recession and outward migration in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized revenue breakdown by product and type
of contracts:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine months&#160;ended <br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">36,944</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Platform Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business contributed 15.57% and 9.80%
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine months&#160;ended <br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">450</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">(488</td><td style="width: 1%; font-style: italic; text-align: left">)</td><td style="width: 1%; font-style: italic">&#160;</td>
    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">(52.03</td><td style="width: 1%; font-style: italic; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,026</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(793</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(26.21</td><td style="font-style: italic; text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: right">(1,276</td><td style="padding-bottom: 2.5pt; font-style: italic; text-align: left">)</td><td style="font-style: italic; padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(490</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 92.56% and
96.23% of the total commission expense for the nine months ended September 30, 2024 and 2023, respectively. Commission expense for the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and Marketing Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and Marketing expense decreased by US$2.5
million or 80.61%, from US$3.1 million in 2023 to US$0.6 million in 2024. The decrease in sales and marketing expense is mainly attributed
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Research and Development Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Personnel and Benefit Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit cost decreased by US$4.3
million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily
due to the decrease in headcounts in both Platform Business and Distribution Business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation for employees increased
by US$1.4 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase
was primarily due to the issuance of common stocks to our independent directors under the 2024 Equity Incentive Plan and issuance of common
stocks to our officers and employees to compensate for their contributions of services and performance, offset by the decrease in the
amortization of the fair value of the restricted share units due to the vested and forfeited shares in 2024. The fair value of the restricted
share units is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal and Professional Fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees in aggregate decreased by US$7.0 million,
or 56.35%, for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily
attributed to the decrease in the consulting fees incurred during the period, which settled by the issuance of our common stocks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees, related party of
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consulting fees under share-based compensation
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and business marketing service rendered by certain third party consultants, equal to 6,078,488 shares of common stock at the market price
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total other general and administrative expenses
increased by US$1.2&#160;million, or 53.48%, for the nine months ended September 30, 2024, as compared to the nine months ended September
30, 2023. The net increase was mainly due to the increase in depreciation on right-of-use assets of US$0.8 million, interest expense on
lease liabilities of US$0.3 million, building management fee and utilities of US$0.1 million, and other operating expenses of $0.3 million,
offset by the decrease in depreciation on property and equipment of US$0.2 million. The depreciation on right-of-use assets and the interest
expense on lease liabilities were mainly attributed to the commercial operating lease entered with an independent third party for the
use of an office premises in Hong Kong. The lease has original terms exceeding one year, but not more than three years with an option
to renew for a further term of three years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss from Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss from operations decreased by US$10.5&#160;million,
or 29.01%, for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was mainly
attributable to the significant decrease in operating expenses of $34.2 million, offset by decrease in revenues of $23.6 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 110 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income (Expense), net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Exchange Gain, net</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign exchange gain, net mainly represented
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foreign exchange gain increased by US$0.8&#160;million or 1,914.63% for the nine months ended September 30, 2024, as compared to the net
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment (Loss) Income, Net</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(38</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,458</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(2,420</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(98.45</td><td style="font-style: italic; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment loss decreased by US$0.5&#160;million,
or 107.57%, for the nine months ended September 30, 2024, as compared to the investment income for the nine months ended September 30,
2023, mainly because of the decrease in realized gain in marketable equity securities of US$1.5 million, decrease in dividend income of
US$1.4 million, and offset by the decrease in unrealized loss in non-marketable equity securities of US$2.4 million. The decrease in realized
gain in marketable equity securities and dividend income was mainly due to the disposal of long-term investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Change in Fair Value of Warrant Liabilities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We classified the SPAC Private Warrants, Warrant
&#8211; Class A, and Common Warrants as liabilities at their fair value and adjust them to fair value at each reporting period. These
warrant liabilities are subject to re-measurement of each balance sheet date until exercised. For the nine months ended September 30,
2024 and 2023, we recognized the change in fair value in aggregate of $(4.3) million and $0.003 million, respectively in our condensed
consolidated statements of operations and comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rental Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




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owned office premises. For the nine months ended September 30, 2024, the rental income decreased by US$0.2 million, or 93.55%, as compared
to the nine months ended September 30, 2023 was resulted from the sale of one of the office premises in 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 111 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income Tax Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense increased by US$0.04&#160;million
for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily attributable to the provision
of income tax during the period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Net Loss</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss decreased by US$6.7&#160;million, or
18.92% for the nine months ended September 30, 2024, as compared to nine months ended September 30, 2024, primarily due to the decrease
in operating expenses of US$34.2 million, offset by the decrease in revenue of $23.6 million and other expense, net of US$3.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Comparison of the Years Ended December&#160;31,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following tables set forth our results of operations for the years
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,557</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,209</td><td style="text-align: left">)</td><td style="font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 112 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the major operating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Distribution Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 90.22% and
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related to commissions earned, which significantly increased by US$24.3 million, or 98.65%, from US$24.6&#160;million in 2022 to US$48.9&#160;million
in 2023. The largest segment of the Distribution Business is our FA Business, operated under the &#8220;Focus&#8221; brand name.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized revenue breakdown by product and type
of contracts:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 113 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Platform Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business contributed 9.78% and 20.82%
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense increased by US$0.6 million for
the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was mainly attributed to the increase
in short-term borrowings during the year.<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commission Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">35,885</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,840</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; font-style: italic">&#160;</td>
    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">19,045</td><td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 1%; font-style: italic">&#160;</td>
    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">113.09</td><td style="width: 1%; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#8212;</td><td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">&#8212;</td><td style="font-style: italic; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,288</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business contributed 96.24% and
89.47% of the total commission expense for the years ended December 31, 2023 and 2022, respectively. Commission expense for the Distribution
Business increased by US$19.0&#160;million, or 113.09%, from US$16.8&#160;million in 2022 to US$35.9&#160;million in 2023. As a result
of the increase in revenue associated with the Distribution Business, commission expense significantly increased.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sales and Marketing Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expense decreased by US$7.4
million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The decrease in sales and marketing expense
is mainly attributed to lower spending associated with &#8220;AGBA&#8221; corporate branding and associated product campaigns for celebrating
the successful listing in last year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Technology Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technology expense increased by US$3.3 million
for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due to increased headcount
to support anticipated growth in the business and platform expansion and the purchase of software system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Personnel and Benefit Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years&#160;ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,926</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 9%; font-style: italic; text-align: right">4,087</td><td style="width: 1%; font-style: italic; text-align: left">&#160;</td><td style="width: 1%; font-style: italic">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,292</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">27,218</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit cost increased by US$4.1
million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due to the increased
headcount to support the continuing growth of the Platform Business and Distribution Business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation for employees increased
by US$1.2 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due
to the settlement of accrued salaries to certain directors and employees of the Company and the amortization of the fair value of the
restricted share units. The fair value of the restricted share units is recognized over the period based on the derived service period
(usually the vesting period), on a straight-line basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal and Professional Fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees increased by US$12.3
million, or 974.33%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily
attributed to the increase in the US legal counsel fees and the consulting fees incurred during the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consulting fees under share-based compensation
for the year ended December 31, 2023 was mainly related to the corporate strategic consultancy and business marketing service rendered
by certain third party consultants, equal to 4,900,000 ordinary shares at the market price ranging from US$0.417 to US$2.158 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal and Professional Fees, Related Party</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees, related party increased
by US$0.3 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily from
the advisory services rendered by a related company which owned by the Chairman of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Allowance For Expected Credit Losses on Financial
Instruments</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Accounting Standards Codification
(&#8220;ASC&#8221;) Topic 326 <i>&#8220;Credit Losses &#8211; Measurement of Credit Losses on Financial Instruments&#8221;</i> (ASC Topic
326), the Company utilizes the current expected credit losses (&#8220;CECL&#8221;) model to determine an allowance that reflects its best
estimate of the expected credit losses on accounts receivable, loans receivable, notes receivable, and deposits, prepayments and others
receivable which is recorded as a liability to offset the receivables. For the years ended December 31, 2023 and 2022, the aggregated
allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and other receivables was US$1.1 million
and US$0.02 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other General and Administrative Expense</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total other general and administrative expenses
increased by US$4.6&#160;million, or 92.97%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The
net increase was mainly due to the increase in depreciation of US$0.9 million, and office rental and operating fees of US$3.1 million.
Upon the consummation of Business Combination, the post-combination entity has expensed more as a listed company, with a significant increase
in the office rental and operating fees increased were primarily attributed to the office and administrative expenses pay to the holding
company for the use of office premises in Trust Tower and Hopewell Centre, including building management fees, government rates and rent,
office rent, lease-related interest, and depreciation actually incurred by the holding company, with the increased occupancy from business
expansion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss from Operations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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or 54.65%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was mainly attributable
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income (Expense), net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income increased by US$0.3&#160;million
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Exchange Gain (Loss), net</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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The net foreign exchange gain increased by US$3.6&#160;million or 134.39% for the year ended December 31, 2023, as compared to the net
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investment (Loss) Income, Net</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment loss decreased by US$2.1&#160;million,
or 23.03%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022, mainly as a result of the increase in
realized gain from sale of marketable equity securities of $1.5 million, increase in dividend income of US$0.5 million, decrease in unrealized
loss in marketable equity securities of US$5.3 million, decrease in unrealized gain in non-marketable equity securities of US$2.1 million,
offset by increase in unrealized loss in non-marketable equity securities of US$3.2 million for the year ended December 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Loss on settlement of forward share purchase
liability</i></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss on settlement of forward share purchase agreement
was resulted from the early termination of the Meteora Backstop Agreement on June 29, 2023. For the year ended December 31, 2023, the
loss on settlement of forward share purchase agreement was $0.4 million recognized in the consolidated statements of operations and comprehensive
loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Gain on disposal of property and equipment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain on disposal of property and equipment was
resulted from the sale of office premises to an independent third party on July 20, 2023. For the year ended December 31, 2023, the gain
on disposal of property and equipment was $0.7 million recognized in the consolidated statements of operations and comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rental Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rental income was earned from the leasing of our
owned office premises. For the year ended December 31, 2023, the rental income decreased by US$0.08 million, or 24.13%, as compared to
the year ended December 31, 2022 was resulted from the sale of one of the office premises during the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Tax Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense increased by US$0.2&#160;million,
or 129.60%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022, primarily attributable to the provision
of income tax for the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Loss</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss increased by US$4.7&#160;million, or
10.52% for the year ended December 31, 2023, as compared to December 31, 2022, primarily due to the increase in operating expenses of
US$38.6 million, offset by the increase in revenues of US$23.1 million and decrease in other expense, net of US$11.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sources of Liquidity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA has a history of operating losses and negative cash flow. For
the nine months ended September 30, 2024, we reported a net loss of US$28.8 million and reported a negative operating cash flow of US$20.7
million. As of September 30, 2024, AGBA&#8217;s cash balance was US$5.1 million for working capital use. The management of AGBA estimates
that currently available cash will not be able to provide sufficient funds to meet the planned obligations for the next 12 months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA&#8217;s ability to continue as a going concern is dependent on
our ability to successfully implement its plans. AGBA&#8217;s management believes that it will be able to continue to grow its revenue
base and control expenditures. In parallel, ILLR continually monitors its capital structure and operating plans and evaluates various
potential funding alternatives that may be needed in order to finance our business development activities, and operating expenses. ILLR
is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual obligations as they come
due. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings.
Although there is no assurance that, if needed, we will be able to pursue these fundraising initiatives and have access to the capital
markets going forward. The consolidated financial statements do not include any adjustments that might result from the outcome of these
uncertainties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future Liquidity</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a recurring basis, the primary future cash
needs of AGBA will be focused on operating activities, working capital, capital expenditures, investment, regulatory and compliance costs.
The ability of AGBA to fund these needs will depend, in part, on its ability to generate or raise cash in the future, which is subject
to general economic, financial, competitive, regulatory, and other factors that are beyond its control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability to fund AGBA&#8217;s operating needs
will depend on its future ability to continue to generate positive cash flow from operations and raise capital in the capital markets.
AGBA&#8217;s management believe that it will meet known or reasonably likely future cash requirements through the combination of cash
flows from operating activities, available cash balances, and external borrowings and fund raising. AGBA&#8217;s management expects that
the primary cash requirements in 2024 will be to fund capital expenditures for (i)&#160;expansion of the Distribution Business and (ii)&#160;Platform
Business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If AGBA&#8217;s sources of liquidity need to be
augmented, additional cash requirements would likely need to be financed through the issuance of debt or equity securities; however, there
can be no assurances that we will be able to obtain additional debt or equity financing on acceptable terms, or at all, in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA expects that operating losses could continue
into the foreseeable future as it continues to invest in growing its businesses. Based upon AGBA&#8217;s current operating plans, the
management believes that cash and equivalents will not be able to provide sufficient funds to its operations for at least the next 12
months from the date of its consolidated financial statements. However, these forecasts involve risks and uncertainties, and actual results
could vary materially. Our management has based this estimate on assumptions that may prove to be wrong, and we could deplete our capital
resources sooner than we expect. See &#8220;&#8212; <i>Liquidity and Going Concern</i>&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA&#8217;s future capital requirements may vary
materially from those currently planned and will depend on many factors, including our rate of revenues growth, the timing and extent
of spending on sales and marketing, the expansion of sales and marketing activities, the timing of new product introductions, market acceptance
of our brand, and overall economic conditions. We may also seek additional capital to fund our operations, including through the sale
of equity or debt financings. To the extent that we raise additional capital through the future sale of equity, the ownership interest
of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect
the rights of our existing stockholders. The incurrence of debt financing would result in debt service obligations and the instruments
governing such debt could provide for operating and financing covenants that would restrict our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Comparison of the nine months ended September
30, 2024 and 2023</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, AGBA had cash and cash
equivalents totaling $5.1 million, and $13.7 million in restricted cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, AGBA had cash and cash
equivalents totaling $1.9 million, and $16.8 million in restricted cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our cash flows
for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine months&#160;ended <br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 118 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of our
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Working Capital Deficit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The working capital deficit as of September 30,
2024 and December 31, 2023 was amounted to approximately US$40.5 million and US$22.2 million, respectively, an increase of US$18.3 million
or 82.21%. The increase was mainly attributed to the issuance of convertible promissory note payable of $32.5 million and warrant liabilities
of $4.3 million, offset by the receivable from Triller LLC of $28.3 million and deposit, prepayments, and other receivables, net of $1.8
million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Operating Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities was US$20.7
million and US$33.4 million for the nine months ended September 30, 2024 and 2023, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities for the nine months ended September
30, 2024 was primarily the result of the net loss of US$28.8 million, deposits, prepayments, and others receivable of US$0.6 million,
decrease in accounts payable and accrued liabilities of US$2.3 million, decrease in escrow liabilities of US$3.2 million, decrease in
lease liabilities of US$1.5 million and decrease in income tax payable of US$0.1 million. These amounts were partially offset by the decrease
in accounts receivable of US$0.7 million, loans receivable of US$0.05 million, and non-cash adjustments consisting of share-based compensation
expense of US$6.4 million, non-cash lease expense of US$1.9 million, depreciation of property and equipment of US$0.07 million, interest
income on loans receivable of US$0.1 million, interest income on promissory note receivables of US$0.4 million, interest expense on convertible
promissory notes payable of $1.1 million, interest expense on borrowings of $0.6 million, net foreign exchange gain of US$0.8 million,
provision for allowance for expected credit losses of US$1.9 million, and change in fair value of warrant liabilities of US$4.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities for the
nine months ended September 30, 2023 was primarily the result of the net loss of US$35.6 million, an increase in accounts receivable of
US$0.6 million, increase in deposits, prepayments, and others receivable of US$2.9 million, decrease in escrow liabilities ofUS$8.9 million,
decrease in lease liabilities of US$0.6 million and decrease in income tax payable of US$0.1 million. These amounts were partially offset
by the decrease in loans receivable of US$0.1 million, increase in accounts payable and accrued liabilities of US$5.5 million, and non-cash
adjustments consisting of share-based compensation expense ofUS$12.0million, non-cash lease expense of US$0.9 million, depreciation of
property and equipment of US$0.2 million, interest income on loans receivable of US$0.1 million, interest income on notes receivable of
US$0.02 million, net foreign exchange gain of US$0.04 million, net investment income of US$0.5 million, allowance for credit losses on
financial instruments of US$0.7 million, loss on settlement of forward share purchase agreement of US$0.4 million and reversal of annual
bonus accrued in prior year of US$3.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Investing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by investing activities for
the nine months ended September 30, 2024 of US$2.6 million was primarily due to proceeds from sale of long-term investments of US$2.2
million and proceeds from sale of convertible notes receivable of US$0.4 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 119 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by investing activities for
the nine months ended September 30, 2023 of US$4.7 million was primarily due to proceeds from sale of investments of US$4.0 million, dividend
received from long-term investments of US$1.4 million, offset by the purchase of notes receivable of US$0.6million and purchase of property
and equipment of US$0.1 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Financing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing activities for
the nine months ended September 30, 2024 of US$18.3 million was primarily due to advances from the holding company of US$15.6 million,
proceeds from convertible promissory note payable of US$23.4 million, offset by repayments of borrowings of US$0.8 million and issuance
of promissory notes to Triller LLC of US$20.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in financing activities for the
nine months ended September 30, 2023 of US$0.4 million was primarily due to advances from holding company of US$6.3 million, proceeds
from borrowings of US$7.2 million, offset by the settlement of forward share purchase agreement of US$14.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Comparison of the years ended December 31,
2023 and 2022</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our cash flows
for the years presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of our
working capital:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(18,265</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-style: italic; padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Working Deficit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The working deficit as of December 31, 2023 amounted
to approximately US$22.22&#160;million, as compared to approximately US$18.27&#160;million at December&#160;31, 2022, an increase of US$3.96
million or 21.66%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Operating Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities was US$42.28&#160;million
for the year ended December 31, 2023, as compared to net cash used in operating activities of US$19.30&#160;million for the year ended
December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities for the
year ended December 31, 2023 was primarily the result of the net loss of US$49.21 million, an increase in accounts receivable of US$1.19
million, increase in deposits, prepayments, and others receivable of US$2.50 million, decrease in escrow liabilities of US$12.67 million,
and decrease in lease liabilities of US$1.13 million. These amounts were partially offset by the increase in accounts payable and accrued
liabilities of US$6.89 million, increase in income tax payable of US$0.54 million, and non-cash adjustments consisting of share-based
compensation expense of US$11.24 million, non-cash lease expense of US$1.50 million, depreciation of property and equipment of US$0.26
million, interest income on notes receivable of US$0.03 million, interest expense on borrowings of US$0.78 million, net foreign exchange
gain of US$0.91 million, net investment loss of US$6.88 million, allowance for expected credit losses on financial instruments of US$1.08
million, gain on disposal of property and equipment of US$0.66 million, loss on settlement of forward share purchase agreement of US$0.38
million, and reversal of over-accruals in prior year of US$3.60 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in operating activities for the
year ended December 31, 2022 was primarily the result of a net loss of US$44.52&#160;million, a decrease in loans receivable of US$2.32
million, and an increase in accounts payable and accrued liabilities of US$10.88 million. These amounts were partially offset by the increase
in accounts receivable of US$1.95 million, deposits, prepayments, and other receivable of US$0.20 million, decrease in escrow liabilities
of US$5.00 million, income tax payable of US$0.28 million, unrealized investment loss of US$8.94&#160;million, net foreign exchange loss
of US$2.64 million, share based compensation of US$2.09 million, change in fair value of forward share purchase liability of US$5.39 million
and depreciation of property and equipment of US$0.39&#160;million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Investing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by investing activities for
the year ended December 31, 2023 of US$10.79 million was primarily due to proceeds from sale of investments of US$3.98 million, dividend
received from long-term investments of US$1.67 million, proceeds from sale of property and equipment of US$6.13 million, offset by the
purchase of notes receivable of US$0.59 million, purchase of long-term investments of US$0.29 million, and purchase of property and equipment
of US$0.10 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in investing activities for the
year ended December 31, 2022 of US$14.19&#160;million was primarily due to proceeds from sale of investments of US$1.85 million, and dividend
received from long-term investments of $1.15 million, offset by the addition in long-term investments of US$16.23 million, and the purchase
of property and equipment of US$0.97 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows from Financing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash used in financing activities for the
year ended December 31, 2023 of US$1.04 million was primarily due to advances from the holding company of US$9.34 million, proceeds from
borrowings of US$7.75 million, proceeds from private placement of US$1.85 million, offset by the settlement of forward share purchase
agreement of US$13.95 million, and repayments of borrowings of US$6.03 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by financing activities for
the year ended December 31, 2022 of US$12.14 million was primarily due to advances from the stockholder of US$9.75 million, proceeds from
borrowings of US$4.46 million, cash proceeds from reverse recapitalization of US$15.36 million, offset by the dividend distribution of
US$17.44 million to the stockholder that occurred in early 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liquidity and Going Concern</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our unaudited condensed consolidated financial
statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets, and liquidation
of liabilities in the normal course of business. The management of the Company estimates that currently available cash will not be able
to provide sufficient funds to meet the Company&#8217;s planned obligations for the next 12 months from the date that these unaudited
condensed consolidated financial statements were made available to be issued.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the nine months ended September 30, 2024, we reported a net loss
of approximately US$28.8 million. With a significant decrease in our revenues, described in the paragraph below, we had an accumulated
deficit of approximately US$94.5 million as of September 30, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Coupled with the economic recession in Hong Kong,
we reported a sales decline with total revenue of approximately US$18.1 million for the nine months ended September 30, 2024 (nine months
ended September 30, 2023: US$41.7 million) and resulting with an operating loss of approximately US$25.8 million (nine months ended September
30, 2023: US$36.3 million). We expect to continue our business growth, while closely monitoring our future spending.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to continue as a going concern is
dependent on the management&#8217;s ability to successfully implement its plans. Our management team believes that we will be able to
continue to grow our revenue base and control our expenditures. In parallel, our management team will continually monitor our capital
structure and operating plans and evaluate various potential funding alternatives that may be needed in order to finance our business
development activities, general and administrative expenses and growth strategy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to raise additional capital through
various debt and equity offerings, but there can be no assurance that these funds will be available on terms acceptable, or will be sufficient
to enable us to fully complete its development activities or sustain operations. If we are unable to raise sufficient additional funds,
we will have to develop and implement a plan to further extend payables, reduce overhead, or scale back our current business plan until
sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Material Cash Requirements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reported a net loss during the nine months ended September 30, 2024.
However, we expect to generate profitable operating results within the foreseeable future, after a full recovery from the anti-pandemic
policy in Hong Kong and getting access to the collective sales capabilities force of the sale channels associated with our distribution
business. Our management expects sales volumes to return to levels previously recorded at the predecessor company prior to the pandemic,
especially with the re-opening of the Mainland border and the ongoing integration of Hong Kong into the Greater Bay area<b>.</b> As a
result, management expects our net cash position to expand in 2024 and to be in excess of 2023. As of September 30, 2024, we had an accumulated
deficit of US$94.5 million. Our material cash requirements are highly dependent upon additional financial support associated with our
its business operations for the next 12 &#8211; 18 months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Capital Commitments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale and Purchase Agreement</b> &#8212; Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. (&#8220;SLS&#8221;), an independent third party, the
Company is committed to purchase 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of SGD2,500,000
(equivalent to $1,882,000). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024. On March 29, 2024, the Company and SLS entered into a third supplementary
agreement to extend the closing date of the transaction from March 31, 2024 to May 9, 2024. Pursuant to the third supplementary agreement,
the Company paid SGD250,000 (equivalent to $188,200) to SLS as the partial payment to cash consideration on April 12, 2024. On May 9,
2024, the Company and SLS entered into a fourth supplementary agreement to extend the closing date of the transaction from May 9, 2024
to May 20, 2024. On June 18, 2024, the Company and SLS entered into a fifth supplementary agreement to extend the closing date of the
transaction from May 20, 2024 to July 31, 2024. Pursuant to the fifth supplementary agreement, the Company paid an aggregate of SGD150,000
(equivalent to $112,920) as the extension fee and indemnification fee in July 2024. On September 25, 2024, the Company and SLS entered
into a sixth supplementary agreement to extend the closing date of the transaction from July 31, 2024 to October 31, 2024. Up to the date
of the unaudited condensed consolidated financial statements available to be issued, further extension on the closing date of the transaction
is under negotiation between SLS and the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA is not party to any off-balance sheet transactions.
AGBA has no guarantees or obligations other than those which arise out of normal business operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA has not engaged in any off-balance sheet
financial arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes
in financial condition, net revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies, Judgements and
Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA&#8217;s consolidated financial statements
are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates
and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts
of revenues and expenses during the reporting periods and the related disclosures in the consolidated financial statements and accompanying
footnotes. certain accounting policies are deemed &#8220;critical,&#8221; as they require our management&#8217;s highest degree of judgment,
estimates and assumptions. While AGBA&#8217;s management believes its judgments, estimates and assumptions are reasonable, they are based
on information presently available and actual results may differ significantly from those estimates under different assumptions and conditions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company&#8217;s consolidated financial
statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses,
notes receivable, share-based compensation, warrant liabilities, forward share purchase liability, provision for contingent liabilities,
revenue recognition, leases, income tax provision, deferred taxes and uncertain tax position, and allocation of expenses from the holding
company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inputs into the management&#8217;s judgments
and estimates consider the economic implications of COVID-19 on the Company&#8217;s critical and significant accounting estimates. Actual
results could differ from these estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: -95.55pt"><span style="font-size: 10pt">Long-Term Investments, net</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA invests in equity securities with readily
determinable fair values and equity securities that do not have readily determinable fair values.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities that do not have readily determinable
fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrant with a purchase option of equity securities
was recorded as an investment in non-marketable equity securities and measured at the fair value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At each reporting period, AGBA makes a qualitative
assessment considering impairment indicators to evaluate whether the investment is impaired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">Warrant Liabilities</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA accounts for warrants as either equity-classified
or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms and applicable authoritative guidance
in ASC Topic 480, <i>Distinguishing Liabilities from Equity</i> (&#8220;ASC 480&#8221;) and ASC Topic 815, <i>Derivatives and Hedging</i>
(&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet
the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under
ASC 815, including whether the warrants are indexed to AGBA&#8217;s own ordinary shares and whether the warrant holders could potentially
require &#8220;net cash settlement&#8221; in a circumstance outside of AGBA&#8217;s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For issued or modified warrants that meet all
of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance.
For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded
as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair
value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for
its Public Warrants as equity and the Private Warrants as liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants classified as liabilities are recorded
at fair value and are remeasured at each reporting date until settlement. Changes in fair value is recognized as a component of change
in fair value of warrant liability in the unaudited condensed consolidated statements of operations and comprehensive loss. Transaction
costs allocated to warrants that are presented as a liability are immediately expensed in the unaudited condensed consolidated statements
of operations and comprehensive loss. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently
remeasured.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">Revenue Recognition</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA earns and receives most of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09,
<i>Revenue from Contracts with Customers (Topic 606)</i> (&#8220;ASC 606&#8221;).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 606 provided the following overview
of how revenue is recognized from AGBA&#8217;s contracts with customers: AGBA recognizes revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which AGBA expects to be entitled in exchange for those goods
or services.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 1: Identify the contract(s) with a customer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 2: Identify the performance obligations in
the contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 3: Determine the transaction price &#8211;
The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring
promised goods or services to a customer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 4: Allocate the transaction price to the
performance obligations in the contract &#8211; Any entity typically allocates the transaction price to each performance obligation on
the basis of the relative standalone selling prices of each distinct good or service promised in the contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 5: Recognize revenue when (or as) the entity
satisfies a performance obligation &#8211; An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring
a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain portion of AGBA&#8217;s income is derived
from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. AGBA
considers the terms of the contract and all relevant facts and circumstances when applying this guidance. AGBA&#8217;s revenue recognition
policies are in compliance with ASC 606, as follows:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">



</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Commissions</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">AGBA earns commissions from the sale of investment
products to customers. AGBA enters into commission agreements with customers which specify the key terms and conditions of the arrangement.
Commissions are separately negotiated for each transaction and generally do not include rights of return, credits or discounts, rebates,
price protection or other similar privileges, and typically paid on or shortly after the transaction is completed. Upon the purchase of
an investment product, AGBA earns commission from customers, calculated as a fixed percentage of the investment products acquired by its
customers. AGBA defines the &#8220;purchase of an investment product&#8221; for its revenue recognition purpose as the time when the customers
referred by AGBA has entered into a subscription contract with the relevant product provider and, if required, the customer has transferred
a deposit to an escrow account designated by AGBA to complete the purchase of the investment products. After the contract is established,
there are no significant judgments made when determining the commission price. Therefore, commissions are recorded at point in time when
the investment product is purchased.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA also facilitates the arrangement between
insurance providers and individuals or businesses by providing insurance placement services to the insured and is compensated in the form
of commission from the respective insurance providers. AGBA primarily facilitates the placement of life, general and MPF insurance products.
AGBA determines that insurance providers are the customers.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA primarily earns commission income arising
from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance obligation
has been satisfied upon execution of the insurance policy as AGBA has no future or ongoing obligation with respect to such policies. The
commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract which are agreed between
AGBA and insurance providers for each insurance product being facilitated through AGBA. The commission earned is equal to a percentage
of the premium paid to the insurance provider. Commission from renewed policies is variable consideration and is recognized in subsequent
periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer renews the policy).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 606, <i>Revenue Recognition:
Principal Agent Considerations</i>, AGBA evaluates the terms in the agreements with its channels and independent contractors to determine
whether or not AGBA acts as the principal or as an agent in the arrangement with each party respectively. The determination of whether
to record the revenue in a gross or net basis depends upon whether AGBA has control over the services prior to transferring it. Control
is demonstrated by AGBA which is primarily responsible for fulfilling the provision of placement services through AGBA&#8217;s licensed
insurance brokers to provide agency services. The commissions from insurance providers are recorded on a gross basis and commission paid
to independent contractors or channel costs are recorded as commission expense in the consolidated statements of operations and comprehensive
loss.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA also offers the sale solicitation of real
estate property to the final customers and is compensated in the form of commissions from the corresponding property developers pursuant
to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property is signed
and executed.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Recurring Asset Management Service Fees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA provides asset management services to investment
funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management service fees
are determined based on the types of investment products AGBA distributes and are calculated as a fixed percentage of the fair value of
the total investment of the investment products, calculated daily. These customer contracts require AGBA to provide investment management
services, which represents a performance obligation that AGBA satisfies over time. After the contract is established, there are no significant
judgments made when determining the transaction price. As AGBA provides these services throughout the contract term, for the method of
calculating recurring asset management service fees, revenue is calculated on a daily basis over the contract term, quarterly billed and
recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection, performance
component or other similar privileges and the circumstances under which the fixed percentage fees, before determined, could be not subject
to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly or quarterly).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest Income</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA offers money lending services from loan origination
in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms and recorded
as interest income in the consolidated statement of operations. AGBA does not charge prepayment penalties from its customers. Interest
income on mortgage and personal loans is recognized as it accrued using the effective interest method. Accrual of interest income on mortgage
loans is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 180 days delinquent.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">Share-Based Compensation</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA accounts for share-based compensation in
accordance with the fair value recognition provision of ASC Topic 718, <i>Stock Compensation</i>. AGBA grants share awards, including
ordinary shares and restricted share units, to eligible participants. Share-based compensation expense for share awards is measured at
fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with the combination of service
and performance requirements is based on the closing fair market value of the ordinary shares on the date of grant.&#160; Share-based
compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are subject only to a
service condition, the expense is recognized on a straight-line basis over the service period for the entire award.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">Fair Value Measurement</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA follows the guidance of the ASC Topic 820-10,
<i>Fair Value Measurements and Disclosures</i> (&#8220;ASC 820-10&#8221;), with respect to financial assets and liabilities that are measured
at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt; text-align: justify">&#160;</td>
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    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Level 1</i> : Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying value of AGBA&#8217;s financial instruments:
cash and cash equivalents, restricted cash, accounts receivable, consideration receivable, deposits, prepayments and other receivables,
accounts payable and accrued liabilities, escrow liabilities, borrowings approximate at their fair values because of the short-term nature
of these financial instruments.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. AGBA accounts
for loans receivable at cost, subject to expected credit losses assessment.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value estimates are made at a specific point
in time based on relevant market information about the financial instruments. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding-right: 0.8pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">Recently Issued Accounting Pronouncements</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, AGBA has implemented
all applicable new accounting standards and updates issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) that were
in effect. There were no new standards or updates during the nine months ended September 30, 2024 that had a material impact on the consolidated
financial statements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Recently Accounting Pronouncements Not Yet
Adopted</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2023, the FASB amended guidance in
ASU 2023-07,&#160;<i>Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.&#160;</i>The revised guidance requires
that a public entity disclose significant segment expenses regularly reviewed by the chief operating decision maker (CODM), including
public entities with a single reportable segment. The amended guidance is effective for fiscal years beginning in January 2024 and interim
periods beginning January 2025 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact on
AGBA&#8217;s consolidated financial statements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, the FASB issued ASU 2023-09,&#160;<i>Income
Taxes (Topic 740): Improvements to Income Tax Disclosures.&#160;</i>The ASU requires the annual financial statements to include consistent
categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction.
ASU 2023-09 is effective for AGBA&#8217;s annual reporting periods beginning in January 2025. Adoption is either with a prospective method
or a fully retrospective method of transition. Early adoption is permitted. Management is currently evaluating the impact on AGBA&#8217;s
consolidated financial statements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BUSINESS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a global, artificial intelligence (&#8220;<b>AI</b>&#8221;)
powered technology platform (&#8220;<b>Technology Platform</b>&#8221;) that serves a broad constituency of Creators and Brands around
the world. &#8220;<b>Creators</b>&#8221; include influencers, artists, athletes, other individuals and public figures that utilize or
have utilized our Technology Platform to create and publish content. Numerous famous Creators use our Technology Platform, including influencers
like Charli D&#8217;Amelio and Bryce Hall and music artists like The Weeknd. &#8220;Brands&#8221; are companies, products or product lines
which are active on our Technology Platform and utilize or have utilized one or more of our products or services offered through our Technology
Platform (&#8220;<b>Direct Brands</b>&#8221;), or companies, products or product lines whose associated data we track, report on and make
available to our clients as part of one or more of our product offerings (&#8220;<b>Tracked Brands</b>,&#8221; and collectively with Direct
Brands, &#8220;<b>Brands</b>&#8221;). Brands that have utilized or continue to utilize our platform include McDonalds, Pepsi, Walmart,
L&#8217;Or&#233;al, Puma, Charmin and Major League Baseball.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We help both Creators and Brands build relationships
with their audiences to create awareness, drive content consumption, generate commerce and build culture. Our Triller app is a short-form
video app similar to TikTok, Instagram Reels, YouTube shorts and other video apps that allow users to access both user generated and professionally
generated content from Creators around the world. Since our inception through September 30, 2023, we have raised more than $420 million
in capital and established more than 327 million Consumer Accounts on the Triller app and a total of 436 million Consumer Accounts on
our Technology Platform. &#8220;Consumer Accounts&#8221; are included when consumers create accounts on a Triller brand or owned property
and also when we employ our Technology Platform to create accounts on behalf of our Brands and Creators. We define Consumer Accounts as
the total number of individual Consumer Accounts recorded in databases across the Triller app, TrillerTV and BKFC (whether they are active
or inactive on our Technology Platform) at or around the time of measurement, that we track and that are able to benefit from the services
and features offered through our Technology Platform during the reported period. Users that simply accessed or viewed our content or partner
content on our platform or any other social media platform are not included in the total number of Consumer Accounts above. Consumer Accounts
that were created prior to acquisition by us are not included in the total number of Consumer Accounts above. Recently, we elected to
take a proactive approach to the way in which we report our Consumer Accounts, which we believe is uncommon in our industry. While we
believe that many social media companies include a significant number of &#8220;bot&#8221; accounts or &#8220;duplicate&#8221; accounts
in their user metrics, we undertook a robust process to purge as many duplicate and bot accounts as practicable with our resources and
in doing so we purged in excess of 200 million Consumer Accounts from our total user accounts metric.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alongside the Triller app, Triller has dramatically
expanded its portfolio of offerings through organic growth and strategic acquisitions becoming a diversified Technology Platform for the
creation, distribution, measurement and monetization of digital, live and virtual content. It also produces content under its own and
third-party Brands, including trendsetting music, sports, lifestyle, fashion and entertainment media that creates cultural moments, attracts
users to Triller&#8217;s offerings and drives social interaction that serves as a cultural wellspring across digital society.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate within the global digital content marketplace,
which is estimated to reach $577.4 billion in 2023 according to Statistica&#8217;s August 2023 report on worldwide digital media, and
we focus our efforts on the $250 billion creator economy, as forecasted in a recent Goldman Sachs report on the creator economy. Goldman
Sachs Research estimated the creator economy could reach $480 billion by 2027 in its April 2023 report titled &#8220;The creator economy
could approach half-a-trillion dollars by 2027.&#8221; Our revenue was $45.5 million in the fiscal year ended December 31, 2023. We have
incurred net losses in each year since our inception, including $294.7 million and $191.6 million for the fiscal years ended December
31, 2023 and 2022, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through our subsidiaries in Hong Kong, we are
also a leading wealth management and healthcare institution based in Hong Kong servicing over 400,000&#160;individual and corporate customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to operating our Technology
Platform, we currently operate in four market-leading businesses: our Platform Business, Distribution Business, Healthcare Business,
and Fintech Business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2019, we have implemented a strategy to
expand and upgrade our long-standing broker-dealer business into a platform business and a distribution business. Today, we offer unique
product and service offerings:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- B2B: tech-enabled broker management platform
for advisors (&#8220;<b>Platform Business</b>&#8221;); and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">- B2C: market leading portfolio of wealth and
health products (&#8220;<b>Distribution Business</b>&#8221;).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have a market leadership in our healthcare
business through our 4% stake in and a strategic partnership with HCMPS. It is one of the most reputed healthcare brands in Hong Kong.
It has four self-operated medical centers and a network of over 700 healthcare service providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, we are an established operator and successful
investor in the FinTech industry. We have carefully built out investment positions in FinTech, WealthTech and HealthTech businesses, applying
lessons learned from our own distribution, platform and healthcare businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>History</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&#160;14, 2022, AGBA Acquisition Limited,
or AAL, a British Virgin Islands&#8217; company and a special purpose acquisition company, consummated a series of transactions contemplated
by the Business Combination Agreement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the Closing of Business Combination : (i)&#160;AAL
became, through an acquisition merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited, TAG
Asia Capital Holdings Limited, and their collective subsidiaries; (ii)&#160;the governing documents of AAL were amended and restated,
becoming the Fifth Amended and Restated Memorandum and Articles of Association; (iii)&#160;the number of AAL&#8217;s authorized ordinary
shares was increased from 100&#160;million to 200&#160;million, and (iv)&#160;AAL&#8217;s name changed from &#8220;AGBA Acquisition Limited&#8221;
to &#8220;AGBA Group Inc.&#8221; which is our current name and which we also refer to, post-Business Combination, as &#8220;AGBA&#8221;
or the &#8220;Group.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Group Inc. (&#8220;ILLR&#8221;, &#8220;Triller Group&#8221;,
or the &#8220;Company&#8221;) (formerly AGBA Group Holding Limited (&#8220;AGBA&#8221;)) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA&#8217;s legal jurisdiction from British Virgin Islands to the State of Delaware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company consummated
the merger transaction with Triller Corp., a Delaware corporation (&#8220;Triller&#8221;), pursuant to that certain Amended and
Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the &#8220;Merger Agreement&#8221;), by and between
AGBA, its wholly owned subsidiary AGBA Social Inc. (&#8220;Merger Sub&#8221;), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Platform Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business is a one-stop financial
supermarket with a breadth of products and services, sourced from leading global product providers, that is unrivaled in Hong&#160;Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We operate under the &#8220;OnePlatform&#8221; brand, offering a full-service
platform to banks, other financial institutions, family offices, brokers, and individual independent financial advisors to advise and
serve their retail clients. Our technology-enabled platform offers a wide range of financial products, covering life insurance, pensions,
property-casualty insurance, stock brokerage, mutual funds, money lending and real estate agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our OnePlatform brand covers 80 insurance providers selling 1,183 products,
and 53 asset management fund houses with over 1,141 products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Distribution Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business currently operates as
a licensed insurance broker and a registered Mandatory Provident Fund (MPF) intermediary in Hong&#160;Kong, providing financial planning
and wealth management services to institutional and individual customers with its team of over 1,500 independent financial advisors. The
Distribution Business is regulated by the Hong&#160;Kong Insurance Authority and the Mandatory Provident Fund Schemes Authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Distribution Business&#8217;s main sources
of income are sales commission and service fee income from its infrastructure support platform. It recognizes commission income from the
insurance providers based on the sale of insurance products at predetermined insurance premium rates according to the types of products
sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial advisors, organized under two brands
of &#8220;AGBA focus&#8221; and &#8220;AGBA perform&#8221;, are the primary distribution channels for the Distribution Business. These
channels are positioned to match individuals&#8217; financial needs with an appropriate choice of insurance products. They target to bring
additional revenue for the Distribution Business by serving as a &#8220;matching platform&#8221; between insurance companies and consumers.
Marketing activities of the Distribution Business include sales campaigns and invitations to corporate events, at which new customers
are mainly solicited through direct conversation or meetings between financial advisors and retail customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, we currently work with 562 independent financial
advisors.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Healthcare Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own a 4% minority shareholding in HCMPS Healthcare
Holdings Limited (&#8220;HCMPS&#8221;), one of the leading healthcare management organizations in Hong&#160;Kong. The Company, through
one of its subsidiaries, holds 4% stake in and a strategic partnership with HCMPS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 1979 and currently operating under
the Dr.&#160;Jones Fok&#160;&amp; Associates Medical Scheme Management Limited (&#8220;JFA&#8221;) brand, JFA is one of the most reputed
healthcare brands in Hong&#160;Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers&#160;&#8212;&#160;providing
healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA&#8217;s clients include blue chip companies
from various industry and leading insurers. Apart from Hong&#160;Kong, JFA is the largest operator in Macau with around 70 clinics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">JFA has a long-standing track record of operating as a low-cost, high
efficiency operation. It offers vast untapped opportunities for AGBA Legacy Group, &#160;both in revenue growth and cross-selling.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FinTech Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fintech Investments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fintech manages an ensemble of financial technology
(fintech) investments and operates through its subsidiaries TAG Technologies Limited, AGBA Group Limited (formerly known as Tandem Money
Hong&#160;Kong Limited), and Tandem Fintech Limited, a health and wealth management platform with a broad spectrum of services and value-added&#160;information
in health, insurance, investments and social sharing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio companies in which Fintech has invested
remain growth stage businesses with modest revenues, and none has yet reached the operational breakeven point. Therefore, the business
case for all these companies relies on transformations in scale, product offering, and/or geographic scope to drive future value creation.
Fintech intends to maximize the strategic fit between these portfolio companies and the companies forming part of the OnePlatform brand
to drive additional value capture.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fintech&#8217;s management team has strived to
establish the business as a leading name in the fintech investment sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fintech&#8217;s business aims to create value
on three fronts:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Building long-term&#160;fintech franchises in Hong&#160;Kong
using business models, operations, and technologies tested in more mature markets;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Supporting and capturing synergies with OnePlatform and its
other business segments; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">Realizing financial returns from its fintech investments.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please see the section titled &#8220;<i>Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</i>&#8221; for a summary of the current valuations of Fintech&#8217;s
stakes in the fintech portfolio companies.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>1) Tandem</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tandem Money Limited (&#8220;Tandem&#8221;) is
a UK based &#8220;challenger&#8221; bank which focuses on lending growth with high risk-adjusted&#160;yields. It operates a &#8220;digital
deposit&#8221; strategy to continue funding its growth, which is known as a &#8220;neobank&#8221; strategy. Founded in 2013, Tandem provides
an app-based&#160;retail bank service for its customers. Through its app, customers can access retail banking services comprising deposits,
mortgages, loans and credit cards. Tandem also leverages digital wealth management to cross-sell&#160;and offers value-added&#160;services
such as cash management across bank accounts, savings, debt management, and financial planning.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Background to the Investment in Tandem</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TAG Technologies Limited (&#8220;TAG Technologies&#8221;)
first invested in 2018 with Tandem still positioned as a neobank focused on digital and analytics to generate user and deposit growth.
The initial investment was by way of a subscription agreement with Tandem, pursuant to which TAG Technologies agreed to subscribe for
and Tandem agreed to issue 11,259,740 ordinary B shares in Tandem for a consideration of &#163;15&#160;million. The consideration was
determined by the parties after arm&#8217;s length negotiations taking into account (i)&#160;the unaudited consolidated net asset value
of Tandem as at September&#160;30, 2018, which was approximately &#163;55.7&#160;million, and (ii)&#160;the potential in the future business
development of Tandem.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believed that Tandem&#8217;s strategy in 2020
was predicated on a clear asset pivot to grow consumer loans in attractive categories such as home improvement and specialty mortgages.
In April&#160;2020, TAG Technologies entered into a further subscription agreement with Tandem, pursuant to which TAG Technologies agreed
to subscribe for and Tandem agreed to issue 49,476,049 ordinary B shares in Tandem for a consideration of &#163;10&#160;million. The
consideration was determined by the parties after arm&#8217;s length negotiations taking into account (i)&#160;the unaudited consolidated
net asset value of Tandem as of October&#160;31, 2019, which was approximately &#163;44.9&#160;million, and (ii)&#160;the potential in
Tandem&#8217;s future business development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June and August&#160;2021, TAG Technologies purchased an additional
aggregate of 14,000,000 ordinary B shares of Tandem at the price of &#163;0.15 per share, for cash consideration of approximately US$2.9&#160;million
(equivalent to approximately &#163;2.1&#160;million). We currently owns 4.47% equity interest in Tandem.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Share Purchase and Knowledge Transfer Agreement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the April&#160;2020 investment,
Tandem, AGBA Group Limited (&#8220;AGBA Group&#8221;) and TAG Technologies entered into a Share Purchase and Knowledge Transfer Agreement
pursuant to which, among other things, TAG Technologies purchased the entire issued share capital of AGBA Group, and Tandem undertook
to provide certain knowledge transfer services to TAG Technologies and its affiliates. Pursuant to the Share Purchase and Knowledge Transfer
Agreement, Tandem also granted a license in certain Tandem proprietary software and other licensed materials to be made available to TAG
Technologies and its affiliates during the &#8220;knowledge transfer period&#8221;, which ends on the earlier of the date six&#160;months
after Tandem completes a migration of its systems to a new platform, and April&#160;2, 2023. For as long as TAG Technologies is a shareholder
of Tandem, each member of AGBA is granted a license to use the name &#8220;Tandem&#8221; and any registered logo or trademark used by
Tandem for a period of five&#160;years.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through this investment we gained access to certain
of Tandem&#8217;s technology and digital platform assets and knowledge transfer. These assets provide significant costs savings for system
developments such as data platforms and the core banking platform, driven by the ability to leverage Tandem&#8217;s assets and &#8220;test
and learn&#8221; experience to accelerate development of the Fintech business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Tandem&#8217;s Potential Growth</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the increasing use of online platforms in
the financial sector, our management believed that Tandem, with its technology know-how&#160;in the consumer finance industry, has significant
market potential to become a leading online retail bank for the mass market. The investment in Tandem is also part of our wider strategy
to launch digital services in Hong&#160;Kong and elsewhere, and Tandem is expected to be a key technology partner.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2) CurrencyFair</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CurrencyFair is an online peer-to-peer currency
exchange marketplace. TAG Technologies first invested into CurrencyFair in 2018, through an investment of approximately &#8364;6,000,000
and the merger of AGBA&#8217;s then existing payments business with CurrencyFair. Since then, CurrencyFair has continued to grow its consumer
money transfer business focused on white-collar&#160;expat customers transferring money between selected European and Australian corridors.
CurrencyFair is now a global money transfer member organization that has exchanged more than &#8364;10&#160;billion, with offices located
in Ireland, UK, Singapore, Hong&#160;Kong and Australia. We believe that CurrencyFair&#8217;s scaling plan relies on expanding its consumer-to-consumer&#160;(C2C)
business to new US and Asia corridors, while acquiring small and medium enterprise (SME) customers directly and through an enterprise
sales model handling primarily Chinese merchant payments for cross-border&#160;e-commerce&#160;marketplaces. Revenue growth depends on
how successfully CurrencyFair scales transfer volumes in new C2C corridors and new SME businesses based on proposition development and
customer acquisition execution.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to work closely with CurrencyFair as
it builds out its Asian franchise, and intends to offer CurrencyFair&#8217;s unique currency marketplace to our customers in Hong&#160;Kong
as well as introducing enhanced Asian currency services to CurrencyFair&#8217;s international customers. We intend for CurrencyFair&#8217;s
domain expertise, technology, and operational experience to be leveraged as part of a wider strategy to improve our services to assist
customers to manage their finances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, CurrencyFair merged with Australia-based&#160;Assembly
Payments Limited, whose platform automates complex payment workflows. Following the merger, the business re-branded&#160;to &#8220;Zai&#8221;,
with CurrencyFair as Zai&#8217;s consumer brand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&#160;18, 2022, we entered into a sale
and purchase agreement with the stockholder to acquire 4,158,963&#160;shares of CurrencyFair for a cash consideration of US$7.84&#160;million.
The transaction closed in April&#160;2022, resulting in the ownership of 8.37% equity interest in CurrencyFair.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>3) Goxip</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goxip is a fashion media platform based in Hong&#160;Kong
with over one million high-end&#160;fashion shoppers. Its digital marketing arm matches key opinion leaders (KOLs) with marketers and
brands for lead generation, launching and monetizing marketing campaigns. We currently own a 3.63% equity interest in Goxip.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>4) HCMPS Healthcare Holdings Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HCMPS Healthcare Holdings Limited (&#8220;HCMPS&#8221;)
is a healthcare management organization based in Hong&#160;Kong. Founded in 1979, it has over 800 network service branches providing healthcare
schemes for more than 500 corporate clients with over 280,000 scheme members. HCMPS offers its patients a full range of medical services,
including general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination,&#160;X-ray, laboratories, and imaging
services. we currently own a 4.00% equity interest in HCMPS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>5) Nutmeg</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fintech previously made an investment in Nutmeg,
a United Kingdom-based&#160;online investment management company. In June&#160;2021, JPMorgan Chase purchased 100% of the share capital
of Nutmeg. Fintech was subject to a drag-along&#160;provision in the Articles of Association of Nutmeg, pursuant to which it was required
to sell its shareholding to JPMorgan Chase. The transaction was closed in September&#160;2021. Accordingly, Fintech no longer holds an
investment in Nutmeg, with cash realized from the sale of the investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Triller&#8217;s Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We primarily operate in the North American digital
media and live entertainment industries and offer diverse products and services that compete for consumers&#8217; time and disposable
income. The rise of streaming, increased legalization of sports betting, increased competition from tech entrants, and continued viewership
appeal attribute to the projected growth of live sports and digital media. This growth has also benefited from long-term shifts in consumer
behavior, particularly in millennials, who continue to seek more interactive experiences that they can document and broadcast through
social media. The film industry is also benefitting from growth in digital home viewing and premium movie-going experiences.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The top-earning musicians generated more of their
income from touring than from any other source, according to Billboard. Our portfolio of content is well positioned to take advantage
of this trend. Our success depends on our ability to offer premium content through popular channels of distribution that meet the changing
preferences of the broad consumer market and respond to competition from an expanding array of choices facilitated by technological developments
in the delivery of digital content. Potential risks to our expansion into digital media include costs to curate and produce Events, as
well as shifting customer preferences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our Technology Platform is at the crossroads
of the entertainment, sports, and content ecosystem, and is highly responsive to changing consumer preferences and industry trends. We
have the ability to create, procure and cultivate satisfying consumer content, leveraging the secular trends identified above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>E-Commerce Industry</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our market includes the global e-commerce market.
A primary growth driver for global e-commerce marketing spend has been the dramatic shift away from traditional brick-and-mortar commerce
to e-commerce due to the COVID-19 pandemic, and is expected to expand due to the convenience of online shopping and returns. To capitalize
on this growth and generate revenue, we will have to continue to innovate and offer marketers a set of capabilities across our Technology
Platform that cannot be easily replicated elsewhere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Content Spend (Film &amp; TV) Industry</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our market includes linear and digital media distributors.
According to Ampere Analysis, subscription OTT services increased investment in content by 20% in 2021 to nearly $50 billion representing
a growth of over 50% as compared to 2019. To capitalize on this growth and generate revenue, streaming services are both investing in
original content and acquiring licensed content. We are well positioned to capitalize on this increasing spend through our customer traction
with major movie studios, streaming platforms and content owners around the world.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Experiences (Sporting Events, Concerts &amp;
Performing Arts)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sporting events, concerts, and performing arts
are core to our live Events, entertainment properties and experiences operations. Our market constituents primarily include retail consumers,
sponsors and corporate customers. The events ticket market has the potential to grow by $14.9 billion during 2023 to 2027 and is expected
to experience a CAGR of 4.5%, according to the recent Statista report Event Tickets &#8212; Worldwide. This growth is expected to be driven
by the expected increasing use of mobile apps for booking tickets. The global sporting events segment, representing the largest segment
of the global ticketing segment, is expected to reach $33.7 billion in 2024 and to grow at a CAGR of 2.95% from 2024 to 2028, reaching
$37.94 billion by 2028. 3.91% to $37.16 billion by 2027, largely driven by the increasing popularity of sports and rising consumer preferences
for in-person events. While less substantial than sports, the performing arts ticket segment reached $9 billion in 2019 and is expected
to grow at a CAGR of 4% to $11 billion in 2024, driven by growing demand for live art performances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Streaming Technology and Related E-Commerce
Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe proliferation trends in the digital
content streaming market present an opportunity for streaming infrastructure providers capable of delivering an end-to-end solution for
Creators and media rights owners who desire to launch their own content streaming services, and monetize their user bases in new ways,
without incurring the significant costs inherent in developing underlying technology. We believe recent private company transactions in
the space are an indication that the market is both underserved and ripe for further expansion. For example, in November 2022 Disney,
then the majority equity owner of BAMtech Media (now Disney Streaming Services), a streaming infrastructure provider whose technology
serves as the core streaming, account management and billing platform for Disney+, ESPN+ and Hulu, purchased all outstanding minority
interests of BAMtech Media in a transaction that valued the company at $6 billion. Similarly, a November 2022 private equity investment
led by General Atlantic in streaming infrastructure services provider Amagi valued the company at $1.4 billion. We have invested and expect
to continue to invest in our streaming technology and infrastructure, including developing new ways for Creators and media rights owners
to leverage user profiles and preferences and drive monetization through advertising, pay-per-view, subscription-based offerings and related
e-commerce transactions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Metaverse</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Citigroup&#8217;s Metaverse and Money
report published in March 2022, &#8220;the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by
2030, with total Metaverse users numbering around 5 billion.&#8221; We believe that by investing in our Metaverz ecosystem now, while
the industry is still nascent, will provide us with a lasting competitive advantage and allow us to shape consumer expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Media Rights Expenditure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Spending on media rights continues to be a significant
component of revenues in the sports industry, with rights values appreciating consistently over the past decade. Market constituents include
linear and digital distributors, which acquire sports media rights and broadcast sports content. In 2021, the value of global sports media
rights totaled $55.1 billion, a 1.15% increase from the previous year, according to Sports Business Consulting&#8217;s Global Media Report
2022. According to the Business Research Company&#8217;s report, the global sports market as a whole is expected to reach $512 billion
in 2023 and grow at a CAGR of 5.2% from 2022. The rise of streaming, increased legalization of sports betting, increased competition from
tech entrants, and continued viewership appeal attribute to the projected growth on the rights price tags. The contract values underpinning
industry revenues are locked-in long-term, offering a high degree of visibility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Marketing and Licensing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our market constituents include corporate clients
seeking brand marketing or IP owners looking to license their Brands. According to Licensing International&#8217;s survey, global sales
revenue generated from licensed merchandise and services grew to 340.8 billion in 2022, reflecting an 8.02% increase over the $315.5 billion
generated in 2021. The entertainment/character sector remains the leading market share category, accounting for $138.1 billion, or 40.5%
of the total global licensing market. The second largest sector was corporate Brands with $87.6 billion (25.7%). Sports licensing, in
third place, totaled $37.3 billion with an 11% share.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Digital Advertising and Marketing Automation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The digital ad market is expected to surpass $300
billion by 2025, according to a 2022 report by Insider Intelligence Inc. For 2023, ad spending across 16 media platforms is forecasted
to reach $165.7 billion, according to BIA Advisory Services. Roughly half of the ad spending is anticipated to be focused on digital media,
wherein $33.5 billion is anticipated to go to mobile ad spending for smartphones. Additionally, marketing technology and marketing automation
are a growing trend. 51% of companies are currently using marketing automation and 58% of B2B companies plan to adopt such technology.
According to Sales Fusion, 77% of business owners had an increase in conversion after using marketing automation software. Key trends
in marketing automation for 2022 include personalized email automation, social media marketing automation, chatbots, and ML and AI.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>SMS and Artificial Intelligence Marketing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SMS marketing allows businesses to reach consumers
directly through their phones. In 2022, there were 7.3 billion mobile phone users globally and 6.9 billion smartphone users, accounting
for 86.3% of the world&#8217;s population. 83% of consumers receive text messages from companies. Click through rates for SMS marketing
is 36% (as compared to 2% for email marketing messages). In 2022, global SMS marketing market was approximately $64.4 billion and is expected
to grow to $84.9 billion by 2027. AI technology can be used in SMS marketing and more broadly across the technology marketing sphere.
The global AI market was estimated to be worth $86.9 billion in 2022 and is expected to reach $407 billion by 2027. 52% of high performing
marketing teams are looking to increase their usage of artificial intelligence.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Intellectual Property and Other Proprietary
Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider intellectual property to be very important
to the operation of our business and to driving growth in our revenues, particularly with respect to professional engagements, sponsorships,
licensing rights, and media distribution agreements. Our intellectual property includes the &#8220;Triller,&#8221; &#8220;Triller Fight
Club,&#8221; &#8220;TrillerFest,&#8221; &#8220;TrillerTV,&#8221; &#8220;FITE,&#8221; &#8220;Cliqz&#8221;, &#8220;Fangage&#8221;, &#8220;Julius&#8221;
and &#8220;Thuzio&#8221; Brands in addition to the trademarks and copyrights associated with our content, Events, and the rights to use
the intellectual property of our commercial partners. Substantially all of our IP and owned assets that we acquire are protected by trademarks
and copyright, whether registered or unregistered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller&#8217;s
Technology Platform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller&#8217;s Technology Platform is built along
three core sections &#8211; Triller generates and distributes influencer and sports content via the Triller app, Triller TV, and BKFC,
which drives engagement through the Triller app in a highly measureable manner made possible through our Triller One suite of AI and SaaS
tools, thus driving monetization and creating value for all Triller&#8217;s stakeholders.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller&#8217;s Technology Platform
originated with the Triller app, a video-sharing app. The Initial Triller app was launched in 2015 as an AI music editing tool. In
2019, upon the formation of Triller Hold Co LLC, when Triller acquired the technology underlying the current Triller app it
integrated the Initial Triller app with AI technology pursuant to its agreement with Mashtraxx Ltd. We refer to this integrated app
as the &#8220;<b>Triller app</b>&#8221;. The Triller app continued to integrate and update and was fully &#8220;live&#8221; by
September of 2021. The Triller app underwent a refinement to its scalable systems and other feature and toolset updates and
additional refinements were rolled out in July of 2023 and are live today. The Triller app leverages proprietary AI and ML
technologies and enables users to create professional-looking videos and to share those videos within the Triller app and on other
social platforms such as Facebook, Instagram, TikTok, Snapchat and Twitter in seconds. Key features of the Triller app include
extensive editing, filtering and overlaying tools; AI-powered technology to automatically synchronize video and audio with little to
no manual editing; and Triller&#8217;s proprietary dual camera feature, which allows users to record videos simultaneously from the
back-and front-facing cameras of their smartphones. The Triller app&#8217;s primary audience is the 18-34 year old demographic, with
strong engagement from users in the United States and an established user base in high-growth markets such as India, where we
maintain a presence, including a period in August 2020 when Triller temporarily became the number one short-form video app in the
App store subsequent to TikTok being banned in 2020.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Triller app contains channels for the posting
and consumption of short-form and long-form content, where Triller hosts content made by celebrities, influencers and other Creators,
as well as professionally-produced episodic content about music, sports, gaming, fashion and other forms of entertainment.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller&#8217;s Technology Platform reflects its
deep experience as content creators and forms the basis for Triller&#8217;s aspiration to be a technology company built by Creators, for
Creators. Key to Triller&#8217;s approach of empowering Creators and Brands is its proprietary AI and machine learning (&#8220;<b>ML</b>&#8221;)
technology that helps them mix and edit music and video content and distribute it to digital platforms and enables them to understand
and engage with their audiences at scale, while retaining control and authenticity of their audience relationships. &#8220;AI&#8221; is
a general term to describe the efforts of computer scientists to design and implement computer hardware and software systems capable of
learning and thinking. ML is a field of study in AI concerned with the development and study of statistical algorithms that can effectively
generalize tasks and thus performing those tasks without explicit instructions. ML approaches have been applied to large language models
(&#8220;<b>LLMs</b>&#8221;), computer vision, speech recognition, email filtering, agriculture, and medicine, where it is able to achieve
efficiencies without having to implement detailed specialized algorithms and systems which would be too complex and costly to build. Creators
and Brands have the ability to connect Triller&#8217;s customized LLMs and Natural Language Processing (&#8220;<b>NLP</b>&#8221;) technologies
to real-time API-based feeds, from virtually all major social platforms, to read, analyze, cluster, filter, and suggest or (when appropriate)
send replies to their fans with deep efficiency and personal precision. LLMs are deep learning algorithms that can recognize, summarize,
translate, predict, and generate content using very large datasets. Deep learning is a method in AI that teaches computers to process
data in a way that is inspired by the human brain. Deep learning models can recognize complex patterns in pictures, text, sounds, and
other data to produce accurate insights and predictions. NLP, a branch of AI, uses ML to process and interpret text and data. Natural
language recognition and natural language generation are types of NLP. By giving each Creator and Brand an AI-powered &#8220;factory of
assistants&#8221; to help them identify superfans, up-and-comers, key topics and trends to respond to (while filtering out spam, hate-speech
and noise), they are better able to deepen relationships and loyalty, optimize their scarce time and resources, and ultimately increase
conversions and monetization through a mix of brand partnerships and direct commerce.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Triller&#8217;s Suite of Creator and Brand
Offerings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller has augmented its Technology Platform
through a combination of internal development and strategic acquisitions, including the additions of the following products and services
that deliver, automate or otherwise streamline SMS and social messaging, AI-powered customer engagement, cross-platform marketing, digital
streaming, content and audience management, e-commerce services, social and creator analytics and engagement measurement:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Fangage&#160;</i>&#8211;
serves as the entry point for Creators looking to leverage Triller&#8217;s ecosystem and establish a digital presence on the internet,
across social media, e-mail and SMS. Fangage comprises a set of tools and features that allow Creators to manage and distribute their
content and maintain and grow their audiences, communicate with those audiences directly, and gather and analyze data that allows them
to streamline their monetization efforts. The Fangage offering is integrated with and incorporates services from the Triller app, Amplify.ai,
Cliqz and Julius.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Amplify.ai&#160;</i>&#8211;
a cross-platform conversational AI engine that provides viewers with gamification, multiple engagement touchpoints, clickable links,
and tune-in reminders all in an automated, platform agnostic direct messaging experience that facilitates communications between Creators,
Brands and their respective audiences.</span></td>
</tr></table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Cliqz&#160;</i>&#8211; enables
Creators to aggregate their audiences across their social media accounts and access those audiences directly via SMS and direct messaging,
avoiding the algorithmic limitations imposed by most social media platforms that limit these Creators&#8217; content viewership and opportunities
for content engagement and monetization. For example, as noted by Hootsuite in August 2023, the average engagement rate of an organic
Facebook post ranges from 2.58% down to just 1.52%.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>CrossHype&#160;</i>&#8211;
helps Brands and Creators reach audiences across multiple social platforms, with a particular emphasis on helping Brands create awareness
and engagement with consumers, with a common framework for measuring the effectiveness and efficacy of their marketing efforts. This
solution allows Brands and Creators to reach specific audiences within social media platforms, including highly targeted followers of
specific social media Creators, and to build retargetable audiences that grow in size and detail, accruing even more value over time.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Julius&#160;</i>&#8211;
a SaaS solution that provides strategic marketers at Brands and advertising agencies with access to a database of profiled Creators and
their associated audiences, giving them the ability to enlist Creators to develop and share captivating stories to market their products
and services. Julius provides Brands and agencies a detailed dashboard to measure engagement across all Creator-driven marketing campaigns.
Furthermore, Julius serves as a marketplace allowing e-commerce Brands to automate the process of on-boarding Creators with per-transaction
incentives for enabling e-commerce transactions. Julius is directly integrated with Triller&#8217;s Fangage solution, completing the
circle between Creators and Brands.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(f)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Thuzio&#160;</i>&#8211;
a solution for creating and executing premium Creator Events and experiences. Thuzio helps Brands and other enterprise customers create
Events with Creators including sports icons and speakers. Thuzio has partnered with Creators across many verticals, including athletes
such as Tiki Barber, Allen Iverson, Scottie Pippen, and Lisa Leslie, comedians such as Jerry Seinfeld, music artists such as Ja Rule
and celebrity chefs such as Marcus Samuelsson.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(g)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Metaverz&#160;</i>&#8211;
enable Triller to transform live Events, which are typically only enjoyed by a few thousand people, into digital Events, including augmented
reality and virtual reality experiences, that can be experienced by millions of consumers globally. Metaverz provides an array of ways
to create digital experiences featuring Creators and Brands, containing social engagement and gamification features as well as virtual
merchandise stores that allow users to digitally purchase collectibles and memorabilia.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The major companies that serve this market include
Meta, Alphabet, ByteDance, Snap and Twitter, each of which employ a closed-garden approach to monetization, where they are the sole purveyor
of the advertising placed within or around content created by millions of Creators. Our approach, which is differentiated from the above
companies, helps our Creators distribute their content on numerous platforms, including our own, and also focus on creating click-out
opportunities to create long-standing consumer relationships and monetization across a digital landscape that includes the web, mobile
apps and messaging services. This open-garden approach stands in contrast to the closed-garden approach of many of our competitors and
we believe is a major benefit that attracts Creators and Brands to our Technology Platform.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Technology Platform powers the Triller app,
our suite of Creator offerings and our Events and Events-related services. Our Technology Platform enabled more than half a billion quarterly
user interactions as of September 30, 2023, including posts, messages, automated communications, and e-commerce transactions both on our
Triller branded offerings as well as on various third-party social platforms (including but not limited to Instagram, TikTok, Facebook,
YouTube, Snapchat and Twitter), across the web and via SMS messaging. Through our Technology Platform we deliver sports and entertainment
content to millions of consumers around the world and we believe that we inspire Creators and Brands to do the same. Our Technology Platform
comprises an array of business-to-business and business-to-consumer offerings that empower Creators to establish and sustain long-lasting
consumer relationships that help drive their businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Technology Platform generates revenue through
revenue sharing and service fee arrangements. Revenue share comes from advertising, premium content, Events, pay-per-view fees, subscription
fees or merchandise sales that are transacted via our Technology Platform. Service fees comes from Brands that utilize our platform to
reach consumers via a combination of campaign fees, transaction fees or SaaS fees, including monthly subscription fees. We also generate
revenues from Triller branded Events via ticket sales, pay-per-view fees, subscription fees, merchandise sales, brand advertising and
sponsorship.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our AI-driven, mission-critical Technology Platform
enables Brands and Creators to reach their target audiences and our messaging-based notification services drives a continuous cycle of
engagement for audiences (where they stay &#8220;in the know&#8221; and are kept up-to-date on what their favorite Creators and Brands
are doing), while the Creators and Brands receive real-time data, analytics and feedback&#8211;driven by user engagement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a host of service offerings that drive
awareness, engagement and monetization. The reason we call this a Technology Platform is because we offer a highly differentiated solution
that integrates all of our service offerings into a comprehensive portfolio of services that go well beyond a single app-based or web-based
content solution to virtually every medium of content engagement (e.g. social media, streaming, live events and virtual world experiences).
We create network effects via our proprietary AI-powered technology designed to drive optimal engagement through the best channels, increasing
the return-on-investment for Creators and Brands. Furthermore, the efficiencies gained from our AI-powered Technology Platform enable
both us and our partners to operate at scale to grow via multiple channels of engagement, which our competitors that focus on a single
walled-garden ecosystems are not able to replicate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Technology Platform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Technology Platform reflects our deep experience
as content creators and forms the basis for our aspiration to be a technology company built by Creators, for Creators. For all the progress
and promise of the creator economy to date, we believe that Creators have historically lacked sufficient power to truly realize their
potential and capture a sufficient amount of the value they create. While it is now possible to find and grow a large online audience,
it is still too impersonal, and too elusive for many to turn their passion and expertise into a successful career. A goal of our Technology
Platform is to help &#8220;rebalance the equation&#8221; by enabling Creators to grow the engagement &#8220;pie&#8221; while providing
them with a larger slice of the revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key to our approach of empowering Creators
and Brands is our proprietary AI and machine learning (&#8220;ML&#8221;) technology that helps them mix and edit music and video
content and distribute it to digital platforms and enables them to understand and engage with their audiences at scale, while
retaining control and authenticity of their audience relationships. &#8220;AI&#8221; is a general term to describe the efforts of
computer scientists to design and implement computer hardware and software systems capable of learning and thinking. ML is a field
of study in AI concerned with the development and study of statistical algorithms that can effectively generalize tasks and thus
performing those tasks without explicit instructions. ML approaches have been applied to large language models (&#8220;LLMs&#8221;),
computer vision, speech recognition, email filtering, agriculture, and medicine, where it is able to achieve efficiencies without
having to implement detailed specialized algorithms and systems which would be too complex and costly to build. Creators and Brands
have the ability to connect our customized LLMs and Natural Language Processing (&#8220;NLP&#8221;) technologies to real-time
API-based feeds, from virtually all major social platforms, to read, analyze, cluster, filter, and suggest or (when appropriate)
send replies to their fans with deep efficiency and personal precision. LLMs are deep learning algorithms that can recognize,
summarize, translate, predict, and generate content using very large datasets. Deep learning is a method in AI that teaches
computers to process data in a way that is inspired by the human brain. Deep learning models can recognize complex patterns in
pictures, text, sounds, and other data to produce accurate insights and predictions. NLP, a branch of AI, uses ML to process and
interpret text and data. Natural language recognition and natural language generation are types of NLP. By giving each Creator and
Brand an AI-powered &#8220;factory of assistants&#8221; to help them identify superfans, up-and-comers, key topics and trends to
respond to (while filtering out spam, hate- speech and noise), they are better able to deepen relationships and loyalty, optimize
their scarce time and resources, and ultimately increase conversions and monetization through a mix of brand partnerships and direct
commerce.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our LLMs, we currently use a mix of open source
code for embeddings (for example, open source code such as SBERT with models from HuggingFace) and optionally support embedding models
including GPT-4 from OpenAI, PaLM from Google and other models from Cohere. Embeddings models offer an approach to ML where high-dimensional
data (data in which the number of features or variables observed are close to or larger than the number of observations, or data points)
is converted into low-dimensional data (where the number of observations far outnumbers the number of features) while preserving relevant
information. This process of dimensionality reduction helps simplify the data and make it easier to process by ML algorithms. The appeal
of embeddings is that they can capture the underlying structure and semantics of the data. For instance, in NLP, words with similar meanings
will have similar embeddings. This provides a way to quantify the &#8216;similarity&#8217; between different words or entities, which
is highly valuable when building complex models. We have purposefully designed our systems to give us the flexibility to be independent
of any one provider or partner. We periodically evaluate the cost, latency and quality of models because we operate in a rapidly evolving
industry. We believe we get superior performance compared to &#8220;off-the-shelf&#8221; use of LLMs through (a) injecting relevant historical
data into prompts (via the standard &#8220;Retrieval-augmented generation&#8221; pattern) and (b) pre-and post-processing the data to
better address customer-specific vernaculars, including the use of acronyms, emojis and non-traditional spellings. We also fine-tune open
source and third-party models with proprietary labeled data to improve performance on tasks like extracting relevant profile data from
content that end-users or consumers have shared in conversations with our conversation AI systems or classifying fan engagement data as
genuine versus originating from bots or spam. While unlabeled data consists of raw inputs with no designated outcome, labeled data is
carefully annotated with meaningful tags, or labels, that classify the data&#8217;s elements or outcomes. For example, in a dataset of
emails, each email might be labeled as &#8220;spam&#8221; or &#8220;not spam.&#8221; These labels then provide a clear guide from which
a ML algorithm can learn. We do not believe that utilizing this approach introduces risk of impacting our LLMs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our NLP technology was developed in-house
and is continuously updated via our ML models. We have incorporated some open source code in the development of our products but our
products are not dependent on any third-party software or services. We do not use any third party software with regard to our NLP.
As is customary in our industry, we used open source code (however, we do not use open source libraries) as one part of the basic
building blocks of some of our AI. We do not believe that our utilization of open source code and/or models introduces material risk
of impacting our AI products or intellectual property, however as with the usage of any open source code or models there are risks.
See&#160;<i>Risk Factors &#8212; &#8220;Certain of our products contain third- party open source software components, and failure to
comply with the terms of the underlying open source software licenses could restrict our ability to sell our
products.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rapid pace of AI-innovation is fueling ever
more opportunities for us to help Creators and Brands in each phase of their lifecycle, from content creation and distribution (through
the Triller app, FITE, Metaverz, Thuzio and Amplify.ai) to fan engagement (through Fangage, Julius and Amplify.ai) and to targeted promotions
and upsells (through CrossHype), across the digital platforms they use today and, we believe, will use tomorrow. By occupying a position
as their trusted intermediary connecting them with their fans across multiple platforms and the comments, mentions, direct messages, etc.
that flow across them daily, we believe we are well suited to build, deploy and refine ever more powerful and effective models and tools
in the coming years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Triller App</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Technology Platform originated with the Triller
app, a video-sharing app. The Initial Triller app was launched in 2015 as an AI music editing tool. In 2019, upon the formation of Triller
Hold Co LLC, when we acquired the technology underlying the current Triller app we integrated the Initial Triller app with AI technology
pursuant to our agreement with Mashtraxx Ltd. We refer to this integrated app as the &#8220;Triller app&#8221;. The Triller app continued
to integrate and update and was fully &#8220;live&#8221; by September of 2021. The Triller app underwent a refinement to its scalable
systems and other feature and toolset updates and additional refinements were rolled out in July of 2023 and are live today. The Triller
app leverages proprietary AI and ML technologies and enables users to create professional-looking videos and to share those videos within
the Triller app and on other social platforms such as Facebook, Instagram, TikTok, Snapchat and Twitter in seconds. Key features of the
Triller app include extensive editing, filtering and overlaying tools; AI-powered technology to automatically synchronize video and audio
with little to no manual editing; and our proprietary dual camera feature, which allows users to record videos simultaneously from the
back-and front-facing cameras of their smartphones. The Triller app&#8217;s primary audience is the 18-34 year old demographic, with strong
engagement from users in the United States and an established user base in high-growth markets such as India.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_004.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The images above are examples of how the user
interface of the Triller app allows users to perform various actions as depicted above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Triller app contains channels for the posting
and consumption of short-form and long-form content, where we host content made by celebrities, influencers and other Creators, as well
as professionally-produced episodic content about music, sports, gaming, fashion and other forms of entertainment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the content creation features and availability
of short- and long-form content offered on the Triller app are key differentiators that set us apart from our competitors and will continue
to do so as we focus our efforts on growing our user base and deepening the level of engagement among Creators, Brands and users who interact
with our ecosystem.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Suite of Creator and Brand Offerings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have augmented our Technology Platform through
a combination of internal development and strategic acquisitions, including the additions of products and services that deliver, automate
or otherwise streamline SMS and social messaging, AI-powered customer engagement, cross-platform marketing, digital streaming, content
and audience management, e-commerce services, social and creator analytics and engagement measurement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fangage</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fangage serves as the entry point for Creators
looking to leverage our ecosystem and establish a digital presence on the internet, across social media, e-mail and SMS. Fangage comprises
a set of tools and features that allow Creators to manage and distribute their content and maintain and grow their audiences, communicate
with those audiences directly, and gather and analyze data that allows them to streamline their monetization efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fangage offering is integrated with and incorporates
services from the Triller app, Amplify.ai, Cliqz and Julius.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Amplify.ai, Cliqz and CrossHype</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acquired Amplify.ai in December 2021 and internally
developed our Cliqz and CrossHype offerings. These products provide a broad set of features that further enable Creators to connect directly
with their audiences, spotlight their content across a broad range of social media sites, measure audience engagement with that content,
and monetize their content through personalized user experiences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_006.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Amplify.ai product automates SMS and direct
message marketing communications between Creators, Brands and their respective audiences through the use of proprietary AI and NLP technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_007.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Cliqz product enables Creators to aggregate
their audiences across their social media accounts and access those audiences directly via SMS and direct messaging, avoiding the algorithmic
limitations imposed by most social media platforms that limit these Creators&#8217; content viewership and opportunities for content engagement
and monetization. For example, as noted by Hootsuite in August 2023, the average engagement rate of an organic Facebook post ranges from
2.58% down to just 1.52%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our CrossHype product helps Brands and Creators
reach audiences across multiple social platforms, with a particular emphasis on helping Brands create awareness and engagement with consumers,
with a common framework for measuring the effectiveness and efficacy of their marketing efforts. This solution allows Brands and Creators
to reach specific audiences within social media platforms, including highly targeted followers of specific social media Creators, and
to build retargetable audiences that grow in size and detail, accruing even more value over time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Julius</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Julius, which we acquired in November 2022, is
a SaaS solution that provides strategic marketers at Brands and advertising agencies with access to a database of profiled Creators and
their associated audiences, giving them the ability to enlist Creators to develop and share captivating stories to market their products
and services. Julius provides Brands and agencies a detailed dashboard to measure engagement across all Creator-driven marketing campaigns.
Furthermore, Julius serves as a marketplace allowing e-commerce Brands to automate the process of on-boarding Creators with per-transaction
incentives for enabling e-commerce transactions. Julius is directly integrated with our Fangage solution, completing the circle between
Creators and Brands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Thuzio</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thuzio, which we acquired in October 2021, is
a solution for creating and executing premium Creator Events and experiences. Thuzio helps Brands and other enterprise customers create
Events with Creators including sports icons and speakers. Thuzio has partnered with Creators across many verticals, including athletes
such as Tiki Barber, Allen Iverson, Scottie Pippen, and Lisa Leslie, comedians such as Jerry Seinfeld, music artists such as Ja Rule and
celebrity chefs such as Marcus Samuelsson.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Metaverz</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Metaverz offering enables us to transform
live Events, which are typically only enjoyed by a few thousand people, into digital Events, including augmented reality and virtual reality
experiences, that can be experienced by millions of consumers globally. Metaverz provides an array of ways to create digital experiences
featuring Creators and Brands, containing social engagement and gamification features as well as virtual merchandise stores that allow
users to digitally purchase collectibles and memorabilia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Strategic Growth Plans of AGBA Legacy Group</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overall Market Opportunities in the Greater
Bay Area</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Greater Bay Area comprises the major urban
centers of Guangdong, Hong&#160;Kong, and Macau and is one of the world&#8217;s largest financial services markets, with an overall economy
size of US$1.7&#160;trillion. The GBA is an area of vast scale and wealth, with the following defining characteristics according to 2021
Hong&#160;Kong Trade Development Council research:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Largest GDP in China, comprising 11% of China&#8217;s total
economy;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">US$1.67&#160;trillion economy, compared with US$1.99&#160;trillion
for Tokyo and US$1.81&#160;trillion for New&#160;York;</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Per capita GDP of US$22,300; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Population of 86&#160;million, compared with 44&#160;million
in Tokyo and 19&#160;million in the New&#160;York Metropolitan Area.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Hong&#160;Kong is a major financial services hub, and according
to the June&#160;2021 Hong&#160;Kong Stock Exchange monthly market highlights, it has:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Over 1,300 mainland China listed enterprises, with a total
market capitalization of more than US$5&#160;trillion (80% of total market capitalization);</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">A global hub for RMB trading and business transactions, with
over US$1&#160;trillion per&#160;day in RMB financial settlements; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Capital markets connectivity with RMB 52&#160;billion in
daily investment quotas.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the 2021 China Private Wealth Report
published by China Merchants Bank, China&#8217;s individual investable assets reached RMB241&#160;trillion (US$37&#160;trillion) in 2020,
a compound annual growth of 13% from 2018 to 2020 and was expected to reach RMB268&#160;trillion (US$42&#160;trillion) by 2021. Meanwhile,
China&#8217;s high-net-worth&#160;population is estimated to reach 3&#160;million by year end, with the scale of investable assets
exceeding RMB90&#160;trillion (US$37&#160;trillion).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A structural change to China&#8217;s high-net-worth&#160;population
has geared towards the younger generation, whose investment objectives are shifting from wealth preservation to wealth creation and asset
diversification. According to the 2021 China Private Wealth Report, almost 50% of respondents considered Hong&#160;Kong as their offshore
asset destination or entrep&#244;t (a port destination where assets and goods are traded, imported, and exported).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cross-Border Wealth Management Connect</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&#160;29, 2020, the People&#8217;s Bank
of China, the Hong&#160;Kong Monetary Authority (HKMA) and the Monetary Authority of Macau jointly announced the introduction of the cross-boundary&#160;wealth
management connect pilot scheme (Wealth Management Connect scheme) in the GBA, which will allow residents in the GBA to invest in wealth
management products distributed by banks across the region. The scheme helps promote investment diversification and facilitate capital
flow within the GBA, promote RMB internationalization and strengthen Hong&#160;Kong&#8217;s status as an offshore RMB hub.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the implementation rules of the Wealth
Management Connect scheme published by The People&#8217;s Bank of China in September&#160;2021, there will be an aggregate investment
quota of RMB150&#160;billion in each of the &#8220;northbound Connect&#8221; and &#8220;southbound Connect&#8221; schemes, with an individual
investment quota up to RMB1&#160;million. Recognized investment products under the &#8220;Northbound Scheme&#8221; include fixed income
(primarily bonds and deposits) and equity wealth management products, along with public securities investment funds with low or medium
risk rating. Complex investment products with high volatility or leverage are currently excluded. The scheme is expected to facilitate
a total fund flow of RMB300&#160;billion (US$47&#160;billion) in the sale of investment products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Wealth Management Connect scheme officially
launched in September&#160;2021, and banks may start offering cross-boundary&#160;wealth management connect services upon completion of
the relevant preparatory work, and subject to regulatory approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future expansion plan to China</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the business opportunities brought by the
Wealth Management Connect scheme introduced by The People&#8217;s Bank of China, and the upcoming Insurance Connect introduced by the
China Insurance Regulatory Commission, China will be one of our focus areas with an increasing addressable market and opportunity set.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to leverage AGBA Legacy Group&#8217;s two decades of experience
operating in China. We are particularly well-positioned&#160;to capture the emerging opportunities. Currently, we do not have any Chinese
operating companies and we do not plan to use &#8220;variable interest entities,&#8221; or VIEs, in the future to conduct our operations.
While we have no operations in China, it is and will continue to be part of our strategy to market and sell our products and services
to Chinese customers located in mainland China from its Hong&#160;Kong based operating subsidiaries through partnerships or customer referrals.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">



</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After a 6-month&#160;project with a
consulting firm to study our capability and competitive advantages, we identified four strategic enablers, including
(1)&#160;partnership development; (2)&#160;establishing a lead management platform; (3)&#160;establishing a service center for our
customers; and (4)&#160;digital marketing. Multiple collaboration models have been designed, with potential partners identified for
implementation. We intend for these initiatives to drive business growth through customer acquisition and
cross-selling&#160;combined with increased use of data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Strategic Enablers to Capture GBA Opportunities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>China B2B Partnership for Customer Acquisition</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to upsell selected customers simple
insurance products through our local insurance brokerage channel, by using free insurance protection products to attract customers, and
then conducting customer behavioral analysis and product matching. Based on the analysis of social media interaction and digital marketing,
we market our international and partnership offerings to customers who demonstrate interest and refer them to our network of financial
advisors in Hong&#160;Kong for cross-selling&#160;of other financial products and investment portfolio recommendations. We intend to periodically
review our referral mechanisms to ensure their continued effectiveness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently in active discussions to establish
a strategic partnership with a top asset manager (the &#8220;Potential Partner&#8221;) in China to provide offshore insurance solutions
to the Potential Partner&#8217;s over 20&#160;million nation-wide&#160;customers. The Potential Partner serves both individual affluent
and high-net-worth&#160;customers as well as institutions. Our management believes a strategic partnership with the Potential Partner
has the potential to increase our AUM and competitiveness by expanding the types of local and overseas investment vehicles available to
it and to further penetrate its existing customer database.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Service Centre for Customer and Partner Servicing</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leveraging our existing China local insurance
brokerage licenses, sales teams and infrastructure, we intend to build a business platform to acquire mainland China customers through
referrals and to establish new partnerships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to transform our existing shared service center to (i)&#160;provide
post-sales&#160;services to mainland China customers who have purchased Hong&#160;Kong insurance products; and (ii)&#160;institutionalize
our capabilities to form B2B partnerships in mainland China. We intend to build a lead management tool to recommend new and personalized
insurance products to customers, which we intend to be a key priority for 2024 and beyond.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Creating an Ecosystem Empowered by Fintech</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong&#160;Kong&#8217;s Fintech Landscape</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July&#160;2018, the HKMA introduced the &#8220;Open
API Framework&#8221; to facilitate the development and wider adoption of application programming interfaces or APIs by the banking sector.
The Open API Framework functions include product information, customer acquisition, account information and transactions. The HKMA also
launched the Faster Payment System in September&#160;2018 to facilitate real-time&#160;payments and fund transfers between banks and stored
value facility operators with the use of a recipient&#8217;s mobile number or email address as an account proxy. We believe that, with
the on-going&#160;business integration with the GBA, Hong&#160;Kong is likely to see further liberalization in the financial services
sector in the coming&#160;years, especially in relation to the use of financial technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to a survey conducted by McKinsey&#160;&amp;
Company titled &#8220;<i>McKinsey&#160;&amp; Company M&amp;S COVID-19&#160;China Consumer Pulse Survey 3/25-3/30/2020</i>&#8221;, there
has been a rapid increase in customers&#8217; online engagement and penetration, which is likely to remain even after the COVID-19&#160;pandemic.
The pandemic (i)&#160;accelerated customer shift to online channels, (ii)&#160;enhanced business partnerships across online and offline
channels, and (iii)&#160;illustrated the importance of establishing an &#8220;omni-channel&#8221; strategy. We believe that more people
now look for digital ways to continue their normal lives, including through digital wealth management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Synergy to be Realized Leveraging on
Existing Infrastructure and Partners</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To provide a seamless customer journey, increase
customers&#8217; stickiness and deepen their share wallet, our future strategic focus intends to create an integrated digital ecosystem
by leveraging existing infrastructure, customers and partners.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to realize synergies across different
business units by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">focusing on product portfolio enhancements, including endowment
insurance and investment fund savings plans;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">leveraging the flexibility offered by different financing
options, including insurance premium financing, point-of-sale&#160;consumer credit, personal credit facility or mortgage financing; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">using our sales teams at our financial advisory business
as a large distribution channel.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our digital platform is one of its core customer
acquisition engines which we intend to further equip with functionalities including a cash management tool for customers, and a transaction
platform that encompasses insurance and investment products, retail consumption, medical appointments, content marketing and social sharing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By targeting customers&#8217; needs at various
life stages, we intend to provide a one-stop service to customers while enhancing its cross-selling&#160;business opportunities. Further
collaboration will also be sought in the future with its local partners and overseas fintech investments. Fintech will continue to invest
in fintech developments to improve its capabilities and attract local and global business partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategic Growth Plans</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leverage Our Technology, Tools and Features
to Continue to Attract and Engage Creators, Brands and Users and Build a Robust Ecosystem</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to continue leveraging our integrated
global platform to maximize the growth potential of our business. The proliferation of digital content and engagement with such content,
and the convergence of live entertainment and digital technologies, have expanded use cases, exposure and monetization opportunities for
our Technology Platform and our customers. We believe that our integrated capabilities and global reach allow us to deepen relationships
with existing Brands, Creators and Users and attract new Brands, Creators, Users and partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the suite of tools and features
that we offer are a key differentiator as we work to grow the scope and depth of engagement from Creators, Brands and users and continue
to expand our ecosystem. We believe our Technology Platform delivers digital distribution tools that enable Creators and Brands to control
how their content reaches a broad audience through multiple social media channels. Together with our analytical capabilities that track
user engagement, we provide the opportunity for Creators and Brands to monetize content across multiple digital platforms including Facebook,
Instagram, TikTok, Snapchat, YouTube, Twitter and more, which by extension generates revenue opportunities for us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our investments in AI-powered tools
for content development, moderation, distribution and audience management on our Technology Platform allow us to deliver a robust solution
to attract Creators and Brands. Our suite of tools allows for creative content development and distribution, as well as targeted interaction
by Brands. Sophisticated algorithms based on natural language datasets created through engagement with hundreds of millions of users allow
us to providers users with reach and measurement tools that we consider a key differentiator. On behalf of Brands, our AI-powered tools
and algorithms allow for the creation and execution of immersive brand experiences that leverage the growing power of Creators and reach
across the customer journey, from awareness to purchase to loyalty programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to continue to invest and learn from our
experiences to build features designed to separate us from our competition, with the goal of being the go-to platform for Creators seeking
to distribute and monetize their content and for Brands to reach consumers through targeted engagement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over time, we believe we can play a key role in
altering the creator economy so more economic return flows directly to the artists, influencers, athletes, celebrities and every-day users
creating content and less flows to the big-tech intermediaries that dominate today.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expand Our Experiential Offerings in Ways
That Create Revenue Opportunities, Build Our Brand and Culture and Fuel Our Ecosystem</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have observed that younger demographics are
increasingly prioritizing concerts, sports, and other entertainment options over material goods. According to a study conducted by Expedia
and the Center for Generational Kinetics, LLC, 74% of Americans aged 18-65 polled place more value on experiences than products or things.
Because we deliver live and digital entertainment through our Technology Platform, we believe we are well positioned to take advantage
of these continuing secular trends and create new offerings and investment opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BKFC and other live Events we produce are a source
of content that afford us with opportunities to promote and leverage our Technology Platform and build our brand, in addition to being
revenue generative in and of themselves. We believe these Events, featuring well-known names in music and athletics, attract individuals
and businesses to our ecosystem and drive user engagement, and position us where we believe consumer interest is trending. We believe
that these Events are exciting to our users, offer sponsorship and engagement opportunities for Brands, and provide inspiration to Creators.
Combined with our suite of tools to market these Events on the Triller app, TrillerTV, and other social media platforms, we intend to
continue to seek to monetize the interest in these Events and related content.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also seek to position ourselves to take advantage
of the growing demand for content. Through our owned and licensed entertainment and media products, our distribution platforms and our
integration with third-party platforms, we believe we are positioned at the center of this demand. As new distribution models and technologies
have broadened access and enhanced the consumer experience, premium content values have increased. Through our Technology Platform, Events
and content and distribution properties, we seek to foster value creation, for us and both the artists and influencers that use our Technology
Platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Invest in Adjacent High Growth Industry
Segments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our global Technology Platform has enabled us
to enter new, fast-growing industry segments where we are able to leverage long-standing business partnerships and relevant commercial
insights to accelerate scale. Our Technology Platform allows us to identify areas of growth early and benefit from constant technological
disruption. Our existing footprint helps to facilitate organic investment in new adjacent industry segments. We plan to execute upon these
opportunities as they emerge in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Emphasize Strategic Growth Through Mergers
and Acquisitions on Our Technology Platform</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mergers and acquisitions strategy has been
focused on investing in intellectual property and acquiring capabilities for our Technology Platform. We will continue to invest in mergers
and acquisitions to complement our internal capabilities and enhance the value of our Technology Platform. We believe that owning a highly
curated intellectual property asset base and global capabilities set further enhance the ecosystem connectivity that makes our Technology
Platform the ideal home for numerous future acquisition targets that fit the profile of our investment strategy. We also will opportunistically
seek to monetize and or dispose of certain assets, if needed. We also believe that the insights that we have gained from our position
in the content ecosystem, social media landscape and e-commerce business give us access to a vast amount of information that informs our
investment activities and has the potential to provide access to proprietary acquisition and investment opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 144 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team also has the combined experience
of executing more than $50 billion in transactional value in content and technology mergers and acquisitions. Collectively, we believe
these insights and experience position us well to evaluate targets and identify synergies and growth potential. We seek to leverage the
experience and relationships of our management team, creative incentive structures to our partners and our portfolio of assets to attract
Brands and Creators to our Technology Platform. This experience, together with learnings from our acquisitions to date and insights gained
from our position in the content ecosystem, give us access to a vast amount of information that can help us assess acquisition targets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overall Market Opportunities in the Greater
Bay Area</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Greater Bay Area comprises the major urban
centers of Guangdong, Hong&#160;Kong, and Macau and is one of the world&#8217;s largest financial services markets, with an overall economy
size of US$1.7&#160;trillion. The GBA is an area of vast scale and wealth, with the following defining characteristics according to 2021
Hong&#160;Kong Trade Development Council research:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Largest GDP in China, comprising 11% of China&#8217;s total economy;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1.67&#160;trillion economy, compared with US$1.99&#160;trillion for Tokyo and US$1.81&#160;trillion for New&#160;York;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per capita GDP of US$22,300; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Population of 86&#160;million, compared with 44&#160;million in Tokyo and 19&#160;million in the New&#160;York Metropolitan Area.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong&#160;Kong is a major financial services hub, and according to
the June&#160;2021 Hong&#160;Kong Stock Exchange monthly market highlights, it has:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over 1,300 mainland China listed enterprises, with a total market capitalization of more than US$5&#160;trillion (80% of total market capitalization);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A global hub for RMB trading and business transactions, with over US$1&#160;trillion per&#160;day in RMB financial settlements; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital markets connectivity with RMB 52&#160;billion in daily investment quotas.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the 2021 China Private Wealth Report
published by China Merchants Bank, China&#8217;s individual investable assets reached RMB241&#160;trillion (US$37&#160;trillion) in 2020,
a compound annual growth of 13% from 2018 to 2020, and is expected to reach RMB268&#160;trillion (US$42&#160;trillion) by 2021. Meanwhile,
China&#8217;s high-net-worth&#160;population is estimated to reach 3&#160;million by year end, with the scale of investable assets exceeding
RMB90&#160;trillion (US$37&#160;trillion).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A structural change to China&#8217;s high-net-worth&#160;population
has geared towards the younger generation, whose investment objectives are shifting from wealth preservation to wealth creation and asset
diversification. According to the 2021 China Private Wealth Report, almost 50% of respondents considered Hong&#160;Kong as their offshore
asset destination or entrep&#244;t (a port destination where assets and goods are traded, imported, and exported).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cross-Border&#160;Wealth Management Connect</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On June&#160;29, 2020, the People&#8217;s Bank of China, the Hong&#160;Kong
Monetary Authority (HKMA) and the Monetary Authority of Macau jointly announced the introduction of the cross-boundary&#160;wealth management
connect pilot scheme (Wealth Management Connect scheme) in the GBA, which will allow residents in the GBA to invest in wealth management
products distributed by banks across the region. The scheme helps promote investment diversification and facilitate capital flow within
the GBA, promote RMB internationalization and strengthen Hong&#160;Kong&#8217;s status as an offshore RMB hub.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the implementation rules of the Wealth
Management Connect scheme published by The People&#8217;s Bank of China in September&#160;2021, there will be an aggregate investment
quota of RMB150&#160;billion in each of the &#8220;northbound Connect&#8221; and &#8220;southbound Connect&#8221; schemes, with an individual
investment quota up to RMB1&#160;million. Recognized investment products under the &#8220;Northbound Scheme&#8221; include fixed income
(primarily bonds and deposits) and equity wealth management products, along with public securities investment funds with low or medium
risk rating. Complex investment products with high volatility or leverage are currently excluded. The scheme is expected to facilitate
a total fund flow of RMB300&#160;billion (US$47&#160;billion) in the sale of investment products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Wealth Management Connect scheme officially
launched in September&#160;2021, and banks may start offering cross-boundary&#160;wealth management connect services upon completion of
the relevant preparatory work, and subject to regulatory approval.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future expansion plan to China</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the business opportunities brought by the Wealth Management Connect
scheme introduced by The People&#8217;s Bank of China, and the upcoming Insurance Connect introduced by the China Insurance Regulatory
Commission, China will be one of AGBA Legacy Group&#8217;s focus areas with an increasing addressable market and opportunity set.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group intends to leverage the Legacy Group&#8217;s two
decades of experience operating in China, and is therefore particularly well-positioned&#160;to capture the emerging opportunities. Currently,
AGBA Legacy Group does not have any Chinese operating companies and does not plan to use &#8220;variable interest entities&#8221; in future
to conduct its operations. While AGBA Legacy Group has no operations in China, it is and will continue to be part of AGBA Legacy Group&#8217;s
strategy to market and sell its products and services to Chinese customers located in mainland China from its Hong&#160;Kong based operating
subsidiaries through partnerships or customer referrals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group identified four strategic enablers, including (1)&#160;partnership
development; (2)&#160;establishing a lead management platform; (3)&#160;establishing a service center for GBA customers; and (4)&#160;digital
marketing. Multiple collaboration models have been designed, with potential partners identified for implementation. AGBA Legacy Group
intends for these initiatives to drive business growth through customer acquisition and cross-selling&#160;combined with increased use
of data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Strategic Enablers to Capture GBA Opportunities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>China B2B Partnership for Customer Acquisition</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group intends to upsell selected customers simple insurance
products through the Legacy Group&#8217;s local insurance brokerage channel, by using free insurance protection products to attract customers,
and then conducting customer behavior analysis and product matching. Based on the analysis of social media interaction and digital marketing,
the Legacy Group markets its international and partnership offerings to customers who demonstrate interest and refers them to OPH&#8217;s
financial advisors in Hong&#160;Kong for cross-selling&#160;of other financial products and investment portfolio recommendations. AGBA
Legacy Group intends to periodically review its referral mechanisms to ensure continued effectiveness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group is currently in active discussions to establish a
strategic partnership with a top asset manager (the &#8220;Potential Partner&#8221;) in China to provide offshore insurance solutions
to the Potential Partner&#8217;s over 20&#160;million nation-wide&#160;customers. The Potential Partner serves both individual affluent
and high-net-worth&#160;customers as well as institutions. The management of AGBA Legacy Group believes a strategic partnership with the
Potential Partner has the potential to increase AGBA Legacy Group&#8217;s AUM and competitiveness by expanding the types of local and
overseas investment vehicles available to it and to further penetrate its existing customer database.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Service Centre for Customer and Partner Servicing</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leveraging the Legacy Group&#8217;s existing China local insurance
brokerage licenses, sales teams and infrastructure, AGBA Legacy Group intends to build a business platform to acquire mainland China customers
through referral and establish new partnerships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">AGBA Legacy Group intends to transform the Legacy Group&#8217;s existing
shared service center to (i)&#160;provide post-sales&#160;services to mainland China customers who have purchased Hong&#160;Kong insurance
products; and (ii)&#160;institutionalize its capabilities to form B2B partnerships in mainland China. AGBA Legacy Group intends to build
a lead management tool to recommend new and personalized insurance products to customers, which AGBA Legacy Group intends to be a key
priority for 2024 and beyond.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Creating an Ecosystem Empowered by Fintech</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong&#160;Kong&#8217;s Fintech Landscape</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July&#160;2018, the HKMA introduced the &#8220;Open API Framework&#8221;
to facilitate the development and wider adoption of application programming interfaces or APIs by the banking sector. The Open API functions
include product information, customer acquisition, account information and transactions. The HKMA also launched the Faster Payment System
in September&#160;2018 to facilitate real-time&#160;payments and fund transfers between banks and stored value facility operators with
the use of a recipient&#8217;s mobile number or email address as an account proxy. AGBA Legacy Group believes that, with the on-going&#160;business
integration with the GBA, Hong&#160;Kong is likely to see further liberalization in the financial services sector in the coming&#160;years,
especially in relation to the use of financial technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to a survey conducted by McKinsey&#160;&amp; Company titled
&#8220;<i>McKinsey&#160;&amp; Company M&amp;S COVID-19&#160;China Consumer Pulse Survey 3/25-3/30/2020</i>&#8221;, there has been a rapid
increase in customers&#8217; online engagement and penetration, which is likely to remain even after the COVID-19&#160;pandemic. The pandemic
(i)&#160;accelerated customer shift to online channels, (ii)&#160;enhanced business partnerships across online and offline channels, and
(iii)&#160;illustrated the importance of establishing an &#8220;omni-channel&#8221; strategy. AGBA Legacy Group believes that more people
now look for digital ways to continue their normal lives, including through digital wealth management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Group Synergy to be Realized Leveraging
on Existing Infrastructure and Partners</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To provide a seamless customer journey, increase customers&#8217; stickiness
and deepen their share wallet, AGBA Legacy Group&#8217;s future strategic focus intends to create an integrated digital ecosystem by leveraging
existing infrastructure, customers and partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">AGBA Legacy Group intends to realize synergies across different business
units by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leveraging the flexibility offered by different financing options, including insurance premium financing, point-of-sale&#160;consumer credit, personal credit facility or mortgage financing; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group&#8217;s digital platform is one of its core customer
acquisition engines which AGBA Legacy Group intends to further equip with functionalities including a cash management tool for customers,
and a transaction platform that encompasses insurance and investment products, retail consumption, medical appointments, content marketing
and social sharing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">By targeting customers&#8217; needs at various life stages, AGBA Legacy
Group intends to provide a one-stop&#160;service to customers while enhancing its cross-selling&#160;business opportunities. Further collaboration
will also be sought in the future with its local partners and overseas fintech investments. Fintech will continue to invest in fintech
developments to improve its capabilities and attract local and global business partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Corporate Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were originally incorporated on October&#160;8,
2018 in the British Virgin Islands as a special purpose acquisition company under the former name of AGBA Acquisition Limited (&#8220;AAL&#8221;).
In connection with the consummation of the Business Combination (as defined below), we changed our name from &#8220;AGBA Acquisition Limited&#8221;
to &#8220;Triller Group Inc.&#8221;. Our principal executive office is located at AGBA Tower, 68 Johnston Road, Wan Chai, Hong&#160;Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own domain names and trademarks. We are currently
in the process of re-branding our business and as part of this exercise, AGBA is in the process of obtaining domain names and trademark
registrations for its new brands, such as &#8220;TAG,&#8221; &#8220;OnePlatform,&#8221;, &#8220;AGBA Focus&#8221;, &#8220;AGBA Perform&#8221;
and &#8220;AGBA Group,&#8221; among others. To protect its existing and potential, future intellectual property, we have entered into
confidentiality and proprietary rights agreements with employees, consultants, contractors and business partners; employees and contractors
are also subject to invention assignment provisions. As part of its contracting process with third parties, we use contract terms such
as limited licenses, restrictions on use, and confidentiality, as additional measures to protect its intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Facilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our headquarters in Hong&#160;Kong is located
at AGBA Tower, 68 Johnston Road, Wan Chai, Hong&#160;Kong, which is situated in one of Hong&#160;Kong&#8217;s prime central business districts.
The lease agreement for the building, between Viewbest Investments Limited (Viewbest), as landlord, and Legacy Group, was executed on
June&#160;14, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term of the AGBA Tower lease is six&#160;years,
with a tentative expiry date of February&#160;28, 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we are not the party to the AGBA Tower lease
agreement, we are currently occupying space in the building.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also owned an office premises located at One Island South, No. 2
Heung Yip Road, Hong&#160;Kong for rental purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, we had 120 full-time and full-time equivalent
employees. None of the employees are represented by a labor union, and we consider our employee relations to be good.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Platform Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform business, through B2B and its subsidiaries,
is a one-stop financial supermarket with a breadth of products and services that is unrivaled in Hong&#160;Kong sourced from leading global
product providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business was set up to take advantage
of the decades-long experience we built up in supporting the largest financial advisors salesforce in Hong&#160;Kong. We were already
servicing a large pool of customers and in the process, built up a wide library of world class financial products and constructed a state-of-the-art
technological and operational infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 147 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Platform Business now operates this full-service
platform under its &#8220;OnePlatform&#8221; brand and has opened it up to banks, other financial institutions, family offices, brokers,
and individual independent financial advisors that are looking for support in advising and serving their retail clients.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our technology-enabled Platform Business offers
a wide range of financial products, covering life insurance, pensions, property-casualty insurance, stock brokerage, mutual funds, money
lending and real estate agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to its unrivaled product-shelf, the
Platform Business offers digital-enabled sales management and support solutions, business operations support, comprehensive customer services,
and training support.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, our platform financial services and
investment products mainly comprise mutual fund distributions, portfolio management, money lending, insurance and Mandatory Provident
Fund (MPF) products, and international real estate referral and brokerage services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The OnePlatform brand currently covers 80 insurance providers selling
1,183 products, and 53 asset management fund houses with over 1,141 products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fintech Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fintech Business has collected an ensemble
of valuable fintech assets in its investment portfolio. Fintech Business&#8217; management team has strived to establish the business
as a leading name in the fintech investment sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Core Fintech investments held under the Fintech Business as of September
30, 2024 include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">An investment in Tandem Money Limited, a UK digital bank;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">An investment in CurrencyFair Limited, a B2B and B2C payments
company;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">An investment in Oscar Health Inc., a US direct-to-consumer&#160;digital
health insurer;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">An investment in Goxip Inc., a fashion media platform based
in Hong&#160;Kong; and</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,<span style="text-decoration:underline"><br/> </span>2023</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Tandem Money Limited</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">17,751</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oscar Health Inc.<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Goxip Inc.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">306</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">342</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LC Healthcare Fund&#160;I, L.P.<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,152</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 24pt">Notes:</td><td style="text-align: justify"/></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"/><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Carrying amount represents Fintech&#8217;s attributable interest
in the investment portfolio asset.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company partially sold 993,108 shares of Oscar Health Inc. on Nasdaq Stock Exchange with an average current market price of $4.01 per share in 2023.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 3%; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="width: 97%; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 5, 2024, the Company sold all its equity interest in LC Healthcare Fund I, L.P. to an independent third party for a consideration of $2.15 million.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fintech Business previous investments include an investment in
Nutmeg, a UK-based digital wealth manager, focused on robo-advisory and digital wealth management services. In June&#160;2021, JPMorgan
Chase completed its 100% acquisition of Nutmeg.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 148 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Healthcare Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently hold a 4% equity stake in HCMPS,
one of the leading healthcare management organizations in Hong&#160;Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 1979 and currently operating under
the Dr.&#160;Jones Fok&#160;&amp; Associates Medical Scheme Management Limited (&#8220;JFA&#8221;) brand, JFA is one of the most reputed
healthcare brands in Hong&#160;Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers&#160;&#8212;&#160;providing
healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA&#8217;s clients include blue chip companies
from various industry and leading insurers. Apart from Hong&#160;Kong, JFA is the largest operator in Macau with around 70 clinics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JFA operates a city-wide medical network that
includes 340 general practitioners (&#8220;GP&#8221;), 11 laboratories and imaging centers, 273 specialist doctors, 25 physiotherapy centers,
12 Chinese medicine practitioner clinics, all based in Hong&#160;Kong, and 69 GP clinics in Macau. Over 380,000 out-patient and in-patient
visits are recorded annually through HCMPS&#8217;s medical network. JFA offers its patients a full range of medical services, including
general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination,&#160;X-ray, laboratories and imaging services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the future of healthcare is
in &#8220;Smart Health&#8221;&#8211;technology that offers improved patient-care management and leverages data as the new tool for
solving complex healthcare challenges with reduced operating costs. We will focus on technology/digitalization and consumerization
of healthcare to create an ecosystem empowering customers to proactively manage their health and well-being and to improve their
access to healthcare at a lower cost&#160;&#8212;&#160;with connectivity across the care continuum. We believe that JFA has the
captive customer base, infrastructure and product/service offerings to optimize customer experience to further grab market
share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently working to transform JFA into
the best medical care institution in Asia by 2025, redefining industry standards in the Greater Bay Area and offering market-leading customer
care and best-in-class infrastructure empowered by data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Competitive landscape</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competition in the markets in which B2B operates
is intense. B2B competes for clients, customers, and personnel directly with other financial advisory firms, securities firms, and other
businesses that offer financial services, such as banks and insurance companies. The financial technology services industry in Hong&#160;Kong
is highly competitive and rapidly evolving. New competitors, including affiliates of financial institutions, traditional IT companies,
and internet companies, are entering this market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although AGBA Legacy Group&#8217;s competitors
may have greater brand recognition, larger customer bases or greater financial, technological, or marketing resources, the management
of AGBA Legacy Group believes that AGBA Legacy Group&#8217;s competitive advantages are its full suite of financial products covering
insurance, investments and credit, coupled with a captive customer base and well-established&#160;infrastructures, including operational
capabilities and technology. As a result, the management of AGBA Legacy Group believes that it can respond more quickly and effectively
to new or changing opportunities, technologies or customer requirements, and adapt to significant changes in regulatory and industry environments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Currently, AGBA Legacy Group&#8217;s principal methods to maintain
competitive advantage of its B2B business are by (i)&#160;relying on its highly knowledgeable and professional personnel and its large
distribution channel of independent financial advisors, (ii)&#160;leveraging extensive cross-selling&#160;opportunities across its business
units, (iii)&#160;investing in its platforms and infrastructure to keep up to date with the latest technology, and (iv)&#160;exploring
and implementing solutions on the cutting edge of financial technologies. Despite the high level of market competition and the rapidly
changing industry dynamics, the management of AGBA Legacy Group believes that the significant accumulated experience of its executive
management as well as its understanding of market preferences and conditions will enable AGBA Legacy Group to compete effectively.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expanding the B2B Platform Business through
Existing Infrastructure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group believes that platform business models facilitate
global reach and economic efficiencies, and that leading global platform players build integrated capabilities outside their core business
activities and across industry borders, to cross-sell&#160;their products and services and satisfy customers&#8217; multiple product needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Legacy Group developed infrastructures in
(1)&#160;product intelligence; (2)&#160;transaction operations; and (3)&#160;technology support, which initially supported the Legacy
Group&#8217;s independent financial advisors business. Leveraging on the know-how&#160;and existing resources of the Legacy Group, OnePlatform
deployed and further developed this infrastructure at a low incremental cost to offer technology infrastructure solutions to a wider array
of corporate customers in Hong&#160;Kong, thus aiming to drive revenue, cash flow and profits. In addition to these three core infrastructures,
OnePlatform provides training and people development modules. OnePlatform also intends to offer regular market and regulatory updates
to its clients and investors, such as targeted client seminars and investor education sessions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OnePlatform primarily targets corporate
clients and charges them service fees based on the scope of infrastructure support provided. OnePlatform intends to pilot a few
support modules with business partners to build the business cases for future business expansion and marketing. The pricing model
will be on pay-per-use&#160;basis, such as &#8220;platform as a service&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Insurance Brokerage Business: OnePlatform
Wealth Management Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OnePlatform Wealth Management Limited (&#8220;OWM&#8221;
or the &#8220;Insurance Brokerage Business&#8221;), is a licensed insurance broker and a registered MPF intermediary in Hong&#160;Kong
established in 2003, providing financial planning and wealth management services to institutional and individual customers. It also distributes
insurance products through, and provides supporting services to, the sales channel of &#8220;Perform,&#8221; which is the Legacy Group&#8217;s
independent financial advisor business, and to Tandem Hong&#160;Kong, the digital platform. The Insurance Brokerage Business is regulated
by the Insurance Authority and the MPFA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Insurance Brokerage Business&#8217;s main
sources of income are sales commission and service fee income from its infrastructure support platform. It recognizes commission income
from the insurance providers based on the sale of insurance products at predetermined rates by insurance premium according to the types
of products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The independent financial advisors and the Perform
sales channel are the distribution channels for the Insurance Brokerage Business. These channels are positioned to match individual financial
needs with an appropriate choice of insurance products. They target to bring additional revenue for the Insurance Brokerage Business by
serving as a &#8220;matching platform&#8221; between insurance companies and consumers. Marketing activities of the Insurance Brokerage
Business include sales campaigns and invitations to corporate events, at which new customers are mainly solicited through direct conversation
or meetings between financial advisors and retail customers.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, AGBA Legacy Group has 562 independent financial
advisors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Asset Management Business: OnePlatform
Asset Management Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPH&#8217;s asset management business was established
in 1999 and is now conducted by OnePlatform Asset Management Limited (&#8220;OAM&#8221; or the &#8220;Asset Management Business&#8221;).
OAM offers financial products and provides discretionary asset management services to retail customers in Hong&#160;Kong. It primarily
distributes mutual funds denominated in HK$, US$, and other currencies. Its subsidiary, Kerberos (Nominee) Limited, is an entity designated
to hold client cash and assets in segregated client accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Asset Management Business engages in asset
management, distributes HKSFC-authorized&#160;funds and offers discretionary portfolio management services. It is regulated by the HKSFC
and holds a Type 1 (dealing in securities) license, a Type 4 (advising on securities) license, and a Type 9 (asset management) license.
Its main sources of income are subscription fee income from fund distributions, trailer fee income from its assets under management (AUM),
and management fee income from portfolio management. Asset management service fees are charged on predetermined rates based on the respective
portfolio asset values invested by the customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OAM&#8217;s major target markets are Hong&#160;Kong
and the Greater Bay Area. Marketing activities of the Asset Management Business include investor seminars conducted by fund houses and
publication of insights or research analysis based on market trends or fund sales data.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2019 the Asset Management Business partnered
with Wilshire Associates (&#8220;Wilshire&#8221;), a global, independent investment consulting, investment management, and services firm.
This relationship enables OAM to leverage Wilshire&#8217;s decades of institutional consulting excellence in the areas of asset allocation,
manager research, and risk management to provide its clients with access to world-class&#160;asset management services to meet the increasingly
complex needs of its growing client base.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OAM works with Wilshire to enhance its fund due diligence process,
investment monitoring services and risk classification methodology, along with the product offerings of proprietary model portfolios.
As one of the first broker-dealers&#160;in Hong&#160;Kong to leverage an institutional approach to its investing process, AGBA Legacy
Group intends for OAM&#8217;s collaboration with Wilshire to be an important step in the evolution of the firm&#8217;s investment solutions.
In partnership with Wilshire, AGBA Legacy Group has established a risk classification methodology and investment scorecard, and Wilshire
provides timely recommendations on asset allocation and portfolio construction methodology. OAM will continue to partner with Wilshire
and intends to broaden its product and service offering including portfolio selection to drive future business growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Along with the independent financial advisors
and the Perform sales channel as distribution channels of the Asset Management Business, Tandem Hong&#160;Kong is a newly established
digital channel that also offers fund products and investment portfolios for customer acquisition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Property Agency Business:
OnePlatform International Property Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OPH&#8217;s international property agency business
is a real estate agency based in Hong&#160;Kong and operated by OnePlatform International Property Limited (&#8220;OIP&#8221; or the &#8220;International
Property Agency Business&#8221;), which sells properties mainly in the United Kingdom, Australia, Japan, Malaysia, Thailand and Cambodia.
Its main source of income is sales commissions. Established in 2014, the International Property Agency Business provides one-stop&#160;sales,
leasing, agency and advisory services for international real estate. It primarily sources international properties and expands its customer
base and connects with purchasers by organizing seminars and marketing events in Hong&#160;Kong and through the resulting interactions
between financial advisors and customers. Historically, around&#160;30-40&#160;sale and purchase contracts have been signed annually,
with a&#160;2-8% commission on the price of the property sold. The commission is shared with consultants and the sales team. Upon relocating
to a new office in July&#160;2020, the International Property Agency Business drove sales growth by better utilizing the new office space
to organize more sales exhibitions and seminars and by hiring additional salespersons to support the business.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Money Lending Business: Hong&#160;Kong
Credit Corporation Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Established in 2016, Hong&#160;Kong Credit Corporation
Limited (&#8220;HKCC&#8221; or the &#8220;Money Lending Business&#8221;), holds a money lender&#8217;s license and mainly offers mortgages
and consumer credit. It is regulated by the Hong&#160;Kong Money Lenders Ordinance and its main source of income is interest. HKCC predominantly
engages in the provision and arrangement of credit facilities for clients, and offers first mortgages over residential, commercial and
industrial properties in Hong&#160;Kong. The majority of its loans are mortgage loans that are secured by collateral in the pledge of
the underlying real estate properties owned by the borrowers. All loans are made to either business or individual customers in Hong&#160;Kong
for a period of 12&#160;months to 30&#160;years. The Money Lending Business conducts its business through its own sales team and does
not engage in any significant additional marketing activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Money Lending Business is currently subject to a low asset quality
cycle in the credit market, thus resulting in a decline in its loan portfolio. Management of AGBA Legacy Group intends to grow the money
lending business when the global and Hong&#160;Kong economies revive and asset quality improves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OnePlatform Credit Limited is a money lending
platform which grants credit facilities and currently has minimal operating activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Corporate Solutions: AGBA Innovation
Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Innovation Limited is a company established for future business
which AGBA intends will include customized non-licensed&#160;corporate solutions to various distribution channels, small and medium enterprise,
banks and/or other licensed representatives. Potential service offerings include training and development, office space rental and company
secretarial services.</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, we had 120 full-time and full-time equivalent
employees. None of the employees are represented by a labor union, and we consider our employee relations to be good.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> Human Capital</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our experienced employees and management team
are our most valuable resources. Attracting, training, and retaining key personnel has been and will remain critical to our success. We
are committed to attracting, motivating, and retaining top professionals. To achieve our human capital goals, we intend to stay focused
on providing our personnel with entrepreneurial opportunities to expand our business within their areas of expertise. We will also continue
to provide our personnel with personal and professional growth opportunities, including additional training, performance-based incentives
such as opportunities for stock ownership, and other competitive benefits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We work to ensure that we provide a safe, inclusive,
and positive employee environment for all our employees. As of December 31, 2023, Triller employed and engaged the services of 206 employees and
service providers across our enterprise. None of our employees are represented by a union or covered by a collective bargaining agreement.
We have not experienced any work stoppages, and we consider our relationship with our employees to be good.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group owns domain names and trademarks. AGBA Legacy Group
is currently in the process of re-branding its business and as part of this exercise, AGBA Legacy Group is in the process of obtaining
domain names and trademark registrations for its new brands, such as &#8220;TAG,&#8221; &#8220;OnePlatform,&#8221; and &#8220;AGBA Group.&#8221;
To protect its existing and potential, future intellectual property, AGBA Legacy Group enters into confidentiality and proprietary rights
agreements with employees, consultants, contractors and business partners; employees and contractors are also subject to invention assignment
provisions. As part of its contracting process with third parties, AGBA Legacy Group uses contract terms such as limited licenses, restrictions
on use, and confidentiality, as additional measures to protect its intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider intellectual property to be very
important to the operation of our business and to driving growth in our revenues, particularly with respect to professional engagements,
sponsorships, licensing rights, and media distribution agreements. Our intellectual property includes the &#8220;Triller,&#8221; &#8220;Triller
Fight Club,&#8221; &#8220;TrillerFest,&#8221; &#8220;TrillerTV,&#8221; &#8220;FITE,&#8221; &#8220;Cliqz&#8221;, &#8220;Fangage&#8221;,
&#8220;Julius&#8221; and &#8220;Thuzio&#8221; Brands in addition to the trademarks and copyrights associated with our content, Events,
and the rights to use the intellectual property of our commercial partners. Substantially all of our IP and owned assets that we acquire
are protected by trademarks and copyright, whether registered or unregistered.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Properties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Legacy Group&#8217;s headquarters in Hong&#160;Kong is located
at AGBA Tower, 68 Johnston Road, Wan Chai, Hong&#160;Kong, which cover approximately 40,000 square feet pursuant to an operating lease
in a term of 6&#160;years that will expire in 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease agreement for the building, between Viewbest Investments
Limited (Viewbest), as landlord, and Legacy Group, was executed on June&#160;14, 2019. While we are not the party to the AGBA Tower lease
agreement, we are currently occupying space in the building. We believe our current facility is suitable and adequate to meet our current
needs. AGBA Legacy Group also owns an office premise located at One Island South, No. 2 Heung Yip Road, Hong&#160;Kong for rental purpose.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The majority of our employees and service providers
work remotely. Our registered corporate headquarters address is located in Los Angeles, California. We have leased offices in Broomall,
Pennsylvania, where we currently lease approximately 725 square feet pursuant to a lease agreement that expires in October 2025. We have
a regional presence through our employees and service providers in New York, New York; Palo Alto, California; Winter Park, Florida; New
Delhi (Noida) (India); Sofia (Bulgaria); Amsterdam (Netherlands); and Toronto (Ontario, Canada). We also have a presence through service
provider relationships in other international markets, such as France, Romania and the United Kingdom.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company may be subject
to various legal proceedings, investigations, or claims that arise in the ordinary course of our business activities. Except for the proceeding
below, the Company is not currently a party to any other legal proceedings the outcome of which, if determined adversely to the Company,
would individually or in the aggregate have a material adverse effect on its business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Action Case: HCA702/2018</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&#160;27, 2018, the writ of summons was
issued against AGBA and seven related companies of the former stockholder by the Plaintiff. This action alleged the infringement of certain
registered trademarks currently registered under the Plaintiff. In February&#160;2023, the Court granted leave for this action be set
down for trial of 13&#160;days. This trial will take place from November 25, 2024 to December 11, 2024. Legal counsel of the Company will
continue to handle in this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter
or the range of reasonably possible loss, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Action Case: HCA765/2019</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&#160;30, 2019, the writ of summons was issued against the
Company&#8217;s subsidiary, three related companies and the former directors, stockholders and financial consultant by the Plaintiff.
This action alleged the deceit and misrepresentation from an inducement of the fund subscription and claimed for compensatory damage of
approximately $2&#160;million (equal to HK$17.1million). On April 18, 2024, the court made an order that the plaintiff shall set the case
down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial judge
on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the case
down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management
conference. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle in this
matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably
possible loss, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>HCA 2097/2020 and HCA 2098/2020</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&#160;15, 2020, the writs of summons were issued against
the Company and the former consultant by the Plaintiff. This action alleged the misrepresentation and conspiracy causing the loss from
the investment in corporate bond and claimed for compensatory damage of approximately $1.67&#160;million (equal to HK$13&#160;million).
The Company previously made $0.84&#160;million as contingency loss for the year ended December&#160;31, 2021. In March 2022, parties participated
in a mediation but no settlement reached. A case management summons will be held on February 5, 2024. Legal counsel of the Company will
continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter
or any further potential loss, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sony Music Entertainment</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 29, 2022, Sony Music Entertainment,
Sony Music Entertainment U.S. Latin LLC, Arista Records LLC, Records Label, LLC and Zomba Recording LLC, or collectively, the Plaintiffs,
filed a complaint in the United States District Court for the Southern District of New York captioned Sony Music Entertainment, et al.
v. Triller, Inc., Case No. 1:22-cv-07380-PKC. On September 22, 2022, Plaintiffs filed a First Amended Complaint or the Complaint, against
we alleging claims for breach of contract, copyright infringement pursuant to 17 U.S.C. &#167; 1401, contributory copyright infringement,
and vicarious copyright infringement. On May 16, 2023, the court entered partial final judgment in favor of Plaintiffs on Plaintiffs&#8217;
breach of contract claim and ordered the Company to pay Plaintiffs $4.6 million. Thereafter, the Company and the Plaintiffs entered into
a Confidential Settlement Agreement dated July 21, 2023 to resolve Plaintiffs&#8217; remaining claims and provide for an agreed plan for
payment of the judgment, pursuant to which we agreed to pay an additional sum of money to Plaintiffs and, upon receipt by Plaintiffs of
certain payments under the Agreement, Plaintiffs agreed to release claims arising under the Content Distribution Agreement, effective
September 1, 2016, between the parties and this action. On May 22, 2024, Plaintiff filed a lawsuit against Triller Platform Co., Triller
Corp., and Triller Hold Co LLC in New York for breach of settlement agreement. Though we have not fulfilled all of our payment obligations
under the Agreement to date, we maintain an ongoing dialogue with Plaintiffs and make periodic progress payments when available. See Note
16, Subsequent Events. Within fifteen days of a direct listing, we will be obligated to pay the Plaintiffs pursuant to the Confidential
Settlement Agreement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Music Licensing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have outstanding contractual obligations to
various record labels, music publishers and performing rights organizations (collectively, &#8220;<b>Rightsholders</b>&#8221;) who have
licensed to us the right to use sound recordings and musical compositions in connection with the operation of the Triller app and other
aspects of our business. As of December 31, 2023, we have recorded liabilities in the amount of $27.3 million for unpaid amounts owed
under its music licenses. We are also involved in various legal proceedings and has received threats of litigation from Rightsholders.
We believe it may be or become liable to Rightsholders for additional amounts such as interest, penalty fees, attorneys&#8217; fees, copyright
infringement damages and other amounts, but is currently unable to estimate the probability of loss associated with these actions or the
range or reasonably possible losses, if any, or the impact such losses may have on our results of operations, financial condition or cash
flows.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fox Plaza Lease</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 29, 2023, Fox Plaza, LLC initiated an
action against Proxima Media, LLC and Triller Platform Co. (erroneously sued as Triller, Inc.) in Los Angeles Superior Court alleging
breach of lease against Proxima Media, LLC and breach of guaranty against Triller Platform Co. as a result of defendants&#8217; alleged
failure to pay rents owed under a commercial office lease. The plaintiff seeks damages in excess of $3.5 million, plus attorney&#8217;s
fees, costs of suit, and additional damages to be proven at trial. We intend to vigorously defend ourselves in this matter. A mediation
has been set for August 27, 2024. We have accrued a liability for this loss contingency in the amount of $1.0 million. It is reasonably
possible that the potential loss may exceed our accrued liability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Former Employee Claims</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 27, 2022, a former employee, filed
a complaint against us, our former Chief Executive Officer, Mahi de Silva, and our former Chief Financial Officer, Paul Kahn, in the Superior
Court of California, County of Los Angeles alleging breach of employment contract and various claims under the California Labor Code arising
out of the termination of the Plaintiff&#8217;s employment with us in July 2022. On December 5, 2022, we filed a motion to compel arbitration,
and, on June 5, 2023, the court ruled in our favor. Plaintiff filed a demand for arbitration on June 6, 2023, seeking approximately $0.9
million in damages. We filed an answer on June 20, 2023. Discovery has not commenced. We intend to vigorously defend ourselves in this
matter and believe we will ultimately prevail.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 24, 2023, a former employee filed a complaint
against us and Proxima Media, LLC in the Superior Court of California, County of Los Angeles, alleging breach of employment contract and
various claims under the California Labor Code arising out of the termination of plaintiff&#8217;s employment on July 31, 2022. The case
is proceeding in arbitration and an evidentiary hearing is scheduled for February 29, 2024. Plaintiff is seeking to exercise approximately
$2.87 million in warrants. We intend to vigorously defend ourselves in this matter.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Music Licensing Dispute</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 5, 2023, Universal Music Publishing,
Inc. filed a complaint against Triller Platform Co. f/k/a Triller, Inc. in the Superior Court of California, County of Los Angeles alleging
breach of contract seeking outstanding amounts owed under various licensing agreements. On February 28, 2023, Triller Platform Co. filed
an answer in which it conceded liability under such agreements but contested the claimed damages. On August 31, 2023, the plaintiff filed
a motion for summary judgment seeking damages in the amount of $2.9 million, reflecting the sum of unpaid amounts under the agreements
and interest at a rate of 10 percent per annum commencing on January 5, 2023. On December 19, 2023, judgment was entered in plaintiff&#8217;s
favor, and plaintiff was awarded $2.1 million in damages, plus interest at the rate of 10% per annum accruing from November 21, 2023 until
the judgment is paid in full. Plaintiff was additionally awarded its litigation costs in an amount that has not been determined. A judgment
lien in the amount of $2,233,945.37 has been perfected in the State of California against all property of Triller Platform Co. f/k/a Triller,
Inc. that may attach under Section 697.530 of the California Code of Civil Procedure. An additional judgment lien in the amount of $2,187,959.45
has been perfected in the State of California against all property of Triller Corp. that may attach under Section 697.530 of the California
Code of Civil Procedure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Samsung Arbitration Award</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, Samsung Electronics Co., Ltd.
filed a request for arbitration with the secretariat of the International Chamber of Commerce alleging that Triller Platform Co. f/k/a
Triller, Inc. had breached a commercial agreement between the two parties by failing to pay $1.8 million of the amounts owed under the
contract. As a result of the arbitration, the arbitrator issued a final award on July 1, 2023, awarding $2.4 million in damages to the
plaintiff, plus interest at a rate of 1% per month until repaid. On May 2, 2024, Samsung filed its Motion to Confirm Arbitration Award
in United States District for the Central District of California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 31, 2024, the Court granted the motion
and entered judgment against Triller Platform Co. The judgment is immediately enforceable. We have included these liabilities in its accounts
payable and legal contingencies. A petition to confirm the judgment was filed in the state of California on January 11, 2024. It continues
to accrue interest until paid. A judgment lien in the amount of $2,601,097.97 has been perfected in the State of California against all
property of Triller Platform Co. f/k/a Triller, Inc. that may attach under Section 697.530 of the California Code of Civil Procedure.
We have included these liabilities in its accounts payable and legal contingencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Wixen Music Publishing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, Wixen Music Publishing, Inc. (&#8220;<b>Wixen</b>&#8221;)
sued us for copyright infringement. In September 2022, we entered into a Settlement Agreement with Wixen whereby we are obligated to pay
Wixen a total of $10.0 million in scheduled payments through September 2024. We have paid Wixen approximately $4.5 million, but have recently
missed a payment which has triggered penalties under this Settlement Agreement. We maintain an ongoing dialogue with Wixen and make periodic
payments when able.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentrix Daksh Services Private India Limited
v. Triller, Inc.</i>, JAMS Arbitration Ref. No. 5220004848; (5209.80)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentrix commenced arbitration against Triller
on or around March 19, 2024 for breach of contract and seeks damages for future service fees under the contract for thirteen (13) months
at a rate of $150,000.00 per month based on its allegation that Triller wrongfully and prematurely terminated the contract before its
term expired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties have briefed JAMS on the issue of
jurisdiction. Triller argues that JAMS has no jurisdiction per the parties&#8217; choice of law and venue clause, and that this case must
be adjudicated in India along with Concentrix&#8217;s other action that is currently pending there against Triller for past due service
fees under the same agreement. JAMS has indicated that it has jurisdiction to determine the threshold issue of whether this matter can
be adjudicated at JAMs or whether it must be adjudicated in a court in New Delhi, India.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller estimates a settlement or judgment would
result in approximately $2.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Epic Promotions v. Triller Fight Club</i>,
United States District Court for the Southern District of Florida Case No. 9:24-cv-80409; (5209.74)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is a contract dispute between Triller Fight
Club LLC and fighters and their manager, Epic Promotions. Triller owes fighters over $1,000,000.00 per settlement agreement related to
Triller&#8217;s earlier nonpayment. Epic desires to work with Triller to produce future fights, and understands Triller is not currently
able to contribute any cash to a fight. Triller might partner with Epic and the fighters on distribution of a March 2024 fight, but that
fight will not have any effect on money due and owing under settlement agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 5, 2024, Epic commenced litigation in
the District Court for the Southern District of Florida against Triller for breach of the settlement agreement praying for $1,760.000.00
in damages plus it&#8217;s attorney&#8217;s fees which shall be awarded to the prevailing party per the settlement agreement. Triller
has retained local Florida counsel and will file a motion to dismiss the complaint for lack of personal jurisdiction and improper venue.
If the motion is successful, the case will be dismissed. However, Epic could refile it in California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentrix Daksh Services India Pvt. Ltd.
v. Triller Inc.&#160;</i>(India)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or about January 12, 2023, Concentrix Daksh
Services India filed a complaint against Triller Inc. in Gurugram District and Sessions Courts alleging failure to pay service fees in
the sum of $777,585. We have opposed such action based on lack of proper jurisdiction in the subject court and shall continue to vigorously
the subject litigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sony Music Publishing Europe Limited v.
Triller Platform Co.&#160;</i>(England)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or about February 23, 2024, Sony Music Publishing
Europe Limited filed a Particulars of Claim in the High Court of Justice for the Business and Property Courts of England and Wales. The
subject claim alleges past due license fees and other dues payable in the sum of $3,807,500 plus interest. We intend to vigorously defend
this matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Verzuz Settlement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February 16, 2024, Triller Hold Co LLC
and Triller Platform Co. f/k/a Triller, Inc. (collectively, the &#8220;<b>Company</b>&#8221;) entered into an Amended and Restated Settlement
and Release Agreement with the founders of Verzuz LLC (the &#8220;<b>Settlement Agreement</b>&#8221;) whereby the parties agreed among
other items to mutually release each other from certain liabilities and (i) the Company agreed to pay, as reimbursement for attorneys&#8217;
fees incurred in connection with Settlement Agreement and prior settlement agreements, the founders of Verzuz the sum of $0.4 million;&#160;
(ii) the Company agreed to relinquish and assign certain Verzuz intellectual property including trademarks to the founders of Verzuz;
(iii) the Verzuz founders agreed to terminate convertible notes having an aggregate principal amount of $10.0 million and extinguish accrued
interest payable on these notes through the Settlement Agreement date; (iv) the Verzuz founders agreed to amend and thereby reduce two
(2) of the Verzuz convertible notes having an aggregate principal amount of $27.0 million reduced to an aggregate balance of $17.0 million
and extinguish accrued interest payable on the amended convertible notes through the Settlement Agreement date and amend such notes such
that said amended convertible notes would convert automatically upon certain events including a reorganization of Triller Hold Co LLC.
Immediately prior to Triller Hold Co&#8217;s Reorganization, the Verzuz founders&#8217; aggregate $17.0 million notes and note balances
were automatically converted into Class B units of Triller Hold Co. LLC. Upon consummation of the Triller Hold Co Reorganization, the
Triller Hold Co LLC Class B units issued to the Verzuz founders were exchanged into shares of the Company&#8217;s Series A common stock
and subject to customary lockup agreement terms and carry registration rights<b><i>.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AMENDED AND RESTATED SEPA</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 25, 2024, AGBA and Triller entered into
the Amended and Restated Standby Equity Purchase Agreement (&#8220;<b>A&amp;R SEPA</b>&#8221;) with YA II PN, LTD, a Cayman Islands exempt
limited partnership (&#8220;<b>Yorkville</b>&#8221;). The A&amp;R SEPA amended and restated certain Standby Equity Purchase Agreement
entered by Yorkville and Triller dated October 23, 2023. Pursuant to the A&amp;R SEPA, Triller, or AGBA after the transactions contemplated
by the Merger Agreement (the &#8220;<b>Merger</b>&#8221;) are closed (for purposes of this subsection only, Triller before the Closing,
and AGBA after the Closing, are referred to as the &#8220;<b>Company</b>&#8221;), has the right to sell to Yorkville up to $500 million
of ordinary shares, par value $0.001 per share, of the Company, (&#8220;<b>Common Shares</b>&#8221;), subject to certain limitations and
conditions set forth in the SEPA, from time to time during the term of the SEPA. Sales of the shares of Common Shares to Yorkville under
the SEPA, and the timing of any such sales, are at the Company&#8217;s option, and the Company is under no obligation to sell any shares
of Common Shares to Yorkville under the SEPA except in connection with notices that may be submitted by Yorkville, in certain circumstances
as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the satisfaction of the conditions to Yorkville&#8217;s
purchase obligation set forth in the SEPA, including having a registration statement registering the resale of the Common Shares issuable
under the SEPA declared effective by the Securities and Exchange Commission after the Merger is closed, the Company will have the right,
but not the obligation, from time to time at its discretion until the SEPA is terminated to direct Yorkville to purchase a specified number
of Common Shares (&#8220;<b>Advance</b>&#8221;) by delivering written notice to Yorkville (&#8220;<b>Advance Notice</b>&#8221;). While
there is no mandatory minimum amount for any Advance, it may not exceed the greater of the aggregate daily traded amount over the three
trading days immediately preceding an Advance Notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares purchased pursuant to an Advance
delivered by the Company will be purchased at a price equal to (a) 95% of the lowest daily VWAP of the Common Shares during the period
of the delivery date of the Advance Notice (the &#8220;<b>Advance Notice Date</b>&#8221;) commencing (i) if submitted prior to the open
of trading, the open of trading on such day, or (ii) if submitted after the open of trading, upon receipt by confirmed by the Company,
ending at 4:00 pm ET on the Advance Notice Date; or (b) 97% of the lowest daily VWAP of the Common Shares on the three consecutive trading
days commencing on the date of the Advance Notice Date, other than the daily VWAP on a day in which the daily VWAP is less than a minimum
acceptable price as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. The Company may establish
a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. &#8220;VWAP&#8221;
is defined as the daily volume weighted average price of the shares of common stock for such trading day on the Nasdaq Stock Market during
regular trading hours as reported by Bloomberg L.P.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the SEPA, and subject to
the conditions set forth therein, Yorkville has agreed to advance to the Company in the form of convertible promissory notes (the
&#8220;<b>Convertible Notes</b>&#8221;) an aggregate principal amount of up to $8.51 million (the &#8220;<b>Pre-Paid
Advance</b>&#8221;). The purchase price for the Pre-Paid Advance is 94.0% of the principal amount of the Pre-Paid Advance. Interest
shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 5%, subject to an increase to 18% upon an
event of default as described in the Convertible Notes. The maturity date of the Convertible Note issue in connection with each
Pre-Paid Advance will be 12 months after the issuance date of such Convertible Note. Yorkville may convert the Convertible Notes
into shares of the Common Shares at any time after the Merger at a fixed conversion price (the &#8220;<b>Conversion
Price</b>&#8221;) equal to (i) the principal mount and interests, divided by (ii) the determination of the lower of (a) 100% of the
VWAP during the ten trading days preceding the closing date of the Merger (the &#8220;<b>Fixed Price</b>&#8221;), or (b) 92.5% of
the lowest daily VWAP during the 10 consecutive trading days immediately preceding the conversion date or other date of
determination (the &#8220;<b>Variable Price</b>&#8221;), provided that the Variable Price shall not be lower than the Floor Price.
The &#8220;<b>Floor Price</b>&#8221;, solely with respect to the Variable Price, shall be equal to (i) a price equal to 20% of the
average of the daily VWAPs during the ten (10) trading days immediately preceding the closing date of the Merger, and (ii) from and
after the date of effectiveness of the initial registration statement, 20% of the VWAP of the trading day immediately prior to the
date of effectiveness of the initial registration statement, if such price is lower than the price in part (i) of this sentence.
Notwithstanding the foregoing, the Company may reduce the Floor Price to any amounts set forth in a written notice to the holder;
provided that such reduction shall be irrevocable and shall not be subject to increase thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning on the seventh (7th) day after a Trigger
Event occurs, the Company shall repay a portion of the outstanding balance of the Pre-Paid Advance in an amount equal to (i) $1,750,000
(the &#8220;<b>Triggered Principal Amount</b>&#8221;), plus (ii) the a payment premium of 7.5% of such Triggered Principal Amount, and
(iii) accrued and unpaid interest hereunder as of each payment date. At any time or times on or after the Merger, Yorkville shall be entitled
to convert any portion of any due and unpaid outstanding amount under the Convertible Note at the Conversion Price. In addition, upon
the occurrence and during the continuation of an event of default, the Convertible Notes shall become immediately due and payable. In
no event shall Yorkville be allowed to effect a conversion if such conversion, along with all other Common Shares beneficially owned by
Yorkville and its affiliates would exceed 4.99% of the outstanding shares of the common stock of the Company. &#8220;<b>Trigger Event</b>&#8221;
shall mean (i) from and after the consummation of the Merger, if and when the daily VWAP is less than the Floor Price for any five (5)
of seven (7) consecutive trading days, (ii) unless the Company has obtained the approval from its stockholders in accordance with the
rules of Nasdaq for the issuance of Common Shares pursuant to the transactions contemplated in Convertible Notes and the A&amp;R SEPA
in excess of the 20% of the issued and outstanding Common Shares(the &#8220;<b>Exchange Cap</b>&#8221;), the Company has issued in excess
of 99% of the Common Shares available under the Exchange Cap (an &#8220;<b>Exchange Cap Trigger</b>&#8221;), or (iii) the Company is in
material breach of the Registration Rights Agreement, and such breach remains uncured for a period of 20 trading days, or the occurrence
of a registration event as set forth in the Registration Rights Agreement (the last such day of each such occurrence, a &#8220;<b>Trigger
Date</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yorkville, in its sole discretion and providing
that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the A&amp;R SEPA requiring the issuance
and sale of Common Shares to Yorkville at the Conversion Price in consideration of an offset of the Convertible Notes (&#8220;<b>Yorkville
Advance</b>&#8221;). Yorkville, in its sole discretion, may select the amount of any Yorkville Advance, provided that the number of shares
issued does not cause Yorkville to exceed the 4.99% ownership limitation, does not exceed the Exchange Cap or the amount of shares of
common stock that are registered. As a result of a Yorkville Advance, the amounts payable under the Convertible Notes will be offset by
such amount subject to each Yorkville Advance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the applicable Nasdaq rules, in no event
may the Company issue to Yorkville under the Purchase Agreement more than 14,870,832 Common Shares, which number of shares is equal to
19.99% of the Common Shares outstanding immediately prior to the execution of the Purchase Agreement (the &#8220;<b>Exchange Cap</b>&#8221;),
unless (i) the Company obtains stockholder approval to issue Common Shares in excess of the Exchange Cap in accordance with applicable
Nasdaq rules, or (ii) the average price per share paid by Yorkville for all of the Common Shares that the Company directs Yorkville to
purchase from the Company pursuant to the Purchase Agreement, if any, equals or exceeds the lower of (a) the official closing price of
the Common Shares on Nasdaq immediately preceding the execution of the Purchase Agreement and (b) the average official closing price of
the Common Shares on Nasdaq for the five consecutive trading days immediately preceding the execution of the Purchase Agreement, adjusted
as required by Nasdaq so that the Exchange Cap limitation will not apply to issuances and sales of Common Shares pursuant to the A&amp;R
SEPA. Moreover, the Company may not issue or sell any Common Shares to Yorkville under the A&amp;R SEPA which, when aggregated with all
other Common Shares then beneficially owned by Yorkville and its affiliates (as calculated pursuant to Section 13(d) of the Securities
Exchange Act of 1934, as amended (the &#8220;<b>Exchange Act</b>&#8221;), and Rule 13d-3 thereunder), would result in Yorkville beneficially
owning more than 4.99% of the outstanding shares of Common Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEPA will automatically terminate on the earliest
to occur of (i) the 36-month anniversary of the date of the SEPA or (ii) the date on which the Company shall have made full payment of
Advances pursuant to the A&amp;R SEPA. The Company has the right to terminate the SEPA at no cost or penalty upon five (5) trading days&#8217;
prior written notice to Yorkville, provided that there are no outstanding Advance Notices for which shares of common stock need to be
issued and the Company has paid all amounts owed to Yorkville pursuant to the Convertible Notes. The Company and Yorkville may also agree
to terminate the SEPA by mutual written consent. Neither the Company nor Yorkville may assign or transfer our respective rights and obligations
under the SEPA, and no provision of the SEPA may be modified or waived by us or Yorkville other than by an instrument in writing signed
by both parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As consideration for Yorkville&#8217;s commitment
to purchase the shares of common stock pursuant to the A&amp;R SEPA, Triller has paid Yorkville, (i) structuring fee in the amount of
$25,000 and shall pay (ii) a commitment fee equal to 0.35% of $500 million of Common Shares to be paid by Triller on the six month anniversary
of the date of the A&amp;R SEPA in cash, or (ii) if earlier, by the Company by the fifth trading day following the Merger by the issuance
to Yorkville of such number of Common Shares that is equal to $500 million of Common Shares divided by the average of the daily VWAP of
the Common Shares for the first three trading days immediately following the consummation of the Merger (collectively, the &#8220;<b>Commitment
Shares</b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the A&amp;R SEPA, at the Merger, AGBA
shall also issue a warrant (the &#8220;<b>Common Warrant</b>&#8221;) to Yorkville to purchase up to a number of shares of Class A common
stock, par value $0.0001 per share of Triller Corp. equal to 25% of the principal amount of the Pre-Paid Advance divided by a price equal
to the Fixed Price, each such Common Warrant with an exercise price equal to the Fixed Price (subject to adjust therein).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The A&amp;R SEPA contains customary representations,
warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such
agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such
agreements and may be subject to limitations agreed upon by the contracting parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties to the A&amp;R SEPA also entered into
a registration rights agreement (the &#8220;<b>RRA</b>&#8221;) to file with the Securities and Exchange Commission a registration statement
covering the resale of all of the registrable securities under the RRA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Hold Co LLC executed a Guarantee and a
Pledge Agreement, each dated April 25, 2024, regarding the obligations of the Company under the A&amp;R SEPA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELLING SECURITYHOLDER</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the possible resale from time to time by
the Selling Securityholder of up to 33,510,000 shares of Common Stock that have been and may be issued by us to the Selling Securityholder
under the SEPA. For additional information regarding the shares of Common Stock included in this prospectus, see the section titled &#8220;The
Standby Equity Purchase Agreement&#8221; above.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registering the shares of Common Stock included
in this prospectus pursuant to the provisions of the SEPA we entered into with the Selling Securityholder, in order to permit the Selling
Securityholder to offer the shares included in this prospectus for resale from time to time. Except for the transactions contemplated
by the SEPA, and as set forth in the section titled &#8220;Plan of Distribution&#8221; in this prospectus, the Selling Securityholder
has not had any material relationship with us within the past three years.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents information regarding
the Selling Securityholder and the shares of Common Stock that may be resold by the Selling Securityholder from time to time under this
prospectus. This table is prepared based on information supplied to us by the Selling Securityholder and reflects holdings as of November
15, 2024. The number of shares in the column &#8220;Maximum Number of Shares of Common Stock to be Offered&#8221; represents all of the
shares of Common Stock being offered for resale by the Selling Securityholder under this prospectus. The Selling Securityholder may sell
some, all or none of the shares being offered for resale in this offering. We do not know how long the Selling Securityholder will hold
the shares before selling them, and we are not aware of any existing arrangements between the Selling Securityholder and any other stockholder,
broker, dealer, underwriter or agent relating to the sale or distribution of the shares of our Common Stock being offered for resale by
this prospectus.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beneficial ownership is determined in accordance with Rule 13d-3(d)
promulgated by the SEC under the Exchange Act, and includes shares of Common Stock with respect to which the Selling Securityholder has
sole or shared voting and investment power. The percentage of shares of Common Stock beneficially owned by the Selling Securityholder
prior to the offering shown in the table below is based on an aggregate of 155,159,817 shares of &#160;our Common Stock outstanding on
November 15, 2024. Because the purchase price to be paid by the Selling Securityholder for shares of Common Stock, if any, that we may
elect to sell to the Selling Securityholder in one or more advances from time to time under the SEPA will fluctuate based on the market
prices of our Common Stock during the applicable Pricing Period, the actual number of shares of Common Stock that we may sell to the Selling
Securityholder under the SEPA may be fewer than the number of shares being offered for resale under this prospectus. The fourth column
assumes the resale by the Selling Securityholder of all of the shares of Common Stock being offered for resale pursuant to this prospectus.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have determined beneficial ownership in accordance
with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the
Selling Securityholder has sole voting and investment power with respect to all shares of Common Stock that they beneficially own, subject
to applicable community property laws. Except as otherwise described below, based on the information provided to us by the Selling Securityholder,
the Selling Securityholder is not a broker-dealer or an affiliate of a broker-dealer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Maximum<br/> Number of <br/> Shares of<br/> Common<br/> Stock<br/> Being</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YA II PN, LTD.&#160;<sup>(3)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">7,742,474</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4.99</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">34,741,700</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify">Shares reported herein do not include 26,999,226 shares of common stock
issuable upon the conversion of the Promissory Notes because the Selling Securityholder is prohibited from acquiring shares of our Common
Stock pursuant to the Second A&amp;R SEPA or upon conversion of the Promissory Notes to the extent such shares, when aggregated with all
other shares of our Common Stock then beneficially owned by the Selling Securityholder, would cause the Selling Securityholder&#8217;s
beneficial ownership of our Common Stock to exceed the 4.99% Beneficial Ownership Limitation.</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 158 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Common Stock
offered by this prospectus are being offered by the Selling Securityholder. The shares of Common Stock may be sold or distributed from
time to time by the Selling Securityholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act
solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices,
or at fixed prices, which may be changed. The sale of the shares of Common Stock offered by this prospectus could be effected in one or
more of the following methods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.25in; text-align: justify">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the
securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition,
in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from
the state&#8217;s registration or qualification requirement is available and complied with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Securityholder
is an &#8220;underwriter&#8221; within the meaning of Section 2(a)(11) of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth above,
we know of no existing arrangements between the Selling Securityholder and any other stockholder, broker, dealer, underwriter or agent
relating to the sale or distribution of the shares of our Common Stock offered by this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokers, dealers, underwriters
or agents participating in the distribution of the shares of our Common Stock offered by this prospectus may receive compensation in the
form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares sold by
the Selling Securityholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers
of shares of our Common Stock sold by the Selling Securityholder may be less than or in excess of customary commissions. Neither we nor
the Selling Securityholder can presently estimate the amount of compensation that any agent will receive from any purchasers of shares
of our Common Stock sold by the Selling Securityholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time file
with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part
to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to
disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Securityholder, including
with respect to any compensation paid or payable by the Selling Securityholder to any brokers, dealers, underwriters or agents that participate
in the distribution of such shares by the Selling Securityholder, and any other related information required to be disclosed under the
Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay the expenses incident
to the registration under the Securities Act of the offer and sale of the shares of our Common Stock covered by this prospectus by the
Selling Securityholder.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have agreed to indemnify
the Selling Securityholder and certain other persons against certain liabilities in connection with the offering of shares of our Common
Stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts
required to be paid in respect of such liabilities. The Selling Securityholder has agreed to indemnify us against liabilities under the
Securities Act that may arise from certain written information furnished to us by the Selling Securityholder specifically for use in
this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons,
we have been advised that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act
and is therefore, unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Securityholder
has represented to us that at no time prior to the date of the SEPA has the Selling Securityholder, its sole member, any of their respective
officers, or any entity managed or controlled by the Selling Securityholder or its sole member, engaged in or effected, in any manner
whatsoever, directly or indirectly, for its own account or for the account of any of its affiliates, any short sale (as such term is defined
in Rule 200 of Regulation SHO of the Exchange Act) of our Common Stock or any hedging transaction, which establishes a net short position
with respect to our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Securityholder
has agreed that during the term of the SEPA, none of the Selling Securityholder, its sole member, any of their respective officers, or
any entity managed or controlled by the Selling Securityholder or its sole member, will enter into or effect, directly or indirectly,
any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our Common Stock or any hedging transaction,
which establishes a net short position with respect to our Common Stock, for its own account or for the account of any other such person
or entity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have advised the Selling
Securityholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation
M precludes the Selling Securityholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution
from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering will terminate
on the date that all shares of our Common Stock offered by this prospectus have been sold by the Selling Securityholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 160 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="s_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXECUTIVE
COMPENSATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section provides an overview of our executive
compensation programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are considered an &#8220;emerging growth company&#8221;
within the meaning of the Securities Act for purposes of the SEC&#8217;s executive compensation disclosure rules. Accordingly, our reporting
obligations with respect to our &#8220;named executive officers&#8221; extend only to the individuals who serve as the principal executive
officer and the next two most highly compensated executive officers as of the end of the prior fiscal year, as well as up to two additional
individuals for whom disclosure would have been provided based on their compensation levels but for the fact that the individual was not
serving as an executive officer at the end of the prior fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Named Executive Officers for 2023 fiscal year are Mr. Ng Wing Fai
(Group Chief Executive Officer and Executive Director), Mr. Shu Pei Huang Desmond (Acting Group Chief Financial Officer), Ms. Wong Suet
Fai Almond (Group Chief Operating Officer), Mr. Jeroen Nieuwkoop (Group Chief Strategy Officer), Mr. Richard Kong (Deputy Group Chief
Financial Officer and Company Secretary).&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Compensation Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes information concerning
the compensation awarded to, earned by and paid to the named executive officers and directors for services rendered to us for the years
ended December 31, 2023 and 2022.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">321</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">844,137</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">597,167</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">440,755</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">27,218</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">641</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">337,808</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">17,190</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">311,542</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td><span style="font-size: 10pt">Brian Chan<sup>(3)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,154</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,897</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">46,154</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,897</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Felix Yun Pun Wong<sup>(3)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">46,154</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 97%; text-align: justify"><span style="font-size: 10pt">Represents all amounts earned as salary during the applicable fiscal year. For fiscal year 2023, the salary amounts have been converted to U.S. Dollars (USD) from Hong Kong Dollars (HKD) using the exchange rate of USD1 to HKD7.8 as of December 31, 2023.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 161 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Executive Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have deployed an executive compensation program
that is consistent with our existing compensation policies and philosophies, which are designed to align compensation with business objectives
and the creation of stockholder value, while enabling us to attract, motivate, and retain individuals who contribute to long-term success.
We also note that decisions on the executive compensation program will be made by the Remuneration Committee. The following discussion
is based on the present expectations as to the executive compensation program to be adopted by the Remuneration Committee. The executive
compensation program actually adopted will depend on the judgment of the members of the Remuneration Committee and may differ from that
set forth in the following discussion. We anticipate, however, that compensation for the Named Executive Officers will reflect their current
compensation in both form and amount.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Employment Agreements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We entered into employment agreements with each
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Named Executive Officers&#8217; base salaries
is set pursuant to the employment agreements. We anticipate that the salaries of the Named Executive Officers will be reviewed annually
by the Remuneration Committee based upon advice and counsel of its advisors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity-Based Awards</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the equity-based awards to reward
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portion of the total compensation package in the form of equity-based awards will align the incentives of our executive officers with
the interests of our stockholder and serve to motivate and retain the individual executives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Compensation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continue to maintain various employee benefit
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 162 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><div><a id="s_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>PRINCIPAL
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
information regarding the actual ownership of the Company&#8217;s common stock as of November 13, 2024. Unless otherwise indicated
in the footnotes to this table and subject to community property laws where applicable, the Company believes that each of the
stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned.
Subject to the paragraph above, the percentage ownership of issued shares is based on 508,633,797 shares of common stock of Triller
Group. Except as disclosed otherwise, the business address for each of the following entities or individuals is c/o Triller Group
Inc., 7119 West Sunset Boulevard, Suite 782, Los Angeles, CA 90046.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAG Holdings Limited (&#8220;TAG&#8221;) has undertaken not to make any such distribution to its ultimate beneficial shareholders. Nothing in this undertaking, however, shall prevent TAG, subject to compliance with applicable law, from pledging or encumbering its Triller Group Common Stock or selling or otherwise disposing of any or all of the Triller Group Common Stock to any other person or persons for value consideration. TAG&#8217;s mailing address is AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong.</span></td></tr>
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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eagle Legacy Limited is an ultimate beneficial shareholder of TAG. Shares held by Eagle Legacy Limited are beneficially owned and controlled by Mr. Tsai Ming Hsing, Richard. The Tsai family is the lead shareholder of the Fubon Group of Taiwan, a leading conglomerate with diverse businesses including Asia-wide banking operations, insurance business, multimedia technology and telecommunications.</span></td></tr>
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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oceana Glory Limited is an ultimate beneficial shareholder of TAG. Shares held by Oceana Glory Limited are beneficially owned and controlled by Mr. Tsai Ming Hsing, Richard. The Tsai family is the lead shareholder of the Fubon Group of Taiwan, a leading conglomerate with diverse businesses including Asia-wide banking operations, insurance business, multimedia technology and telecommunications.</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,572,696 shares of Triller Group Common Stock are held by Total Formation Inc. 11,801,804 shares of Triller Group Series A-1 Preferred Stock are convertible into 11,801,804 shares of Triller Group Common Stock. The 11,801,804 &#160;shares of Triller Group Series A-1 Preferred Stock are held as follows: 8,109,015 shares held by Total Formation Inc., 2,584,952 shares held by Castle Lion Investments Limited, and 1,107,837 shares held by Fubon Financial Holding Venture Capital Co. Mr. Tsai Ming Hsing, Richard controls Total Formation Inc., Castle Lion Investments Limited and Fubon Financial Holding Venture Capital Co.</span></td></tr>
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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of 3,497,635 shares of Triller Group Common Stock owned of record by Ms. Peterson in her capacity as trustee of the R. Kavanaugh trust, 2,035,395 shares of Triller Group Common Stock owned of record by Share Loan Holding Vehicle LLC, and 3,720,100 shares of Triller Group Common Stock owned of record by Proxima Media LLC. Ms. Kristine Peterson, as the trustee of the aforementioned trust and managing member of the aforementioned limited liability companies, may be deemed to exercise investment control over such shares. Ms. Peterson disclaims beneficial ownership of such shares except to the extent of her pecuniary interest therein.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 2,495,405 shares of Triller Group Common Stock and (ii) 387,210 shares of Triller Group Common Stock underlying 774,420 Triller Group Warrants excisable within 60 days.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 513,774 shares of Triller Group Common Stock and (ii) 15,910 shares of Triller Group Common Stock underlying 38,210 Triller Group Warrants excisable within 60 days.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="s_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Related Party Transaction Policy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 10, 2022, our Board adopted a written
policy regarding the review and approval or disapproval by our Audit Committee of transactions between us, or any of our subsidiaries,
and any related person (defined to include our executive officers, directors or director nominees, any stockholder beneficially owning
in excess of 5% of our ordinary shares or securities exchangeable for our ordinary share, and any immediate family member of any of the
foregoing persons) (the &#8220;<b>Related Person Transaction Policy</b>&#8221;). In reviewing related person transactions, our Audit Committee
considers all relevant facts and circumstances, including the extent of the related person&#8217;s direct or indirect interest in the
transaction. Any member of the Audit Committee who is a related person with respect to a transaction under review will not be permitted
to participate in the deliberations or to vote on the transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain related person transactions described
below were consummated prior to our adoption of the formal, written policy described above, and, accordingly, the foregoing policies and
procedures were not followed with respect to these transactions. However, we believe that the terms obtained and consideration that we
paid or received, as applicable, in connection with the transactions described below were comparable to terms available or amounts that
would be paid or received, as applicable, in arm&#8217;s-length transactions at such time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Administrative Services Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TAG Financial Holdings Service Agreements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 24, 2021, each of OnePlatform Wealth Management
Limited (&#8220;OWM&#8221;), OnePlatform International Property Limited (&#8220;OIP&#8221;), OnePlatform Asset Management Limited (&#8220;OAM&#8221;),
and Hong&#160;Kong Credit Corporation Limited (&#8220;HKCC&#8221;) entered into separate, but substantially similar, Service Agreements
with TAG Financial Holdings Limited (&#8220;TAG Financial Holdings&#8221;), a member of the Legacy Group. As the members of the Legacy
Group presently share office space in the AGBA Tower, TAG Financial Holdings, pursuant to these four agreements, agreed to provide certain
premises and administrative services to each of OWM, OIP, OAM, and HKCC.&#160;With respect to premises services, TAG Financial Holdings
agreed to pay for, among other things, building management fees, government rates and rent, office rent, and lease-related&#160;interest
and depreciation for OWM, OIP, OAM, and HKCC, subject to reimbursement. With respect to administrative services, TAG Financial Holdings
agreed to pay for, among other things, office consumables, cleaning fees, A/C, electricity, and water for OWM, OIP, OAM, and HKCC, subject
to reimbursement. The service fees are charged in accordance with a standard formula included in each of the contracts, corresponding
to their office space occupancy and employee headcount respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to these service agreements and their
predecessor arrangements, we paid TAG Financial Holdings US$6,039,520 and US$3,190,064 for the&#160;years ended December 31, 2023 and
2022, respectively, for premises and administrative expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These Service Agreements will continue until either
party thereto provides one month written notice of termination, to ensure continued smooth operation on a stand-alone basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>OnePlatform Asset Management Limited</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fund Asset Management Service</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JFA Capital is a closed-ended&#160;investment
vehicle incorporated in the Cayman Islands and a member of the Legacy Group. Upon its incorporation JFA Capital engaged a third-party&#160;fund
manager who, in turn, engaged OnePlatform Asset Management (&#8220;OAM&#8221;) as a sub-manager. On May&#160;7, 2018, JFA Capital and
OAM agreed for JFA Capital to terminate its existing management arrangement and appoint OAM as its sole manager. OAM is licensed by the
Hong&#160;Kong Securities and Futures Commission under type 1 (Dealing in securities), type 4 (Advising on securities), and type 9 (asset
management). OAM is also a &#8220;professional investor&#8221; as defined under the Securities and Futures Ordinance of Hong&#160;Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">OAM, accordingly, provides management of JFA Capital&#8217;s
portfolio assets for a management fee and a performance fee, as dictated by the management agreement. For the&#160;years ended December
31, 2023 and 2022, JFA Capital paid OAM US$900,993 and US$900,778, respectively. The arrangement is non-exclusive, and OAM is permitted
to invest in or advise other investment funds. OAM is also permitted to delegate its functions, powers, and duties to any person, subject
to remaining liable for the actions of its delegate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to JFA Capital, OAM also provides
management services for other funds, including NSD Capital, a third-party&#160;Cayman-incorporated&#160;fund. For the&#160;years ended
December 31, 2023 and 2022, NSD Capital paid OAM US$69,150 and US$69,134, respectively, for management services.</p><div>










</div><p style="margin: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SHARE CAPITAL</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i> Common
Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There are 155,159,817&#160;shares
of Triller Common Stock outstanding. All shares of Triller Common Stock are fully paid and&#160;non-assessable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Voting rights</i>.
Except as otherwise required by law, as provided in the Company&#8217;s Certificate of Incorporation, and as otherwise provided in the resolution
or resolutions, if any, adopted by the Triller Board with respect to any series of the Triller Preferred Stock, the holders of the Triller
Common Stock shall exclusively possess all voting power. Each holder of shares of Triller Common Stock shall be entitled to one vote for
each share it holds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Dividend rights and
rights upon liquidation</i>. Subject to the rights of holders of any series of outstanding Triller Preferred Stock, holders of shares
of Triller Common Stock shall have equal rights of participation in the dividends and other distributions in cash, stock, or property
of Triller when, as and if declared thereon by the Triller Board from time to time out of assets or funds of Triller legally available
therefor and shall have equal rights to receive the assets and funds of Triller available for distribution to stockholders in the event
of any liquidation, dissolution, or winding up of the affairs of Triller, whether voluntary or involuntary. Under Delaware law, Triller
can only pay dividends either out of &#8220;surplus&#8221; or out of the current or the immediately preceding year&#8217;s net profits.
Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory
capital. The value of a corporation&#8217;s assets can be measured in a number of ways and may not necessarily equal their book value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Dividends</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The payment of future
dividends on the shares of Triller Common Stock will depend on the financial condition of the Company after the completion of the Merger
subject to the discretion of Triller Board. There can be no guarantee that cash dividends will be declared. The ability of Triller to
declare dividends may be limited by the terms and conditions of other financing and other agreements entered into by Triller or any of
its subsidiaries from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Triller Preferred
Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There are 11,803,398 shares of Triller Preferred Stock outstanding. All of such shares shall be designated
Triller Series A-1 Preferred Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Triller Board is
authorized to provide, out of the unissued shares of Triller Preferred Stock, for one or more series of Triller Preferred Stock and,
with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting
powers, if any, of the shares of such series, and the preferences and relative, participating, optional, or other special rights, if
any, and any qualifications, limitations, or restrictions thereof, of the shares of such series, as shall be stated in the resolution
or resolutions providing for the issuance of such series adopted by the Triller Board. The authority of the Triller Board with respect
to each series of Triller Preferred Stock shall include, but not be limited to, determination of the following: (a) the designation of
the series; (b) the number of shares of the series; (c) the dividend rate or rates on the shares of that series, whether dividends will
be cumulative, and if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of
that series; (d) whether the series will have voting rights, generally or upon specified events, in addition to the voting rights provided
by law, and, if so, the terms of such voting rights; (e) whether the series will have conversion privileges, and, if so, the terms and
conditions of such conversion, including provision for adjustment of the conversion rate in such events as the Triller Board shall determine;
(f) whether or not the shares of that series shall be redeemable, in whole or in part, at the option of Triller or the holder thereof,
and if made subject to such redemption, the terms and conditions of such redemption, including the date or dates upon or after which
they shall be redeemable, and the amount per share payable in case of redemptions, which amount may vary under different conditions and
at different redemption rates; (g) the terms and amount of any sinking fund provided for the purchase or redemption of the shares of
such series; (h) the rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution, or winding
up of Triller, and the relative rights of priority, if any, of payment of shares of that series; (i) the restrictions, if any, on the
issue or reissue of any additional Triller Preferred Stock; and (j) any other relative rights, preferences, and limitations of that series.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Triller Series A-1
Preferred Stock</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Triller Series A-l
Preferred Stock shall have the following rights, preferences, powers, privileges and restrictions, qualifications and limitations:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Dividends</span>. The
holders of Triller Preferred Stock shall be entitled to receive dividends, only when, as and if declared by the Board of Directors, out
of any funds and assets of the Corporation legally available therefor. No dividend shall be paid on Triller Common Stock unless the holders
of Triller Series A-1 Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding
share of Triller Series A-1 Preferred Stock. The right to receive dividends shall not be cumulative.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="text-decoration:underline">Liquidation Event</span>.
Upon a &#8220;Deemed Liquidation Event&#8221; (as defined in the Triller Certificate of Incorporation and which includes a liquidation
or sale of Triller), holders of Triller Series A-1 Preferred Stock shall receive, before any payment shall be made to the holders of Triller
Common Stock by reason of their ownership thereof, ratably to the holders of Series A-1 Preferred Stock, an amount per share equal to
(i) the Original Issue Price (as defined in the Triller Certificate of Incorporation, plus (ii) any dividends declared but unpaid thereon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Voting</span>. On any matter presented to the
Triller stockholders for their action or consideration at any meeting of stockholders (or by written consent of stockholders in lieu of
meeting), each holder of Triller Series A-1 Preferred Stock shall be entitled to cast the number of votes equal to the number of whole
shares of Triller Common Stock into which the shares of Triller Series A-1 Preferred Stock held by such holder are convertible as of the
record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the
Triller Certificate of Incorporation, holders of Triller Series A-1 Preferred Stock shall vote together with the holders of Triller Common
Stock as a single class and on an as-converted to Common Stock basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Conversion</span>. Each share of Triller Series
A-1 Preferred Stock shall be convertible, at the option of the holder thereof, into such number of fully paid and non-assessable shares
of Series A Common Stock as is determined by dividing the Original Issue Price by the Conversion Price (as such terms are defined in the
Triller Certificate of Incorporation) in effect at the time of conversion,&#160;<i>provided, that</i>&#160;a holder of Triller Series
A Preferred Stock shall not, within any thirty period, convert more than two percent of the number of shares of Triller Series A-1 Preferred
Stock originally issued to such holder. For clarity, a holder of Triller Series A-1 Preferred Stock who desires to convert the maximum
number of such shares permissible pursuant to the preceding sentence will have converted all of such holder&#8217;s shares of Preferred
Stock in approximately fifty (50) months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Anti-Takeover Effects
of the Triller Certificate of Incorporation, the Triller Bylaws&#160;and Certain Provisions of Delaware Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Triller
Certificate of Incorporation, the Triller&#160;Bylaws&#160;and the DGCL contain provisions, which are summarized in the following
paragraphs, which are intended to enhance the likelihood of continuity and stability in the composition of Triller Board and to
discourage certain types of transactions that may involve an actual or threatened acquisition of Triller. These provisions are
intended to avoid costly takeover battles, reduce Triller&#8217;s vulnerability to a hostile change of control or other unsolicited
acquisition proposal, and enhance the ability of Triller Board to maximize stockholder value in connection with any unsolicited
offer to acquire Triller. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition
of Triller by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best
interest, including attempts that might result in a premium over the prevailing market price for the shares of Triller Common
Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Triller Certificate of Incorporation will
provide that any action required or permitted to be taken by Triller&#8217;s stockholders must be effected at a duly called annual or
special meeting of such stockholders and may not be effected by any consent in writing by such holders. However, the affirmative vote
of at least 75% in voting power of the then outstanding voting stock of Triller, voting together as a single class, shall be required
to amend, repeal, or adopt any provision inconsistent with the foregoing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Supermajority Provisions</i>.
The Triller Certificate of Incorporation will provide that the matters set forth below shall require, except as otherwise prohibited by
applicable law, the affirmative vote of the holders of at least 75% of the voting power of the then outstanding voting stock, voting together
as a single class, including the affirmative vote of the holders of at least 75% of the voting power of the then outstanding voting stock
not owned directly or indirectly by any interested stockholder or any affiliate of an interested stockholder. Such affirmative vote shall
be required notwithstanding the fact that no vote may be required, or that a lesser percentage may be permitted, by applicable law or
in any agreement with any national securities exchange or otherwise:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">any merger or consolidation of Triller or any of its subsidiaries with any interested stockholder or any other corporation (whether or not an interested stockholder) which is, or after such merger or consolidation would be, an affiliate of an interested stockholder;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(b)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">any sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions) to or with any Interested Stockholder or any Affiliate of an interested stockholder, of any assets of Triller or any of its subsidiaries having an aggregate fair market value of $10,000,000 or more;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(c)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the issuance or transfer by Triller or any of its subsidiaries (in one transaction or a series of transactions) of any securities of Triller or any of its subsidiaries to any interested stockholder or any affiliate of an interested stockholder, in exchange for cash, securities or other property (or a combination thereof) having an aggregate fair market value of $10,000,000 or more;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">the adoption of any plan or proposal for the liquidation or dissolution of Triller proposed by or on behalf of an interested stockholder or any affiliate of an interested stockholder;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">any reclassification of securities (including any reverse stock split), recapitalization of Triller or any merger or consolidation of Triller with any of its subsidiaries or any other transaction (whether or not an interested stockholder is a party thereto) which has the effect, directly or indirectly, of increasing the proportionate share of the outstanding shares of any class of equity or convertible securities of Triller or any of its subsidiaries which are directly or indirectly owned by any interested stockholder or any affiliate of an interested stockholder; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(f)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">any agreement, contract, or other arrangement providing for any one or more of the actions specified in the foregoing (a) to (e).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Authorized but
Unissued Capital Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Delaware law does not
require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply if
and so long as the Triller Common Stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding
20% of the then outstanding voting power or then outstanding number of shares of Triller Common Stock. Additional shares that may be issued
in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate
acquisitions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">One of the effects of
the existence of unissued and unreserved Triller Common Stock may be to enable Triller Board to issue shares to persons friendly to current
management, which issuance could render more difficult or discourage an attempt to obtain control of Triller by means of a merger, tender
offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities
to sell their shares of Triller Common Stock at prices higher than prevailing market prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Election of Directors
and Vacancies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The business and
affairs of Triller shall be managed by or under the direction of the Triller Board except as otherwise provided herein or required
by law. Subject to the rights, if any, of the holders of one or more series of Triller Preferred Stock then outstanding as provided
for or fixed pursuant to the provisions of the Triller Certificate of Incorporation, the total number of directors constituting the
entire Triller Board shall not be less than five nor more than nine, with the then-authorized number of directors fixed from time to
time by the Triller Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to the rights
of the holders of one or more series of Triller Preferred Stock then outstanding as provided for or fixed pursuant to the provisions of
the Triller Certificate of Incorporation, vacancies on the Triller Board by reason of death, resignation, retirement, disqualification,
removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors shall
be solely filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and shall
not be filled by the stockholders. A director elected to fill a vacancy or a newly created directorship shall hold office until the next
election of directors, subject to the election and qualification of a successor and to such director&#8217;s earlier death, resignation or removal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for such additional directors, if any,
as elected by the holders of any series of Triller Preferred Stock as provided for or fixed pursuant to the provisions of the Triller
Certificate of Incorporation, any director or the entire Triller Board may be removed from office only for cause and only by the affirmative
vote of at least a majority of the total voting power of the outstanding shares of the capital stock of Triller entitled to vote in any
annual election of directors, voting together as a single class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Two-thirds of the directors
then in office shall constitute a quorum for the transaction of business. If a quorum is present, the affirmative vote of a majority of
the members of the Board of Directors will be required for any action. Any action required or permitted to be taken at a meeting of the
directors may be taken without a meeting if a consent in writing or by electronic transmission, setting forth the action so taken, shall
be signed by all of the directors entitled to vote with respect to the subject matter thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Quorum</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Triller Bylaws&#160;will
provide that the holders of a majority of the shares of capital stock issued and outstanding and entitled to vote, represented in person
or by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>No Cumulative Voting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Delaware law, the
right to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. The Triller
Certificate of Incorporation does not authorize cumulative voting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Stockholder Meetings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual meeting of the stockholders shall be
held wholly or partially by means of remote communication or at such place, within or without the State of Delaware, on such date and
at such time as may be determined by the board of directors and as shall be designated in the notice of said meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Triller Certificate
of Incorporation will provide that except as otherwise required by law and subject to the rights of the holders of any series of Triller
Preferred Stock, special meetings of the stockholders of Triller shall be called only by: (i) the Triller Board or the Chair of the Triller
Board; or (ii) the Secretary of Triller, following receipt of one or more written demands to call a special meeting of the stockholders
from stockholders of record who own, in the aggregate, at least 25% of the voting power of the outstanding shares of Triller then entitled
to vote on the matter or matters to be brought before the proposed special meeting that complies with the procedures for calling a special
meeting of the stockholders as may be set forth in the Triller Bylaws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Requirements for
Advance Notification of Stockholder Meetings</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Written or printed notice
of the stockholders meeting stating the place, day and hour of the meeting and, in case of a special meeting, stating the purpose or purposes
for which the meeting is called, and in case of a meeting held by remote communication stating such means, shall be delivered not less
than ten nor more than sixty days before the date of the meeting, either personally, or by telegram, facsimile or cable or other electronic
means, by or at the direction of the Chief Executive Officer, the President, the Secretary, or the persons calling the meeting, to each
stockholder of record entitled to vote at such meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->160<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Amendment of Bylaws
and Certificate of Incorporation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Except as otherwise provided
by law, the Triller Board is expressly authorized and empowered to adopt, amend, alter, or repeal the Triller Bylaws without any action
on the part of the stockholders. The stockholders shall also have the power to adopt, amend, alter, or repeal the Triller Bylaws; provided
that, in addition to any affirmative vote of the holders of any particular class or series of capital stock of Triller required by applicable
law or the Triller Certificate of Incorporation, such adoption, amendment, alteration, or repeal shall be approved by the affirmative
vote of the holders of at least 66 2/3% of the voting power of the shares of the then outstanding voting stock of Triller entitled to
vote generally in the election of directors, voting together as a single class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The DGCL provides generally
that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required
to amend a corporation&#8217;s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. However,
the Triller Certificate of Incorporation will provide that notwithstanding any other provision of the Triller Certificate of Incorporation
or applicable law that might permit a lesser vote or no vote and in addition to any affirmative vote of the holders of any particular
class or series of capital stock of Triller required by applicable law or the Triller Certificate of Incorporation, the affirmative vote
of the holders of at least 66 2/3% of the voting power of the shares of the then outstanding voting stock of Triller entitled to vote
generally in the election of directors, voting together as a single class, shall be required to amend, alter, repeal, or adopt any provisions
inconsistent with the foregoing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Conflicts of Interest</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Delaware law permits
corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation
or its officers, directors or stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Limitations on
Liability</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The DGCL authorizes corporations
to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of
directors&#8217; fiduciary duties, subject to certain exceptions. The Triller Certificate of Incorporation includes a provision that eliminates
the personal liability of directors or officers for monetary damages for any breach of fiduciary duty as a director or officer. The effect
of these provisions is to eliminate the rights of Triller and its stockholders, through stockholders&#8217; derivative suits on Triller&#8217;s
behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches
resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has acted in bad faith,
knowingly or intentionally violated the law, authorized illegal dividends or Redemptions or derived an improper benefit from his or her
actions as a director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The limitation of liability
provisions in the Triller Certificate of Incorporation and&#160;may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit Triller and its stockholders. In addition,
your investment may be adversely affected to the extent Triller pays the costs of settlement and damage awards against directors and officers
pursuant to these indemnification provisions. Triller believes that these provisions, liability insurance and any indemnity agreements
that may be entered into are necessary to attract and retain talented and experienced directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock Exchange Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ordinary shares trade on The Nasdaq Capital
Market under the symbol &#8220;ILLR.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfer Agent and Registrar</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our ordinary
shares is Continental Stock Transfer&#160;&amp; Trust Company. The address of our transfer agent is 1 State St 30<sup>th</sup> floor,
New&#160;York, NY&#160;10004.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities
offered by this prospectus will be passed upon for us by Loeb &amp; Loeb LLP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPERTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial
statements of the Company as of December 31, 2023 and December 31, 2022, and for each of the two years then ended, incorporated by reference
in this prospectus have been so incorporated in reliance upon the report of WWC, P.C., an independent registered public accounting firm,
given on the authority of said firm as experts in accounting and auditing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WHERE YOU CAN FIND MORE INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration statement
on Form&#160;S-1 under the Securities Act, with respect to the securities being offered by this prospectus. This prospectus, which constitutes
part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further
information with respect to the Company and the securities offered by this prospectus, we refer you to the registration statement and
its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily
complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement.
Each of these statements is qualified in all respects by this reference. You can read our SEC filings, including the registration statement,
over the internet at the SEC&#8217;s website at <i>www.sec.gov</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the information reporting requirements of the Exchange&#160;Act,
and we file reports, registration statements and other information with the SEC.&#160;These reports, registration statements and other
information will be available for review at the SEC&#8217;s website at <i>www.sec.gov</i>. We also maintain a website at <i>https://www.trillercorp.com/</i>,
at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or
furnished to, the SEC.&#160;The information contained in, or that can be accessed through, our website is not part of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->162<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Formerly AGBA Group Holding Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; width: 90%"/>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</table><div>

</div><p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 90%; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_006">Report of Independent Registered Public Accounting Firm (PCAOB ID: 1171)</a></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-45</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_007">Consolidated Balance Sheets</a></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-46</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline;text-decoration: none"><a href="#f_008">Consolidated Statements of Operations and Comprehensive Loss</a></span></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-47</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="white-space: nowrap">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_010">Consolidated Statements of Cash Flows</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-49</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_011">Notes to Consolidated Financial Statements</a></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-50 &#8211; F-92</span></td></tr>
  </table><div>







</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 172; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
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</div><div><a id="f_001"></a></div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Formerly AGBA Group Holding Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONDENSED CONSOLIDATED BALANCE SHEETS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;), except for number of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Promissory notes receivable from Triller LLC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:PromissoryNotesReceivable" scale="0" unitRef="usd" id="ixv-46148">28,344,339</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Deposit, prepayments, and other receivables, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd" id="ixv-46149">1,762,855</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-46155">1,041,958</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-46156">1,054,841</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="illr:LongtermInvestmentsNetRelatedParty" scale="0" unitRef="usd" id="ixv-46163">525,097</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="illr:LongtermInvestmentsNetRelatedParty" scale="0" unitRef="usd" id="ixv-46164">522,531</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd" id="ixv-46166">40,969,995</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-46168">66,588,967</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">LIABILITIES AND STOCKHOLDERS&#8217; (DEFICIT) EQUITY</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Escrow liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:EscrowLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46171">13,657,974</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:EscrowLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46172">16,816,842</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">Borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46173">1,066,160</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46174">1,804,950</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Borrowings, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46175">5,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46176">5,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46177">18,469,331</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46178">2,906,261</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -11.6pt; padding-left: 11.6pt">Convertible promissory notes payable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayableCurrent" scale="0" unitRef="usd" id="ixv-46179">32,511,904</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd" id="ixv-46180">201,125</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd" id="ixv-46181">328,720</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Operating lease liabilities, current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-46182">1,295,842</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-46183">1,229,329</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Warrant liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-46184">4,281,454</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46185">92,561,532</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46186">47,840,143</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Non-current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Operating lease liabilities, non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-46187">9,718,742</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-46188">10,646,053</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd" id="ixv-46189">9,718,742</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd" id="ixv-46190">10,646,053</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">TOTAL LIABILITIES</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-46191">102,280,274</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-46192">58,486,196</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Commitments and contingencies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">&#160;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">&#160;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -11.2pt; padding-left: 11.2pt">Common stock to be issued</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:OrdinarySharesToBeIssued" scale="0" unitRef="usd" id="ixv-46215">2,350</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -11.2pt; padding-left: 11.2pt">Subscription receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:SubscriptionReceivable" scale="0" unitRef="usd" id="ixv-46216">2,051,280</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-21">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46219">402,178</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46220">473,087</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-46221">94,450,178</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-46222">65,601,152</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Total stockholders&#8217; (deficit) equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-46223">5,858,781</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-46224">8,102,771</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -5.9pt; padding-left: 5.9pt">TOTAL LIABILITIES AND STOCKHOLDERS&#8217; (DEFICIT) EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-46225">96,421,493</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-46226">66,588,967</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">See accompanying
notes to unaudited condensed consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><b>&#160;</b></p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><b>TRILLER
GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Formerly AGBA Group Holding Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AND COMPREHENSIVE LOSS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;), except for number of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the nine months ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenues:</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Loans interest income</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestAndFeeIncomeLoansAndLeases" scale="0" unitRef="usd" id="ixv-46227">60,282</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestAndFeeIncomeLoansAndLeases" scale="0" unitRef="usd" id="ixv-46229">123,468</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOperating" scale="0" unitRef="usd" id="ixv-46253">1,723,179</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOperating" scale="0" unitRef="usd" id="ixv-46254">805,789</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-46256">8,915,811</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-46257">7,696,943</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-46258">28,195,740</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd" id="ixv-46259">93,165</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd" id="ixv-46260">753,545</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd" id="ixv-46261">605,682</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd" id="ixv-46262">3,125,432</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Research and development expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd" id="ixv-46263">401,167</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd" id="ixv-46265">1,354,567</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd" id="ixv-46266">2,678,645</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LaborAndRelatedExpense" scale="0" unitRef="usd" id="ixv-46270">22,671,813</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Legal and professional fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="illr:LegalAndProfessionalFee" scale="0" unitRef="usd" id="ixv-46271">2,593,600</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Legal and professional fee, related party</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-46287">1,152,530</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-46290">2,242,167</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd" id="ixv-46294">77,970,571</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46295">10,182,992</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46296">11,342,515</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46297">25,783,493</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46298">36,319,457</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other income (expense):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Interest income</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeOther" scale="0" unitRef="usd" id="ixv-46302">384,656</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Foreign exchange gain (loss), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-46303">1,104,515</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="usd" id="ixv-46304">864,383</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-46305">826,464</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-46306">41,467</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Investment income (loss), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd" id="ixv-46307">404</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46308">792,907</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46309">36,900</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd" id="ixv-46310">488,589</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46311">632,050</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-46312">1,106</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46313">4,281,454</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-46314">3,481</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharesPurchaseLiability" scale="0" unitRef="usd" id="ixv-46315">82,182</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnDerivatives" scale="0" sign="-" unitRef="usd" id="ixv-46316">378,895</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Rental income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-46317">12</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-46318">78,820</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-46319">14,078</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-46320">217,091</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-46336">55,606</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">NET LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46337">9,419,182</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46338">12,920,829</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other comprehensive income (loss):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd" id="ixv-46341">86,739</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" sign="-" unitRef="usd" id="ixv-46342">15,555</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" sign="-" unitRef="usd" id="ixv-46343">70,909</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd" id="ixv-46344">84,414</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">COMPREHENSIVE LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46345">9,505,921</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46346">12,905,274</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46347">28,778,117</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-46348">35,663,142</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">See accompanying
notes to unaudited condensed consolidated financial statements.</p><div>


</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Formerly AGBA Group Holding Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS&#8217; (DEFICIT) EQUITY </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;), except for number of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-47; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-51; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-52; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-53; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-54; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c24" decimals="INF" format="ixt:num-dot-decimal" id="ix_25_fact" name="illr:StockIssuedDuringPeriodSharesShareBasedCompensationToIndividuals" scale="0" unitRef="shares">3,259,933</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c25" decimals="INF" format="ixt:num-dot-decimal" id="ix_26_fact" name="illr:StockIssuedDuringPeriodSharesShareBasedCompensationToIndividuals" scale="0" sign="-" unitRef="shares">210,829</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c25" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueShareBasedCompensationToIndividuals" scale="0" sign="-" unitRef="usd" id="ixv-46394">211</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-55; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueShareBasedCompensationToIndividuals" scale="0" unitRef="usd" id="ixv-46395">5,925,493</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-56; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="-sec-ix-hidden: hidden-fact-57; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-58; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font-style: italic"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).</span></ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -2.15pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: 1.6pt">See accompanying
notes to unaudited condensed consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: 1.6pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Formerly AGBA Group Holding Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;))</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the nine months ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Cash flows from operating activities:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46448">35,578,728</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Adjustments to reconcile net loss to net cash used in operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Share-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensation" scale="0" unitRef="usd" id="ixv-46449">6,359,906</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensation" scale="0" unitRef="usd" id="ixv-46450">11,979,200</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Non-cash lease expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNoncashExpense" scale="0" unitRef="usd" id="ixv-46451">1,927,851</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNoncashExpense" scale="0" unitRef="usd" id="ixv-46452">854,470</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Depreciation on property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-46453">68,705</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-46454">238,315</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Interest income on loans receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:InterestIncomeOnLoansReceivableNet" scale="0" unitRef="usd" id="ixv-46455">123,468</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:InterestIncomeOnLoansReceivableNet" scale="0" unitRef="usd" id="ixv-46456">117,805</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Interest income on notes receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-46457">23,217</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Interest income on promissory notes receivable from Triller LLC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:InterestIncomeOnPromissoryNotesReceivable" scale="0" unitRef="usd" id="ixv-46458">369,339</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Interest expense on convertible promissory notes payable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:InterestExpenseOnConvertiblePromissoryNotesPayable" scale="0" unitRef="usd" id="ixv-46459">1,123,273</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Interest expense on borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-46460">599,906</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Foreign exchange gain, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-46461">826,464</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-46462">41,467</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Investment loss (income), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46463">36,900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd" id="ixv-46464">488,589</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Gain on disposal of property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd" id="ixv-46465">15,345</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Provision for allowance for expected credit losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:ProvisionForOtherCreditLosse" scale="0" unitRef="usd" id="ixv-46466">1,877,786</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:ProvisionForOtherCreditLosse" scale="0" unitRef="usd" id="ixv-46467">661,288</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46468">4,281,454</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-46469">3,481</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:PaymentToSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-46470">82,182</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-203">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:GainLossOnSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-46471">378,895</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Reversal of annual bonus accrued in prior year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonrecurringIncome" scale="0" unitRef="usd" id="ixv-46472">3,763,847</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Change in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" sign="-" unitRef="usd" id="ixv-46473">669,476</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-46474">575,266</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loans receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFinanceReceivables" scale="0" sign="-" unitRef="usd" id="ixv-46475">48,615</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFinanceReceivables" scale="0" sign="-" unitRef="usd" id="ixv-46476">121,801</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deposits, prepayments, and other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-46477">553,891</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-46478">2,938,425</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts payable and accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-46479">2,256,333</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd" id="ixv-46480">5,546,602</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Escrow liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:IncreaseDecreaseinEscrowLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-46481">3,158,868</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:IncreaseDecreaseinEscrowLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-46482">8,934,670</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-46483">1,455,929</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-46484">645,303</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Income tax payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd" id="ixv-46485">127,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd" id="ixv-46486">116,617</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net cash used in operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-46487">20,742,386</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-46488">33,364,662</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Proceeds from sale of long-term investments, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Purchase of notes receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Dividends received from long-term investments, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleAndCollectionOfNotesReceivable" scale="0" unitRef="usd" id="ixv-46493">412,360</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-207">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Proceeds from disposal of property and equipment, net</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-208">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-46495">104,778</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net cash provided by investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" unitRef="usd" id="ixv-46496">2,579,956</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" unitRef="usd" id="ixv-46497">4,687,096</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Advances from the holding company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributionsFromAffiliates" scale="0" unitRef="usd" id="ixv-46498">15,612,799</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributionsFromAffiliates" scale="0" unitRef="usd" id="ixv-46499">6,303,641</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Repayment of borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfBankDebt" scale="0" unitRef="usd" id="ixv-46500">772,202</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Issue of promissory notes to Triller LLC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" scale="0" sign="-" unitRef="usd" id="ixv-46501">19,975,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-211">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Proceeds from convertible promissory note payable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd" id="ixv-46502">23,388,631</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-212">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:SettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-46503">13,952,683</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Proceeds from borrowings</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd" id="ixv-46504">7,234,391</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net cash provided by (used in) financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd" id="ixv-46505">18,254,228</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="usd" id="ixv-46506">414,651</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Effect on exchange rate change on cash, cash equivalents and restricted cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd" id="ixv-46507">19,113</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd" id="ixv-46508">26,484</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Net change in cash, cash equivalent and restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd" id="ixv-46509">72,685</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd" id="ixv-46510">29,118,701</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Beginning of period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-46511">18,678,065</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-46512">51,294,072</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">End of period</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-46513">18,750,750</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c51" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-46514">22,175,371</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplementary cash flow information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash paid for income taxes</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-46515">227,348</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-46516">172.223</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash paid for interest</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaidNet" scale="0" unitRef="usd" id="ixv-46517">152,011</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaidNet" scale="0" unitRef="usd" id="ixv-46518">774,249</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Cash received for interest</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="illr:CashReceivedForInterest" scale="0" unitRef="usd" id="ixv-46519">57,076</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="illr:CashReceivedForInterest" scale="0" unitRef="usd" id="ixv-46520">361,439</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental disclosure of non-cash investing and financing activities</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: center; text-indent: -2.15pt">See accompanying
notes to unaudited condensed consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt">&#160;&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:NatureOfOperations" id="ixv-26299"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 1&#8212;
DESCRIPTION OF BUSINESS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Organization</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Triller Group Inc. (&#8220;ILLR&#8221;, &#8220;Triller
Group&#8221;, or the &#8220;Company&#8221;) (formerly AGBA Group Holding Limited (&#8220;AGBA&#8221;)) is formed in the State of Delaware,
on October 15, 2024, which was established to domicile its legal jurisdiction from British Virgin Islands to the State of Delaware.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, through its subsidiaries, currently
operates a wealth and health platform, and offers a wide range of financial service and products, covering life insurance, pensions, property-casualty
insurance, stock brokerage, mutual funds and lending businesses in Hong Kong. ILLR is also engaged in financial technology business and
financial investments, managing an ensemble of fintech investments and healthcare investment and operating a health and wealth management
platform with a broad spectrum of services and value-added information in health, insurance, investments and social sharing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Merger Transaction</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company consummated the merger transaction
with Triller Corp., a Delaware corporation (&#8220;Triller&#8221;), pursuant to that certain Amended and Restated Agreement and Plan of
Merger, dated as of August 30, 2024, (as further amended, the &#8220;Merger Agreement&#8221;), by and between AGBA, its wholly owned subsidiary
AGBA Social Inc. (&#8220;Merger Sub&#8221;), Triller and Bobby Sarnevesht, as sole representative of the Triller stockholders. Details
are described in note 4.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated
financial statements reflected the operating results of AGBA for the three and nine months ended September 30, 2024 before the completion
of the merger transaction.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These accompanying unaudited condensed consolidated
financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the
accompanying unaudited condensed consolidated financial statements and notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" id="ixv-26325"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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financial statements of the Company are presented in United State dollars (&#8220;US$&#8221; or &#8220;$&#8221;) and have been prepared
in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial
information and with the instructions to Form 10-Q and Regulation S-X of the Securities Exchange Commission. Certain information and footnote
disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated
balance sheet as of December 31, 2023 derived from the audited consolidated financial statements at that date, but does not include all
the information and footnotes required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the
year ended December 31, 2023, as filed on March 28, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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statements as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023, in the
opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of
the Company&#8217;s financial condition, results of operations and cash flows. The results of operations for the three and nine months
ended September 30, 2024 and 2023 are not necessarily indicative of the results to be expected for any other interim period or for the
entire year.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts have been reclassified
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock" id="ixv-26372"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated
financial statements include the unaudited financial statements of ILLR and its subsidiaries. A subsidiary is an entity (including a structured
entity), directly or indirectly, controlled by the Company. The unaudited financial statements of the subsidiaries are prepared for the
same reporting period as the Company, using consistent accounting policies. All intercompany transactions and balances between ILLR and
its subsidiaries are eliminated upon consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company&#8217;s unaudited condensed consolidated financial statements include the useful lives of property and equipment,
impairment of long-lived assets, allowance for expected credit losses, notes receivables, promissory notes receivable, share-based compensation,
convertible promissory notes payable, warrant liabilities, provision for contingent liabilities, revenue recognition, income tax provision,
deferred taxes and uncertain tax position, and allocation of expenses from the holding company.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_UseOfEstimates-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inputs into the management&#8217;s judgments
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Company&#8217;s critical and significant accounting estimates. Actual results could differ from these estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="ixv-26399"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
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</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed
consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_3" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reporting currency of the Company is US$ and
the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company and subsidiaries
are operating in Hong Kong maintain their books and record in their local currency, Hong Kong dollars (&#8220;HK$&#8221;), which is a
functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for
consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance
with ASC Topic 830-30, &#8220;<i>Translation of Financial Statement&#8221;</i>, using the exchange rate on the balance sheet date. Revenues
and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of unaudited
financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive loss within the unaudited
condensed consolidated statements of changes in stockholders&#8217; (deficit) equity.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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made at the following exchange rates for the nine months ended September 30, 2024 and 2023:</ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation id="_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock-c0_cont_1"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-26481"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash
and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments. The Company maintains most of its bank accounts in Hong Kong and Hong Kong is not protected by Federal Deposit Insurance
Corporation (&#8220;FDIC&#8221;) insurance. However, management does not believe there is a significant risk of loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock" id="ixv-26493"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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accounts reflecting the restricted cash and cash equivalents maintained in certain bank accounts that are held for the exclusive interest
of the Company&#8217;s customers. The Company currently acts as a custodian to manage the assets and investment portfolio on behalf of
its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes, other
than managing the portfolio.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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restricts the use of the assets underlying the funds held in escrow to meet with regulatory or contractual requirements and classifies
the assets as current based on their purpose and availability to fulfill its direct obligation under current liabilities. </span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_1" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="ixv-26509"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
Receivable, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_2" id="_TradeAndOtherAccountsReceivablePolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net include trade accounts
due from customers in insurance brokerage and asset management businesses, less the allowance for expected credit losses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable from
insurance companies in the provision of brokerage agency services are within 30 days upon the execution of the insurance policies. Credit
terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually
agreed between the contracting parties. The Company seeks to maintain strict control over its outstanding receivables to minimize credit
risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine
if the allowance for expected credit losses is adequate, and provides allowance when necessary.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_TradeAndOtherAccountsReceivablePolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not hold any collateral or other
credit enhancements over its accounts receivable balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_ReceivablesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ReceivablesPolicyTextBlock" id="ixv-26556"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
Receivable, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation continuedAt="_ReceivablesPolicyTextBlock-c0_cont_2" id="_ReceivablesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans receivable, net are related to residential
mortgage loan that are carried at unpaid principal and interest balances, less the allowance for expected credit losses on loans receivable
and charge-offs.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ReceivablesPolicyTextBlock-c0_cont_3" id="_ReceivablesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans are placed on nonaccrual status when they
are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When
a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on
a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending
on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments
have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ReceivablesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company determines that a loan is impaired,
the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within
the given fiscal quarter. Generally, the amount of the loan and negative escrow in excess of the appraised value less estimated selling
costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below
in &#8220;Allowance for Expected Credit Losses on Financial Instruments&#8221;.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_LoansAndLeasesReceivableAllowanceForLoanLossesPolicy-c0_cont_1" escape="true" name="us-gaap:LoansAndLeasesReceivableAllowanceForLoanLossesPolicy" id="ixv-26574"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
for Expected Credit Losses on Financial Instruments</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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Losses &#8211; Measurement of Credit Losses on Financial Instruments</i>&#8221; (ASC 326), the Company utilizes the current expected credit
losses (&#8220;CECL&#8221;) model to determine an allowance that reflects its best estimate of the expected credit losses on accounts
receivable, loans receivable, notes receivable, and deposits and others receivable which is recorded as a liability to offset the receivables.
The CECL model is prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts
to estimate expected credit losses. Accounts receivable, loans receivable, notes receivable, and deposits and others receivable are written
off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_LoansAndLeasesReceivableAllowanceForLoanLossesPolicy-c0_cont_3" id="_LoansAndLeasesReceivableAllowanceForLoanLossesPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended September 30, 2024
and 2023, the aggregated provision for allowance for expected credit losses on accounts receivable, loans receivable, notes receivable,
and other receivables was $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-46536">135,092</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-46537">328,012</ix:nonFraction>, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_LoansAndLeasesReceivableAllowanceForLoanLossesPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the nine months ended September 30, 2024 and
2023, the aggregated provision for allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and
other receivables was $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-46538">1,877,786</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-46539">661,288</ix:nonFraction>, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="illr_PromissoryNotesReceivablePolicyTextBlock-c0_cont_1" escape="true" name="illr:PromissoryNotesReceivablePolicyTextBlock" id="ixv-26593"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
Notes Receivable from Triller LLC</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_PromissoryNotesReceivablePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Promissory notes receivable from Triller LLC is
stated at carrying value and receivable in the next twelve months. Interest income is recognized at a fixed interest rate over the prevailing
periods on the unaudited condensed consolidated statements of operations and comprehensive loss (see Note 5).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_InvestmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock" id="ixv-26605"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_2" id="_InvestmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company invests in equity securities with
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</div><div>


</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_3" id="_InvestmentPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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was recorded as an investment in non-marketable equity securities and measured at the fair value.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_InvestmentPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At each reporting period, the Company makes a
qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-26659"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the
following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual
values, if any:</ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditure for repairs and maintenance is expensed
as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting
gain or loss is recognized in the results of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" id="ixv-26709"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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360, &#8220;<i>Impairment or Disposal of Long-Lived Assets&#8221;</i>, all long-lived assets such as property and equipment owned and
held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to
its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DebtPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:DebtPolicyTextBlock" id="ixv-26724"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DebtPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borrowings are recognized at fair value and repayable
in the next twelve months. Interest expense is recognized on a fixed interest rate on the unaudited condensed consolidated statements
of operations and comprehensive loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="illr_ConvertiblePromissoryNotesPolicyTextBlock-c0_cont_1" escape="true" name="illr:ConvertiblePromissoryNotesPolicyTextBlock" id="ixv-26736"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_ConvertiblePromissoryNotesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for its convertible promissory
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whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be
bifurcated from the host contract in accordance with ASC Topic 815-15, &#8220;<i>Derivatives and Hedging &#8211; Embedded Derivatives&#8221;</i>
or the substantial premium model in ASC 470-20 applies. Where the substantial premium model applies, the premium is recorded in additional
paid-in capital. The resulting debt discount is amortized over the period during which the convertible promissory notes payable are expected
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</div><div>


</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_1" escape="true" name="illr:WarrantsLiabilitiesPolicyTextBlock" id="ixv-26779"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
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</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_2" id="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for warrants as either equity-classified
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in ASC Topic 480, &#8220;<i>Distinguishing Liabilities from Equity&#8221;</i> (&#8220;ASC 480&#8221;) and ASC Topic 815, &#8220;<i>Derivatives
and Hedging&#8221;</i> (&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant
to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company&#8217;s own common stock and whether the warrant holders could
potentially require &#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s control, among other conditions
for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent quarterly period end date while the warrants are outstanding.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_3" id="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For issued or modified warrants that meet all of the criteria for equity
classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants
that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial
fair value on the date of issuance, and each balance sheet date thereafter. Changes in the fair value are recognized as a non-cash gain
or loss on the unaudited condensed consolidated statements of operations and comprehensive loss. The Company accounts for its Public Warrants
as equity and the (i) SPAC Private Warrants, (ii) Warrants &#8211; Class A, and (iii) Common Warrants as liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation id="illr_WarrantsLiabilitiesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants classified as liabilities are recorded
at fair value and are remeasured at each reporting date until settlement. Changes in fair value is recognized as a component of change
in fair value of warrant liability in the unaudited condensed consolidated statements of operations and comprehensive loss. Transaction
costs allocated to warrants that are presented as a liability are immediately expensed in the unaudited condensed consolidated statements
of operations and comprehensive loss. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently
remeasured.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock" id="ixv-26799"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
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</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_2" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company receives certain portion of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09,
&#8220;<i>Revenue from Contracts with Customers (Topic 606)&#8221;</i> (&#8220;ASC 606&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_3" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 606 provided the following overview of how
revenue is recognized from the Company&#8217;s contracts with customers. The Company recognizes revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for
those goods or services.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_4" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 1: Identify the contract(s) with a customer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_5" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 2: Identify the performance obligations in
the contract.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_6" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 3: Determine the transaction price &#8211;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
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</div><div>


</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company&#8217;s
revenue recognition policies are in compliance with ASC 606, as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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investment products to customers. The Company enters into commission agreements with customers which specify the key terms and conditions
of the arrangement. Commissions are separately negotiated for each transaction and generally do not include rights of return, credits
or discounts, rebates, price protection or other similar privileges, and typically paid on or shortly after the transaction is completed.
Upon the purchase of an investment product, the Company earns a commission from customers, calculated as a fixed percentage of the investment
products acquired by its customers. The Company defines the &#8220;purchase of an investment product&#8221; for its revenue recognition
purpose as the time when the customers referred by the Company has entered into a subscription contract with the relevant product provider
and, if required, the customer has transferred a deposit to an escrow account designated by the Company to complete the purchase of the
investment products. After the contract is established, there are no significant judgments made when determining the one-time commission
price. Therefore, commissions are recorded at a point in time when the investment product is purchased.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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insurance providers and individuals or businesses by providing insurance placement services to the insureds, and is compensated in the
form of one-time commissions from the respective insurance providers. The Company primarily facilitates the placement of life, general
and MPF insurance products. The Company determines that insurance providers are the customers.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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arising from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance
obligation has been satisfied upon execution of the insurance policy as the Company has no future or ongoing obligation with respect to
such policies. The commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract
which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission
earned is equal to a percentage of the premium paid to the insurance provider. Commission from renewed policies is variable consideration
and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer
renews the policy).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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contractors to determine whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively.
The determination of whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services
prior to transferring it. Control is demonstrated by the Company which is primarily responsible for fulfilling the provision of placement
services through the Company&#8217;s licensed insurance brokers to provide agency services. The commissions from insurance providers are
recorded on a gross basis and commission paid to independent contractors or channel costs are recorded as commission expense in the unaudited
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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of real estate property to the final customers and is compensated in the form of commissions from the corresponding property developers
pursuant to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property
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</div><div>


</div><!-- Field: Page; Sequence: 183; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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service fees are determined based on the types of investment products the Company distributes and are calculated as a fixed percentage
of the fair value of the total investment of the investment products, calculated daily. These customer contracts require the Company to
provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract
is established, there are no significant judgments made when determining the transaction price. As the Company provides these services
throughout the contract term, for the method of calculating recurring service fees, revenue is calculated on a daily basis over the contract
term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price
protection, performance component or other similar privileges and the circumstances under which the fixed percentage fees, before determined,
could be not subject to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly
or quarterly).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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loan origination in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms
and recorded as interest income in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company does
not charge prepayment penalties from its customers. Interest income on mortgage and personal loans is recognized as it accrued using the
effective interest method. Accrual of interest income on mortgage loans is suspended at the earlier of the time at which collection of
an account becomes doubtful or the account becomes 180 days delinquent.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


</div><!-- Field: Page; Sequence: 184; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisaggregationOfRevenueTableTextBlock-c0_cont_4" id="_DisaggregationOfRevenueTableTextBlock-c0_cont_3"><ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_24" id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DisaggregationOfRevenueTableTextBlock-c0_cont_4"><ix:continuation id="_RevenueFromContractWithCustomerPolicyTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>


</div><!-- Field: Page; Sequence: 185; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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income (loss) as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive loss,
as presented in the accompanying unaudited condensed consolidated statements of stockholders&#8217; (deficit) equity, consists of changes
in unrealized gains and losses on foreign currency translation. This comprehensive loss is not included in the computation of income tax
expense or benefit.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_DefinedContributionPlanPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Full time employees of the Hong Kong subsidiaries
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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liabilities are recognized for the future tax consequences attributable to differences between the unaudited condensed consolidated financial
statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are
measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to
be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the unaudited condensed consolidated financial
statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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authorities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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share awards, including common stocks and restricted share units, to eligible participants. Share-based compensation expense for share
awards is measured at fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with
the combination of service and performance requirements is based on the closing fair market value of the common stocks on the date of
grant. Share-based compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are
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</div><div>


</div><!-- Field: Page; Sequence: 186; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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basic and diluted EPS. Basic EPS is measured as net (loss) income divided by the weighted average shares outstanding for the period. Diluted
EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><!-- Field: Page; Sequence: 187; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease terms include
options to renew or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company has recognized
right of use (&#8220;ROU&#8221;) assets and corresponding lease liabilities on the Company&#8217;s condensed consolidated balance sheets
for its operating lease agreements with contractual terms greater than 12 months. Lease liabilities are based on the present value of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<ix:continuation continuedAt="illr_RelatedPartiesPolicyTextBlock-c0_cont_3" id="illr_RelatedPartiesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to ASC 850, the related parties include:
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fair value option under the Fair Value Option Subsection of ASC Topic 825&#8211;10&#8211;15, to be accounted for by the equity method
by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under
the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly
influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting
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of unaudited condensed consolidated financial statements is not required in those statements. The disclosures shall include: a) the nature
of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were
ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding
of the effects of the transactions on the unaudited condensed consolidated financial statements; c) the dollar amounts of transactions
for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms
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</div><div>


</div><!-- Field: Page; Sequence: 188; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock" id="ixv-28363"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to
occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing
loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings,
the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought therein.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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be accrued in the Company&#8217;s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time that these matters will have a material adverse effect on the Company&#8217;s financial position, results
of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company&#8217;s
business, financial position, and results of operations or cash flows.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="ixv-28382"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
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<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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models and discounted cash flow models.</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying value of the Company&#8217;s financial
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and other receivables, amount due to the holding company, accounts payable, escrow liabilities, borrowings and accrued liabilities approximate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


</div><!-- Field: Page; Sequence: 189; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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the Company&#8217;s financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and
December 31, 2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.</ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_2" id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_1"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_9" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_2"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_10" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value estimates are made at a specific point
in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-28744"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">As of September
30, 2024, the Company has implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards
Board (&#8220;FASB&#8221;) that were in effect. There were no new standards or updates during the nine months ended September 30, 2024
that had a material impact on the unaudited condensed consolidated financial statements.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i><span style="text-decoration:underline">Recently
Accounting Pronouncements Not Yet Adopted</span></i></span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_4" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">In November
2023, the FASB amended guidance in ASU 2023-07,&#160;<i>Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.&#160;</i>The
revised guidance requires that a public entity disclose significant segment expenses regularly reviewed by the chief operating decision
maker (CODM), including public entities with a single reportable segment. The amended guidance is effective for fiscal years beginning
in January 2024 and interim periods beginning January 2025 on a retrospective basis. Early adoption is permitted. The Company is currently
evaluating the impact on its unaudited condensed consolidated financial statements.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">In December
2023, the FASB issued ASU 2023-09,&#160;<i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures.&#160;</i>The ASU requires
the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation,
and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company&#8217;s annual reporting periods beginning
in January 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted.
The Company is currently evaluating the impact on its unaudited condensed consolidated financial statements.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock" id="ixv-28801"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><b>NOTE 3 &#8212;
LIQUIDITY AND GOING CONCERN </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated
financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business. They do not include any adjustments that might
be necessary should the Company be unable to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the nine months ended September 30, 2024, the Company reported
net loss of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-46609">28,849,026</ix:nonFraction> and net cash outflows from operating activities of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-46610">20,742,386</ix:nonFraction>. As of September 30, 2024, the Company had a working
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that the prevailing
conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern
for at least one year following the date these unaudited condensed consolidated financial statements are issued. The ability to continue
as a going concern is dependent on the Company&#8217;s ability to successfully implement its current operating plan and fund-raising exercises.
The Company believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its
capital structure and operating plans and search for potential funding alternatives in order to finance the development activities and
operating expenses. The Company is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual
obligations as they come due. To access capital to fund operations or provide growth capital, the Company will need to raise capital in
one or more debt and/or equity offerings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, the Company cannot predict the exact
amount or timing of the alternatives or guarantee those alternatives will be favorable to its stockholders. Any failure to obtain financing
when required will have a material adverse impact on the Company&#8217;s business, operation and financial result. Please refer to the
Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed on March 28, 2024, for further information about the
liquidity and going concern.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="illr_CompletionOfMergerTransactionTextBlock-c0_cont_1" escape="true" name="illr:CompletionOfMergerTransactionTextBlock" id="ixv-28816"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><b>NOTE 4 &#8212;
COMPLETION OF MERGER TRANSACTION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The Merger Transactions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2024, the Company entered into a certain Agreement and Plan
of Merger (the &#8220;Original Merger Agreement&#8221;). On August 30, 2024, the Company entered into an Amended and Restated Agreement
and Plan of Merger (as further amended, the &#8220;Merger Agreement&#8221;) by and between the Merger Sub, Triller, and Bobby Sarnevesht.
The Merger Agreement has amended, restated and superseded the Original Merger Agreement accordingly (the &#8220;Merger Transactions&#8221;).
Pursuant to the Merger Agreement, (a) Triller will complete its reorganization (the &#8220;Triller Reorganization&#8221;) with Triller
Hold Co LLC (&#8220;Triller LLC&#8221;), (b) the Company will domesticate to the United States as a Delaware corporation (the &#8220;AGBA
Domestication&#8221;), pursuant to which, among other things, all AGBA ordinary shares, par value $<ix:nonFraction contextRef="c140" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-46613">0.001</ix:nonFraction> per share will automatically
convert into the same number of shares Delaware Parent Common Stock, as defined below (AGBA, when domesticated as a Delaware corporation,
is sometimes referred to as &#8220;Delaware Parent&#8221;) and (c) after giving effect to the Triller Reorganization and the AGBA Domestication,
Merger Sub will merge into Triller, with Triller as the surviving corporation and a wholly owned subsidiary of Delaware Parent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Stockholders&#8217; Approval </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 19, 2024, the Merger Transaction
and other related proposals were approved by the stockholders of the Company at the extraordinary general meeting of stockholders (the
&#8220;EGM&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Merger Closing</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company consummated the
Merger Agreement and completed the AGBA Domestication by changing its jurisdiction of incorporation from the British Virgin Islands to
the State of Delaware and changed its company name to &#8220;Triller Group Inc.&#8221; (&#8220;Triller Group&#8221; or &#8220;ILLR&#8221;).
Pursuant to the Certificate of Incorporation of the Company, the par value of the common stock and preferred stock of the Company is $<ix:nonFraction contextRef="c141" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-46614">0.001</ix:nonFraction>
per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 191; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="illr_CompletionOfMergerTransactionTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the consummation of the Merger
Transaction, on the closing date, the Company acquired <ix:nonFraction contextRef="c142" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfOutstandingCapitalStock" scale="-2" unitRef="pure" id="ixv-46615">100</ix:nonFraction>% of the outstanding capital stock and exercised the conversion of all restricted
stock units of Triller, in exchange for the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued
<ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46616">83,468,631</ix:nonFraction> shares of common stock of ILLR to the Triller stockholders;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46617">24,206,246</ix:nonFraction>
shares of common stock of ILLR to escrow agent;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued
<ix:nonFraction contextRef="c144" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-46618">11,801,804</ix:nonFraction> shares of Series A-1 preferred stock of ILLR to the holders of Triller preferred stock, that are affiliated with the Company&#8217;s
majority stockholder,</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued
<ix:nonFraction contextRef="c145" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-46619">30,851</ix:nonFraction> shares of Series B preferred stock of ILLR to Green Nature Limited, a British Virgin Islands company that is affiliated with the
Company&#8217;s majority stockholder;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">converted
all existing Triller restricted stock units into <ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" scale="0" unitRef="shares" id="ixv-46620">16,908,829</ix:nonFraction> shares of restricted stock units of ILLR (the &#8220;Triller Group RSUs&#8221;),
and reserved an aggregate of <ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares" id="ixv-46621">16,908,829</ix:nonFraction> shares of common stock of ILLR for future issuance upon the vesting of the Triller Group RSUs,
and</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adjusted
an aggregate of <ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46622">53,147,335</ix:nonFraction> Triller warrants which are to be reissued as Triller Group warrants in replacement thereof pursuant to an
independent valuation.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing, the Company issued an aggregate
of <ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46623">107,674,877</ix:nonFraction> shares of its common stock, <ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-46624">11,801,804</ix:nonFraction> shares of its Series A-1 preferred stock, and <ix:nonFraction contextRef="c148" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-46625">30,851</ix:nonFraction> shares of its Series B preferred
stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the closing date and following the completion
of the Merger Transaction and after giving effect to the Forward Split effected on October 1, 2024 and Reverse Split effected on October
15, 2024, the Company had approximately <ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46626"><ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-46627">155,159,817</ix:nonFraction></ix:nonFraction> shares of common stock issued and outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the common stocks of ILLR were listed
and traded on the Nasdaq Stock Market under the symbol &#8220;ILLR&#8221;.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="illr_PromissoryNotesReceivableAndPayableTextBlock-c0_cont_1" escape="true" name="illr:PromissoryNotesReceivableAndPayableTextBlock" id="ixv-28922"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><b>NOTE 5 &#8212;
PROMISSORY NOTES RECEIVABLE AND PAYABLE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financing Arrangements with Triller and Yorkville
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 25, 2024, the Company entered into the
A&amp;R SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership (&#8220;Yorkville&#8221;), and Triller. Pursuant to the A&amp;R
SEPA, Triller, or the Company after the transactions contemplated by the Merger Agreement are closed, has the right to sell to Yorkville
up to $<ix:nonFraction contextRef="c150" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="6" unitRef="usd" id="ixv-46628">500</ix:nonFraction> million shares of common stock, par value $<ix:nonFraction contextRef="c150" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-46629">0.001</ix:nonFraction> per share, of the Company (&#8220;Common Stock&#8221;), subject to certain
limitations and conditions set forth in the A&amp;R SEPA, from time to time during the term of the SEPA. Sales of the shares of Common
Stock to&#160;Yorkville&#160;under the A&amp;R SEPA, and the timing of any such sales, are at the Company&#8217;s option, and the Company
is under no obligation to sell any shares of Common Stock to Yorkville under the A&amp;R SEPA except in connection with notices that may
be submitted by Yorkville.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the A&amp;R SEPA, Yorkville
agreed to an advance to the Triller in the form of convertible promissory notes in a principal amount up to $<ix:nonFraction contextRef="c151" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="6" unitRef="usd" id="ixv-46630">8.51</ix:nonFraction> million (the &#8220;First
Pre-Paid Advance&#8221;). The First Pre-Paid Advance is amounted to <ix:nonFraction contextRef="c152" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure" id="ixv-46631">94.0</ix:nonFraction>% of the principal amount to be drawn down. Interest shall accrue
on the outstanding balance of First Pre-Paid Advance at an annual rate of <ix:nonFraction contextRef="c153" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure" id="ixv-46632">5</ix:nonFraction>%, subject to an increase to <ix:nonFraction contextRef="c153" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" scale="-2" unitRef="pure" id="ixv-46633">18</ix:nonFraction>% upon an event of default as
described in the definitive agreement. The maturity date of the First Pre-Paid Advance will be 12 months after its issuance date.&#160;Yorkville&#160;may
convert the First Pre-Paid Advance into shares of the Common Shares at any time after the Merger at a fixed conversion price equal to
(i) the principal mount and interests, divided by (ii) the determination of the lower of (a) <ix:nonFraction contextRef="c13" decimals="2" format="ixt:num-dot-decimal" name="illr:VolumeWeightedAveragePricePercentage" scale="-2" unitRef="pure" id="ixv-46634">100</ix:nonFraction>% of the VWAP during the ten trading days
preceding the closing date of the Merger (the &#8220;Fixed Price&#8221;), or (b) <ix:nonFraction contextRef="c13" decimals="3" format="ixt:num-dot-decimal" name="illr:LowestVolumeWeightedAveragePercent" scale="-2" unitRef="pure" id="ixv-46635">92.5</ix:nonFraction>% of the lowest daily VWAP during the 10 consecutive
trading days immediately preceding the conversion date or other date of determination (the &#8220;Variable Price&#8221;), provided that
the Variable Price shall not be lower than the Floor Price. The &#8220;Floor Price&#8221;, solely with respect to the Variable Price,
shall be equal to (i) a price equal to <ix:nonFraction contextRef="c13" decimals="2" format="ixt:num-dot-decimal" name="illr:AverageVolumeWeightedAveragePercent" scale="-2" unitRef="pure" id="ixv-46636">20</ix:nonFraction>% of the average of the daily VWAPs during the ten (10) trading days immediately preceding the
closing date of the Merger, and (ii) from and after the date of effectiveness of the initial registration statement, <ix:nonFraction contextRef="c13" decimals="2" format="ixt:num-dot-decimal" name="illr:EffectivenessOfInitialRegistrationStatementVWAPs" scale="-2" unitRef="pure" id="ixv-46637">20</ix:nonFraction>% of the VWAP of
the trading day immediately prior to the date of effectiveness of the initial registration statement, if such price is lower than the
price in part (i) of this sentence.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="illr_PromissoryNotesReceivableAndPayableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Second Pre-Paid Advance</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2024, the Company, Triller and Yorkville
entered into the Second A&amp;R SEPA to modify the A&amp;R SEPA dated April 25, 2024. Pursuant to the Second A&amp;R SEPA, Yorkville will
(i) provide for the assignment by Triller and assumption by the Company of the rights and obligations of Triller under the A&amp;R SEPA
and the promissory note of the First Pre-Paid Advance of $<ix:nonFraction contextRef="c154" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" scale="6" unitRef="usd" id="ixv-46638">8.51</ix:nonFraction> million from Triller dated April 25, 2024 and (ii) provide to the Company
financing in the principal amount of $<ix:nonFraction contextRef="c155" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" scale="6" unitRef="usd" id="ixv-46639">25</ix:nonFraction> million (the &#8220;Second Pre-Paid Advance&#8221;) in the form of an additional convertible
promissory note, subject to the same terms in interest charge and maturity under the First Pre-Paid Advance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Second A&amp;R SEPA, the
Company issued convertible promissory notes in an aggregate of $<ix:nonFraction contextRef="c1" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayable" scale="6" unitRef="usd" id="ixv-46640">33.51</ix:nonFraction> million to Yorkville. On July 2, 2024, the Company received $<ix:nonFraction contextRef="c156" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromLegalSettlements" scale="6" unitRef="usd" id="ixv-46641">23.35</ix:nonFraction>
million, net of $<ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="0" unitRef="usd" id="ixv-46642">150,000</ix:nonFraction> direct legal fee incurred in arranging the Second A&amp;R SEPA, from Yorkville.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Common Warrants to Yorkville</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, pursuant to the Second A&amp;R SEPA, the Company issued a warrant
(the &#8220;Common Warrant&#8221;) to Yorkville to purchase up to a number of shares of common stock of the Company equal to <ix:nonFraction contextRef="c157" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentRedemptionPricePercentage" scale="-2" unitRef="pure" id="ixv-46643">25</ix:nonFraction>% of the
principal amount of the aggregated pre-paid advances divided by a price equal to the Fixed Price, each such Common Warrant with an exercise
price equal to the Fixed Price. On June 28, 2024, the Company issued <ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46644">1,431,561</ix:nonFraction> shares of common warrants to Yorkville (representing $<ix:nonFraction contextRef="c159" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentIssuedPrincipal" scale="0" unitRef="usd" id="ixv-46645">8,377,500</ix:nonFraction>
or <ix:nonFraction contextRef="c160" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfAggregatePrincipalAmount" scale="-2" unitRef="pure" id="ixv-46646">25</ix:nonFraction>% of the $<ix:nonFraction contextRef="c161" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentIssuedPrincipal" scale="0" unitRef="usd" id="ixv-46647">33,510,000</ix:nonFraction> the aggregated principal amount of the First Pre-Paid Advance and the Second Pre-Paid Advance) at a fixed price
of $<ix:nonFraction contextRef="c154" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure" id="ixv-46648">5.67</ix:nonFraction> per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Promissory Notes Receivable from Triller </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the First and Second Pre-Paid Advances issued by
Yorkville under A&amp;R SEPA and the Second A&amp;R SEPA, Yorkville advanced $<ix:nonFraction contextRef="c162" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AdvancesToAffiliate" scale="6" unitRef="usd" id="ixv-46649">8.0</ix:nonFraction> million and $<ix:nonFraction contextRef="c163" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AdvancesToAffiliate" scale="6" unitRef="usd" id="ixv-46650">20.3</ix:nonFraction> million, respectively to Triller and
Triller issued promissory note to the Company in April and August 2024. The promissory notes receivable from Triller included interest
receivables from Triller.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <ix:nonNumeric contextRef="c164" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-46651">September 30, 2024</ix:nonNumeric>, the promissory note
receivable from Triller was $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:PromissoryNotesReceivable" scale="0" unitRef="usd" id="ixv-46652">28,344,339</ix:nonFraction>, including an interest receivable of $<ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivable" scale="0" unitRef="usd" id="ixv-46653">369,339</ix:nonFraction>, with the maturity date on June 28, 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible Promissory Notes Payable, net</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, the aggregate principal amount of the First
and Second Pre-Paid Advances are $<ix:nonFraction contextRef="c152" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentIssuedPrincipal" scale="6" unitRef="usd" id="ixv-46654">33.51</ix:nonFraction> million and the convertible promissory notes payable to Yorkville are recorded at $<ix:nonFraction contextRef="c166" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentIssuedPrincipal" scale="6" unitRef="usd" id="ixv-46655">32.51</ix:nonFraction> million,
net of discount, as current liabilities on the condensed consolidated balance sheets. The convertible promissory notes payable will be
repayable within 12 months after the issuance date. Also, Yorkville has the right to convert the convertible promissory notes payable
into the Company&#8217;s common stock at any time after the Merger Transaction at a fixed conversion price. The Company analyzed the conversion
feature of the agreement for derivative accounting consideration under ASC 815 and determined that the embedded conversion features should
be classified as a derivative because the exercise price of these convertible notes are subject to a variable conversion rate. The Company
has determined that the conversion feature is not considered to be solely indexed to the Company&#8217;s own shares and is therefore not
afforded equity treatment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded amortization of debt discount
of convertible promissory notes payable as interest expense in the unaudited condensed consolidated statements of operations and comprehensive
loss of $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfDebtDiscountPremium" scale="0" unitRef="usd" id="ixv-46656">518,959</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfDebtDiscountPremium" scale="0" unitRef="usd" id="ixv-46657">612,575</ix:nonFraction> for the three and nine months ended September 30, 2024, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded accrued interest of convertible
promissory notes payable in interest expense in the unaudited condensed consolidated statements of operations and comprehensive loss of
$<ix:nonFraction contextRef="c167" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-46658">432,592</ix:nonFraction> and $<ix:nonFraction contextRef="c168" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-46659">510,698</ix:nonFraction> for the three and nine months ended September 30, 2024, respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock" id="ixv-29019"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><b>NOTE 6 &#8212;
RESTRICTED CASH </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023,
the Company has $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:EscrowLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46660">13,657,974</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:EscrowLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-46661">16,816,842</ix:nonFraction> fund held in escrow, respectively. Fund held in escrow primarily comprised of escrow funds
held in bank accounts on behalf of the Company&#8217;s customers. The Company is currently acted as a custodian to manage the assets and
investment portfolio on behalf of its customers under the terms of certain contractual agreements, which the Company does not have the
right to use for any purposes, other than managing the portfolio. Upon receiving escrow funds, the Company records a corresponding escrow
liability.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock" id="ixv-29029"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 7 &#8212;
ACCOUNTS RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" id="ixv-46662">Accounts receivable,
net consisted of the following:</ix:nonNumeric></p>

<ix:continuation id="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Accounts receivable</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableGross" scale="0" unitRef="usd" id="ixv-46663">1,880,421</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c172" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="0" unitRef="usd" id="ixv-46666">1,094,225</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46667">1,126,653</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c170" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46668">312,482</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Accounts receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNet" scale="0" unitRef="usd" id="ixv-46669">2,587,111</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts receivable due from related parties
represented the management service rendered to the portfolio assets of a related companies, which are controlled by the holding company,
for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values
invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_AccountsReceivableAllowanceForCreditLossTableTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock" id="ixv-46671">The following table presents the activity in the
allowance for expected credit losses:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_AccountsReceivableAllowanceForCreditLossTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c170" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46672">312,482</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c173" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46673">94,447</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c174" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46674">808,274</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46675">217,475</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Foreign translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c174" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease" scale="0" unitRef="usd" id="ixv-46676">5,897</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease" scale="0" unitRef="usd" id="ixv-46677">560</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Balance at end of period/year</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46678">1,126,653</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c170" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-46679">312,482</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generally conducts its business with
creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses
determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and
market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off
after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on
an ongoing basis and its exposure to bad debts is not significant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and nine months ended September 30, 2024, the Company
has evaluated the probable losses on the accounts receivable and made a provision for allowance for expected credit losses of $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46680">214,416</ix:nonFraction>
and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46681">808,274</ix:nonFraction>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and nine months ended September
30, 2023, the Company has evaluated the probable losses on the accounts receivable and made a provision for allowance for expected credit
losses of $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46682">143,101</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46683">211,050</ix:nonFraction>, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 194; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FinancingReceivablesTextBlock" id="ixv-29188"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 8 &#8212;
LOANS RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><ix:nonNumeric contextRef="c181" continuedAt="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c181_cont_1" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" id="ixv-46684">The Company&#8217;s
loans receivable, net was as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation id="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c181_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Residential mortgage loans</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MortgageLoansOnRealEstateCommercialAndConsumerNet" scale="0" unitRef="usd" id="ixv-46685">1,680,436</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Less: allowance for expected credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivableAllowanceForCreditLossNoncurrent" scale="0" unitRef="usd" id="ixv-46687">10,318</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivableAllowanceForCreditLossNoncurrent" scale="0" unitRef="usd" id="ixv-46688">1,229</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Loans receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsNotesAndLoansReceivableNetCurrent" scale="0" unitRef="usd" id="ixv-46689">1,670,118</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsNotesAndLoansReceivableNetCurrent" scale="0" unitRef="usd" id="ixv-46690">1,604,302</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">Classifying as:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-46694">1,054,841</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Loans receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesReceivableNet" scale="0" unitRef="usd" id="ixv-46695">1,670,118</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesReceivableNet" scale="0" unitRef="usd" id="ixv-46696">1,604,302</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rates on loans issued ranged between
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Mortgage loans are secured by collateral in the pledge of the underlying real estate properties owned by the borrowers. As of September
30, 2024, the net carrying amount of the loans receivable was $<ix:nonFraction contextRef="c180" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesReceivableNet" scale="0" unitRef="usd" id="ixv-46701">1,670,118</ix:nonFraction>, which included an interest receivable of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivable" scale="0" unitRef="usd" id="ixv-46702">114,616</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mortgage loans are made to either business or
individual customers in Hong Kong for a period of <ix:nonNumeric contextRef="c178" format="ixt-sec:duryear" name="us-gaap:LoansHeldForSaleTerm" id="ixv-46703">1</ix:nonNumeric> to <ix:nonNumeric contextRef="c179" format="ixt-sec:duryear" name="us-gaap:LoansHeldForSaleTerm" id="ixv-46704">25</ix:nonNumeric> years, which are fully collateralized and closely monitored for counterparty
creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of September 30, 2024 and
December 31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimated allowance for expected credit losses
is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied
on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic
conditions. If there is an unexpected deterioration of a customer&#8217;s financial condition or an unexpected change in economic conditions,
including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting
adjustments would affect earnings in the period that adjustments are made.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and nine months ended September 30, 2024, the Company
has evaluated the probable losses on loans receivable and made a provision for allowance for expected credit losses of $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd" id="ixv-46705">5,482</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd" id="ixv-46706">9,037</ix:nonFraction>,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three and nine months ended September
30, 2023, the Company has evaluated the probable losses on loans receivable and made a provision for allowance for expected credit losses
of $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd" id="ixv-46707">1,414</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd" id="ixv-46708">1,414</ix:nonFraction>, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" id="ixv-29312"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 9 &#8212;
NOTES RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.3pt; text-align: justify; text-indent: -59.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2023, the Company entered into
a subscription agreement and a convertible loan note instrument (collectively the &#8220;Agreements&#8221;) with Investment A. Pursuant
to the Agreements, the Company agrees to subscribe an aggregate amount of $<ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfNotesReceivable" scale="0" unitRef="usd" id="ixv-46709">1,673,525</ix:nonFraction> notes, in batches, which are payable on or before
January 31, 2024 and bears a fixed interest rate of <ix:nonFraction contextRef="c184" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFixedInterestRate" scale="-2" unitRef="pure" id="ixv-46710">8</ix:nonFraction>% per annum. On April 30, 2024, the Company entered into a purchase and sale agreement
with an independent third party to sell all its convertible loan notes on Investment A for a purchase price of $<ix:nonFraction contextRef="c185" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SupplementalDeferredPurchasePrice" scale="0" unitRef="usd" id="ixv-46711">412,360</ix:nonFraction>. The transaction
was completed on April 30, 2024. For the three and nine months ended September 30, 2024, the Company has evaluated the probable losses
on notes receivable and made a provision for allowance for expected credit losses of <span style="-sec-ix-hidden: hidden-fact-284">nil</span> and $<ix:nonFraction contextRef="c187" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-46712">155,187</ix:nonFraction>, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 195; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentTextBlock" id="ixv-29347"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 10
&#8212; LONG-TERM INVESTMENTS, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentTableTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentTableTextBlock" id="ixv-46713">Long-term investments, net consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_InvestmentTableTextBlock-c0_cont_2" id="_InvestmentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Marketable equity securities:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c193" decimals="4" format="ixt:num-dot-decimal" id="ix_37_fact" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">0.00</ix:nonFraction></td><td style="width: 1%; text-align: left">%*</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c193" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="usd" id="ixv-46715">1,380</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Non-marketable equity securities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_InvestmentTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
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</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>Investments
in Marketable Equity Securities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in equity securities, such as, marketable
securities, are accounted for at its current market value with the changes in fair value recognized in net gain (loss). Investment C was
listed and publicly traded on Nasdaq Stock Exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>Investments
in Non-Marketable Equity Securities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in non-marketable equity securities
consist of investments in limited liability companies in which the Company&#8217;s interests are deemed minor and long-term, strategic
investments in companies that are in various stages of development, and investments in close-ended partnership funds which concentrated
in the healthcare sector. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment,
if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment
of the same issuer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 196; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_InvestmentTextBlock-c0_cont_2" id="_InvestmentTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management assesses each of these investments
on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee&#8217;s
financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions
subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company
is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the
investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net.
Fair value is estimated using the best information available, which may include cash flow projections or other available market data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 5, 2024, the Company entered into
a purchase and sale agreement with an independent third party to sell all its equity interest in Investment F for a purchase price of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investments Under Purchase Option</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2024, the Company received the warrant containing a
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC Topic 820-10, the warrant was classified
as Level 3 due to the use of unobservable inputs. The fair value of the warrant is valued by an independent valuer using a Binominal pricing
model with the following key inputs at the measurement date:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Warrant remaining life</td><td>&#160;</td>
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</div><div>


</div><!-- Field: Page; Sequence: 197; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_EquityMethodInvestmentsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c0" continuedAt="illr_ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock-c0_cont_1" escape="true" name="illr:ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock" id="ixv-46767">Cumulative unrealized gains and losses, included in the carrying value
of the Company&#8217;s non-marketable equity securities:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="illr_ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Downward adjustments (including impairment)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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income (expense) in the Company&#8217;s unaudited condensed consolidated statements of operations and comprehensive loss, and consisted
of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfNetIsRecordedAsOtherIncomeTableTextBlock-c0_cont_2" id="illr_ScheduleOfNetIsRecordedAsOtherIncomeTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Marketable equity securities:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Non-marketable equity securities:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Unrealized loss (including impairment) &#8211; Investment F</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Dividend income</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendIncomeOperating" scale="0" unitRef="usd" id="ixv-46778">236,870</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_ScheduleOfNetIsRecordedAsOtherIncomeTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Non-marketable equity securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Unrealized loss (including impairment) &#8211; Investment B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46784">37,678</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Unrealized loss (including impairment) &#8211; Investment F</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46785">2,457,537</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Dividend income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendIncomeOperating" scale="0" unitRef="usd" id="ixv-46786">1,404,303</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Investment (loss) income, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-46787">36,900</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd" id="ixv-46788">488,589</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 198; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ShortTermDebtTextBlock" id="ixv-30144"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 11
&#8212; BORROWINGS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock" id="ixv-30148"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Mortgage borrowings</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46789">1,066,160</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46790">1,804,950</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Short-term borrowings, related party</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46791">5,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46792">5,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:Borrowings" scale="0" unitRef="usd" id="ixv-46793">6,066,160</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:Borrowings" scale="0" unitRef="usd" id="ixv-46794">6,804,950</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Mortgage Borrowings</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, the Company obtained a mortgage
loan of $<ix:nonFraction contextRef="c225" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLoansPayable" scale="0" unitRef="usd" id="ixv-46795">1,793,001</ix:nonFraction> (equivalent to HK$<ix:nonFraction contextRef="c225" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLoansPayable" scale="0" unitRef="hkd" id="ixv-46796">14,000,000</ix:nonFraction>) from a finance company in Hong Kong, which bears an average interest rate at <ix:nonFraction contextRef="c226" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShortTermDebtPercentageBearingFixedInterestRate" scale="-2" unitRef="pure" id="ixv-46797">13.75</ix:nonFraction>% per
annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premises owned by the Company. As of
September 30, 2024, the carrying value of the loan is $<ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46798">1,066,160</ix:nonFraction>. On October 31, 2024, the Company entered into a preliminary sales and
purchase agreement with an independent third party to sell the office premises with a cash consideration of approximately $<ix:nonFraction contextRef="c228" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentForContingentConsiderationLiabilityInvestingActivities" scale="6" unitRef="usd" id="ixv-46799">1.6</ix:nonFraction> million.
The transaction will be completed in February 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2024, the Company partially settled $<ix:nonFraction contextRef="c229" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ParticipatingMortgageLoansMortgageObligationsAmount" scale="0" unitRef="usd" id="ixv-46800">787,157</ix:nonFraction>,
including $<ix:nonFraction contextRef="c230" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebtExcludingAmortization" scale="0" unitRef="usd" id="ixv-46801">18,678</ix:nonFraction> interest expense (equivalent to principal and interest of HK$<ix:nonFraction contextRef="c229" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ParticipatingMortgageLoansMortgageObligationsAmount" scale="0" unitRef="hkd" id="ixv-46802">6,000,000</ix:nonFraction> and HK$<ix:nonFraction contextRef="c230" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebtExcludingAmortization" scale="0" unitRef="hkd" id="ixv-46803">145,833</ix:nonFraction>, respectively). The remaining
principal and accrued interest is expected to settle in November 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Short-term Borrowings</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2023, the Company obtained a short-term
borrowing of $<ix:nonFraction contextRef="c231" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOtherShortTermBorrowings" scale="0" unitRef="usd" id="ixv-46804">5,000,000</ix:nonFraction> from the Company&#8217;s major stockholder&#8217;s ultimate holding company, which bears interest at a fixed rate
of <ix:nonFraction contextRef="c232" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShortTermDebtPercentageBearingFixedInterestRate" scale="-2" unitRef="pure" id="ixv-46805">12.00</ix:nonFraction>% per annum, repayable in October 2023. The borrowing is secured by a lien on the partial equity interest in Investment D owned
by the Company. The Company entered into certain supplementary agreements to renew and extend the maturity to the end of November 2024.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock" id="ixv-30220"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 12
&#8212; OPERATING LEASES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into commercial operating lease with an independent
third party for the use of an office in Hong Kong. The lease has original terms exceeding <ix:nonNumeric contextRef="c178" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-46806">1</ix:nonNumeric> year, but not more than <ix:nonNumeric contextRef="c1" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-46807"><ix:nonNumeric contextRef="c179" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-46808">3</ix:nonNumeric></ix:nonNumeric> years with an option
to renew for a further term of 3 years. The operating lease is included in &#8220;Right-of-use assets, net&#8221; on the condensed consolidated
balance sheets and represented the Company&#8217;s right to use the underlying assets during the lease term. The Company&#8217;s obligation
to make lease payments are included in &#8220;Operating lease liabilities&#8221; on the condensed consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_LeaseCostTableTextBlock-c0_cont_1" escape="true" name="us-gaap:LeaseCostTableTextBlock" id="ixv-46809">Supplemental balance sheet information related
to operating leases was as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&#160;</p>

<ix:continuation continuedAt="_LeaseCostTableTextBlock-c0_cont_2" id="_LeaseCostTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Operating lease:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Right-of-use asset</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:RightofuseAssetGross" scale="0" unitRef="usd" id="ixv-46810">12,618,789</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:RightofuseAssetGross" scale="0" unitRef="usd" id="ixv-46811">12,512,585</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="illr:OperatingLeaseRightOfUseAssetAccumulatedAmortization" scale="0" unitRef="usd" id="ixv-46812">2,447,706</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:OperatingLeaseRightOfUseAssetAccumulatedAmortization" scale="0" unitRef="usd" id="ixv-46813">1,004,432</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Right-of-use asset, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd" id="ixv-46814">10,171,083</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd" id="ixv-46815">11,508,153</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>


</div><!-- Field: Page; Sequence: 199; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="_LesseeOperatingLeasesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease expense for the three months ended
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condensed consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease expense for the nine months ended
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unaudited condensed consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:continuation continuedAt="_LeaseCostTableTextBlock-c0_cont_3" id="_LeaseCostTableTextBlock-c0_cont_2">Other supplemental information about the Company&#8217;s
operating lease as of September 30, 2024 and December 31, 2023 are as follow:</ix:continuation></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_LeaseCostTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -2.15pt; padding-left: 2.15pt">Weighted average discount rate</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure" id="ixv-46827">6.58</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure" id="ixv-46828">6.58</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -2.15pt; padding-left: 2.15pt">Weighted average remaining lease term (years)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c1" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" id="ixv-46829">4.67</ix:nonNumeric></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c2" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" id="ixv-46830">5.42</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr> </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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September 30, 2024 were as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_LesseeOperatingLeaseLiabilityMaturityTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">For the year ending September 30,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating<br/>
 lease</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">2025</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" scale="0" unitRef="usd" id="ixv-46833">2,373,467</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" scale="0" unitRef="usd" id="ixv-46834">3,216,968</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">2028</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" scale="0" unitRef="usd" id="ixv-46835">3,216,968</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -2.15pt; padding-left: 2.15pt">2029</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" scale="0" unitRef="usd" id="ixv-46836">2,144,645</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -2.15pt; padding-left: 2.15pt">Total minimum lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="0" unitRef="usd" id="ixv-46837">12,903,765</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" scale="0" unitRef="usd" id="ixv-46838">1,889,181</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Future minimum lease payments</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="usd" id="ixv-46839">11,014,584</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="illr_WarrantsLiabilitiesTextBlock-c0_cont_1" escape="true" name="illr:WarrantsLiabilitiesTextBlock" id="ixv-30468"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 13
&#8212; WARRANTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Merger Transaction aforementioned
in note 4, the exercise prices for, and the shares underlying, all previously outstanding public warrants (&#8220;AGBA Public Warrants&#8221;),
private warrants issued in AGBA&#8217;s SPAC IPO (&#8220;AGBA SPAC Private Warrants&#8221;), Class A warrants (&#8220;AGBA Class A Warrants&#8221;),
and common warrants (&#8220;AGBA Common Warrants,&#8221; together with AGBA Class A Warrants and AGBA SPAC Private Warrants, &#8220;AGBA
Private Warrants,&#8221; together with AGBA Public Warrants, &#8220;AGBA Warrants&#8221;) issued by AGBA were adjusted in accordance with
the terms of such warrant instruments to reflect the previously announced and implemented 1.9365-to-1 Forward Split and 1-for-4 Reverse
Split. <ix:nonNumeric contextRef="c0" name="illr:EquitableAdjustmentWithCombinedRatio" id="ixv-46840">An equitable adjustment with a combined ratio of 0.5:1 applied</ix:nonNumeric> to the number of AGBA Ordinary Shares issuable on the exercise of
each AGBA Warrants and the warrant price. Upon the Closing, all warrants issued by AGBA and Triller were assigned to and assumed by Triller
Group (&#8220;Triller Group Warrants&#8221;). Accordingly, as of the close of business on October 15, 2024, each AGBA Public Warrant and
each AGBA SPAC Private Warrant became one Triller Group Warrant which entitles the holder thereof to purchase <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:StockOptionExercisePriceDecrease" scale="0" unitRef="usdPershares" id="ixv-46841">0.25</ix:nonFraction> shares of Triller Group
Common Stock at an adjusted exercise price of $<ix:nonFraction contextRef="c233" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceDecrease" scale="0" unitRef="usdPershares" id="ixv-46842">23.00</ix:nonFraction> per whole share (provided, however, warrants are not exercisable for fractional shares,
only whole shares; thereby a warrant holder would need to hold four warrants to yield one share). Each AGBA Class A Warrant and each AGBA
Common Warrant became one Triller Group Warrant which entitles the holder thereof to purchase <ix:nonFraction contextRef="c0" decimals="1" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceDecrease" scale="0" unitRef="usdPershares" id="ixv-46843">0.5</ix:nonFraction> shares of Triller Group Common Stock
at an adjusted exercise price of two times of the original exercise price per whole share (provided, however, warrants are not exercisable
for fractional shares, only whole shares; thereby a warrant holder would need to hold two warrants to yield one share). AGBA Public Warrants
started trading on a post-adjustment basis as Triller Group Warrants on October 16, 2024 under the new ticker symbol &#8220;ILLRW&#8221;.
All the warrants and their exercise prices are retroactively restated in effect to the forward stock split and reverse stock split (see
Note 14).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">The Company has
issued the different classes of warrants, as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Public Warrants</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each public warrant entitles the holder thereof
to purchase one-quarter (1/4) of one share of common stock at a price of $<ix:nonFraction contextRef="c234" decimals="2" format="ixt:num-dot-decimal" name="illr:NewlyIssuedSharePrice" scale="0" unitRef="usdPershares" id="ixv-46844">23.00</ix:nonFraction> per full share, subject to adjustment as discussed herein.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only
an even number of warrants may be exercised at any given time by a warrant holder.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 200; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="illr_WarrantsLiabilitiesTextBlock-c0_cont_2" id="illr_WarrantsLiabilitiesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the public warrants become exercisable, the
Company may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued
to Maxim Group LLC) for redemption:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
whole and not in part;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
a price of $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="illr:ClassOfWarrantsOrRightsRedemptionPricePerShare" scale="0" unitRef="usdPershares" id="ixv-46845">0.01</ix:nonFraction> per warrant;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
a minimum of <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="illr:NumberOfConsecutiveTradingDaysForDeterminingTheNewlyIssuedSharePrice" id="ixv-46846">30</ix:nonNumeric> days&#8217; prior written notice of redemption,</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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and only if, the last sales price of the common stock equals or exceeds $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="illr:NewlyIssuedSharePrice" scale="0" unitRef="usdPershares" id="ixv-46847">33.00</ix:nonFraction> per share for any <ix:nonNumeric contextRef="c235" format="ixt-sec:durday" name="illr:NumberOfTradingDaysForDeterminingTheNewlyIssuedSharePrice" id="ixv-46848">20</ix:nonNumeric> trading days within a <ix:nonNumeric contextRef="c236" format="ixt-sec:durday" name="illr:NumberOfTradingDaysForDeterminingTheNewlyIssuedSharePrice" id="ixv-46849">30</ix:nonNumeric> trading
day period ending three business days before the Company send the notice of redemption, and</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the time
of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company calls the warrants for redemption
as described above, the management of the Company will have the option to require all holders that wish to exercise warrants to do so
on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the whole warrants for that
number of common stocks equal to the quotient obtained by dividing (x) the product of the number of common stock underlying the warrants,
multiplied by the difference between the exercise price of the warrants and the &#8220;fair market value&#8221; (defined below) by (y)
the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of the common stock for the
10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
Whether the Company will exercise our option to require all holders to exercise their warrants on a &#8220;cashless basis&#8221; will
depend on a variety of factors including the price of the common stock at the time the warrants are called for redemption, the Company&#8217;s
cash needs at such time and concerns regarding dilutive share issuances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The public warrants qualify for the derivative
scope exception under ASC 815 and are therefore presented as a component of Stockholders&#8217; Equity Section on the condensed consolidated
balance sheets without subsequent fair value re-measurement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023, there were <ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46850"><ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46851">4,600,000</ix:nonFraction></ix:nonFraction>
public warrants outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the public warrants, the Company has
accounted for and presented certain warrants as liabilities on the condensed consolidated balance sheets, in accordance with ASC 480.
The fair value of the warrant liabilities is valued by an independent valuer using a Binominal pricing model. The warrant liabilities
were classified as Level 3 due to the use of unobservable inputs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">SPAC Private Warrants</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SPAC private warrants are identical to the public warrants, except
that the SPAC private warrants and the common stocks issuable upon the exercise of the SPAC private warrants were not transferable, assignable
or salable until after the completion of the business combination on November 14, 2022, subject to certain limited exceptions. Additionally,
the SPAC private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the SPAC private warrants are held by someone other than the initial purchasers or their permitted
transferees, the SPAC private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public
warrants at a price of $<ix:nonFraction contextRef="c238" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceDecrease" scale="0" unitRef="usdPershares" id="ixv-46852">23.00</ix:nonFraction> per full share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023, there were <ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46853">225,000</ix:nonFraction>
SPAC private warrants outstanding, with aggregate value of $<ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-46854">8,102</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-296">nil</span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in fair value for the three and nine
months ended September 30, 2024 were $(<ix:nonFraction contextRef="c241" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46855">981</ix:nonFraction>) and $<ix:nonFraction contextRef="c242" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46856">8,102</ix:nonFraction>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in fair value for the three and nine
months ended September 30, 2023 were $<ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46857">1,106</ix:nonFraction> and $<ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46858">3,481</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 201; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="illr_WarrantsLiabilitiesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Warrants &#8211; Class A</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 2, 2024, the Company issued <ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46859">3,557,932</ix:nonFraction> shares of common stock
and the associated warrants to purchase up to <ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-46860">734,920</ix:nonFraction> shares of common stock at a purchase price of $<ix:nonFraction contextRef="c246" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-46861">1.40</ix:nonFraction> per share under the private
placement, to an institutional investor, a director and officers of the Company. The subscribers in private placement will receive one
warrant &#8211; class A for every five shares of common stock subscribed. Each warrant &#8211; class A entitles the holder to purchase
0.5 share of common stock at an exercise price of $<ix:nonFraction contextRef="c246" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-46862">2.00</ix:nonFraction> per share and shall be exercised with more than $<ix:nonFraction contextRef="c247" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromWarrantExercises" scale="0" unitRef="usd" id="ixv-46863">500,000</ix:nonFraction> per tranche. The warrants
will be exercisable six months after the issuance date for a period of <ix:nonNumeric contextRef="c246" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm" id="ixv-46864">five years</ix:nonNumeric> after the exercise date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023, there were <ix:nonFraction contextRef="c248" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46865">1,469,840</ix:nonFraction>
and <span style="-sec-ix-hidden: hidden-fact-297">nil</span> warrants - class A outstanding, respectively, with aggregate value of $<ix:nonFraction contextRef="c248" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-46866">1,896,657</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-298">nil</span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in fair value for the three and nine
months ended September 30, 2024 were $<ix:nonFraction contextRef="c250" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46867">156,864</ix:nonFraction> and $<ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46868">1,896,657</ix:nonFraction> respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Common Warrants</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One June 28, 2024, the Company issued <ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46869">2,957,008</ix:nonFraction> common warrants to
Yorkville, in connection with the Second A&amp;R SEPA, representing $<ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-46870">8,377,500</ix:nonFraction> or <ix:nonFraction contextRef="c252" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfAggregatePrincipalAmount" scale="-2" unitRef="pure" id="ixv-46871">25</ix:nonFraction>% of the $<ix:nonFraction contextRef="c253" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd" id="ixv-46872">33,510,000</ix:nonFraction> the aggregate principal amount
of the First Pre-Paid Advance and the Second Pre-Paid Advance (see Note 5). Each common warrant entitles the holder to purchase 0.5 share
of common stock with an exercise price of $<ix:nonFraction contextRef="c254" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-46873">5.67</ix:nonFraction> per share.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023, there were <ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-46874">2,957,008</ix:nonFraction>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in fair value for the three and nine
months ended September 30, 2024 were $<ix:nonFraction contextRef="c257" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46876">476,167</ix:nonFraction> and $<ix:nonFraction contextRef="c258" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46877">2,376,695</ix:nonFraction>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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were as follows at their measurement dates:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock-c259_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="10" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30, 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Common <br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrants &#8211; <br/> Class A</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">SPAC Private <br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">SPAC Private <br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Input</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-indent: -2.15pt; padding-left: 2.15pt">Share price</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 202; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-30804"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 14
&#8212; STOCKHOLDERS&#8217; (DEFICIT) EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the Company&#8217;s common stock is currently
traded on the Nasdaq Capital Market under the symbol &#8220;ILLR&#8221;, which was previously traded under the symbol &#8220;AGBA.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company changed its domicile
from British Virgin Islands to the State of Delaware.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: justify; text-indent: -1.95pt"><i><span style="text-decoration:underline">Preferred
Stock</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On October
15, 2024, the Company filed its articles of incorporation with the Secretary of State of Delaware, to </span>authorize shares of preferred
stock and provide that shares of preferred stock may be issued from time to time in one or more series. The Company&#8217;s board of directors
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other
special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the Company has authorized a total of
<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46899">100,000,000</ix:nonFraction> shares of preferred stock. Of this amount the Company has designated <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46900">11,803,398</ix:nonFraction> shares and <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46901">35,000</ix:nonFraction> shares to two classes of
preferred stock, Series A-1 Preferred Stock and Series B Preferred Stock, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A description of each class of preferred stock
is listed below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Series A-1 Preferred Stock</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company designated up to <ix:nonFraction contextRef="c280" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46902">11,803,398</ix:nonFraction> shares
as Series A-1 Preferred Stock, with a par value of $<ix:nonFraction contextRef="c280" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-46903">0.001</ix:nonFraction> per share. Each share of Series A-1 Preferred Stock shall be convertible, at
the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder
thereof, into such number of fully paid and non-assessable shares of common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were <span style="-sec-ix-hidden: hidden-fact-303"><span style="-sec-ix-hidden: hidden-fact-304"><span style="-sec-ix-hidden: hidden-fact-305"><span style="-sec-ix-hidden: hidden-fact-306">nil</span></span></span></span> shares of Series A-1 Preferred
Stock issued and outstanding as of September 30, 2024 and December 31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Series B Preferred Stock</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company designated up to <ix:nonFraction contextRef="c281" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46904">35,000</ix:nonFraction> shares of
Series B Preferred Stock, with a par value of $<ix:nonFraction contextRef="c281" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-46905">0.001</ix:nonFraction> per share. <ix:nonNumeric contextRef="c282" name="us-gaap:PreferredStockVotingRights" id="ixv-46906">Each share of Series B Preferred Stock shall be entitled to 10,000 votes</ix:nonNumeric>
for each share of Series B Preferred Stock held by such holder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were <span style="-sec-ix-hidden: hidden-fact-307"><span style="-sec-ix-hidden: hidden-fact-308"><span style="-sec-ix-hidden: hidden-fact-309"><span style="-sec-ix-hidden: hidden-fact-310">nil</span></span></span></span> shares of Series B Preferred Stock
issued and outstanding as of September 30, 2024 and December 31, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: justify; text-indent: -1.95pt"><i>&#160;</i></p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 203; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: justify; text-indent: -1.95pt"><i><span style="text-decoration:underline">Common Stock
(or equivalent to ordinary shares)</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Forward and Reverse Stock Splits</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2024, the Company effected a 1.9365-to-1
forward stock split (the &#8220;Forward Split&#8221;), resulting increase in the total number of authorized ordinary shares from <ix:nonFraction contextRef="c283" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46907">1,500,000,000</ix:nonFraction>
to <ix:nonFraction contextRef="c284" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46908">2,904,753,145</ix:nonFraction>, increase in the outstanding ordinary shares from <ix:nonFraction contextRef="c285" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-46909">97,736,035</ix:nonFraction> shares to <ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-46910">189,265,804</ix:nonFraction> shares and reduction of par value
from $<ix:nonFraction contextRef="c285" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares" id="ixv-46911">0.001</ix:nonFraction> to $<ix:nonFraction contextRef="c286" decimals="9" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares" id="ixv-46912">0.000516395</ix:nonFraction> per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, <ix:nonNumeric contextRef="c0" name="illr:StockholdersEquityForwardStockSplit" id="ixv-46913">on October 15, 2024, immediately prior
to the completion of the redomiciliation and merger transaction, the Company effected a 1-for-4 reverse stock split (the &#8220;Reverse
Split&#8221;), resulting in the proportional adjustments to the par value of the ordinary shares, the authorized number of ordinary shares,
and the number of outstanding ordinary shares.</ix:nonNumeric> Proportional adjustments were also made to all outstanding stock options, warrants, and
common warrants in accordance with their respective terms. The Reverse Split did not change the par value of the Company&#8217;s common
stock or the authorized number of shares. All fractional shares were rounded up to the nearest whole share with respect to outstanding
shares of common stock. All share and warrant numbers and per share amounts are retroactively presented in this Form 10-Q to reflect the
impact of the Forward Split and the Reverse Split as if they had taken effect on January 1, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the Company has <ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-46914">1,400,000,000</ix:nonFraction> authorized
shares of common stock, with a par value of $<ix:nonFraction contextRef="c30" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-46915">0.001</ix:nonFraction> per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify; text-indent: -28pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify; text-indent: -28pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify; text-indent: -28pt">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify">&#160;</p>

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warrant containing a purchase option to acquire the equity interest of the consultant, with the aggregate fair value of $<ix:nonFraction contextRef="c296" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-46932">18,456,585</ix:nonFraction>,
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in">&#160;</td> <td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c287" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodSharesSettlementOfSalaries" scale="0" unitRef="shares" id="ixv-46942">702,726</ix:nonFraction> shares of common stock for the settlement of the accrued salaries to the directors and officers.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify; text-indent: -28pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in">&#160;</td> <td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c299" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46944">636,899</ix:nonFraction> shares of common stock to a related company which owned by the Chairman of the Company to compensate for the advisory services rendered.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.6pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in">&#160;</td> <td style="width: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c300" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" scale="0" unitRef="shares" id="ixv-46946">459,919</ix:nonFraction> shares of common stock to the employees and officers of the Company to compensate for their services and performance.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

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</div><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46948"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-46949">47,317,308</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46950"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-46951">33,240,991</ix:nonFraction></ix:nonFraction> shares of
common stock issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46952">2,564</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46953">2,150,680</ix:nonFraction> share-based compensation expense, respectively which is included in the legal and
professional fee in the unaudited condensed consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9pt; text-align: justify; text-indent: -1.95pt"><i><span style="text-decoration:underline">Common Stock
To Be Issued</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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stock to be issued, as of September 30, 2024 and December 31, 2023, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Subscription Receivable</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription receivable is related to the private
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$<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityNoteSubscriptionsReceivable" scale="0" unitRef="usd" id="ixv-46957">2,051,280</ix:nonFraction> in relation to the corresponding <ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodSharesIssuanceOfPrivatePlacement" scale="0" unitRef="shares" id="ixv-46958">1,418,680</ix:nonFraction> shares of common stock is expected to be settled by the director of the Company
on or before December 31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Forgiveness of Amount Due to the Holding
Company</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
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certain amount due to it and treat as additional paid-in capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">2023 Share Award Scheme</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Share Award Scheme, the Company
filed S-8 registration statement to register up to <ix:nonFraction contextRef="c301" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46960">5,652,352</ix:nonFraction> shares of common stock on February 24, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the common stock granted during
the period is measured based on the closing price of the Company&#8217;s common stocks as reported by Nasdaq Exchange on the date of grant.
For those vested immediately on the date of grant, the fair value is recognized as share-based compensation expense in the unaudited condensed
consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, <ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-46961">491,797</ix:nonFraction> shares of common
stock are available to issue under this plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024
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expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Restricted Share Units (&#8220;RSUs&#8221;)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, the Company approved and granted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the RSUs, the fair value is recognized over
the period based on the derived service period (usually the vesting period), on a straight-line basis. The valuations assume no dividends
will be paid. The Company has assumed <ix:nonFraction contextRef="c310" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfForfeitures" scale="-2" unitRef="pure" id="ixv-46967">10</ix:nonFraction>% forfeitures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 22, 2024 and June 18, 2024, the Company
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were vested in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c313" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46970">250,567</ix:nonFraction> and $<ix:nonFraction contextRef="c314" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46971">1,317,600</ix:nonFraction> share-based compensation expense, respectively which is included in the personal
and benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023,
total unrecognized compensation remaining to be recognized in future periods for RSUs totaled $<ix:nonFraction contextRef="c317" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="6" unitRef="usd" id="ixv-46974">1.2</ix:nonFraction> million and $<ix:nonFraction contextRef="c318" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="6" unitRef="usd" id="ixv-46975">1.9</ix:nonFraction> million, respectively.
They are expected to be recognized over the weighted average period of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" id="ixv-46976">1.08</ix:nonNumeric> years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i><span style="text-decoration:underline">2024 Equity
Incentive Plan</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the 2024 Equity Incentive Plan (the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the common stock granted during
the period is measured based on the closing price of the Company&#8217;s common stock as reported by Nasdaq Exchange on the date of grant.
For those vested immediately on the date of grant, the fair value is recognized as share-based compensation expense in the unaudited condensed
consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, <ix:nonFraction contextRef="c320" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-46993">36,016</ix:nonFraction> shares of common
stock are available to issue under this plan.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024,
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expenses and legal and professional fee, respectively in the unaudited condensed consolidated statements of operations and comprehensive
loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024, the Company recorded
$<ix:nonFraction contextRef="c323" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46996">3,059,390</ix:nonFraction> and $<ix:nonFraction contextRef="c324" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-46997">764,923</ix:nonFraction> share-based compensation expense, respectively which is included in the personal and benefit expenses in the unaudited
condensed consolidated statements of operations and comprehensive loss.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 206; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OtherOperatingIncomeAndExpenseTextBlock" id="ixv-31272"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 15
&#8212; OPERATING EXPENSES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.3pt; text-align: justify; text-indent: -59.3pt"><i><span style="text-decoration:underline">Commission
Expense </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of respective contracts,
commission expense represents certain premiums from insurance or investment products paid to agents. Commission rates vary by market due
to local practice, competition, and regulations. The Company charged commission expense on a systematic basis that is consistent with
the revenue recognition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-46998">1,934,131</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-46999">8,915,811</ix:nonFraction> commission expenses, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47000">7,696,943</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47001">28,195,740</ix:nonFraction> commission expenses, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Personnel and Benefit Expense</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit expense mainly consisted
of salaries and bonus paid and payable to the employees of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024 and 2023, the Company
recorded $<ix:nonFraction contextRef="c327" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LaborAndRelatedExpense" scale="0" unitRef="usd" id="ixv-47002">6,826,869</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LaborAndRelatedExpense" scale="0" unitRef="usd" id="ixv-47003">7,764,353</ix:nonFraction> personnel and benefit expense, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024 and 2023, the Company
recorded $<ix:nonFraction contextRef="c328" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LaborAndRelatedExpense" scale="0" unitRef="usd" id="ixv-47004">18,364,075</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LaborAndRelatedExpense" scale="0" unitRef="usd" id="ixv-47005">22,671,813</ix:nonFraction> personnel and benefit expense, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Legal and Professional Fees</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees mainly consisted of
certain professional consulting services in legal, audit, accounting and taxation, and others.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024 and 2023, the Company
recorded $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="0" unitRef="usd" id="ixv-47006">2,843,599</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfessionalFees" scale="0" unitRef="usd" id="ixv-47007">3,530,585</ix:nonFraction> legal and professional fees, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024 and 2023, the Company
recorded $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="0" unitRef="usd" id="ixv-47008">5,456,693</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfessionalFees" scale="0" unitRef="usd" id="ixv-47009">12,500,587</ix:nonFraction> legal and professional fees, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Other General and Administrative Expenses</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred different types of expenditures
under other general and administrative expenses. They primarily consist of depreciation of property and equipment and management fee expenses
which are allocated for certain corporate office expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-47010">1,152,530</ix:nonFraction> and $<ix:nonFraction contextRef="c14" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-47011">805,785</ix:nonFraction> other general and administrative expenses, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the nine months ended September 30, 2024
and 2023, the Company recorded $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-47012">3,440,851</ix:nonFraction> and $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-47013">2,242,167</ix:nonFraction> other general and administrative expenses, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 207; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock" id="ixv-31346"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 16
&#8212; INCOME TAXES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" id="ixv-47014">The provision
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation id="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries mainly operate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>United States of America</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the redomiciliation from the British Virgin
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>British Virgin
Islands</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries incorporated
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no British Virgin Islands withholding tax will be imposed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><i>Hong Kong</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries operating in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" id="ixv-47022">The following
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<ix:continuation id="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">Deferred tax assets, net:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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</div><div>


</div><!-- Field: Page; Sequence: 208; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024 and December 31, 2023,
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to offset future taxable income. Net operating loss can be carried forward indefinitely but cannot be carried back to prior years. There
are no group relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is
taxed as a separate entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future
tax benefits from the net operating loss carryforwards as the management believes that it is more likely than not that these assets will
not be realized in the future. The valuation allowance is reviewed annually.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt"><span style="text-decoration:underline">Uncertain
tax positions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates the uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of September 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain
tax positions. The Company incurred and settled minimal interest related to potential underpaid income tax expenses for the nine months
ended September 30, 2024 and did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months
from September 30, 2024.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock" id="ixv-31562"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 17
&#8212; SEGMENT INFORMATION</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock-c0_cont_1" escape="true" name="us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" id="ixv-47036">The following tables present the summary information
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p></ix:continuation></ix:nonNumeric><div>



</div><div>


</div><!-- Field: Page; Sequence: 209; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_2" id="_SegmentReportingDisclosureTextBlock-c0_cont_1"><ix:continuation continuedAt="_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock-c0_cont_3" id="_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="18" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three months ended September 30, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Distribution <br/>
Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Platform <br/>
Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fintech <br/>
Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-336">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-337">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock-c0_cont_4" id="_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify; text-indent: -2.15pt; padding-left: 2.15pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c348" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47097">7,124,313</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-354">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="18" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the nine months ended September 30, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Platform <br/>
Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fintech <br/>
Business</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-364">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-365">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-366">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">All of the Company&#8217;s
customers and operations are based in Hong Kong.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-32730"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE
18 &#8212; RELATED PARTY BALANCES AND TRANSACTIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In support of the Company&#8217;s efforts and
cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by the holding company. Amounts represent advances or amounts paid in satisfaction of liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_1" escape="true" name="illr:ScheduleOfRelatedPartyBalancesTableTextBlock" id="ixv-47141">Related party balances consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_2" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Balance with related parties:</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 11%; text-align: center">(a)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -2.15pt; padding-left: 2.15pt">Borrowings</td><td>&#160;</td>
    <td style="text-align: center">(b)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">(c)</td><td>&#160;</td>
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    <td style="text-align: center">(d)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Subscription receivable</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c360" decimals="0" format="ixt:num-dot-decimal" id="ix_41_fact" name="illr:SubscriptionReceivable" scale="0" unitRef="usd">2,051,280</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-373">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_3" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><ix:footnote id="ix_4_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable due from related parties represented the management service rendered to two individual close-ended investment private funds
registered in the Cayman Islands, which is controlled by the holding company.</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_4" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowing
is obtained from the Company&#8217;s major stockholder of ultimate holding company. The amount was secured, interest-bearing and repayable
by the end of November 2024, as extended (see Note 11).</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_5" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><ix:footnote id="ix_6_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
due to the holding company are those nontrade payables arising from transactions between the Company and the holding company, such as
advances made by the holding company on behalf of the Company, advances made by the Company on behalf of the holding company, and allocated
shared expenses paid by the holding company. During the nine months ended September 30, 2024 and 2023, amounts due to the holding company
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</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_6" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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director with Investment E.</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_7" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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by the director of the Company on or before December 31, 2024.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>
</div><div>


</div><!-- Field: Page; Sequence: 211; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of business, during the
three and nine months ended September 30, 2024 and 2023, the Company involved with transactions, either at cost or current market prices
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as presented (for the portion of such period that they were considered related):</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_2" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Nature of transactions</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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the management agreement, the Company shall provide management service to the portfolio assets held by two individual close-ended investment
private funds in the Cayman Islands, which is controlled by the holding company, for a compensation of asset management service fee income
at the predetermined rate based on the respective portfolio of asset values invested by the final customers.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_9" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_8"><ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_4" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest
and depreciation that were actually incurred by the holding company.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_10" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_9"><ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_5" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table></ix:continuation></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c0_cont_10"><ix:continuation id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Apart from the transactions and balances detailed
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related party transactions during the periods presented.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">The Company is
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


</div><!-- Field: Page; Sequence: 212; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock-c0_cont_4" id="_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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who accounted for less than 10% of the total revenue during the periods.</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfTotalRevenueTableTextBlock-c0_cont_2" id="illr_ScheduleOfTotalRevenueTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock-c0_cont_4"><ix:continuation id="illr_ScheduleOfTotalRevenueTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_14_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
who accounted for less than 10% of the total accounts receivable as of period end.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject
the Company to credit risk consist of cash equivalents, restricted cash, accounts receivable, loans receivable, and notes receivables.
Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored
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subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors
their credit worthiness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For accounts receivable, loans receivable, and
notes receivables, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses
based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits
and monitoring procedures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses internally-assigned risk grades
to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company&#8217;s
internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as,
credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal
risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. To minimize credit
risk, the Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness
of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 213; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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represent more than 10% of total loans receivable, and their related net loans receivable balance as a percentage of total loans receivable,
as of September 30, 2024 and December 31, 2023 were as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_ScheduleOfLoanReceivableTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September&#160;30, <br/> 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -2.15pt; padding-left: 2.15pt">Customer H</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
and political risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s major operations are conducted
in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong&#8217;s
economy may influence the Company&#8217;s business, financial condition, and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
rate risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company cannot guarantee that the current
exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable
periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted
to US$ and Sterling on that date. The exchange rate could fluctuate depending on changes in political and economic environments without
notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they become due. The Company&#8217;s policy is to ensure that it has sufficient cash
to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company&#8217;s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.
If future cash flows are fairly uncertain, the liquidity risk increases.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-33573"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 20
&#8212; COMMITMENTS AND CONTINGENCIES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Litigation</b> &#8212; From time to time, the
Company is involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of
any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business,
financial condition, operating results, or cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2024, the Company involved
with various legal proceedings:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA702/2018</i> On March 27, 2018,
the writ of summons was issued against the Company and seven related companies of the former stockholder by the Plaintiff. This action
alleged the infringement of certain registered trademarks currently registered under the Plaintiff. On February 23, 2023, the Court granted
leave for this action be set down for trial of 13 days, and the trial will commence on November 25, 2024. Legal counsel of the Company
will continue to handle in this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of
the matter or the range of reasonably possible loss, if any.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>TRILLER GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>(Formerly AGBA Group Holding
Limited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><b>FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Currency expressed in United States Dollars (&#8220;US$&#8221;),
except for number of shares)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA765/2019</i> On April 30, 2019,
the writ of summons was issued against the Company&#8217;s subsidiary, three related companies and the former directors, stockholders
and financial consultant by the Plaintiff. This action alleged the deceit and misrepresentation from an inducement of the fund subscription
and claimed for compensatory damage of approximately $<ix:nonFraction contextRef="c397" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="usd" id="ixv-47211">2</ix:nonFraction> million. On April 18, 2024, the court made an order that the plaintiff shall set
the case down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial
judge on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the
case down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management
conference. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle this
matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably
possible loss, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Action Case: <i>HCA2097 and 2098/2020</i> On December
15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged misrepresentation
and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $<ix:nonFraction contextRef="c398" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="usd" id="ixv-47212">1.67</ix:nonFraction> million.
The Company previously made $<ix:nonFraction contextRef="c58" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyReceivable" scale="6" unitRef="usd" id="ixv-47213">0.84</ix:nonFraction> million as contingency loss for the year ended December 31, 2021. Parties participated in a mediation
held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement was reached. The case is
on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine
the probability of the outcome of the matter or the range of reasonably possible loss, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company makes a provision for a liability
relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimate settlements,
legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in
the period in which they are incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale and Purchase Agreement</b> &#8212; Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. (&#8220;SLS&#8221;), an independent third party, the
Company is committed to purchase <ix:nonFraction contextRef="c399" decimals="2" format="ixt:num-dot-decimal" name="illr:OwnershipInterest" scale="-2" unitRef="pure" id="ixv-47214">100</ix:nonFraction>% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of <span style="-sec-ix-hidden: hidden-fact-393">SGD2,500,000</span>
(equivalent to $<ix:nonFraction contextRef="c401" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd" id="ixv-47215">1,882,000</ix:nonFraction>). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024. On March 29, 2024, the Company and SLS entered into a third supplementary
agreement to extend the closing date of the transaction from March 31, 2024 to May 9, 2024. Pursuant to the third supplementary agreement,
the Company paid SGD250,<span style="-sec-ix-hidden: hidden-fact-395">000</span> (equivalent to $<ix:nonFraction contextRef="c399" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd" id="ixv-47216">188,200</ix:nonFraction>) to SLS as the partial payment to cash consideration on April 12, 2024. On May 9,
2024, the Company and SLS entered into a fourth supplementary agreement to extend the closing date of the transaction from May 9, 2024
to May 20, 2024. On June 18, 2024, the Company and SLS entered into a fifth supplementary agreement to extend the closing date of the
transaction from May 20, 2024 to July 31, 2024. Pursuant to the fifth supplementary agreement, the Company paid an aggregate of <span style="-sec-ix-hidden: hidden-fact-394">SGD150,000</span>
(equivalent to $<ix:nonFraction contextRef="c402" decimals="0" format="ixt:num-dot-decimal" name="illr:ExtensionFee" scale="0" unitRef="usd" id="ixv-47217">112,920</ix:nonFraction>) as the extension fee and indemnification fee in July 2024. On September 25, 2024, the Company and SLS entered
into a sixth supplementary agreement to extend the closing date of the transaction from July 31, 2024 to October 31, 2024. Up to the date
of the unaudited condensed consolidated financial statements available to be issued, further extension on the closing date of the transaction
is under negotiation between SLS and the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nasdaq Compliance</b> &#8212; On March 20,
2024, Nasdaq granted an additional 180 calendar days period or until September 16, 2024, to the Company to regain the compliance. On May
3, 2024, the closing bid price of the common stocks of the Company has been over $<ix:nonFraction contextRef="c403" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47218">1.00</ix:nonFraction> per share for a minimum of 10 consecutive trading
days. Accordingly, Nasdaq confirmed that the Company regained compliance with Rule 5550(a)(2) and that this matter is now closed.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.15pt; text-align: justify; text-indent: -2.15pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-33633"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.35pt; text-align: justify; text-indent: -59.35pt"><b>NOTE 21
&#8212; SUBSEQUENT EVENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC Topic 855, &#8220;<i>Subsequent Events</i>&#8221;,
which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the
unaudited condensed consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after
September 30, 2024, up to November 14, 2024 that the unaudited condensed consolidated financial statements were available to be issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2024 and October 14, 2024, the Company
effected a Forward Split and a Reverse Split, respectively. Details are described in Note 1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 15, 2024, the Company consummated the
Merger Transaction and the details are described in Note 4.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 31, 2024, the Company entered into
a preliminary sales and purchase agreement with an independent third party to sell an office premises with a cash consideration of approximately
$<ix:nonFraction contextRef="c404" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="6" unitRef="usd" id="ixv-47219">1.6</ix:nonFraction> million. The transaction will be completed in February 2025. As of September 30, 2024, the carrying value of the office premises
was approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="6" unitRef="usd" id="ixv-47220">1.5</ix:nonFraction> million.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><img alt="" src="image_008.jpg"/></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</span></td>
    <td style="padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of Directors and Shareholders of</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGBA Group Holding Limited</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of AGBA Group Holding Limited and subsidiaries (collectively the &#8220;Company&#8221;) as of December 31, 2023, and 2022,
and the related consolidated statements of operations and comprehensive loss, cash flows, shareholders&#8217; equity, and the related
notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of
its operations and its cash flows in each of the years for the two-year period ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Substantial Doubt about the Company&#8217;s
Ability to Continue as a Going Concern</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the consolidated financial statements,
the Company incurred substantial losses during the year ended December 31, 2023. As of December 31, 2023, the Company had a working capital
deficit and net cash outflows from operating activities. These conditions raise substantial doubt about the Company&#8217;s ability to
continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 4. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restatement of Previously Issued Consolidated
Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 2 to the consolidated financial
statements, the Company has restated its consolidated financial statements as of December 31, 2022 to correct certain misstatements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ WWC, P.C.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WWC, P.C.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certified Public Accountants</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID No. 1171</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
since 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">San Mateo, California</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 28, 2024</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_009.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED BALANCE SHEETS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;))</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"/><td><b>&#160;</b></td>
    <td colspan="2" style="text-align: center"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2" style="text-align: center"><b>(restated)</b></td><td><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">ASSETS</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetCurrent" scale="0" unitRef="usd" id="ixv-47229">549,461</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-23">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd" id="ixv-47233">1,769,582</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd" id="ixv-47235">25,618,972</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositsAssetsNoncurrent" scale="0" unitRef="usd" id="ixv-47237">961,253</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-47238">1,054,841</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-47239">1,072,392</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd" id="ixv-47240">1,721,284</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Right-of-use asset, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd" id="ixv-47242">11,508,153</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-25">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermInvestments" scale="0" unitRef="usd" id="ixv-47243">25,201,933</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="illr:LongtermInvestmentsNetRelatedParty" scale="0" unitRef="usd" id="ixv-47245">522,531</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd" id="ixv-47247">40,969,995</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Escrow liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Borrowings</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-27">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-47261">1,229,329</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Forward share purchase liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="illr:ForwardSharePurchaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-47262">13,491,606</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-47263">47,840,143</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-47264">74,020,648</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Long-term liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-47265">10,646,053</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="illr:WarrantLiabilitiesNoncurrent" scale="0" unitRef="usd" id="ixv-47266">4,548</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Deferred tax liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxLiabilitiesNet" scale="0" unitRef="usd" id="ixv-47267">45,858</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd" id="ixv-47269">50,406</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-47271">74,071,054</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Commitments and contingencies (Note 24)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shareholders&#8217; equity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Ordinary shares, $<ix:nonFraction contextRef="c11" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-47272"><ix:nonFraction contextRef="c12" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-47273">0.001</ix:nonFraction></ix:nonFraction> par value; <ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-47274"><ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-47275">200,000,000</ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-47276"><ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-47277">68,661,998</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-47278"><ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-47279">58,376,985</ix:nonFraction></ix:nonFraction> shares issued and outstanding as of December 31, 2023 and 2022, respectively</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd" id="ixv-47280">68,662</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd" id="ixv-47281">58,377</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Ordinary shares to be issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="illr:OrdinarySharesToBeIssued" scale="0" unitRef="usd" id="ixv-47282">4,854</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="illr:OrdinarySharesToBeIssued" scale="0" unitRef="usd" id="ixv-47283">1,665</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="usd" id="ixv-47284">74,103,494</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="usd" id="ixv-47285">43,870,308</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accumulated other comprehensive loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-47286">473,087</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-47287">384,938</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-47288">65,601,152</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-47289">16,395,133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-47290">8,102,771</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-47291">27,150,279</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to the consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF OPERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AND COMPREHENSIVE LOSS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;))</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BrokerageCommissionsRevenue" scale="0" unitRef="usd" id="ixv-47298">50,068,936</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOperating" scale="0" unitRef="usd" id="ixv-47308">784,479</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Commission expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47310">37,287,519</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd" id="ixv-47312">3,708,557</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Research and development expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd" id="ixv-47314">4,557,196</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Legal and professional fees</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other income (expense):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Interest income</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeOther" scale="0" unitRef="usd" id="ixv-47330">99,132</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-47331">909,227</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment loss, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-47333">6,878,869</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-47335">4,548</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-47336">8,952</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharesPurchaseLiability" scale="0" unitRef="usd" id="ixv-47337">82,182</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharesPurchaseLiability" scale="0" unitRef="usd" id="ixv-47338">5,392,293</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrealizedGainLossOnDerivatives" scale="0" sign="-" unitRef="usd" id="ixv-47339">378,895</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:GainOnDisposalOfPropertyAndEquipment" scale="0" unitRef="usd" id="ixv-47340">664,816</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Rental income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-47341">239,239</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="usd" id="ixv-47342">315,233</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Sundry income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-47343">64,237</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-47344">504,735</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total other expense, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-47345">5,074,159</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-47346">16,044,933</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-47347">48,919,481</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-47348">44,396,030</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-47349">286,538</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-47350">124,605</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">NET LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-47351">49,206,019</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-47352">44,520,635</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other comprehensive loss:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd" id="ixv-47353">88,149</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd" id="ixv-47354">205,477</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">COMPREHENSIVE LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-47355">49,294,168</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-47356">44,726,112</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Weighted average number of ordinary shares outstanding</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" unitRef="shares" id="ixv-47357"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-47358">65,265,397</ix:nonFraction></ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c17" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" unitRef="shares" id="ixv-47359"><ix:nonFraction contextRef="c17" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-47360">56,084,858</ix:nonFraction></ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Net loss per ordinary share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to the consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217;
EQUITY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;), except for number of shares)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the years ended December 31, 2023 and 2022</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">(Accumulated deficit)<br/> retained</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; white-space: nowrap; vertical-align: top">&#160;</td><td style="white-space: nowrap; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Note</td><td style="white-space: nowrap; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt; vertical-align: top">Restatement</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">(2)</td><td style="padding-bottom: 1.5pt; text-align: left"/><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c64" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueRestatement" scale="0" unitRef="usd" id="ixv-47374">23,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">Balance as of January 1, 2022 (restated)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueConversionOfUnits" scale="0" sign="-" unitRef="usd" id="ixv-47387">483</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of ordinary shares to settle payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">(17) (i)</td><td style="text-align: left"/><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesToSettlePayables" scale="0" unitRef="usd" id="ixv-47389">792</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesToSettlePayables" scale="0" unitRef="usd" id="ixv-47390">7,202,278</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueIssuanceOfOrdinarySharesToSettlePayables" scale="0" unitRef="usd" id="ixv-47391">7,203,070</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of ordinary shares to settle finder fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">(17) (i)</td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c72" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesOther" scale="0" unitRef="shares" id="ixv-47392">555,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" unitRef="usd" id="ixv-47393">555</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" sign="-" unitRef="usd" id="ixv-47394">555</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Transaction costs in related to Business Combination</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueTransactionCostsInRelatedToBusinessCombination" scale="0" sign="-" unitRef="usd" id="ixv-47395">8,308,754</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueTransactionCostsInRelatedToBusinessCombination" scale="0" sign="-" unitRef="usd" id="ixv-47396">8,308,754</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Shares and warrants from reverse recapitalization with AGBA Acquisition Limited, net of redemption</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c72" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-47397">2,712,151</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" scale="0" unitRef="usd" id="ixv-47398">2,712</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" scale="0" unitRef="usd" id="ixv-47399">6,282,184</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" scale="0" unitRef="usd" id="ixv-47400">6,284,896</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Special dividend to the holding company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c75" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueSpecialDividendToTheHoldingCompany" scale="0" unitRef="usd" id="ixv-47401">29,562,195</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c77" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueSpecialDividendToTheHoldingCompany" scale="0" sign="-" unitRef="usd" id="ixv-47402">47,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodValueSpecialDividendToTheHoldingCompany" scale="0" sign="-" unitRef="usd" id="ixv-47403">17,437,805</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Share-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" scale="0" unitRef="usd" id="ixv-47404">2,088,725</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" scale="0" unitRef="usd" id="ixv-47405">2,088,725</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Initial measurement of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalMarkToMarket" scale="0" sign="-" unitRef="usd" id="ixv-47406">8,099,313</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalMarkToMarket" scale="0" sign="-" unitRef="usd" id="ixv-47407">8,099,313</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Forgiveness of amounts due to the holding company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="0" unitRef="usd" id="ixv-47408">6,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="0" unitRef="usd" id="ixv-47409">6,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss for the year</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: center">(17) (ii)</td><td style="text-align: left"/><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-164">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: center">(17) (iv)</td><td style="text-align: left"/><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-165">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-168">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-169">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-170">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-171">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of ordinary shares for commitment fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">(17) (v)</td><td style="text-align: left"/><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-174">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-175">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to the consolidated financial
statements.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 219; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Currency expressed in United States Dollars
(&#8220;US$&#8221;))</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-cash lease expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNoncashExpense" scale="0" unitRef="usd" id="ixv-47462">1,496,286</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Depreciation of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-47463">261,323</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Interest income on notes receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-47465">34,665</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Interest expense on borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-47466">784,479</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Foreign exchange (gain) loss, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-47467">909,227</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment loss, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-47469">6,878,869</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" sign="-" unitRef="usd" id="ixv-47470">8,937,431</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Allowance for expected credit losses on financial instruments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:ProvisionForOtherCreditLosse" scale="0" unitRef="usd" id="ixv-47471">1,077,184</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-47472">4,548</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd" id="ixv-47473">8,952</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:PaymentToSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-47474">82,182</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:PaymentToSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-47475">5,392,293</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd" id="ixv-47476">664,816</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:GainLossOnSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-47477">378,895</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Reversal of over-accruals staff bonus</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:ReversalOfOveraccrualsStaffBonus" scale="0" unitRef="usd" id="ixv-47478">3,595,028</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-47479">1,187,628</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-47480">1,947,089</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loans receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFinanceReceivables" scale="0" unitRef="usd" id="ixv-47481">15,656</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFinanceReceivables" scale="0" sign="-" unitRef="usd" id="ixv-47482">2,319,054</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deposits, prepayments, and other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-47483">2,495,082</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-47484">198,512</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable and accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd" id="ixv-47485">6,894,066</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd" id="ixv-47486">10,877,792</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Escrow liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:IncreaseDecreaseinEscrowLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-47487">12,670,774</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:IncreaseDecreaseinEscrowLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-47488">4,998,181</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-47489">1,130,008</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-223">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Income tax payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="usd" id="ixv-47490">542,982</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd" id="ixv-47491">282,459</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-47492">42,282,159</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-47493">19,304,399</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from sale of investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleAndMaturityOfOtherInvestments" scale="0" unitRef="usd" id="ixv-47494">3,976,657</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleAndMaturityOfOtherInvestments" scale="0" unitRef="usd" id="ixv-47495">1,853,473</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Purchase of notes receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireNotesReceivable" scale="0" unitRef="usd" id="ixv-47496">589,086</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-224">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Purchase of long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireLongtermInvestments" scale="0" unitRef="usd" id="ixv-47497">288,581</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Addition in long-term investments, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireInvestments" scale="0" unitRef="usd" id="ixv-47498">16,228,690</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from sale of property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Advances from the holding company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributionsFromAffiliates" scale="0" unitRef="usd" id="ixv-47506">9,342,972</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:SettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-47508">13,952,683</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd" id="ixv-47509">7,746,414</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd" id="ixv-47510">4,464,391</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Repayments of borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="usd" id="ixv-47511">6,026,937</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from private placement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-47512">1,850,310</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-230">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Dividend paid to the holding company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-231">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Cash proceeds from reverse recapitalization, net of redemption</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-232">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:CashProceedsFromReverseRecapitalizationNetOfRedemption" scale="0" unitRef="usd" id="ixv-47514">15,356,580</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash (used in) provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="usd" id="ixv-47515">1,039,924</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd" id="ixv-47516">12,135,441</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Effect on exchange rate change on cash, cash equivalents and restricted cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd" id="ixv-47517">85,689</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" sign="-" unitRef="usd" id="ixv-47518">429,542</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Net change in cash, cash equivalent and restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd" id="ixv-47519">32,616,007</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd" id="ixv-47520">21,787,335</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; padding-bottom: 1.5pt">BEGINNING OF YEAR</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c58" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-47522">73,081,407</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; padding-bottom: 4pt">END OF YEAR</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">SUPPLEMENTAL CASH FLOW INFORMATION:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash received from income tax refund</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIncomeTaxRefunds" scale="0" unitRef="usd" id="ixv-47526">125,353</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash paid for income taxes</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-47527">172,334</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-47528">531,592</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash received from interest</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:CashReceivedForInterest" scale="0" unitRef="usd" id="ixv-47530">99,132</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to the consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_NatureOfOperations-c16_cont_1" escape="true" name="us-gaap:NatureOfOperations" id="ixv-37212"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 &#8212; NATURE OF BUSINESS AND BASIS
OF PRESENTATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA Group Holding Limited (&#8220;AGBA&#8221;
or the &#8220;Company&#8221;) was incorporated on October 8, 2018 in British Virgin Islands.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, through its subsidiaries, is operating
a wealth and health platform, offering a wide range of financial service and products, covering life insurance, pensions, property-casualty
insurance, stock brokerage, mutual funds, lending, and real estate in overseas. AGBA is also engaged in financial technology business
and financial investments, managing an ensemble of fintech investments and healthcare investment and operating a health and wealth management
platform with a broad spectrum of services and value-added information in health, insurance, investments and social sharing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 14, 2022 (&#8220;Closing Date&#8221;),
AGBA, AGBA Merger Sub I Limited, AGBA Merger Sub II Limited, TAG International Limited, TAG Asset Partners Limited, OnePlatform International
Limited, OnePlatform Holdings Limited, TAG Asia Capital Holdings Limited, and TAG Holdings Limited (&#8220;TAG&#8221;) completed the business
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of TAG International Limited and TAG Asia Capital Holdings Limited. The transaction was accounted for as a &#8220;reverse recapitalization&#8221;
and AGBA was treated as the &#8220;acquired&#8221; company for accounting purposes (see Note 5).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
are presented in United States dollars (&#8220;US$&#8221; or &#8220;$&#8221;) and have been prepared in accordance with accounting principles
generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the accounting and disclosure rules and regulations
of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts have been reclassified
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AGBA and its subsidiaries are hereinafter referred
to as the &#8220;Company&#8221;.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="srt:CondensedFinancialStatementsTextBlock" id="ixv-37768"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 &#8212; RESTATEMENT OF PREVIOUSLY ISSUED
CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has restated the accompanying consolidated
financial statements and related disclosure for the year ended December 31, 2022 that were previously included in the Form 10-K filed
with the SEC on April 3, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Restatement Background</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, the Company received the offer from
JP Morgan Chase Holdings LLC to purchase all its equity interest in Nutmeg Saving and Investment Limited (&#8220;Nutmeg&#8221;). Nutmeg
is incorporated in the United Kingdom and engaged in the provision of online discretionary investment management services. The cash consideration
was approximately $<ix:nonFraction contextRef="c424" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="6" unitRef="usd" id="ixv-47550">187</ix:nonFraction> million (equivalent to approximately GBP <ix:nonFraction contextRef="c424" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="6" unitRef="gbp" id="ixv-47551">135</ix:nonFraction> million) and fully received in September 2021, resulting in a realized
gain of approximately $<ix:nonFraction contextRef="c425" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:RealizedInvestmentGainsLosses" scale="6" unitRef="usd" id="ixv-47552">139</ix:nonFraction> million (equivalent to approximately GBP <ix:nonFraction contextRef="c425" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:RealizedInvestmentGainsLosses" scale="6" unitRef="gbp" id="ixv-47553">101</ix:nonFraction> million). As of December 31, 2021, the Company recorded an income
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company corrected its previous conclusion
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was an error resulting from the improper application of US tax law and Hong Kong tax law due to the mistaken omission of the consideration
of Hong Kong tax law, and came to the conclusion that there should be no income tax applied when selling a long-term investment in Hong
Kong.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The impact of restatement</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of the accounting errors was a cumulative
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impact on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows for the year
ended December 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Summary of restatement &#8211; consolidated
balance sheet</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<ix:continuation id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c431" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" sign="-" unitRef="usd" id="ixv-47565">23,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfStockholdersEquityTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-37891"><i>Summary of restatement &#8211; consolidated
statement of changes in shareholders&#8217; equity</i></ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<ix:continuation id="_ScheduleOfStockholdersEquityTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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Previously <br/>
Reported</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Balance as of December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;&#160;Accumulated (deficit) retained earnings</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-47579">39,395,133</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-37987"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These accompanying consolidated financial statements
reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated
financial statements and notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_ConsolidationPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock" id="ixv-37993"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principles
of Consolidation</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
include the financial statements of AGBA and its subsidiaries. A subsidiary is an entity (including a structured entity), directly or
indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the
Company, using consistent accounting policies. All intercompany transactions and balances between AGBA and its subsidiaries are eliminated
upon consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="illr_EmergingGrowthCompanyPolicyTextBlock-c16_cont_1" escape="true" name="illr:EmergingGrowthCompanyPolicyTextBlock" id="ixv-38005"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
Growth Company</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_EmergingGrowthCompanyPolicyTextBlock-c16_cont_2" id="illr_EmergingGrowthCompanyPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &#8220;emerging growth company,&#8221;
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_EmergingGrowthCompanyPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company
can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but
any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that
when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison
of the Company&#8217;s consolidated financial statements with another public company, which is neither an emerging growth company nor
an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential
differences in accounting standards used.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_UseOfEstimates-c16_cont_1" escape="true" name="us-gaap:UseOfEstimates" id="ixv-38020"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of Estimates and Assumptions</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_UseOfEstimates-c16_cont_2" id="_UseOfEstimates-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company&#8217;s consolidated financial
statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses,
notes receivable, share-based compensation, warrant liabilities, forward share purchase liability, provision for contingent liabilities,
revenue recognition, leases, income tax provision, deferred taxes and uncertain tax position, and allocation of expenses from the holding
company.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_UseOfEstimates-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inputs into the management&#8217;s judgments
and estimates consider the geopolitical tension, inflationary and high interest rate environment and other macroeconomic factors on the
Company&#8217;s critical and significant accounting estimates. Actual results could differ from these estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="ixv-38035"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
Currency Translation and Transaction</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations
and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 225; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_2" id="_SignificantAccountingPoliciesTextBlock-c16_cont_1"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_3" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reporting currency of the Company is US$ and
the accompanying consolidated financial statements have been expressed in US$. In addition, the Company and subsidiaries are operating
in Hong Kong maintain their books and record in their local currency, Hong Kong dollars (&#8220;HK$&#8221;), which is a functional currency
as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes,
assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with the Financial
Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 830-30, Translation of Financial
Statement, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during
the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component
of accumulated other comprehensive loss within the statements of changes in shareholders&#8217; equity.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_4" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock" id="ixv-47582">Translation of amounts from HK$ into US$ has been
made at the following exchange rates for the years ended December 31, 2023 and 2022:</ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock-c16_cont_1"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c16_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:continuation></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-38106"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and Cash Equivalents</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents consist primarily of
cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash
and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments. The Company maintains most of its bank accounts in Hong Kong and Hong Kong is not protected by Federal Deposit Insurance
Corporation (&#8220;FDIC&#8221;) insurance. However, management does not believe there is a significant risk of loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock" id="ixv-38118"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
Cash</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock-c16_cont_2" id="_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash consist of funds held in escrow
accounts reflecting (i) the restricted cash and cash equivalents maintained in certain bank accounts that are held for the exclusive interest
of the Company&#8217;s customers and (ii) the full obligation to an investor in connection with the Meteora Backstop Agreement (see Note
5 for the details of the Meteora Backstop Agreement).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company restricts the use of the assets underlying
the funds held in escrow to meet with regulatory or contractual requirements and classifies the assets as current based on their purpose
and availability to fulfill its direct obligation under current liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_TradeAndOtherAccountsReceivablePolicy-c16_cont_1" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="ixv-38133"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
Receivable, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_TradeAndOtherAccountsReceivablePolicy-c16_cont_2" id="_TradeAndOtherAccountsReceivablePolicy-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net include trade accounts
due from customers in insurance brokerage and asset management businesses, less the allowance for expected credit losses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_TradeAndOtherAccountsReceivablePolicy-c16_cont_3" id="_TradeAndOtherAccountsReceivablePolicy-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net are recorded at the invoiced
amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable from
insurance companies in the provision of brokerage agency services are within 30 days upon the execution of the insurance policies. Credit
terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually
agreed between the contracting parties. The Company seeks to maintain strict control over its outstanding receivables to minimize credit
risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine
if the allowance for expected credit losses is adequate and provides allowance when necessary.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_TradeAndOtherAccountsReceivablePolicy-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not hold any collateral or other
credit enhancements over its accounts receivable balances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 226; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_3" id="_SignificantAccountingPoliciesTextBlock-c16_cont_2"><ix:nonNumeric contextRef="c16" continuedAt="_ReceivablesPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:ReceivablesPolicyTextBlock" id="ixv-38170"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
Receivable, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ReceivablesPolicyTextBlock-c16_cont_2" id="_ReceivablesPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans receivable, net are related to residential
mortgage loans that are carried at unpaid principal and interest balances, less the allowance for expected credit losses on loans receivable
and charge-offs.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ReceivablesPolicyTextBlock-c16_cont_3" id="_ReceivablesPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans are placed on nonaccrual status when they
are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When
a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on
a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending
on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments
have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ReceivablesPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company determines that a loan is impaired,
the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within
the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling
costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below
in &#8220;Allowance for Expected Credit Losses on Financial Instruments&#8221;.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_CreditLossFinancialInstrumentPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock" id="ixv-38188"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
for Expected Credit Losses on Financial Instruments</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_CreditLossFinancialInstrumentPolicyTextBlock-c16_cont_2" id="_CreditLossFinancialInstrumentPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC Topic 326 &#8220;Credit
Losses &#8211; Measurement of Credit Losses on Financial Instruments&#8221; (ASC Topic 326), the Company utilizes the current expected
credit losses (&#8220;CECL&#8221;) model to determine an allowance that reflects its best estimate of the expected credit losses on accounts
receivable, loans receivable, notes receivable, and deposits, prepayments and others receivable which is recorded as a liability to offset
the receivables. The CECL model is prepared after considering historical experience, current conditions, and reasonable and supportable
economic forecasts to estimate expected credit losses. Accounts receivable, loans receivable, notes receivable, and deposits, prepayments,
and others receivable are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction
of bad debt expense.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_CreditLossFinancialInstrumentPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
the aggregated allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and other receivables
was $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-47587">1,077,184</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForOtherCreditLosses" scale="0" unitRef="usd" id="ixv-47588">16,509</ix:nonFraction>, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_DepositContractsPolicy-c16_cont_1" escape="true" name="us-gaap:DepositContractsPolicy" id="ixv-38203"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit,
prepayments, and other receivables, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DepositContractsPolicy-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deposit, prepayments, and other receivables, net
represented the deposit paid for technology systems and services, prepayments for various consultancy services and other operating expenses
such as insurance premium less the allowance for expected credit losses. It is presented under the current assets of the consolidated
balance sheets based on the expected collection date.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="illr_RentalDepositNetPolicyTextBlock-c16_cont_1" escape="true" name="illr:RentalDepositNetPolicyTextBlock" id="ixv-38215"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
deposit, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_RentalDepositNetPolicyTextBlock-c16_cont_2" id="illr_RentalDepositNetPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rental deposit, net represented the deposit paid
for the long-term office leases, less the allowance for expected credit losses. It is presented under the non-current assets of the consolidated
balance sheet based on the expected collection date.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_RentalDepositNetPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
the Company has evaluated the probable losses on the rental deposits and made an allowance for expected credit losses of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Deposits" scale="0" unitRef="usd" id="ixv-47589">14,833</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-421">nil</span>,
respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_InvestmentPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock" id="ixv-38231"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Investments, net</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c16_cont_2" id="_InvestmentPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company invests in equity securities with
readily determinable fair values and equity securities that do not have readily determinable fair values.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c16_cont_3" id="_InvestmentPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><div>


</div><!-- Field: Page; Sequence: 227; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_4" id="_SignificantAccountingPoliciesTextBlock-c16_cont_3"><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c16_cont_4" id="_InvestmentPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity securities that do not have readily determinable
fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_InvestmentPolicyTextBlock-c16_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At each reporting period, the Company makes a
qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-38273"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_2" id="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net are stated at cost
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following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual
values, if any:</ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock-c16_cont_1"><ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_3" id="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expected useful life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 75%; text-align: left">Land and building</td><td style="width: 1%">&#160;</td> <td style="width: 24%; text-align: center"><ix:nonNumeric contextRef="c440" name="illr:PropertyPlantAndEquipmentExpectedUsefulLife" id="ixv-47591">Shorter of 50 years or lease term</ix:nonNumeric></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Furniture, fixtures and equipment</td><td>&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c441" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-47592">5</ix:nonNumeric> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Computer equipment</td><td>&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c442" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-47593">3</ix:nonNumeric> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-align: left">Motor vehicle</td><td>&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c443" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="ixv-47594">3</ix:nonNumeric> years</td></tr> </table></ix:continuation></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditure for repairs and maintenance is expensed
as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting
gain or loss is recognized in the results of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" id="ixv-38312"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
of Long-Lived Assets</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the provisions of ASC Topic
360, Impairment or Disposal of Long-Lived Assets, all long-lived assets such as property and equipment owned and held by the Company are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted
cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amounts of the assets exceed the fair value of the assets. <span style="-sec-ix-hidden: hidden-fact-422"><span style="-sec-ix-hidden: hidden-fact-423">No</span></span> impairment losses were recognized for
the years ended December 31, 2023 and 2022.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="illr_AccountsPayablePolicyTextBlock-c16_cont_1" escape="true" name="illr:AccountsPayablePolicyTextBlock" id="ixv-38326"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
Payable</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_AccountsPayablePolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable represent commission payable
to the Company&#8217;s financial advisors for the sale of investment funds, investment products, or insurance products. The carrying amount
approximates fair value because of the short-term maturity.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_DerivativesPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:DerivativesPolicyTextBlock" id="ixv-38338"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:continuation id="_DerivativesPolicyTextBlock-c16_cont_1">Borrowings are recognized at fair value and repayable
in the next twelve months. Interest expense is recognized on a fixed interest rate on the consolidated statements of operations</ix:continuation>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="illr_WarrantsLiabilitiesPolicyTextBlock-c16_cont_1" escape="true" name="illr:WarrantsLiabilitiesPolicyTextBlock" id="ixv-38349"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
Liabilities</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_WarrantsLiabilitiesPolicyTextBlock-c16_cont_2" id="illr_WarrantsLiabilitiesPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for warrants as either equity-classified
or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms and applicable authoritative guidance
in ASC Topic 480, Distinguishing Liabilities from Equity (&#8220;ASC 480&#8221;) and ASC Topic 815, Derivatives and Hedging (&#8220;ASC
815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition
of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including
whether the warrants are indexed to the Company&#8217;s own ordinary shares and whether the warrant holders could potentially require
&#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_WarrantsLiabilitiesPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For issued or modified warrants that meet all
of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance.
For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded
as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair
value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for
its Public Warrants as equity and the Private Warrants as liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 228; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_5" id="_SignificantAccountingPoliciesTextBlock-c16_cont_4"><ix:nonNumeric contextRef="c16" continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock" id="ixv-38383"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
Recognition</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_2" id="_RevenueRecognitionPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company earns and receives most of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09,
Revenue from Contracts with Customers (Topic 606) (&#8220;ASC Topic 606&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_3" id="_RevenueRecognitionPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 606 provided the following overview
of how revenue is recognized from the Company&#8217;s contracts with customers: The Company recognizes revenue to depict the transfer
of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_4" id="_RevenueRecognitionPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 1: Identify the contract(s) with a customer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_5" id="_RevenueRecognitionPolicyTextBlock-c16_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 2: Identify the performance obligations in
the contract.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_6" id="_RevenueRecognitionPolicyTextBlock-c16_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 3: Determine the transaction price &#8211;
The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring
promised goods or services to a customer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_7" id="_RevenueRecognitionPolicyTextBlock-c16_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 4: Allocate the transaction price to the
performance obligations in the contract &#8211; Any entity typically allocates the transaction price to each performance obligation on
the basis of the relative standalone selling prices of each distinct good or service promised in the contract.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_8" id="_RevenueRecognitionPolicyTextBlock-c16_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Step 5: Recognize revenue when (or as) the entity
satisfies a performance obligation &#8211; An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring
a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_9" id="_RevenueRecognitionPolicyTextBlock-c16_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain portion of the Company&#8217;s income
is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its
customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company&#8217;s
revenue recognition policies are in compliance with ASC Topic 606, as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c16_cont_10" id="_RevenueRecognitionPolicyTextBlock-c16_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commissions</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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investment products to customers, who are insurance companies and fund houses. The Company enters into commission agreements with customers
which specify the key terms and conditions of the arrangement. Commissions are separately negotiated for each transaction and generally
do not include rights of return, credits or discounts, rebates, price protection or other similar privileges, and typically paid on or
shortly after the transaction is completed. Upon the purchase of an investment product by customer, the Company earns a commission from
customers, calculated as a fixed percentage of the investment products acquired by its customers. The Company defines the &#8220;purchase
of an investment product&#8221; for its revenue recognition purpose as the time when the customers referred by the Company has entered
into a subscription contract with the relevant product provider and, if required, the customer has transferred a deposit to an escrow
account designated by the Company to complete the purchase of the investment products. After the contract is established, there are no
significant judgments made when determining the commission price. Therefore, commissions are recorded at point in time when the investment
product is purchased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission
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whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively. The determination of
whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services prior to transferring
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provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract
is established, there are no significant judgments made when determining the transaction price. As the Company provides these services
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basis over the contract term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or
discounts, rebates, price protection, performance component or other similar privileges and the circumstances under which the fixed percentage
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_RentalIncomePolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rental income represents monthly rental received
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_CostOfSalesPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost allocation includes allocation of certain
general and administrative, sales and marketing expenses and other operating costs paid by the holding company. General and administrative
expenses consist primarily of payroll and related expenses of senior management and the Company&#8217;s employees, shared management expenses,
including accounting, consulting, legal support services, rent, and other expenses to provide operating support to the related businesses.
Allocated sales and marketing expense was mainly marketing expenses. These allocations are made using a proportional cost allocation method
by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


</div><!-- Field: Page; Sequence: 231; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive (loss) income, as presented in
the accompanying consolidated statements of changes in shareholders&#8217; equity, consists of changes in unrealized gains and losses
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more
likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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ordinary shares and restricted share units, to eligible participants. Share-based compensation expense for share awards is measured at
fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with the combination of service
and performance requirements is based on the closing fair market value of the ordinary shares on the date of grant.&#160; Share-based
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as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


</div><!-- Field: Page; Sequence: 232; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c16_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Company&#8217;s revenues were generated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (ASC Topic 842), to increase transparency and comparability
among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing
transactions. ASC Topic 842 requires that lessees recognize right-of-use asset and lease liabilities calculated based on the present value
of lease payments for all lease agreements with terms that are greater than twelve months. It requires for leases longer than one year,
a lessee to recognize in the statement of financial condition a right-of-use asset, representing the right to use the underlying asset
for the lease term, and a lease liability, representing the liability to make lease payments. ASC Topic 842 distinguishes leases as either
a finance lease or an operating lease that affects how the leases are measured and presented in the consolidated statements of operations
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</div><div>


</div><!-- Field: Page; Sequence: 233; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED<br/>
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement
date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction
with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that
is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to
apply the package of practical expedients for existing arrangements entered into prior to January 1, 2021 to not reassess (a) whether
an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs. The Company
has not entered any lease agreements with lease terms of 12 months or less during the years ended December 31, 2023 and 2022. The Company
elected not to separate non-lease components from lease components; therefore, it will account for lease component and the non-lease components
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election
of the fair value option under the Fair Value Option Subsection of section 825&#8211;10&#8211;15, to be accounted for by the equity method
by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing trusts that are managed by or under
the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly
influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting
parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully
pursuing its own separate interests.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items
in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated financial
statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description
of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements
of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the
consolidated financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are
presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount
due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of
settlement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 234; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c16_cont_11" id="_SignificantAccountingPoliciesTextBlock-c16_cont_10"><ix:nonNumeric contextRef="c16" continuedAt="_CommitmentsAndContingenciesPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock" id="ixv-39341"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued,
which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company
assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies
related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company
evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief
sought or expected to be sought therein.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company&#8217;s consolidated financial statements. If the assessment indicates that a potentially material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an
estimate of the range of possible losses, if determinable and material, would be disclosed.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_CommitmentsAndContingenciesPolicyTextBlock-c16_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time that these matters will have a material adverse effect on the Company&#8217;s financial position, results
of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company&#8217;s
business, financial position, and results of operations or cash flows.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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820-10, Fair Value Measurements and Disclosures (&#8220;ASC Topic 820-10&#8221;), with respect to financial assets and liabilities that
are measured at fair value. ASC Topic 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option
pricing models and discounted cash flow models.</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying value of the Company&#8217;s financial
instruments: cash and cash equivalents, restricted cash, accounts receivable, loans and notes receivable, deposits, prepayments and other
receivables, accounts payable and accrued liabilities, escrow liabilities, borrowings and amounts due to the holding company approximate
at their fair values because of the short-term nature of these financial instruments.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. The Company
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</div><div>


</div><!-- Field: Page; Sequence: 235; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c16_cont_2" id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c16_cont_1"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_9" id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c16_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value estimates are made at a specific point
in time based on relevant market information about the financial instruments. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-39711"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
Issued Accounting Pronouncements</span></td>
</tr></table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, new accounting pronouncements
are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise
discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact
on its financial position or results of operations upon adoption.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_3" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Recently adopted accounting standards</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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Update No. 2016 - 13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (&#8220;ASU
2016 - 13&#8221;). ASU 2016 - 13 added a new impairment model (known as the CECL model) that is based on expected losses rather than incurred
losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to
most debt instruments, accounts receivables, notes receivables, loans receivable, financial guarantee contracts, and other loan commitments.
The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit
losses on assets that have a low risk of loss.&#160;As an emerging growth company, the Company was permitted to adopt the new standard
for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has adopted the new
standard effective January 1, 2023, which didn&#8217;t have a material impact on the consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_5" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>New accounting standards not yet adopted</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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Update (&#8220;ASU&#8221;) No. 2023-07,&#160;Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose
of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim
basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective
for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early
adoption permitted and requires retrospective application to all periods presented in the consolidated financial statements. Management
is evaluating the impact on the Company&#8217;s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 236; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information
within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company&#8217;s management does not believe the adoption
of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c16_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the above-mentioned pronouncements,
there are no new recent issued accounting standards that will have a material impact on the consolidated balance sheets, statements of
operations and comprehensive loss and cash flows.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock" id="ixv-39766"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 4 &#8212; LIQUIDITY AND GOING CONCERN
CONSIDERATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets,
and liquidation of liabilities in the normal course of business. They do not include any adjustments that might be necessary should the
Company be unable to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, the Company
reported net loss of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-47649">49,206,019</ix:nonFraction> and net cash outflows from operating activities of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-47650">42,282,159</ix:nonFraction>. As of December 31, 2023, the Company
had a working capital deficit of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:WorkingCapitalDeficit" scale="0" unitRef="usd" id="ixv-47651">22,221,171</ix:nonFraction>, an accumulated deficit of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-47652">65,601,152</ix:nonFraction> and cash and cash equivalents of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd" id="ixv-47653">1,861,223</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that the prevailing
conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern
for at least one year following the date these consolidated financial statements are issued. The ability to continue as a going concern
is dependent on the Company&#8217;s ability to successfully implement its current operating plan and fund-raising exercises. The Company
believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its capital structure
and operating plans and search for potential funding alternatives in order to finance the development activities and operating expenses.
These alternatives may include borrowings, raising funds through public equity or debt markets. However, the Company cannot predict the
exact amount or timing of the alternatives, or guarantee those alternatives will be favorable to its shareholders. Any failure to obtain
financing when required will have a material adverse impact on the Company&#8217;s business, operation and financial result.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain funding alternatives have been carried
by the Company, as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2023, the Company entered into an equity purchase agreement with Williamsburg Venture Holdings, LLC (&#8220;Williamsburg&#8221;),
an independent third party to agree to invest up to $<ix:nonFraction contextRef="c466" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" scale="6" unitRef="usd" id="ixv-47654">50</ix:nonFraction> million over a 36-month period (see Note 17).</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 7, 2023, the Company entered into private placement binding term sheets with an institutional investor, the Company&#8217;s
Chief Executive Officer, Mr. Ng Wing Fai, and the Company&#8217;s management team pursuant to which the Company will receive gross proceeds
of approximately $<ix:nonFraction contextRef="c467" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-47655">5,128,960</ix:nonFraction>, in consideration of (i) <ix:nonFraction contextRef="c468" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-47656">7,349,200</ix:nonFraction> ordinary shares of the Company, and (ii) warrants to purchase up to <ix:nonFraction contextRef="c469" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-47657">1,469,840</ix:nonFraction>
Ordinary Shares at a purchase price of $<ix:nonFraction contextRef="c470" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-47658">0.70</ix:nonFraction> per ordinary share and associated warrants. As of December 31, 2023, the Company received
the proceeds of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfWarrants" scale="0" unitRef="usd" id="ixv-47659">1,850,310</ix:nonFraction> (see Note 17).</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above funding alternatives were not enforceable
and were subject to being exercised the rights by the counterparties. With these funding initiatives, the Company believes that it would
be able to strengthen its financial position, improve its liquidity, and enhance its ability to navigate the challenging market conditions.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 237; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock" id="ixv-39816"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 5 &#8212; REVERSE RECAPITALIZATION WITH
AGBA ACQUISITION LIMITED</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Closing Date, pursuant to the Business
Combination Agreement, the following share transactions were completed:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:PublicAndPrivateRights" scale="0" unitRef="shares" id="ixv-47660">4,825,000</ix:nonFraction>
public and private rights were automatically converted to <ix:nonFraction contextRef="c471" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesConversionOfUnits" scale="0" unitRef="shares" id="ixv-47661">482,500</ix:nonFraction> ordinary shares of AGBA.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c472" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" scale="0" unitRef="shares" id="ixv-47662">792,334</ix:nonFraction>
ordinary shares of AGBA were issued to settle the outstanding payables.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c473" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-47663">555,000</ix:nonFraction>
ordinary shares of AGBA were issued to Apex Twinkle Limited as the finder fee in connection with the Business Combination.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c474" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-47664">53,835,000</ix:nonFraction>
ordinary shares of AGBA were issued to TAG as consideration for the Business Combination and <ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:SharesReserved" scale="0" unitRef="shares" id="ixv-47665">1,665,000</ix:nonFraction> ordinary shares, representing
as <ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="illr:HoldbackSharesPercentage" scale="-2" unitRef="pure" id="ixv-47666">3</ix:nonFraction>% holdback shares for indemnification purpose were reserved. All the holdback shares will be released to TAG in six months following
the Closing.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after giving effect to the Business
Combination, AGBA has <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares" id="ixv-47667"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-47668">58,376,985</ix:nonFraction></ix:nonFraction> ordinary shares issued and outstanding, and <ix:nonFraction contextRef="c474" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-47669">4,825,000</ix:nonFraction> warrants outstanding. TAG became a major shareholder
of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preceding to the Closing, on November 9, 2022,
AGBA entered into the Forward Share Purchase Agreement (the &#8220;Meteora Backstop Agreement&#8221;) with Meteora Special Opportunity
Fund I, L.P., a Delaware limited partnership, Meteora Select Trading Opportunities Master, L.P., a Cayman Islands limited partnership,
and Meteora Capital Partners, L.P., a Delaware limited partnership (collectively &#8220;Meteora&#8221;). Pursuant to the Meteora Backstop
Agreement, Meteora has agreed to purchase up to <ix:nonFraction contextRef="c475" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-47670">2,500,000</ix:nonFraction> AGBA ordinary shares in the open market at prices no higher than the redemption
price, including from other AGBA shareholders that elected to redeem and subsequently revoked their prior elections to redeem their shares,
following the expiration of AGBA&#8217;s redemption offer. AGBA has agreed to purchase those shares from Meteora on a forward basis, up
to the lessor of (i) that number of AGBA shares then held by Meteora, and (ii) the difference of (x) the number of shares held by Meteora
at Closing (which shall be no more than <ix:nonFraction contextRef="c476" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares" id="ixv-47671">2,500,000</ix:nonFraction> Ordinary Shares in the aggregate) minus (y) that number of shares equal to (I) the product
of (A) $<ix:nonFraction contextRef="c476" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-47672">0.12</ix:nonFraction>, multiplied by (B) the number of shares held by the Meteora at Closing (such product, the &#8220;Commitment Share Value&#8221;),
divided by (II) the value weighted average price for the preceding 30 trading days ending on the day that is 30 days following the Closing
(the number of shares derived in (y), the &#8220;Commitment Shares&#8221;, and the lesser of (1) and (2), the &#8220;Puttable Shares&#8221;),
unless otherwise agreed to in writing by all parties, at a price per Share equal to the sum of (i) the redemption price as contemplated
by the Definitive Proxy Statement (the &#8220;Redemption Price&#8221;), plus (ii) $<ix:nonFraction contextRef="c477" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityRedemptionPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47673">0.45</ix:nonFraction> (the sum of (i) and (ii), the &#8220;Base Price&#8221;),
plus (iii) the result of (X) the Base Price, multiplied by (Y) the number of Commitment Shares, divided by (Z) the number of Puttable
Shares (such sum of (i), (ii) and (iii), the &#8220;Shares Purchase Price&#8221;); provided that the Shares Purchase Price will be reduced
by $<ix:nonFraction contextRef="c477" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47674">0.15</ix:nonFraction> for the first full calendar quarter after 90 days following the Closing sooner than the Put Date that the Put occurs if the Put
does so occur, plus an additional reduction of $<ix:nonFraction contextRef="c478" decimals="2" format="ixt:num-dot-decimal" name="illr:ReductionPrice" scale="0" unitRef="usdPershares" id="ixv-47675">0.10</ix:nonFraction> if the Put occurs before 90 days following the Closing. The purchase price payable
by AGBA will be escrowed in the amount of the redemption price per share. At the election of AGBA, $<ix:nonFraction contextRef="c479" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-47676">0.45</ix:nonFraction> of the Shares Purchase Price
can be paid using Ordinary Shares rather than cash. The Meteora Backstop Agreement matures nine months after the closing of the Business
Combination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction was accounted for as a &#8220;reverse
recapitalization&#8221; in accordance with U.S. GAAP because the primary assets of AGBA would be nominal following the close of the Business
Combination. Under this method of accounting, AGBA was treated as the &#8220;acquired&#8221; company for financial reporting purposes
and both of TIL and TAC were determined to be the accounting acquirer based on the terms of the Business Combination and other factors
including: (i) TIL and TAC&#8217;s shareholders have a majority of the voting power of the combined company, (ii) TIL and TAC comprises
a majority of the governing body of the combined company, and TIL and TAC&#8217;s senior management comprises all of the senior management
of the combined company, and (iii) TIL and TAC comprises all of the ongoing operations of the combined entity. Accordingly, for accounting
purposes, this transaction was treated as the equivalent of the Company issuing shares for the net assets of AGBA, accompanied by a recapitalization.
The shares and net loss per ordinary share, prior to the Reverse Recapitalization, have been retroactively restated. The net assets of
AGBA were recorded at historical carrying amount, with no goodwill or other intangible assets recorded. Operations prior to the Reverse
Recapitalization are those of TIL and TAC.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 238; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock" id="ixv-39880"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 &#8212; RESTRICTED CASH</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Meteora Backstop Agreement dated
November 9, 2022, the fund held in the escrow account for the forward share purchase is restricted to the Company for the nine months
following the consummation of the Business Combination in November 2022, unless the investors (&#8220;Meteora&#8221;) sell the shares
in the market or redeems the shares. Notwithstanding the sale of shares by Meteora, the restricted cash will be used to settle any of
the Company&#8217;s repurchase obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 29, 2023, the Company and Meteora entered
into an agreement to early terminate the Meteora Backstop Agreement. Prior to the termination, Meteora sold <ix:nonFraction contextRef="c480" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentSoldNotYetPurchasedBalanceShares" scale="0" unitRef="shares" id="ixv-47677">1,191,016</ix:nonFraction> shares in the open
market at a price ranging from $<ix:nonFraction contextRef="c481" decimals="2" format="ixt:num-dot-decimal" name="illr:InvesmentOpenMarketAtAPriceRange" scale="0" unitRef="usdPershares" id="ixv-47678">1.51</ix:nonFraction> to $<ix:nonFraction contextRef="c482" decimals="2" format="ixt:num-dot-decimal" name="illr:InvesmentOpenMarketAtAPriceRange" scale="0" unitRef="usdPershares" id="ixv-47679">1.61</ix:nonFraction> per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the early termination clauses of Meteora
Backstop Agreement, the Company released $<ix:nonFraction contextRef="c483" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCash" scale="6" unitRef="usd" id="ixv-47680">14.0</ix:nonFraction> million from restricted cash to settle the obligation to Meteora.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the termination agreement, the Company
is not obligated to purchase the remaining <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentSoldNotYetPurchasedBalanceShares" scale="0" unitRef="shares" id="ixv-47681">124,949</ix:nonFraction> shares (the &#8220;Shares&#8221;) from Meteora and they shall have no obligation to
sell the Shares to the Company. In addition, they may dispose the Shares at its discretion in the open market not less than $<ix:nonFraction contextRef="c484" decimals="0" format="ixt:num-dot-decimal" name="illr:InvesmentOpenMarketAtAPriceRange" scale="0" unitRef="usdPershares" id="ixv-47682">2</ix:nonFraction> per share
before September 29, 2023 and no conditions or restrictions thereafter. As a result, the Company released the remaining $<ix:nonFraction contextRef="c485" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCash" scale="6" unitRef="usd" id="ixv-47683">1.5</ix:nonFraction> million from
restricted cash to settle the obligation to Meteora.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the early termination and sale of shares
by Meteora, the forward share purchase liability (&#8220;FSP liability&#8221;) was fully settled and a loss on settlement of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossRelatedToLitigationSettlement" scale="0" sign="-" unitRef="usd" id="ixv-47684">378,895</ix:nonFraction>
was recorded in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, restricted cash included
the funds held on behalf of the customers, the Company is acted as a custodian to manage the assets and investment portfolio on behalf
of its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes,
other than managing the portfolio.&#160;Upon receiving escrow funds, the Company records a corresponding escrow liability.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_AccountsAndNontradeReceivableTextBlock-c16_cont_1" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock" id="ixv-39898"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7 &#8212; ACCOUNTS RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" id="ixv-47685">Accounts receivable, net consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableGross" scale="0" unitRef="usd" id="ixv-47686">3,283,118</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableGross" scale="0" unitRef="usd" id="ixv-47687">2,916,609</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts receivable &#8211; related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="0" unitRef="usd" id="ixv-47688">1,094,225</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="0" unitRef="usd" id="ixv-47689">272,546</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for expected credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-47690">312,482</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-47691">94,447</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">Accounts receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNet" scale="0" unitRef="usd" id="ixv-47692">4,064,861</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNet" scale="0" unitRef="usd" id="ixv-47693">3,094,708</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts receivable due from related parties
represented the management service rendered to the portfolio assets of related companies, which are controlled by the holding company,
for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values
invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_AccountsAndNontradeReceivableTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_AccountsReceivableAllowanceForCreditLossTableTextBlock-c16_cont_1" escape="true" name="us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock" id="ixv-47694">The following table presents the activity in the
allowance for expected credit losses:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_AccountsReceivableAllowanceForCreditLossTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd" id="ixv-47700">312,482</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generally conducts its business with
creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses
determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and
market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off
after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on
an ongoing basis and its exposure to bad debts is not significant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
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respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_FinancingReceivablesTextBlock-c16_cont_1" escape="true" name="us-gaap:FinancingReceivablesTextBlock" id="ixv-40049"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 8 &#8212; LOANS RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c492" continuedAt="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c492_cont_1" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" id="ixv-47703">The Company&#8217;s loans receivable, net was
as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock-c492_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Residential mortgage loans</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for expected credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLosses" scale="0" unitRef="usd" id="ixv-47706">1,229</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Loans receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="illr:LoansReceivableNet" scale="0" unitRef="usd" id="ixv-47707">1,604,302</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c494" decimals="0" format="ixt:num-dot-decimal" name="illr:LoansReceivableNet" scale="0" unitRef="usd" id="ixv-47708">1,589,871</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Classifying as:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current portion</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetCurrent" scale="0" unitRef="usd" id="ixv-47709">549,461</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c494" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetCurrent" scale="0" unitRef="usd" id="ixv-47710">517,479</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesAndLoansReceivableNetNoncurrent" scale="0" unitRef="usd" id="ixv-47711">1,054,841</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">Loans receivable, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="illr:LoansReceivableNet" scale="0" unitRef="usd" id="ixv-47713">1,604,302</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c494" decimals="0" format="ixt:num-dot-decimal" name="illr:LoansReceivableNet" scale="0" unitRef="usd" id="ixv-47714">1,589,871</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_FinancingReceivablesTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rates on loans issued ranged between
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pledge of the underlying residential properties owned by the borrowers. As of December 31, 2023, the net carrying amount of the loans
receivable was $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LoansReceivableFairValueDisclosure" scale="0" unitRef="usd" id="ixv-47719">1,604,302</ix:nonFraction>, which included an interest receivable of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivable" scale="0" unitRef="usd" id="ixv-47720">40,100</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mortgage loans are made to either business or
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creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of December 31, 2023 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c492" continuedAt="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c492_cont_1" escape="true" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" id="ixv-47723">The following table presents the activity in the
allowance for expected credit losses:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c492_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Balance at beginning of year</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Allowance for expected credit losses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Written-off</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Balance at end of year</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c493" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLosses" scale="0" unitRef="usd" id="ixv-47728">1,229</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimated allowance for expected credit losses
is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied
on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic
conditions. If there is an unexpected deterioration of a customer&#8217;s financial condition or an unexpected change in economic conditions,
including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting
adjustments would affect earnings in the period that adjustments are made.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
the Company has assessed the probable loss and made an allowance for expected credit losses of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:AllowanceForExpectedCreditLosses" scale="0" unitRef="usd" id="ixv-47729">1,225</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-432">nil</span> on loans receivable, respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock" id="ixv-40265"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9 &#8212; NOTES RECEIVABLE, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2023, the Company entered into
a subscription agreement and a convertible loan note instrument (collectively the &#8220;Agreements&#8221;) with Investment A. Pursuant
to the Agreements, the Company agrees to subscribe an aggregate amount of $<ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfNotesReceivable" scale="0" unitRef="usd" id="ixv-47730">1,673,525</ix:nonFraction> notes, in batches, which are payable on or before
January 31, 2024 and bears a fixed interest rate of <ix:nonFraction contextRef="c184" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFixedInterestRate" scale="-2" unitRef="pure" id="ixv-47731">8</ix:nonFraction>% per annum. The maturity date of the notes receivable is April 30, 2024. As of December
31, 2023, the Company subscribed $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesReceivableFairValueDisclosure" scale="0" unitRef="usd" id="ixv-47732">589,086</ix:nonFraction> notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, the net carrying amount
of the notes receivable was $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesReceivableNet" scale="0" unitRef="usd" id="ixv-47733">557,003</ix:nonFraction>, which including an interest receivable of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-47734">34,665</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c16_cont_1" escape="true" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" id="ixv-47735">The following table presents the activity in the
allowance for expected credit losses:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">As of<br/>
December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Balance at beginning of year</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC Topic 326, the Company
accounts for its allowance for expected credit losses on notes receivable using the CECL model. Periodic changes to the allowance for
expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the year ended December
31, 2023, the Company has evaluated the probable losses on the notes receivable and made an allowance for expected credit losses of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd" id="ixv-47739">69,581</ix:nonFraction>.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock" id="ixv-40340"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 10 &#8212; DEPOSIT, PREPAYMENTS AND OTHER
RECEIVABLES, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c501" continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c501_cont_1" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock" id="ixv-47740">Deposit, prepayment and other receivables, net
consisted of the following:</ix:nonNumeric>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<ix:continuation id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c501_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify">Deposits</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositAssets" scale="0" unitRef="usd" id="ixv-47741">710,702</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c503" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositAssets" scale="0" unitRef="usd" id="ixv-47742">364,490</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Prepayments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherPrepaidExpenseCurrent" scale="0" unitRef="usd" id="ixv-47743">1,026,767</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="0" unitRef="usd" id="ixv-47745">850,361</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c503" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="0" unitRef="usd" id="ixv-47746">163,207</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd" id="ixv-47747">2,587,830</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c503" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd" id="ixv-47748">631,959</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: allowance for expected credit losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLosses" scale="0" unitRef="usd" id="ixv-47749">818,248</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c503" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLosses" scale="0" unitRef="usd" id="ixv-47750">42,173</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 4pt">Deposit, prepayment and other receivables, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c502" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd" id="ixv-47751">1,769,582</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c503" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd" id="ixv-47752">589,786</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c501" continuedAt="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c501_cont_1" escape="true" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" id="ixv-47753">The following table presents the activity in the
allowance for expected credit losses:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock-c501_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c505" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesRecovery" scale="0" unitRef="usd" id="ixv-47757">16,509</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC Topic 326, the Company
accounts for its allowance for expected credit losses on deposit and other receivables using the CECL model. Periodic changes to the allowance
for expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the years ended December
31, 2023 and 2022, the Company has evaluated the probable losses on the deposit and other receivables and made an allowance for expected
credit losses of $<ix:nonFraction contextRef="c499" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-47762">774,070</ix:nonFraction> and $<ix:nonFraction contextRef="c500" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProvisionForDoubtfulAccounts" scale="0" unitRef="usd" id="ixv-47763">16,509</ix:nonFraction>.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_InvestmentTextBlock-c16_cont_1" escape="true" name="us-gaap:InvestmentTextBlock" id="ixv-40504"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 &#8212; LONG-TERM INVESTMENTS, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_InvestmentTableTextBlock-c16_cont_1" escape="true" name="us-gaap:InvestmentTableTextBlock" id="ixv-47764">Long-term investments, net consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_InvestmentTableTextBlock-c16_cont_2" id="_InvestmentTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership<br/>
interest</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ownership<br/>
interest</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Marketable equity securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify">Investment C</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Non-marketable equity securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Investment A</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Investment B</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Investment D</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c200" decimals="4" format="ixt:num-dot-decimal" id="ix_61_fact" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">4.47</ix:nonFraction></td><td style="text-align: left">%#</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Investment E, related party</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Net carrying value</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsUnderManagementCarryingAmount" scale="0" unitRef="usd" id="ixv-47791">25,724,464</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investments in Marketable Equity Securities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in marketable equity securities are
accounted for at their current market value with changes in fair value recognized in net loss. Investment C was listed and publicly traded
on Nasdaq Stock Exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, the Company
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, Investment C
was recorded at fair value of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MarketableSecurities" scale="0" unitRef="usd" id="ixv-47797">595</ix:nonFraction> and $<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MarketableSecurities" scale="0" unitRef="usd" id="ixv-47798">2,443,593</ix:nonFraction>, which were traded at a closing price of $<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47799">9.15</ix:nonFraction> and $<ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47800">2.46</ix:nonFraction> per share, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investments in Non-Marketable Equity Securities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in non-marketable equity securities
consist of investments in limited liability companies in which the Company&#8217;s interests are deemed minor and long-term, strategic
investments in companies that are in various stages of development, and investments in a close-ended partnership funds which concentrated
in the healthcare sector. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment,
if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment
of the same issuer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management assesses each of these investments
on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee&#8217;s
financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions
subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company
is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the
investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net.
Fair value is estimated using the best information available, which may include cash flow projections or other available market data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently on February 5, 2024, the Company
entered into a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a purchase
price of $<ix:nonFraction contextRef="c508" decimals="-4" format="ixt:num-dot-decimal" name="illr:PurchasePrice" scale="6" unitRef="usd" id="ixv-47801">2.15</ix:nonFraction> million and the transaction was completed on February 19, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_InvestmentTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_EquityMethodInvestmentsTextBlock-c16_cont_1" escape="true" name="us-gaap:EquityMethodInvestmentsTextBlock" id="ixv-47802">The following table presents the movement of non-marketable
equity securities as of December 31, 2023 and 2022:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_EquityMethodInvestmentsTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Balance at beginning of year</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Adjustments:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Upward adjustments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c213" decimals="0" format="ixt:num-dot-decimal" name="illr:LongTermInvestmentDownwardAdjustments" scale="0" sign="-" unitRef="usd" id="ixv-47808">10,092,729</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c520" decimals="0" format="ixt:num-dot-decimal" name="illr:LongTermInvestmentDownwardAdjustments" scale="0" sign="-" unitRef="usd" id="ixv-47809">6,898,549</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c213" decimals="0" format="ixt:num-dot-decimal" name="illr:ForeignExchangeAdjustment" scale="0" unitRef="usd" id="ixv-47810">938,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c520" decimals="0" format="ixt:num-dot-decimal" name="illr:ForeignExchangeAdjustment" scale="0" sign="-" unitRef="usd" id="ixv-47811">2,373,929</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Balance at end of year</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c210" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermInvestments" scale="0" unitRef="usd" id="ixv-47812">25,723,869</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c211" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermInvestments" scale="0" unitRef="usd" id="ixv-47813">34,589,767</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c16" continuedAt="illr_ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock-c16_cont_1" escape="true" name="illr:ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock" id="ixv-47814">Cumulative unrealized gains and losses, included in the carrying value
of the Company&#8217;s non-marketable equity securities:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="illr_ScheduleOfCumulativeUnrealizedGainsAndLossesIncludedInTheCarryingValueTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Downward adjustments (including impairment)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueDownwardPriceAdjustmentCumulativeAmount" scale="0" unitRef="usd" id="ixv-47815">37,347,329</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Upward adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_InvestmentIncomeTextBlock-c16_cont_1" escape="true" name="us-gaap:InvestmentIncomeTextBlock" id="ixv-47821">Investment loss, net is recorded as other expense
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_InvestmentIncomeTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Marketable equity securities:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Realized gain from sale of Investment C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RealizedInvestmentGainsLosses" scale="0" unitRef="usd" id="ixv-47824">1,543,543</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-marketable equity securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Unrealized (loss)/gains (including impairment) &#8211; Investment F</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c510" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47825">9,922,184</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c521" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" sign="-" unitRef="usd" id="ixv-47826">2,137,021</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Unrealized (loss) (including impairment) &#8211; Investment B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c509" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47827">170,545</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c512" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47828">756,478</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Unrealized (loss) (including impairment) &#8211; Investment A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c511" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47829">6,142,071</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Dividend income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendIncomeOperating" scale="0" unitRef="usd" id="ixv-47830">1,670,045</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DividendIncomeOperating" scale="0" unitRef="usd" id="ixv-47831">1,154,749</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Investment loss, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNet" scale="0" sign="-" unitRef="usd" id="ixv-47832">6,878,869</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNet" scale="0" sign="-" unitRef="usd" id="ixv-47833">8,937,431</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Downward adjustments represent unrealized loss
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loss (including impairment) of Investment A and B of $<ix:nonFraction contextRef="c511" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47836">6,142,071</ix:nonFraction>, and $<ix:nonFraction contextRef="c512" decimals="0" format="ixt:num-dot-decimal" name="illr:UnrealizedGainLossincludingImpairmentOnInvestment" scale="0" unitRef="usd" id="ixv-47837">756,478</ix:nonFraction> respectively).</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>


</div><!-- Field: Page; Sequence: 244; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock" id="ixv-41103"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 12 &#8212; PROPERTY AND EQUIPMENT, NET</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_PropertyPlantAndEquipmentTextBlock-c16_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="ixv-47838">Property and equipment consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>As cost:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Land and building</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c440" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47839">1,885,786</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Furniture, fixtures and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c441" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47841">39,743</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c524" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47842">13,412</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Computer equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c442" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47843">243,314</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c525" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47844">164,536</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Motor vehicles</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c443" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47845">108,989</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c526" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47846">108,994</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47847">2,277,832</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-47848">8,168,144</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-47849">556,548</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-47850">808,728</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd" id="ixv-47851">1,721,284</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd" id="ixv-47852">7,359,416</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expense for the years ended December
31, 2023 and 2022 were $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-47853">261,323</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-47854">392,873</ix:nonFraction>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, the Company
sold one of its office premises to an independent third party for a consideration of $<ix:nonFraction contextRef="c16" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferredOtherAssets" scale="6" unitRef="usd" id="ixv-47855">6.13</ix:nonFraction> million and a gain on disposal of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" unitRef="usd" id="ixv-47856">664,816</ix:nonFraction>
was recognized. The office premise was pledged for a mortgage loan (see Note 13).</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:ShortTermDebtTextBlock" id="ixv-41209"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 13 &#8212; BORROWINGS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock" id="ixv-41213"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Mortgage borrowings</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBankLoansAndNotesPayable" scale="0" unitRef="usd" id="ixv-47857">1,804,950</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBankLoansAndNotesPayable" scale="0" unitRef="usd" id="ixv-47858">4,477,254</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Short-term borrowings, related party</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermInvestments" scale="0" unitRef="usd" id="ixv-47859">5,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:ShortTermBorrowing" scale="0" unitRef="usd" id="ixv-47860">6,804,950</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="illr:ShortTermBorrowing" scale="0" unitRef="usd" id="ixv-47861">4,477,254</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Mortgage Borrowings</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2022, the Company obtained a mortgage
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annum, was repayable in October 2023. The loan was pledged by a fixed charge on an office premises owned by the Company. In October 2023,
the loan was fully settled with the completion of the sale of the office premises (see Note 12).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, the Company obtained a mortgage
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annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premises owned by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0"><i><span style="text-decoration:underline">Short-term Borrowings</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify">In September 2023, the Company obtained
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D owned by the Company. In October 2023, November 2023, December 2023 and February 2024, the Company entered into certain supplementary
agreements to renew and extend the maturity to November 2023, December 2023, January 2024 and March 2024, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 245; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="illr:ForwardSharePurchaseLiabilityTextBlock" id="ixv-41295"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 &#8212; FORWARD SHARE PURCHASE LIABILITY
(&#8220;FSP Liability&#8221;)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, pursuant
to the sale of shares by investors and early termination of the Meteora Backshop Agreement (see Note 5), FSP liability was fully settled
with a loss of $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossRelatedToLitigationSettlement" scale="0" sign="-" unitRef="usd" id="ixv-47870">378,895</ix:nonFraction> recorded in the consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FSP liability as of December 31, 2022 under
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>Input</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise price</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Term</td><td>&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, the change
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_LesseeOperatingLeasesTextBlock-c16_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock" id="ixv-41353"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 15 &#8212; LEASE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease right-of-use (&#8220;ROU&#8221;)
asset and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU asset
represents the Company&#8217;s right to use an underlying asset for the lease term and lease liabilities represent the Company&#8217;s
obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (&#8220;discount rate&#8221;) in arrangements
is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments.
The Company&#8217;s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The
operating lease ROU asset includes any lease payments made and excludes lease incentives.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, the Company
has entered into a commercial operating lease with an independent third party for the use of an office in Hong Kong. The lease has an
original term exceeding <ix:nonNumeric contextRef="c486" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-47878">1</ix:nonNumeric> year, but not more than <ix:nonNumeric contextRef="c487" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-47879">3</ix:nonNumeric> years with an option to renew a further term of <ix:nonNumeric contextRef="c2" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-47880">3</ix:nonNumeric> years. At lease inception, after
consideration, the Company was certain that the renewal option would be exercised, after the original term. The operating lease is included
in &#8220;Right-of-use asset, net&#8221; on the consolidated balance sheets and represents the Company&#8217;s right to use the underlying
asset during the lease term. The Company&#8217;s obligation to make lease payments are included in &#8220;Lease liabilities&#8221; on
the consolidated balance sheets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_LeaseCostTableTextBlock-c16_cont_1" escape="true" name="us-gaap:LeaseCostTableTextBlock" id="ixv-47881">Supplemental balance sheet information related
to the operating lease was as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_LeaseCostTableTextBlock-c16_cont_2" id="_LeaseCostTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Operating lease:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Right-of-use asset</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" scale="0" unitRef="usd" id="ixv-47883">1,004,432</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Right-of-use asset, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd" id="ixv-47884">11,508,153</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-47885">1,229,329</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-current lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-47886">10,646,053</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">Total lease liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="usd" id="ixv-47887">11,875,382</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify">Operating lease expense for the years
ended December 31, 2023 and 2022 was $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="0" unitRef="usd" id="ixv-47888">1,496,286</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-438">nil</span>, respectively, is included in other general and administrative expenses in the
consolidated statements of operations and comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 246; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p><div>

</div><ix:continuation id="_LesseeOperatingLeasesTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0"><ix:continuation continuedAt="_LeaseCostTableTextBlock-c16_cont_3" id="_LeaseCostTableTextBlock-c16_cont_2">Other supplemental information about the Company&#8217;s
operating lease as of December 31, 2023 are as follow:</ix:continuation></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<ix:continuation id="_LeaseCostTableTextBlock-c16_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Weighted average discount rate</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure" id="ixv-47890">6.58</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average remaining lease term (years)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c2" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" id="ixv-47891">5.42</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr> </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<ix:continuation id="_LesseeOperatingLeaseLiabilityMaturityTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Operating<br/>
lease</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left">2024</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="illr:WarrantsLiabilitiesTextBlock" id="ixv-41553"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 16 &#8212; WARRANT LIABILITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Private warrants</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private warrants are accounted for as liabilities
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the private warrants is valued
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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were as follows at their measurement dates:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock-c538_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>Input</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Exercise price</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrant remaining life</td><td>&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, the aggregate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Warrants &#8211; Class A</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, the Company consummated the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 247; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-41672"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 17 &#8212; SHAREHOLDERS&#8217; EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Ordinary Shares</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, the Company
has authorized shares of <ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-47922">200,000,000</ix:nonFraction> ordinary shares with a par value $<ix:nonFraction contextRef="c2" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-47923">0.001</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ordinary Shares transactions for the year ended
December 31, 2022</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.35in; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 14, 2022, pursuant to the Business Combination (as described in Note 5), the following share transactions were completed:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ordinary Shares transactions for the year ended
December 31, 2023</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 21, 2023, the Company issued <ix:nonFraction contextRef="c555" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-47931">2,173,913</ix:nonFraction> ordinary shares to Apex Twinkle Limited to partially settle the finder fee payable.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 22, 2023, the Company issued <ix:nonFraction contextRef="c556" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-47932">946,100</ix:nonFraction> ordinary shares to the directors and officers of the Company under the Share Award Scheme (the
&#8220;Scheme&#8221;) for compensating the contributions of prior services and performance. These shares were approved and granted previously
in December 2022.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 6, 2023, the holdback shares of <ix:nonFraction contextRef="c557" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" scale="0" unitRef="shares" id="ixv-47933">1,665,000</ix:nonFraction> ordinary shares were fully released and issued.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 5, 2023, the Company issued <ix:nonFraction contextRef="c558" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodSharesIssuanceOfOrdinarySharesForCommitmentFeeinShares" scale="0" unitRef="shares" id="ixv-47934">600,000</ix:nonFraction> ordinary shares to Williamsburg, an independent third party, as a commitment fee under the
equity purchase agreement dated September 7, 2023.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, the Company issued <ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" scale="0" unitRef="usd" id="ixv-47935">4,900,000</ix:nonFraction> ordinary shares to certain consultants to compensate their services rendered.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, there were <ix:nonFraction contextRef="c559" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-47936"><ix:nonFraction contextRef="c559" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-47937">68,661,998</ix:nonFraction></ix:nonFraction>
and <ix:nonFraction contextRef="c560" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-47938"><ix:nonFraction contextRef="c560" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-47939">58,376,985</ix:nonFraction></ix:nonFraction> ordinary shares issued and outstanding, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Ordinary Shares To Be Issued</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 7, 2023, the Company entered into certain term sheets among an institutional investor, the Company&#8217;s Chief Executive Officer,
Mr. Ng Wing Fai, and the Company&#8217;s management team for the private placement with an offering price at $<ix:nonFraction contextRef="c561" decimals="2" format="ixt:num-dot-decimal" name="illr:OfferingPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47940">0.70</ix:nonFraction> per ordinary share.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, the Company consummated the
private placement with an independent institutional investor and received gross proceeds of $<ix:nonFraction contextRef="c562" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-47941">1,850,310</ix:nonFraction> in exchange of (i) <ix:nonFraction contextRef="c562" decimals="0" format="ixt:num-dot-decimal" name="illr:StockIssuedDuringPeriodSharesIssuanceOfOrdinarySharesForPrivatePlacementinShares" scale="0" unitRef="shares" id="ixv-47942">2,643,300</ix:nonFraction> ordinary
shares, and (ii) warrants purchase up to <ix:nonFraction contextRef="c562" decimals="0" format="ixt:num-dot-decimal" name="illr:WarrantsToPurchaseOrdinaryShares" scale="0" unitRef="shares" id="ixv-47943">528,660</ix:nonFraction> ordinary shares at a purchase price of $<ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-47944">0.70</ix:nonFraction> per ordinary share. The warrants have an
exercise price of $<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-47945">1.00</ix:nonFraction> per share and shall be exercised with more than $<ix:nonFraction contextRef="c563" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" scale="0" unitRef="usd" id="ixv-47946">500,000</ix:nonFraction> per tranche.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.35in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the Company settled the accrued salary of $<ix:nonFraction contextRef="c2" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:AccruedSalariesCurrentAndNoncurrent" scale="6" unitRef="usd" id="ixv-47947">1.43</ix:nonFraction> million with an aggregate of <ix:nonFraction contextRef="c293" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-47948">2,210,984</ix:nonFraction> ordinary shares to the directors
and officers of the Company at the current market price ranging from $<ix:nonFraction contextRef="c486" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47949">0.442</ix:nonFraction> to $<ix:nonFraction contextRef="c487" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47950">0.70</ix:nonFraction> per share.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently in February 2024, the Company issued
<ix:nonFraction contextRef="c564" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedSalariesCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-47951">435,484</ix:nonFraction> shares for the settlement of the accrued salary.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Public Warrants</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each public warrant entitles the holder thereof
to purchase one-half (1/2) of <ix:nonFraction contextRef="c16" decimals="0" format="ixt-sec:numwordsen" name="illr:NumberOfSharesIssuedPerUnit" scale="0" unitRef="shares" id="ixv-47952">one</ix:nonFraction> ordinary share at a price of $<ix:nonFraction contextRef="c237" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47953">11.50</ix:nonFraction> per full share, subject to adjustment as discussed herein. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number
of warrants may be exercised at any given time by a warrant holder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c16_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once the warrants become exercisable, the Company
may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued to Maxim
Group LLC) for redemption:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
whole and not in part;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
a price of $<ix:nonFraction contextRef="c565" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceIncrease" scale="0" unitRef="usdPershares" id="ixv-47954">0.01</ix:nonFraction> per warrant;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
a minimum of <ix:nonNumeric contextRef="c566" format="ixt-sec:durday" name="illr:TradingDays" id="ixv-47955">30</ix:nonNumeric> days&#8217; prior written notice of redemption,</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
and only if, the last sales price of the ordinary shares equals or exceeds $<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-47956">16.50</ix:nonFraction> per share for any <ix:nonNumeric contextRef="c565" format="ixt-sec:durday" name="illr:TradingDays" id="ixv-47957">20</ix:nonNumeric> trading days within a <ix:nonNumeric contextRef="c16" format="ixt-sec:durday" name="illr:TradingDays" id="ixv-47958">30</ix:nonNumeric> trading
day period ending three business days before the Company send the notice of redemption, and</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the
time of redemption and for the entire <ix:nonNumeric contextRef="c565" format="ixt-sec:durday" name="illr:ThresholdNumberOfBusinessDaysBeforeSendingNoticeOfRedemptionToWarrantHolders" id="ixv-47959">30</ix:nonNumeric>-day trading period referred to above and continuing each day thereafter until the date of redemption.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company calls the warrants for redemption
as described above, the management of the Company will have the option to require all holders that wish to exercise warrants to do so
on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the whole warrants for that
number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants,
multiplied by the difference between the exercise price of the warrants and the &#8220;fair market value&#8221; (defined below) by (y)
the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of the ordinary shares for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
Whether the Company will exercise our option to require all holders to exercise their warrants on a &#8220;cashless basis&#8221; will
depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption, the Company&#8217;s
cash needs at such time and concerns regarding dilutive share issuances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Private Warrants</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private warrants are identical to the public
warrants, except that the private warrants and the ordinary shares issuable upon the exercise of the private warrants were not transferable,
assignable or salable until after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the
private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the private warrants are held by someone other than the initial purchasers or their permitted transferees,
the private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private warrants are accounted as liabilities
and remeasured to fair value on a recurring basis, with changes in fair value recorded in the consolidated statements of operations (see
Note 16).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, there were <ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-47960">4,600,000</ix:nonFraction>
public warrants and <ix:nonFraction contextRef="c535" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-47961">225,000</ix:nonFraction> private warrants outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Warrant - Class A</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each warrant entitles the holder to purchase one-fifth
(1/5) of one ordinary share at a price of $<ix:nonFraction contextRef="c567" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-47962">0.70</ix:nonFraction> per full share. The warrants will be exercisable six months after the issuance date for
a period of five years after the exercise date. The warrants have an exercise price of $<ix:nonFraction contextRef="c568" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceIncrease" scale="0" unitRef="usdPershares" id="ixv-47963">1.00</ix:nonFraction> per share and shall be exercised with more
than $<ix:nonFraction contextRef="c568" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" scale="0" unitRef="usd" id="ixv-47964">500,000</ix:nonFraction> per tranche.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="illr:WarrantsIssued" scale="0" unitRef="shares" id="ixv-47965">528,660</ix:nonFraction> warrants are
to be issued under Warrant - Class A, in connection with the private placement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Forgiveness of Amounts Due to the Holding
Company</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
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amounts due to it and treat as additional paid-in capital.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 249; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c16_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Share Award Scheme</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately following the consummation of Business
Combination, the Company&#8217;s shareholders approved the Scheme, which became effective on September 14, 2022. Subsequently, on February
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the ordinary shares granted
under the scheme is measured based on the closing price of the Company&#8217;s ordinary shares as reported by Nasdaq Exchange on the date
of grant. For those ordinary shares vested immediately on the date of grant, the fair value is recognized as share-based compensation
expense in the consolidated statements of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 22, 2023, the Company issued <ix:nonFraction contextRef="c570" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-47969">946,100</ix:nonFraction> ordinary
shares to compensate the contributions of prior services and performance of the eligible employees, directors and officers, which was
approved and granted previously in December 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted Share Units (&#8220;RSUs&#8221;)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, the Company approved and granted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the RSUs, the fair value is recognized over
the period based on the derived service period (usually the vesting period), on a straight-line basis. The valuations assume no dividends
will be paid. The Company has assumed <ix:nonFraction contextRef="c326" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfForfeitures" scale="-2" unitRef="pure" id="ixv-47974">10</ix:nonFraction>% forfeitures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, the Company
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of operations and comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, total unrecognized compensation
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period of <ix:nonNumeric contextRef="c16" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" id="ixv-47977">1.67</ix:nonNumeric> years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock" id="ixv-47978">A summary of the activities for the Company&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Vested</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c574" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" scale="0" unitRef="shares" id="ixv-47983">346,542</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-445">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c574" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" scale="0" unitRef="shares" id="ixv-47985">3,343,730</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c574" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" scale="0" unitRef="usdPershares" id="ixv-47986">2.47</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 250; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:OtherOperatingIncomeAndExpenseTextBlock" id="ixv-42114"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 18 &#8212; OPERATING EXPENSES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Commission Expense</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of respective contracts,
commission expense represents certain premiums from insurance or investment products paid to agents. Commission rates vary by market due
to local practice, competition, and regulations. The Company charged commission expense on a systematic basis that is consistent with
the revenue recognition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
the Company recorded $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47991">37,287,519</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoninterestExpenseCommissionExpense" scale="0" unitRef="usd" id="ixv-47992">18,823,458</ix:nonFraction> commission expenses, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Personnel and Benefit Expense</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel and benefit expense mainly consisted
of salaries and bonus paid and payable to the employees of the Company. During the year ended December 31, 2023, the Company reversed
the annual bonus of $<ix:nonFraction contextRef="c9" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccruedBonusesCurrentAndNoncurrent" scale="6" unitRef="usd" id="ixv-47993">3.6</ix:nonFraction> million that was already accrued for the year ended December 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
the Company recorded $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:PersonnelAndBenefitExpenses" scale="0" unitRef="usd" id="ixv-47994">27,217,822</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:PersonnelAndBenefitExpenses" scale="0" unitRef="usd" id="ixv-47995">21,928,504</ix:nonFraction> personnel and benefit expense, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Legal and Professional Fees</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal and professional fees mainly consisted of
certain professional consulting services in legal, audit, accounting and taxation, and others.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
the Company recorded $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfessionalFees" scale="0" unitRef="usd" id="ixv-47996">13,601,274</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfessionalFees" scale="0" unitRef="usd" id="ixv-47997">1,265,866</ix:nonFraction> legal and professional fees, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
the Company recorded $<ix:nonFraction contextRef="c577" decimals="0" format="ixt:num-dot-decimal" name="illr:LegalAndProfessionalFeesRelatedParty" scale="0" unitRef="usd" id="ixv-47998">333,332</ix:nonFraction> and <span style="-sec-ix-hidden: hidden-fact-448">nil</span> legal and professional fees, related party, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Other General and Administrative Expenses</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company incurred different types of expenditures
under other general and administrative expenses. They primarily consist of depreciation of property and equipment and management fee expenses
which are allocated for certain corporate office expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023 and 2022,
the Company recorded $<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-47999">9,467,146</ix:nonFraction> and $<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-48000">4,905,636</ix:nonFraction> other general and administrative expenses, respectively.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 251; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:EarningsPerShareTextBlock" id="ixv-42174"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 19 &#8212; NET LOSS PER SHARE</b></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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ended December 31, 2023 and 2022, it was required by ASC 260 to use basic weighted-average shares outstanding when calculating diluted
net loss per share for the years ended December 31, 2023 and 2022, as the potential dilutive securities are anti-dilutive.</ix:nonNumeric></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Numerator:</td><td>&#160;</td>
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    <td style="width: 76%; text-align: left">Net loss attributable to the Company&#8217;s shareholders</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="usd" id="ixv-48002">49,206,019</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Denominator:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Weighted average shares outstanding</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Net loss per share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
diluted weighted average ordinary shares outstanding is equal to basic weighted average ordinary shares, due to the Company&#8217;s net
loss position. Hence, no ordinary shares equivalents were included in the computation of diluted net loss per share since such inclusion
would have been antidilutive.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock" id="ixv-48012">The following potentially dilutive securities
outstanding have been excluded from the computation of diluted weighted average shares outstanding, because such securities had an antidilutive
impact:</ix:nonNumeric></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Shares to be issued (Note 17):</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">- <ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfHoldbackShares" scale="-2" unitRef="pure" id="ixv-48013"><ix:nonFraction contextRef="c17" decimals="2" format="ixt:num-dot-decimal" name="illr:PercentageOfHoldbackShares" scale="-2" unitRef="pure" id="ixv-48014">3</ix:nonFraction></ix:nonFraction>% Holdback shares</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-449">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">- Private placement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c580" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares" id="ixv-48016">2,643,300</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-450">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Settlement of accrued salary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Public and private warrants (Note 17)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c584" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares" id="ixv-48018">4,825,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrant &#8211; Class A (Note 17)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c586" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares" id="ixv-48020">528,660</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Shares award outstanding (Note 17)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c588" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares" id="ixv-48021">1,309,728</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares" id="ixv-48023">11,517,672</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_IncomeTaxDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock" id="ixv-42389"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 20 &#8212; INCOME TAX EXPENSE</b></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" id="ixv-48025">The provision for income tax expense consisted
of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-48027">118,073</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="usd" id="ixv-48028">45,737</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Income tax expense</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-48030">286,538</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-48031">124,605</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective tax rate in the periods presented
is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company&#8217;s
subsidiaries mainly operate in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>British Virgin Islands</i></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is incorporated in the British Virgin
Islands and is not subject to taxation. In addition, upon payments of dividends by these entities to their shareholder, no British Virgin
Islands withholding tax will be imposed.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Hong Kong</i></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s subsidiaries operating in
Hong Kong are subject to the Hong Kong Profits Tax at the income tax rates ranging from <ix:nonFraction contextRef="c590" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure" id="ixv-48032">8.25</ix:nonFraction>% to <ix:nonFraction contextRef="c591" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure" id="ixv-48033">16.5</ix:nonFraction>% on the assessable income arising
in Hong Kong during its tax year.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2023 and 2022,
Hong Kong profits tax is calculated in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first
HK$ <ix:nonFraction contextRef="c590" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" scale="6" unitRef="usd" id="ixv-48034">2</ix:nonFraction> million of assessable profits is <ix:nonFraction contextRef="c590" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" scale="-2" unitRef="pure" id="ixv-48035">8.25</ix:nonFraction>% and assessable profits above HK$ <ix:nonFraction contextRef="c591" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" scale="6" unitRef="usd" id="ixv-48036">2</ix:nonFraction> million will continue to be subject to the rate of <ix:nonFraction contextRef="c591" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" scale="-2" unitRef="pure" id="ixv-48037">16.5</ix:nonFraction>%
for corporations in Hong Kong, effective from the year of assessment 2018/2019.</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" id="ixv-48038">The reconciliation of income tax rate to the effective
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Loss before income taxes</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResultsOfOperationsIncomeBeforeIncomeTaxes" scale="0" sign="-" unitRef="usd" id="ixv-48039">48,919,481</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResultsOfOperationsIncomeBeforeIncomeTaxes" scale="0" sign="-" unitRef="usd" id="ixv-48040">44,396,030</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Statutory income tax rate</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure" id="ixv-48041">16.5</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c17" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure" id="ixv-48042">16.5</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income tax expense at statutory rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxEffectsAllocatedDirectlyToEquityOther" scale="0" sign="-" unitRef="usd" id="ixv-48043">8,071,714</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxEffectsAllocatedDirectlyToEquityOther" scale="0" sign="-" unitRef="usd" id="ixv-48044">7,325,345</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income not subject to taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="usd" id="ixv-48045">2,563,028</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="usd" id="ixv-48046">71,468</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-deductible items:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>- Share based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" scale="0" unitRef="usd" id="ixv-48047">1,853,779</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" scale="0" unitRef="usd" id="ixv-48048">344,640</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:InvestmentLoss" scale="0" unitRef="usd" id="ixv-48049">1,135,013</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:InvestmentLoss" scale="0" unitRef="usd" id="ixv-48050">1,474,676</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">- Change in fair values</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-453">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions" scale="0" unitRef="usd" id="ixv-48051">888,251</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Under provision of prior years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="illr:UnderProvisionOfPriorYears" scale="0" unitRef="usd" id="ixv-48052">220,570</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="illr:UnderProvisionOfPriorYears" scale="0" unitRef="usd" id="ixv-48053">31,284</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Change in valuation allowance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd" id="ixv-48054">7,732,994</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd" id="ixv-48055">4,822,582</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Tax holiday</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationTaxHolidays" scale="0" unitRef="usd" id="ixv-48056">21,076</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationTaxHolidays" scale="0" unitRef="usd" id="ixv-48057">21,838</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-454">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-48058">18,177</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Income tax expense</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExaminationInterestExpense" scale="0" unitRef="usd" id="ixv-48059">286,538</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExaminationInterestExpense" scale="0" unitRef="usd" id="ixv-48060">124,605</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c16_cont_1" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" id="ixv-48061">The following table sets forth the significant
components of the deferred tax liabilities and assets of the Company as of December 31, 2023 and 2022:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c16_cont_2" id="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c16_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_SummaryOfValuationAllowanceTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023 and 2022, the operations
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taxable income. Net operating loss can be carried forward indefinitely, but cannot be carried back to prior years. There are no group
relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is taxed as a separate
entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from
the net operating loss carryforwards as the management believes that it is more likely that not all of these assets will be realized in
the future. The valuation allowance is reviewed annually.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Uncertain tax positions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates the uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of December 31, 2023 and 2022, the Company did not have any significant unrecognized uncertain tax positions.
The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31,
2023 and 2022 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from
December 31, 2023.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 280, <i>Segment Reporting</i>, establishes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Company&#8217;s customers and operations
are based in Hong Kong.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 255; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-43586"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 22 &#8212; RELATED PARTY BALANCES AND
TRANSACTIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In support of the Company&#8217;s efforts and
cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by the shareholder. Amounts represent advances or amounts paid in satisfaction of liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c16_cont_1" escape="true" name="illr:ScheduleOfRelatedPartyBalancesTableTextBlock" id="ixv-48135">Related party balances consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c16_cont_2" id="illr_ScheduleOfRelatedPartyBalancesTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Balance with related parties:</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Accounts receivable</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">(a)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>Borrowings</td><td>&#160;</td>
    <td style="text-align: center">(b)</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amounts due to the holding company</td><td>&#160;</td>
    <td style="text-align: center">(c)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">Long-term investment &#8211; Investment E</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">(d)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" id="ix_74_fact" name="us-gaap:LongTermInvestmentsAndReceivablesNet" scale="0" unitRef="usd">522,531</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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years ended December 31, 2023 and 2022, the Company involved with transactions, either at cost or current market prices and on the normal
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the portion of such period that they were considered related):</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c16_cont_2" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Asset management service income</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">(e)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commission expense</td><td>&#160;</td>
    <td style="text-align: center">(f)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchase of non-marketable equity security &#8211; Investment F</td><td>&#160;</td>
    <td style="text-align: center">(g)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Office rental and operating fees</td><td>&#160;</td>
    <td style="text-align: center">(h)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c624" decimals="0" format="ixt:num-dot-decimal" id="ix_80_fact" name="us-gaap:OperatingCostsAndExpenses" scale="0" unitRef="usd">6,039,520</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">General and administrative expense allocated</td><td>&#160;</td>
    <td style="text-align: center">(i)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c624" decimals="0" format="ixt:num-dot-decimal" id="ix_82_fact" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">1,724</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal and professional fees</td><td>&#160;</td>
    <td style="text-align: center">(j)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c624" decimals="0" format="ixt:num-dot-decimal" id="ix_84_fact" name="us-gaap:ProfessionalAndContractServicesExpense" scale="0" unitRef="usd">333,332</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-492">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchase of investment from the holding company</td><td>&#160;</td>
    <td style="text-align: center">(k)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-493">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Purchase of office building from the holding company</td><td>&#160;</td>
    <td style="text-align: center">(l)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-494">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Declaration of special dividends to the holding company</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">(m)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-495">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Apart from the transactions and balances detailed
above and elsewhere in these accompanying consolidated financial statements, the Company had no other significant or material related
party transactions during the years presented.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_ConcentrationRiskDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock" id="ixv-43951"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 23 &#8212; RISK AND UNCERTAINTIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is exposed to the following risk and
uncertainties:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Company&#8217;s major customers are
located in Hong Kong.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject
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was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually
monitors their credit worthiness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For accounts receivable, loans receivable, and
notes receivable, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses
based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits
and monitoring procedures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_ConcentrationRiskDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses internally-assigned risk grades
to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company&#8217;s
internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as,
credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal
risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. To minimize credit
risk, the Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness
of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c16" continuedAt="illr_ScheduleOfLoanReceivableTableTextBlock-c16_cont_1" escape="true" name="illr:ScheduleOfLoanReceivableTableTextBlock" id="ixv-48187">The Company&#8217;s third-party customers that
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="illr_ScheduleOfLoanReceivableTableTextBlock-c16_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c641" decimals="3" format="ixt:num-dot-decimal" name="illr:PercentageOfTotalCombinedLoansReceivables" scale="-2" unitRef="pure" id="ixv-48195">31.0</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">%</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
and political risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s major operations are conducted
in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong&#8217;s
economy may influence the Company&#8217;s business, financial condition, and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
rate risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company cannot guarantee that the current
exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable
periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted
to US$ and Sterling on that date. The exchange rate could fluctuate depending on changes in political and economic environments without
notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they become due. The Company&#8217;s policy is to ensure that it has sufficient cash
to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company&#8217;s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.
If future cash flows are fairly uncertain, the liquidity risk increases.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-44232"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 24 &#8212; COMMITMENTS AND CONTINGENCIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Litigation</b> &#8212; From time to time, the
Company is involved in various legal proceedings and claims in the ordinary course of business. However, the Company currently is not
aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its
business, financial condition, operating results, or cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, the Company involved
in the following legal proceedings:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA702/2018</i> On March 27, 2018,
the writ of summons was issued against the Company and seven related companies of the former shareholder by the Plaintiff. On February
23, 2023, the Court granted leave for this action be set down for trial of 13 days, and the trial will commence on November 25, 2024.
Legal counsel of the Company will continue to handle in this matter. At this stage in the proceedings, the Company is unable to determine
the probability of the outcome of the matter or the range of reasonably possible loss, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA765/2019</i> On April 30, 2019,
the writ of summons was issued against the Company&#8217;s subsidiary, three related companies and the former directors, shareholders
and financial consultant by the Plaintiff. This action alleged deceit and misrepresentation from an inducement of the fund subscription
and claimed for compensatory damage of approximately $<ix:nonFraction contextRef="c397" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="usd" id="ixv-48196">2</ix:nonFraction> million (equal to HK$<ix:nonFraction contextRef="c397" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="hkd" id="ixv-48197">17.1</ix:nonFraction> million). The case is on-going and parties have yet
to attempt mediation. Legal counsel of the Company continues to handle this matter. At this stage in the proceedings, the Company is unable
to determine the probability of the outcome of the matter or the range of reasonably possible loss, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA2097 and 2098/2020</i> On December
15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged the misrepresentation
and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $<ix:nonFraction contextRef="c398" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="usd" id="ixv-48198">1.67</ix:nonFraction> million
(equal to HK$<ix:nonFraction contextRef="c398" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyDamagesAwardedValue" scale="6" unitRef="hkd" id="ixv-48199">13</ix:nonFraction> million). The Company previously made $<ix:nonFraction contextRef="c58" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:LossContingencyReceivable" scale="6" unitRef="usd" id="ixv-48200">0.84</ix:nonFraction> million as contingency loss for the year ended December 31, 2021. Parties
participated in a mediation held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement
was reached. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings,
the Company is unable to determine the probability of the outcome of the matter or the range of reasonable possible loss, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Action Case: HCA1957/2023</i> On December 15,
2023, the Company received an order from the High Court of the Hong Kong Special Administrative Region, demanding the Company to pay and
settle the outstanding rent/mesne profit, management fees, air-conditioning charges, additional air-conditioning charges, government rates
and interest in an aggregated amount of $<ix:nonFraction contextRef="c642" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LitigationSettlementAmountAwardedToOtherParty" scale="0" unitRef="usd" id="ixv-48201">1,383,424</ix:nonFraction> (equivalent to HK$<ix:nonFraction contextRef="c642" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LitigationSettlementAmountAwardedToOtherParty" scale="0" unitRef="hkd" id="ixv-48202">10,799,560</ix:nonFraction>) to the landlord of the office premises in four instalments
scheduled from January 15, 2024 to March 31, 2024 together with legal costs of $<ix:nonFraction contextRef="c643" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="0" unitRef="usd" id="ixv-48203">6,405</ix:nonFraction> (equivalent to HK$<ix:nonFraction contextRef="c643" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="0" unitRef="hkd" id="ixv-48204">50,000</ix:nonFraction>).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company makes a provision for the liability
relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimate settlements,
legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in
the period in which they are incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Notes Receivable Agreement</b> &#8212; Pursuant
to the Agreements, subject to demand, the Company is committed to subscribe the notes of Investment A with an aggregate amount of $<ix:nonFraction contextRef="c644" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayable" scale="0" unitRef="usd" id="ixv-48205">1,673,525</ix:nonFraction>,
in batches, which are payable on or before January 31, 2024. As of December 31, 2023, the remaining committed subscription amount was
$<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCommitment" scale="0" unitRef="usd" id="ixv-48206">1,084,439</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale and Purchase Agreement</b> &#8212; Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. (&#8220;SLS&#8221;), an independent third party, the
Company is committed to purchase <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="illr:OwnershipInterest" scale="-2" unitRef="pure" id="ixv-48207">100</ix:nonFraction>% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of SGD<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="sgd" id="ixv-48208">2,500,000</ix:nonFraction>
(equivalent to $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd" id="ixv-48209">1,882,000</ix:nonFraction>). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nasdaq Compliance</b> &#8212; On September
20, 2023, the Company received a written notice (the &#8220;Notice&#8221;) from Nasdaq, notifying that the Company had publicly traded
under $<ix:nonFraction contextRef="c645" decimals="2" format="ixt:num-dot-decimal" name="illr:ComplianceTradingPerShare" scale="0" unitRef="usdPershares" id="ixv-48210">1.00</ix:nonFraction> per share for a period of <ix:nonFraction contextRef="c645" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1" scale="0" unitRef="pure" id="ixv-48211">30</ix:nonFraction> consecutive trading days or more, which failed to comply with Nasdaq Listing Rule 5550(a)(2)
and Nasdaq Listing Rule 5810(c)(3)(A). The Notice had no immediate effect but, before March 18, 2024, the Company was required to regain
compliance by trading at least $<ix:nonFraction contextRef="c646" decimals="2" format="ixt:num-dot-decimal" name="illr:ComplianceTradingPerShare" scale="0" unitRef="usdPershares" id="ixv-48212">1.00</ix:nonFraction> per share for a minimum of 10 consecutive trading days. Otherwise, after the date, subject to other
requirements and conditions, the Company may proceed to delisting procedures. As of the date of the consolidated financial statements,
the Company is still consecutively trading under $<ix:nonFraction contextRef="c645" decimals="2" format="ixt:num-dot-decimal" name="illr:ConsecutivelyTradingPerShare" scale="0" unitRef="usdPershares" id="ixv-48213">1.00</ix:nonFraction>, directors of the Company are investigating actions, where appropriate, to regain
the compliance, by March 18, 2024. On March 20, 2024, Nasdaq has granted an additional 180 calendar days period or until September 16,
2024, to the Company to regain the compliance.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-44289"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 25 &#8212; SUBSEQUENT EVENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 3, 2024, the Company received a written
notice from Nasdaq, notifying that the Company had not maintained a minimum Market Value of Listed Securities (&#8220;MVLS&#8221;) of
at least $<ix:nonFraction contextRef="c647" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:MoneyMarketFundsAtCarryingValue" scale="6" unitRef="usd" id="ixv-48214">35</ix:nonFraction> million, which failed to comply with Nasdaq Listing Rule 5550(b)(2). The Notice had no immediate effect but, before July
1, 2024, the Company was required to regain compliance by having a minimum MVLS of at least $<ix:nonFraction contextRef="c648" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:MoneyMarketFundsAtCarryingValue" scale="6" unitRef="usd" id="ixv-48215">35</ix:nonFraction> million for <ix:nonFraction contextRef="c649" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1" scale="0" unitRef="pure" id="ixv-48216">10</ix:nonFraction> consecutive trading days.
Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. As of the date
of the consolidated financial statements, the Company was granted by Nasdaq with an additional 180 days, by September 16, 2024 to regain
the compliance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 5, 2024, the Company entered into
a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a consideration of
$<ix:nonFraction contextRef="c650" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredOther1" scale="6" unitRef="usd" id="ixv-48217">2.15</ix:nonFraction> million. This transaction was completed on February 19, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 26, 2024, the Company issued <ix:nonFraction contextRef="c651" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-48218">1,723,744</ix:nonFraction>
ordinary shares to the directors and officers of the Company to compensate the services and performance at the current market prices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2024 and March 22, 2024, the Company
issued <ix:nonFraction contextRef="c652" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-48219">2,000,000</ix:nonFraction> and <ix:nonFraction contextRef="c653" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-48220">105,615</ix:nonFraction> ordinary shares to certain consultants to compensate their services rendered at the current market price,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 22, 2024, the Company issued <ix:nonFraction contextRef="c654" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-48221">1,900,000</ix:nonFraction>
ordinary shares to certain employees and advisor of the Company to compensate the services and performance at the current market price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC Topic 855, Subsequent Events,
which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the
consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2023,
up to the date that the audited consolidated financial statements were available to be issued.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c16" continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c16_cont_1" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" id="ixv-44326"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 26 &#8212; PARENT ONLY FINANCIAL INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performed a test on the restricted
net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and concluded that
it was applicable for the Company to disclose the financial statements for AGBA Group Holding Limited, the parent company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company did not have significant capital and
other commitments, long-term obligations, or guarantees as of December 31, 2023 and 2022. Certain information and footnote disclosures
generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c655" continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c655_cont_1" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock" id="ixv-48222">The following presents condensed parent company
only financial information of AGBA Group Holding Limited.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Condensed balance sheets</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c655_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c656" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd" id="ixv-48223">129,660</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&#8217; DEFICIT</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Shareholders&#8217; deficit:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c657" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd" id="ixv-48259">58,377</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Ordinary shares to be issued</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c657" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="usd" id="ixv-48263">1,867,335</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c656" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-48264">21,694,130</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c657" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-48265">7,883,739</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c656" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-48266">2,113,478</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c657" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-48267">5,956,362</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES AND SHAREHOLDERS&#8217; DEFICIT</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c656" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-48268">1,625,174</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c657" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-48269">15,444,263</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 262; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AGBA GROUP HOLDING LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c16_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">Condensed Statements of Operations</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Operating cost and expenses:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share-based compensation expense</td><td>&#160;</td>
    <td style="text-align: right">$</td>
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    <td style="text-align: right">$</td>
    <td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd" id="ixv-48271">2,088,725</ix:nonFraction></td><td>)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Other general and administrative expenses</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-48272">3,764,618</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherGeneralAndAdministrativeExpense" scale="0" unitRef="usd" id="ixv-48273">479,407</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total operating cost and expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="0" unitRef="usd" id="ixv-48274">13,697,380</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="0" unitRef="usd" id="ixv-48275">2,568,132</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48276">13,697,380</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48277">2,568,132</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other income (expense):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-48278">4,548</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-48279">8,952</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharePurchaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-48280">82,182</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharePurchaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-48281">5,392,293</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="illr:LossOnSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-48282">378,895</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-48285">113,011</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Loss before income taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="usd" id="ixv-48287">13,810,391</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="usd" id="ixv-48288">7,883,739</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-505">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-506">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">NET LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48289">13,810,391</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48290">7,883,739</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table></ix:nonNumeric>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">Condensed Statement of Cash Flows</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Cash flows from operating activities:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Net loss</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48291">13,810,391</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-48292">7,883,739</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustments to reconcile net loss to net cash used in operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Share-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd" id="ixv-48293">9,932,762</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd" id="ixv-48294">2,088,725</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-48295">4,548</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-48296">8,952</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change in fair value of forward share purchase liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharesPurchaseLiability" scale="0" unitRef="usd" id="ixv-48297">82,182</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="illr:ChangeInFairValueOfForwardSharesPurchaseLiability" scale="0" unitRef="usd" id="ixv-48298">5,392,293</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss on settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="illr:LossOnSettlementOfForwardSharePurchaseAgreement" scale="0" unitRef="usd" id="ixv-48299">378,895</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-507">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deposits, prepayments, and other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" sign="-" unitRef="usd" id="ixv-48300">17,035</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" sign="-" unitRef="usd" id="ixv-48301">1,715</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other payables and accrued liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd" id="ixv-48302">1,161,288</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd" id="ixv-48303">839,181</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash used in operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-48304">2,276,847</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-48305">1,252,569</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">(Repayment to) advances from related companies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" scale="0" sign="-" unitRef="usd" id="ixv-48306">933,655</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-48307">1,338,524</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Settlement of forward share purchase agreement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="illr:PaymentToSettlementOfForwardSharePurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-48308">13,952,683</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-508">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from private placement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-48309">1,850,310</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-509">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash proceeds from reverse recapitalization, net of redemption</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-510">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromOtherShortTermDebt" scale="0" unitRef="usd" id="ixv-48310">15,356,580</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 263; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 13. Other Expenses
of Issuance and Distribution.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following table sets forth
all costs and expenses, other than underwriting discounts and commissions, we expect to incur in connection with the sale of the securities
being registered. All amounts shown are estimates except for the SEC registration fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">SEC Registration Fee</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">Legal Fees and Expenses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 14. Indemnification of Directors and Officers.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 102 of the General
Corporation Law of the State of Delaware permits a corporation to eliminate the personal liability of directors of a corporation to the
corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except for breaches of the director&#8217;s
duty of loyalty to the corporation or its stockholders, acts or omissions not in good faith or which involve intentional misconduct or
a knowing violation of a law, authorizations of the payments of a dividend or approval of a stock repurchase or redemption in violation
of Delaware corporate law or for any transactions from which the director derived an improper personal benefit. Our amended and restated
certificate of incorporation provides that no director will be liable to us or our stockholders for monetary damages for breach of fiduciary
duties as a director, subject to the same exceptions as described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 145 of the General
Corporation Law of the State of Delaware provides that a corporation has the power to indemnify a director, officer, employee, or agent
of the corporation and certain other persons serving at the request of the corporation in related capacities against expenses (including
attorneys&#8217; fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection
with a threatened, pending, or completed action, suit or proceeding to which he or she is or is threatened to be made a party by reason
of such position, if such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful,
except that, in the case of actions brought by or in the right of the corporation, indemnification is limited to expenses (including attorneys&#8217;
fees) actually and reasonably incurred by the person in connection with defense or settlement of such action or suit and no indemnification
shall be made with respect to any claim, issue, or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability
but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which
the Court of Chancery or such other court shall deem proper. In addition, to the extent that a present or former director or officer of
a corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding described above (or claim,
issue, or matter therein), such person shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably
incurred by such person in connection therewith. Expenses (including attorneys&#8217; fees) incurred by an officer or director in defending
any civil, criminal, administrative, or investigative action, suit, or proceeding may be advanced by the corporation upon receipt of an
undertaking by such person to repay such amount if it is ultimately determined that such person is not entitled to indemnification by
the corporation under Section 145 of the General Corporation Law of the State of Delaware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our amended and restated
certificate of incorporation provides that we will, to the fullest extent permitted by law, indemnify any person made or threatened
to be made a party to an action or proceeding by reason of the fact that he or she (or his or her testators or intestate) is or was
our director or officer or serves or served at any other corporation, partnership, joint venture, trust or other enterprise in a
similar capacity or as an employee or agent at our request, including service with respect to employee benefit plans maintained or
sponsored by us, against expenses (including attorneys&#8217;), judgments, fines, penalties and amounts paid in settlement incurred
in connection with the investigation, preparation to defend, or defense of such action, suit, proceeding, or claim. However, we are
not required to indemnify or advance expenses in connection with any action, suit, proceeding, claim, or counterclaim initiated by
us or on behalf of us. Our amended and restated bylaws provide that we will indemnify and hold harmless each person who was or is a
party or threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was our
director or officer, or is or was serving at our request in a similar capacity of another corporation, partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans (whether the basis of such action, suit, or
proceeding is an action in an official capacity as a director or officer or in any other capacity while serving as a director of
officer) to the fullest extent authorized by the DGCL against all expense, liability and loss (including attorneys&#8217; fees,
judgments, fines, ERISA excise taxes, or penalties and amounts paid in settlement) reasonably incurred or suffered by such person in
connection with such action, suit or proceeding, and this indemnification continues after such person has ceased to be an officer or
director and inures to the benefit of such person&#8217;s heirs, executors and administrators. The indemnification rights also
include the right generally to be advanced expenses, subject to any undertaking required under DGCL, and the right generally to
recover expenses to enforce an indemnification claim or to defend specified suits with respect to advances of indemnification
expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have entered into indemnification
agreements with each of our executive officers and directors, which may, in some cases, be broader than specific indemnification provisions
contained in Delaware law. These agreements provide that, subject to limited exceptions and among other things, we will indemnify each
of our executive officers and directors to the fullest extent permitted by law and advance expenses to each indemnitee in connection with
any proceeding in which a right to indemnification is available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We also expect to maintain
general liability insurance that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions
in their capacities as directors or officers, including liabilities under the Securities Act. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers, or persons who control us, we have been informed that in the
opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 15. Recent Sales of Unregistered Securities.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Set forth below is information
regarding securities sold and issued by us within the last three years that were not registered under the Securities Act, as well as the
consideration received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under
which exemption from registration was claimed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On November 14, 2022, AGBA Acquisition Limited,
a British Virgin Islands&#8217; company, consummated a series of transactions contemplated by the previously announced business combination
agreement, dated as of November 3, 2021 (as amended on November 18, 2021, January 4, 2022, May 4, 2022, and October 21, 2022) (the &#8220;Business
Combination Agreement&#8221;) by and among AGBA Group Holding Limited (&#8220;AGBA&#8221;), AGBA Merger Sub I Limited, AGBA Merger Sub
II Limited, TAG International Limited, TAG Asset Partners Limited, OnePlatform International Limited, OnePlatform Holdings Limited, TAG
Asia Capital Holdings Limited, and TAG Holdings Limited (&#8220;TAG&#8221;) (the &#8220;Business Combination&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Upon the Closing: (i) AGBA became, through an acquisition
merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited and TAG Asia Capital Holdings Limited,
in exchange for 53,835,000 ordinary shares of AGBA, par value US$0.001 per share, (&#8220;AGBA Shares&#8221;) and (ii) each of AGBA&#8217;s
issued and outstanding convertible notes and related party balances to its sponsor, AGBA Holding Limited, automatically converted into
792,334 AGBA Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subsequent to December 31, 2022, AGBA and Apex Twinkle
Limited entered into an amendment to referral agreement, pursuant to which AGBA agreed to pay $4,000,000 payable in the form of 2,173,913
ordinary shares of AGBA that assumes a share price of $1.84 per AGBA Ordinary Share, based on a 5-day weighted-average price of the AGBA
Ordinary Shares. AGBA, accordingly issued 2,173,913 ordinary shares to Apex Twinkle Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On November 8, 2023, AGBA commenced a private placement
(the &#8220;PIPE&#8221;) of ordinary shares of AGBA and warrants and entered into certain term sheets with certain investors. On February
15, 2024, AGBA completed the execution of the term sheets and received the full gross proceeds of approximately $5,128,960 at the closing
of PIPE, in consideration of (i) 7,349,200 ordinary shares, and (ii) warrants to purchase up to 1,469,840 ordinary shares at a purchase
price of $0.70 per ordinary share and associated warrant. On May 2, 2024, the PIPE closed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">On October 15, 2024, Triller Group Inc. consummated
the merger, pursuant to that certain amended and restated agreement and plan of merger, dated as of August 30, 2024, as amended, by and
between AGBA, its wholly owned subsidiary AGBA Social Inc. At closing, the Company issued (i) 83,468,631 shares of common stock to the
Triller stockholders, (ii) 24,206,246 shares of common stock to Triller Group Inc. as escrow agent, (iii) 11,801,804 shares of Triller
Group Series A-1 Preferred Stock to the holders of Triller preferred stock, that are affiliated with the Triller&#8217;s majority shareholder
and (iv) 30,851 shares of Triller Group Series B Preferred Stock to Green Nature Limited, a British Virgin Islands company that is affiliated
with the Company&#8217;s majority shareholder</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">No underwriters were used in the foregoing transactions,
and no underwriting discounts or commissions were paid for the transactions described above. Such issuances of shares of Common Stock
and warrants, as applicable, were made in reliance upon the exemption from registration provided by Section 4(a)(2) of the&#160;Securities
Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28pt"></p><div>

</div><!-- Field: Page; Sequence: 265; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -48pt"><b>Item&#160;16.
Exhibits and Financial Statement Schedules.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents are filed as exhibits
to this registration statement, including those exhibits incorporated herein by reference to one of our prior filings under the Securities
Act or the Exchange&#160;Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 9%; border-bottom: black 1.5pt solid; padding-right: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="width: 90%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024074767/ea021317701ex2-1_agba.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Merger Agreement dated August 30, 2024 by, among others, AGBA Group Holding Limited and Triller Corp. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by AGBA on September 3, 2024)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024089342/ea021798101ex2-2_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Amended and Restated Merger Agreement (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed by Triller&#160;on October 21, 2024)</span><span style="font-size: 10pt">&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024089342/ea021798101ex3-1_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Domestication of AGBA Group Holding Limited (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by Triller&#160;on October 21, 2024)</span><span style="font-size: 10pt">&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024089342/ea021798101ex3-2_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation of Triller Group Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by Triller&#160;on October 21, 2024)</span><span style="font-size: 10pt">&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024089342/ea021798101ex3-3_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws of Triller Group Inc. (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed by Triller&#160;on October 21, 2024)</span><span style="font-size: 10pt">&#160;</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Loeb &amp; Loeb LLP</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024089342/ea021798101ex10-1_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Triller Group Inc. 2024 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Triller Group&#8217;s 8-K filed with the SEC on October 21, 2024)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1769624/000121390024027225/ea020248401ex21-1_agba.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 to the Current Report on Form 10-K filed by Triller Group on March 28, 2024)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea022102901ex23-1_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of WWC, P.C.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="#poa_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><a href="ea022102901ex-fee_triller.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table</span></a></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">To be filed.</td>
</tr></table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -48pt"><b>Item&#160;17.
Undertakings.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The undersigned registrant hereby undertakes:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">To include any prospectus required by Section&#160;10(a)(3)&#160;of
the Securities Act&#160;of&#160;1933;</td>
</tr></table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule&#160;424(b)&#160;if, in the aggregate, the changes in volume and price represent no more than
20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the
effective registration statement; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><i>Provided</i>, <i>however</i>, that
paragraphs (a)(1)(i), (a)(1)(ii)&#160;and (a)(1)(iii)&#160;of this section do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant
to Section&#160;13 or Section&#160;15(d)&#160;of the Securities Exchange&#160;Act&#160;of&#160;1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b)&#160;that is part of the registration
statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">That, for the purpose of determining any liability under
the Securities Act&#160;of&#160;1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">That, for the purpose of determining liability under the
Securities Act&#160;of&#160;1933 to any purchaser each prospectus filed pursuant to Rule&#160;424(b)&#160;as part of a registration statement
relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses filed in reliance on
Rule&#160;430A (&#167; 230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is
part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 267; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(5)</td><td style="text-align: justify">That, for the purpose of determining liability of the registrant
under the Securities Act&#160;of&#160;1933 to any purchaser in the initial distribution of the securities: the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule&#160;424;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">The portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
registrant; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">Any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act&#160;of&#160;1933, each filing of the registrant&#8217;s annual report pursuant
to section 13(a)&#160;or section 15(d)&#160;of the Securities Exchange&#160;Act&#160;of&#160;1934 (and, where applicable, each filing
of an employee benefit plan&#8217;s annual report pursuant to section 15(d)&#160;of the Securities Exchange&#160;Act&#160;of&#160;1934)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Insofar as indemnification for liabilities arising under
the Securities Act&#160;of&#160;1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(d)</td><td style="text-align: justify">The undersigned registrant hereby undertakes that:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">For purposes of determining any liability under the Securities
Act&#160;of&#160;1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon
Rule&#160;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&#160;424(b)&#160;(1)&#160;or (4)&#160;or
497(h)&#160;under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">For the purpose of determining any liability under the Securities
Act&#160;of&#160;1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="s_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act&#160;of&#160;1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in California on November 15, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>TRILLER GROUP INC.</b></p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; width: 60%">&#160;</td>
    <td style="padding-bottom: 1.5pt; width: 4%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ng Wing Fai</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ng Wing Fai</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="poa_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POWER OF ATTORNEY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, the undersigned directors and officers of
Triller Group Inc., hereby severally constitute and appoint Ng Wing Fai and Shu Pei Huang, Desmond, and each of them, our true and lawful
attorneys-in-fact and agents, with full power of substitution and re-substitution for him or her and in his or her name, place, and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and any
subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as we might or could do in person, hereby ratifying and confirming all
that each of said attorney-in-fact or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act&#160;of&#160;1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Wing Fai NG</span></td>
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    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
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    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shu Pei Huang, Desmond</b></span></td>
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    <td style="text-align: center">(Principal&#160;Financial&#160;Officer&#160;and&#160;Principal&#160;Accounting&#160;Officer)</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid">/s/ Bobby Sarnevesht</td>
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    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bobby Sarnevesht</b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brian Chan</b></span></td>
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    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 15, 2024</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thomas Ng</b></span></td>
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    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid">/s/ Felix Yun Pun Wong</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 15, 2024</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Felix Yun Pun Wong</b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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{"company-data": {"conformed-name": "Triller Group Inc.", "cik": "0001769624", "assigned-sic": "6282", "organization-name": "02 Finance", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-283263", "film-number": "241467886"}, "business-address": {"street1": "7119 WEST SUNSET BOULEVARD", "street2": "SUITE 782", "city": "LOS ANGELES", "state": "CA", "zip": "90046", "phone": "310-893-5090"}, "mail-address": {"street1": "7119 WEST SUNSET BOULEVARD", "street2": "SUITE 782", "city": "LOS ANGELES", "state": "CA", "zip": "90046"}, "former-company": [{"former-conformed-name": "AGBA Group Holding Ltd.", "date-changed": "20221115"}, {"former-conformed-name": "AGBA Acquisition Ltd", "date-changed": "20190304"}]}
As filed with the U.S. Securities and Exchange
Commission on November 15, 2024
Registration No. 333-[
●
]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
TRILLER GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware
6282
33-1473901
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(IRS Employer
Identification No.)
7119 West Sunset Boulevard, Suite 782
Los Angeles, CA
310-893-5090
(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)
Wing-Fai Ng
7119 West Sunset Boulevard, Suite 782
Los Angeles, CA
310-893-5090
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Lawrence Venick, Esq.
Loeb & Loeb LLP
2206-19 Jardine House
1 Connaught Place, Central
Hong Kong, SAR
Telephone: (310) 728-5129
Ng
    Wing Fai
Shu Pei Huang
7119 West Sunset Boulevard, Suite 782
Los Angeles, CA
Telephone: 310-893-5090
Approximate date of commencement of proposed
sale to the public:
As soon as practicable after this registration statement is declared effective.
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the
following box. ☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.
☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange
Commission acting pursuant to said Section 8(a), may determine.
The information in this prospectus is not complete and may be changed.
We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities, and we are not soliciting an offer to buy these securities, in any jurisdiction
where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION, DATED NOVEMBER 15, 2024
TRILLER GROUP INC.
34,741,701 shares of
common stock
This prospectus relates to the offer and
sale from time to time by the selling securityholder named in this prospectus (the "Selling Securityholder"), or their
permitted transferees, of up to 34,741,701 shares of common stock, $0.001 par value ("ILLR Shares" or "common
stock"), of Triller Group Inc. ("our," "we," "us," "ILLR," the
"Company" or the "Group") (formerly AGBA Group Holding Limited ("AGBA")), consisting of
(i) up to 33,510, 000ILLR Shares issuable upon conversion of the convertible promissory notes in the principal amount up to
$33.51 million issued to YA II PN, LTD, a Cayman Islands exempt limited partnership ("Yorkville") and
(ii) 1,431,561 ILLR Shares issuable upon exercise of the common warrant (the "Warrant") issued to Yorkville on June
28, 2024. The ILLR Shares to which this prospectus relates have been or may be issued by us to the Selling Securityholder pursuant
to an amended and restated standby equity purchase agreement, as amended on April 15, 2024, entered by and among AGBA, Triller Corp.
("Triller Corp." or "Triller"), and the Selling Securityholder (the "A&R SEPA") which was
further amended and restated on June 28, 2024 (the "Second A&R SEPA"), from time to time after the date of this
prospectus, upon the terms and subject to the conditions set forth in the Second A&R SEPA. We are not selling any securities
under this prospectus and will not receive any of the proceeds from the sale of our Common Stock by the Selling Securityholder.
However, we may receive up to $500,000,000 aggregate gross proceeds from sales of Common Stock that we may elect to make to the
Selling Securityholder pursuant to the Second A&R SEPA after the date of this prospectus. See "The Standby Equity Purchase
Agreement" on page 147 of this prospectus for a description of the Second A&R SEPA and "Selling
Securityholder" on page 149 of this prospectus for additional information regarding the Selling Securityholder.
The Selling Securityholder may sell or
otherwise dispose of the Common Stock described in this prospectus in a number of different ways and at varying prices. The Selling
Securityholder is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended
(the "Securities Act"), and any profits on the sales of shares of our Common Stock by the Selling Securityholder and any
discounts, commissions, or concessions received by the Selling Securityholder are deemed to be underwriting discounts and
commissions under the Securities Act. If any underwriters, dealers or agents are involved in the sale of any of the securities,
their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or
will be calculable from the information set forth, in any applicable prospectus supplement. We will pay the expenses incurred in
registering under the Securities Act the offer and sale of the shares of Common Stock to which this prospectus relates by
the Selling Securityholder, including our legal and accounting fees. See the sections "
About
this Prospectus" on page v and "Plan of Distribution" on page 150 of this prospectus for more information. No
securities may be sold without delivery of this prospectus and any applicable prospectus supplement describing the method and terms
of the offering of such securities. You should carefully read this prospectus and any applicable prospectus supplement before you
invest in our securities.
We are not a Hong Kong operating company; we are
a British Virgin Islands holding company with operations conducted by our subsidiaries located in Hong Kong. Our business is centered
in Hong Kong and does not have any operations in mainland China. Relevant organs of the PRC government have made recent statements or
recently taken regulatory actions related to data security, anti-monopoly, and overseas listings of mainland China businesses. For example,
in addition to the PRC Data Security Law and the Measures for Cybersecurity Review issued by the Cyberspace Administration of China which
became effective on February 15, 2022 (the "Measures"), relevant PRC government agencies have recently taken anti-trust enforcement
actions against certain mainland China-based businesses. The management of the Company understands that such enforcement actions were taken pursuant
to the PRC Anti-Monopoly Law which applies to monopolistic activities in domestic economic activities in mainland China and monopolistic
activities outside mainland China which eliminate or restrict market competition in mainland China. On February 17, 2023, the China Securities
Regulatory Commission, or CSRC, released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Overseas Listing Trial Measures, which came into effect on March 31, 2023. As a supplement to the Overseas Listing Trial Measures,
on February 24, 2023, the CSRC, together with other authorities, jointly revised the Provisions on Strengthening Confidentiality and Archives
Administration for Overseas Securities Offering and Listing, collectively with the Overseas Listing Trial Measures, the Overseas Listing
Regulations, which came into effect on March 31, 2023. The Overseas Listing Regulations require that a PRC domestic enterprise seeking
to issue and list its shares overseas shall complete the filing procedures with the CSRC, failing which we may be fined between RMB 1
million and RMB 10 million. Such overseas securities issuance and listing include direct and indirect issuance and listing. Where an enterprise,
whose principal business activities are conducted in China, seeks to issue and list its shares in the name of an overseas entity, such
practice is deemed as an indirect overseas issuance and listing in the meaning of the Overseas Listing Regulations.
While the Company currently does not have any operations
in mainland China, there is no guarantee that the recent statements or regulatory actions by the relevant organs of the PRC government,
including statements relating to the PRC Data Security Law, the PRC Personal Information Protection Law, Overseas Listing Regulations
and VIEs as well as the anti-monopoly enforcement actions, will continue not to apply to the Company. Should such statements or regulatory
actions apply to companies such as the Company or its subsidiaries in the future, it could have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, its ability to accept foreign investments, and its
ability to offer or continue to offer securities to investors on a U.S. or other international securities exchange, any of which may,
in turn, cause the value of the Company's securities to significantly decline or become worthless.
Pursuant to the Basic Law of the Hong Kong Special Administrative Region
(the "Basic Law"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the
PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which shall be confined to laws relating
to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong). Notwithstanding the foregoing, the PRC legal
system is evolving rapidly, and PRC laws, regulations, and rules may change quickly with little advance notice. As many of these laws,
rules, and regulations are relatively new, and because of the limited number of published decisions and the non-precedential nature of
these decisions, the interpretation of these laws, rules, and regulations may be inconsistent and they may be subject to inconsistent
enforcement. The PRC government has exercised and continues to exercise substantial control over many sectors of the PRC economy, including
through regulation and/or state ownership. PRC government actions have had, and may continue to have, a significant effect on economic
conditions in the PRC and also on the businesses which are subject to them. If certain PRC laws and regulations were to apply to the Company
or its subsidiaries in the future, the application of such laws and regulations may have a material adverse impact on the business, financial
condition, results of operations, and prospects of the Company, which, in turn, may cause the value of the Company's securities
to significantly decline or become worthless. For example, if the PRC Data Security Law were to apply to the Company's Hong Kong-based
businesses, the Company could become subject to data security and privacy obligations, including the need to conduct a national security
review of data activities that may affect the national security of the PRC, and could be prohibited from providing data stored in Hong
Kong to foreign judicial or law enforcement agencies without approval from relevant PRC regulatory authorities. Compliance with such or
similar requirements could have a chilling effect on the business, financial condition and results of operations of the Company Therefore,
without relying on a PRC counsel, the management of the Company believes that it and/or its subsidiaries are not required to obtain from
Chinese authorities, including the CSRC and the Cyberspace Administration of China, to operate their business and to offer the securities
being registered to foreign investors.
The Holding Foreign Companies Accountable Act,
or the HFCA Act, was enacted into U.S. law on December 18, 2020. The HFCA Act states that if the SEC determines that a company has filed
audit reports issued by a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight
Board of the United States (the "PCAOB") for three consecutive years beginning in 2021 (which in 2022 was reduced to two consecutive
years by AHFCAA as further described below), the SEC shall prohibit its securities from being traded on a national securities exchange
or in the over-the-counter trading market in the U.S. On December 16, 2021, the United States Public Company Accounting Oversight Board,
or PCAOB, issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting
firms headquartered in: (i) China, and (ii) Hong Kong. Our auditor, WWC, P.C., headquartered in California, U.S.A., is an independent
registered public accounting firm with the PCAOB and has been inspected by the PCAOB on a regular basis. The PCAOB currently has access
to inspect the working papers of our auditor. Our auditor is not headquartered in China or Hong Kong and was not identified in this report
as a firm subject to the PCAOB's determination. On December 15, 2022, the PCAOB announced that it was able to secure complete access
to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB
Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting
firms headquartered in mainland China and Hong Kong. It is possible that the PCAOB may reassess its determinations in the future, and
it could determine that it is still unable to inspect or investigate completely registered public accounting firms in mainland China and
Hong Kong. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA") was enacted, which amended
the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is
not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated
Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated
Appropriations Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection
years required for triggering the prohibitions under the Holding Foreign Companies Accountable Act from three years to two. Whether the
PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland
China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB
is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections
in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB
has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed, without having
to wait another year to reassess its determinations. In the future, if there is any regulatory change or step taken by PRC regulators
that does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation,
or the PCAOB expands the scope of the determination so that we are subject to the HFCA Act, as the same may be amended, you may be deprived
of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading
of our securities, including trading on the national exchange and trading on "over-the-counter" markets, may be prohibited
under the HFCA Act.
We are an "emerging growth company"
under applicable federal securities laws and are subject to reduced public company reporting requirements.
Investing in our ordinary shares involves risks,
including those set forth in the "Risk Factors" section of this prospectus beginning on page 11.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this prospectus is November [__], 2024
TABLE OF CONTENTS
Page
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
iv
ABOUT THIS PROSPECTUS
v
INDUSTRY AND MARKET DATA
vi
PROSPECTUS SUMMARY
1
THE OFFERING
9
SUMMARY CONSOLIDATED FINANCIAL DATA
10
RISK FACTORS
11
USE OF PROCEEDS
85
DIVIDEND POLICY
85
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF AGBA BEFORE THE MERGER WITH TRILLER CORP.
86
BUSINESS
118
THE STANDBY EQUITY PURCHASE AGREEMENT
147
SELLING SECURITYHOLDER
149
PLAN OF DISTRIBUTION
150
EXECUTIVE COMPENSATION
152
PRINCIPAL STOCKHOLDERS
154
CERTAIN TRANSACTIONS AND RELATED PARTY TRANSACTIONS
156
DESCRIPTION OF SHARE CAPITAL
157
LEGAL MATTERS
162
EXPERTS
162
WHERE YOU CAN FIND MORE INFORMATION
162
i
INTRODUCTORY NOTE AND FREQUENTLY USED TERMS
Triller Group Inc. ("ILLR", "Triller Group",
or the "Company") (formerly AGBA Group Holding Limited ("AGBA")) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA's legal jurisdiction from British Virgin Islands to the State of Delaware.
On October 15, 2024, the Company consummated the merger transaction
(the "Merger") with Triller Corp., a Delaware corporation ("Triller Corp." or "Triller"), pursuant
to that certain Amended and Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the "Merger Agreement"),
by and between AGBA, its wholly owned subsidiary AGBA Social Inc. ("Merger Sub"), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders.
The Company, through its subsidiaries, currently operates a wealth
and health platform, and offers a wide range of financial service and products, covering life insurance, pensions, property-casualty insurance,
stock brokerage, mutual funds and lending businesses in Hong Kong, which we refer as "AGBA Legacy Group." ILLR is also engaged
in financial technology business and financial investments, managing an ensemble of fintech investments and healthcare investment and
operating a health and wealth management platform with a broad spectrum of services and value-added information in health, insurance,
investments and social sharing.
Triller Corp. is a next generation, AI-powered, social media and live-streaming
event platform for creators, pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content
and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites
and networks, enabling them to reach millions of additional users. service. As of the closing of the Merger, Triller Corp. operates in
this capacity as a wholly owned subsidiary of the Company.
Unless otherwise stated in this registration statement
or unless the context requires otherwise, references in this registration statement to:
●
"Amended and
    Restated SEPA" means the Amended and Restated Standby Equity Purchase Agreement dated as of April 25, 2024, entered by
    Yorkville, AGBA, and Triller Corp.;
●
"B2B" means
    TAG International Limited, a BVI business company and wholly-owned subsidiary of the Company;
●
"B2BSub" means TAG Asset Partners Limited, a BVI business company and wholly-owned subsidiary of B2B;
●
"BVI" means the British Virgin Islands;
●
"BVI Companies Law" means the BVI Business Companies Act, 2004 (as amended from time to time);
●
"China," "mainland China," or the "PRC" means the People's Republic of China;
●
"Convertible Notes" means the convertible notes issued to YA II PN, LTD, a Cayman Islands exempt limited partnership, pursuant to the Amended and Restated Standby Equity Purchase Agreement and the Second Amended and Restated SEPA;
●
"Convoy Global" means Convoy Global Holdings Limited, TAG's ultimate parent company;
ii
●
"COVID-19" means the novel coronavirus, SARS-CoV-2;
●
"Exchange Act" means the Securities Exchange Act of 1934,
as amended;
●
"fintech" means financial services technology;
●
"Fintech" means TAG Asia Capital Holdings Limited;
●
"Greater Bay Area" or "GBA" means
the geographic region comprising Macau, Guangzhou, Shenzhen, and the surrounding area;
●
"HKCC" means Hong Kong Credit Corporation
Limited;
●
"HKSub" means OnePlatform International Limited,
a Hong Kong company and wholly-owned subsidiary of B2BSub;
●
"Hong Kong" means the Hong Kong Special
Administrative Region of the People's Republic of China;
●
"Hong Kong Dollars" or "HK$"
means the lawful currency of Hong Kong;
●
"IPO" means the initial public offering of AGBA
Acquisition Limited, completed on May 16, 2019;
●
"Legacy Group" means Convoy Global Holdings Limited
and its subsidiaries and affiliates, which do not include AGBA or any of its subsidiaries, B2B, B2BSub, and HKSub;
●
"Nasdaq" means the Nasdaq Capital Market;
●
"OIP" means OnePlatform International Property
Limited;
●
"OPH" means, as the context requires, OnePlatform
Holdings Limited prior to the OPH Merger, and, B2B following the OPH Merger;
●
"OPH Merger" means the merger of OPH with and
into HKSub, with HKSub as the surviving entity, which completed on August 11, 2022;
●
"PCAOB" means the Public Company Accounting Oversight
Board of the United States;
●
"Private Placement Units" means private units
held by the Sponsor, which were acquired by the Sponsor at the consummation of the IPO;
●
"Private Warrants" means warrants sold as part
of the Private Placement Units at the consummation of the IPO;
●
"Public Warrants" means public warrants of the Company
trading on Nasdaq;
●
"SEC" or "Securities and Exchange Commission"
means the Securities and Exchange Commission of the United States;
●
"Second
Amended and Restated SEPA" means the Second Amended and Restated Standby Equity Purchase Agreement dated as of June 28, 2024, entered
by Yorkville, AGBA, and Triller Corp.;
●
"Securities Act" means the Securities Act of 1933,
as amended;
●
"Sponsor" means AGBA Holding Limited;
●
"TAG" means TAG Holdings Limited;
●
"TAG Business" means, B2B and Fintech together,
in each case including each such entity's respective subsidiaries;
●
"ILLR Shares" means the common stock of the Company, US$0.001 par value per share;
●
"Transfer Agent" or "Continental"
means Continental Stock Transfer & Trust Company;
●
"U.S. Dollars," "USD," and "US$"
means the legal currency of the United States;
●
"U.S. GAAP" means the accounting principles generally
accepted in the United States; and
●
"Yorkville"
means YA II PN, LTD, a Cayman Islands exempt limited partnership.
iii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus contains forward-looking statements.
All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on the expectations
and beliefs of our management in light of historical results and trends, current conditions and potential future developments, and are
subject to a number of factors and uncertainties that could cause actual results to differ materially from forward-looking statements.
These forward-looking statements include statements about our future performance and opportunities; benefits of the Business Combination;
statements of the plans, strategies and objectives of management for future operations; and statements regarding future economic conditions
or performance. Forward-looking statements may contain words such as "will be," "will," "expect,"
"anticipate," "continue," "project," "believe," "plan," "could,"
"estimate," "forecast," "guidance," "intend," "may," "plan," "possible,"
"potential," "predict," "pursue," "should," "target" or similar expressions,
and include the assumptions that underlie such statements.
The forward-looking statements are based on the
current expectations of our management as applicable and are inherently subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that
have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors described in "Risk Factors," those discussed and identified in
public filings made with the SEC by us and the following:
●
expectations regarding our strategies and future financial
performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues,
products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to
invest in growth initiatives and pursue acquisition opportunities;
●
the outcome of any legal proceedings that may be instituted
against us;
●
the risk that recent acquisitions or any proposed transactions
disrupt our current plans and/or operations, including the risk that we do not complete any such proposed transactions or achieve the
expected benefit from them;
●
the ability to recognize the anticipated benefits of recent
acquisitions or any proposed transaction, which may be affected by, among other things, competition, our ability to grow and manage growth
profitably, and retain key employees;
●
costs related to being a public company, acquisitions, commercial
collaborations and proposed transactions;
●
limited liquidity and trading of our common stock;
●
geopolitical risk and changes in applicable laws or regulations;
●
the possibility that we may be adversely affected by other
economic, business, and/or competitive factors;
●
risks relating to the uncertainty of our projected financial
information;
●
risks related to the organic and inorganic growth of our
business and the timing of expected business milestones;
●
risk that the COVID-19 pandemic, and local, state, federal
and international responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial
condition and results of operations;
●
litigation and regulatory enforcement risks, including the
diversion of management time and attention and the additional costs and demands on our resources; and
●
the inability to maintain the listing of our common stock
on Nasdaq.
Should one or more of these risks or uncertainties
materialize or should any of the assumptions made by our management prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
All subsequent written and oral forward-looking
statements concerning our business or other matters addressed in this prospectus and attributable to us or any person acting on our behalf
are expressly qualified in their entirety by the cautionary statements contained or referred to in this prospectus. Except to the extent
required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances
after the date of this prospectus or to reflect the occurrence of unanticipated events.
iv
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with
the SEC using a "shelf" registration process. By using a shelf registration statement, the Selling Securityholder may sell
up to 34,741,701 ILLR Shares including (i) up to 33,510,000 ILLR Shares issuable upon conversion of the convertible promissory notes
in the principal amount up to $33.51 million issued to YA II PN, LTD, a Cayman Islands exempt limited partnership ("Yorkville")
and (ii) 1,431,561 ILLR Shares issuable upon exercise of the common warrant (the "Warrant") issued to Yorkville on June
28, 2024. We will not receive any proceeds from the sale of ILLR Shares by the Selling Securityholder.
We may also file a prospectus supplement or post-effective
amendment to the registration statement of which this prospectus forms a part that may contain material information relating to these
offerings. The prospectus supplement or post-effective amendment, as the case may be, may add, update or change information contained
in this prospectus with respect to such offering. If there is any inconsistency between the information in this prospectus and the applicable
prospectus supplement or post-effective amendment, you should rely on the prospectus supplement or post-effective amendment, as applicable.
Before purchasing any of the ILLR Shares, you should carefully read this prospectus and any prospectus supplement and/or post-effective
amendment, as applicable, together with the additional information described under "
Where You Can Find More Information
."
Neither we, nor the Selling Securityholder, has
authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus and
any prospectus supplement and/or post-effective amendment, as applicable, prepared by or on behalf of us or to which we have referred
you. We and the Selling Securityholder takes no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. We and the Selling Securityholder will not make an offer to sell the ILLR Shares in any jurisdiction where
the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any prospectus supplement
and/or post-effective amendment, as applicable, is accurate only as of the date on the respective cover thereof. Our business, prospects,
financial condition or results of operations may have changed since those dates. This prospectus contains, and any prospectus supplement
or post-effective amendment may contain, market data and industry statistics and forecasts that are based on independent industry publications
and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness
of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that
may be included in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable, may involve estimates,
assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under "Risk
Factors" in this prospectus and any prospectus supplement and/or post-effective amendment, as applicable. Accordingly, investors
should not place undue reliance on this information.
v
INDUSTRY AND MARKET DATA
Market data and certain industry data and forecasts
used throughout this prospectus were obtained from sources we believe to be reliable, including market research databases, publicly available
information, reports of governmental agencies and industry publications and surveys. We have relied on certain data from third-party sources,
including internal surveys, industry forecasts and market research, which we believe to be reliable based on our management's knowledge
of the industry. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily
know what assumptions regarding general economic growth were used in preparing the third-party forecasts we cite. Statements as to our
market position are based on the most currently available data. While we are not aware of any misstatements regarding the industry data
presented in this prospectus, our estimates involve risks and uncertainties and are subject to change based on various factors, including
those discussed under the heading "Risk Factors" in this prospectus.
vi
PROSPECTUS SUMMARY
This summary highlights certain information
appearing elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information that you should consider
before investing in ILLR Shares and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information
appearing elsewhere in this prospectus. Before you decide to invest in ILLR Shares, you should read the entire prospectus carefully,
including "Risk Factors" and the financial statements of Triller Group and related notes thereto included elsewhere in this
prospectus.
Our Company
Through TAG International Limited and TAG Asia
Capital Limited, we currently operate in market-leading businesses: our Platform Business, Distribution Business, Healthcare Business,
and Fintech Business.
Since 2019, we have implemented a strategy to
expand and upgrade our long-standing broker-dealer business into a platform business and a distribution business. Today, we offer unique
product and service offerings:
●
B2B: tech-enabled broker management platform for advisors
("Platform Business"); and
●
B2C: market leading portfolio of wealth and health products
("Distribution Business").
We also have a market leadership in our healthcare
business through our 4% stake in and a strategic partnership with HCMPS. It is one of the most reputed healthcare brands in Hong Kong.
It has four self-operated medical centres and a network of over 700 healthcare service providers.
In addition, we are an established operator and successful
investor in the finTech industry. We have carefully built out investment positions in FinTech, WealthTech and HealthTech businesses, applying
lessons learned from our own distribution, platform and healthcare businesses.
Through
our wholly owned subsidiary Triller Corp., we
operate as a global, artificial intelligence ("AI") powered
technology platform ("Technology Platform") that serves a broad constituency of Creators and Brands around the world.
"Creators" include influencers, artists, athletes, other individuals and public figures that utilize or have utilized
our Technology Platform to create and publish content. Numerous famous Creators use our Technology Platform, including influencers
like Charli D'Amelio and Bryce Hall and music artists like The Weeknd. "Brands" are companies, products or product
lines which are active on our Technology Platform and utilize or have utilized one or more of our products or services offered
through our Technology Platform ("Direct Brands"), or companies, products or product lines whose associated data we
track, report on and make available to our clients as part of one or more of our product offerings ("Tracked Brands,"
and collectively with Direct Brands, "Brands"). Brands that have utilized or continue to utilize our platform include
McDonalds, Pepsi, Walmart, L'Oréal, Puma, Charmin and Major League Baseball.
1
Alongside the Triller app (see "Triller's Business – The Triller App"), Triller has
dramatically expanded its portfolio of offerings through organic growth and strategic acquisitions becoming a diversified Technology
Platform for the creation, distribution, measurement and monetization of digital, live and virtual content. It also produces content
under its own and third-party Brands, including trendsetting music, sports, lifestyle, fashion and entertainment media that creates
cultural moments, attracts users to Triller's offerings and drives social interaction that serves as a cultural wellspring
across digital society.
History
On November 14, 2022, AGBA Acquisition Limited,
or AAL, a British Virgin Islands' company and a special purpose acquisition company, consummated a series of transactions contemplated
by the Business Combination Agreement (the "Business Combination Agreement")
entered by by and among AAL, AGBA Merger Sub I Limited, AGBA Merger Sub II Limited, TAG International Limited, TAG Asset Partners Limited,
OnePlatform International Limited, OnePlatform Holdings Limited, TAG Asia Capital Holdings Limited, and TAG Holdings Limited ("TAG")
(the "Business Combination").
Upon the closing of Business Combination: (i) AAL
became, through an acquisition merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited, TAG
Asia Capital Holdings Limited, and their collective subsidiaries; (ii) the governing documents of AAL were amended and restated,
becoming the Fifth Amended and Restated Memorandum and Articles of Association; (iii) the number of AAL's authorized ordinary
shares was increased from 100 million to 200 million, and (iv) AAL's name changed from "AGBA Acquisition Limited"
to "AGBA Group Inc."
Triller Group Inc. ("ILLR", "Triller Group",
or the "Company") (formerly AGBA Group Holding Limited ("AGBA")) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA's legal jurisdiction from British Virgin Islands to the State of Delaware.
On October 15, 2024, the Company consummated
the merger transaction with Triller Corp., a Delaware corporation ("Triller Corp." or "Triller"), pursuant to that certain Amended
and Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the "Merger Agreement"), by and
between AGBA, its wholly owned subsidiary AGBA Social Inc. ("Merger Sub"), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders.
Current Operations
We currently operate five major businesses:
1.
Platform Business:
we operate as a "financial supermarket" offering over 1,800
                                                                                  financial products to a large universe of retail and corporate customers.
2.
Distribution Business:
our powerful financial advisor business is the largest in the market,
                                                                                  it engages in the personal financial advisory business (including advising and sales of a full range of financial services products
                                                                                  including long-term life insurance, savings and mortgages), with additional internal and external channels being developed and
                                                                                  added.
3.
Healthcare Business:
through our 4% stake in and a strategic partnership with HCMPS,
                                                                                  operating as one of the largest healthcare management organizations in the Hong Kong and Macau region, with over 800 doctors in
                                                                                  its network. Established in 1979, it is one of the most reputed healthcare brands in Hong Kong.
4.
Fintech Business:
we have an ensemble of leading fintech assets and businesses in Europe and
                                                                                  Hong Kong. In addition to financial gains, we also derive substantial knowledge transfers from our investee companies,
                                                                                  supporting our development and growth of new business models.
5.
Triller AI Business
: we are a global, artificial intelligence ("AI") powered technology platform ("Technology Platform") that serves a broad constituency of Creators and Brands around the world.
2
Permission or Approval from the PRC Government
We are not a Hong Kong operating company;
we are a Delaware holding company with certain operations conducted by our subsidiaries located in Hong Kong. Certain of our business
is centered in Hong Kong and does not have any operations in mainland China. Relevant organs of the PRC government have made recent
statements or recently taken regulatory actions related to data security, anti-monopoly, and overseas listings of mainland China businesses.
For example, in addition to the PRC Data Security Law and the Measures for Cybersecurity Review issued by the Cyberspace Administration
of China which became effective on February 15, 2022 (the "Measures"), relevant PRC government agencies have recently
taken anti-trust enforcement action against certain mainland China-based businesses. The management of the Company understands that such enforcement
action was taken pursuant to the PRC Anti-Monopoly Law which applies to monopolistic activities in domestic economic activities in mainland
China and monopolistic activities outside mainland China which eliminate or restrict market competition in mainland China. On February 17,
2023, the China Securities Regulatory Commission, or CSRC, released the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies, or the Overseas Listing Trial Measures, which came into effect on March 31, 2023. As a supplement
to the Overseas Listing Trial Measures, on February 24, 2023, the CSRC, together with other authorities, jointly revised the Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing, collectively with the Overseas
Listing Trial Measures, the Overseas Listing Regulations, which came into effect on March 31, 2023. The Overseas Listing Regulations
require that a PRC domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures with the CSRC,
failing which we may be fined between RMB 1 million and RMB 10 million. Such overseas securities issuance and listing include
direct and indirect issuance and listing. Where an enterprise, whose principal business activities are conducted in China, seeks to issue
and list its shares in the name of an overseas entity, such practice is deemed as an indirect overseas issuance and listing in the meaning
of the Overseas Listing Regulations.
While the Company currently does not have any operations
in mainland China, there is no guarantee that the recent statements or regulatory actions by the relevant organs of the PRC government,
including statements relating to the PRC Data Security Law, the PRC Personal Information Protection Law, Overseas Listing Regulations
and VIEs as well as the anti-monopoly enforcement actions, will continue not to apply to the Company. Should such statements or regulatory
actions apply to companies such as the Company or its subsidiaries in the future, it could have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, its ability to accept foreign investments, and its
ability to offer or continue to offer securities to investors on a U.S. or other international securities exchange, any of which
may, in turn, cause the value of the Company's securities to significantly decline or become worthless.
Pursuant to the Basic Law of the
Hong Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the
constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed
in Annex III of the Basic Law (which shall be confined to laws relating to defense and foreign affairs as well as other matters
outside the autonomy of Hong Kong). Notwithstanding the foregoing, the PRC legal system is evolving rapidly, and PRC laws,
regulations, and rules may change quickly with little advance notice. As many of these laws, rules, and regulations are relatively
new, and because of the limited number of published decisions and the non-precedential nature of these decisions, the interpretation
of these laws, rules, and regulations may be inconsistent and they may be subject to inconsistent enforcement. The PRC government
has exercised and continues to exercise substantial control over many sectors of the PRC economy, including through regulation
and/or state ownership. PRC government actions have had, and may continue to have, a significant effect on economic conditions in
the PRC and also on the businesses which are subject to them. If certain PRC laws and regulations were to apply to the Company or
its subsidiaries in the future, the application of such laws and regulations may have a material adverse impact on the business,
financial condition, results of operations, and prospects of the Company, which, in turn, may cause the value of its
securities to significantly decline or become worthless. For example, if the PRC Data Security Law were to apply to the
Company's Hong Kong-based businesses, the Company could become subject to data security and privacy obligations, including
the need to conduct a national security review of data activities that may affect the national security of the PRC, and could be
prohibited from providing data stored in Hong Kong to foreign judicial or law enforcement agencies without approval from
relevant PRC regulatory authorities. Compliance with such or similar requirements could have a chilling effect on the business,
financial condition and results of operations of the Company. Therefore, without relying on a PRC counsel, the management of
the Company believes that it and/or its subsidiaries are not required to obtain from Chinese authorities, including the CSRC and
the Cyberspace Administration of China, to operate their business and to offer the securities being registered to foreign
investors.
3
Our Strategic Growth Plans
For the business of AGBA Legacy Group:
●
Overall Market Opportunities in the Greater Bay Area
●
Cross-Border Wealth Management Connect
●
Future expansion plan to China
●
Strategic Enablers to Capture GBA Opportunities
●
China B2B Partnership for Customer Acquisition
●
Service Centre for Customer and Partner Servicing
●
Creating an Ecosystem Empowered by Fintech
●
Hong Kong's fintech Landscape
●
The Synergy to be Realized Leveraging on Existing Infrastructure
and Partners
For the Triller Business:
●
Leverage
Our Technology, Tools and Features to Continue to Attract and Engage Creators, Brands and Users and Build a Robust Ecosystem
●
Expand Our Experiential Offerings in Ways That Create Revenue Opportunities, Build Our Brand and Culture and Fuel Our Ecosystem
●
Invest in Adjacent High Growth Industry Segments
●
Emphasize Strategic Growth Through Mergers and Acquisitions on Our Technology Platform
●
Develop Innovative Marketing, Advertising and Commerce Products
Corporate Information
The following chart illustrates the
Company's stockholder ownership and corporate structure as of the date of this prospectus:
4
Our principal executive office is located at 7119
West Sunset Boulevard, Suite 782, Los Angeles, CA and our telephone number is 310-893-5090. We maintain a website at
https://www.trillercorp.com/
.
The information on our website is not incorporated by reference in this prospectus or any accompanying prospectus supplement, and you
should not consider it a part of this prospectus or any accompanying prospectus supplement.
Summary Risk Factors
Risk Factors Relating to Future Resales
●
Future sales of ILLR Shares, or the perception of future
sales of ILLR Shares, could cause the market price of ILLR Shares  to drop significantly, even if Triller's business is doing
well.
●
The Selling Securityholder can earn a positive rate of return
on their investment, even if other stockholders experience a negative rate of return.
Risk Factors Relating to the Company's
Hong Kong Operations and Proximity to the PRC
●
The business, financial condition, results of operations, and prospects of the Company may be
                                                                                       materially and adversely affected if certain laws and regulations of the PRC become applicable to the Company or its subsidiaries.
                                                                                       The Company may be subject to the risks and uncertainties associated with the evolving laws and regulations in the PRC, their
                                                                                       interpretation and implementation, and the legal and regulatory system in the PRC more generally, including with respect to the
                                                                                       enforcement of laws and the possibility of changes of rules and regulations with little or no advance notice.
●
The PRC government exerts substantial influence, discretion,
oversight, and control over the manner in which companies incorporated under the laws of PRC must conduct their business activities.
The Company has offices in Hong Kong with no operations in mainland China; however, there can be no guarantee that the PRC
government will not seek to intervene or influence the operations of its or its subsidiaries at any time.
●
The securities of the Company may be delisted or prohibited from
being traded "over-the-counter" under the Holding Foreign Companies Accountable Act (as amended by the Accelerating Holding
Foreign Companies Accountable Act) if the PCAOB were unable to fully inspect the company's auditor.
●
Although not currently subject, the Company may become subject
to the PRC laws and regulations regarding offerings that are conducted overseas and/or foreign investment in China-based issuers,
and any failure to comply with applicable laws and obligations could have a material and adverse effect on the business, financial condition,
results of operations, and prospects of the Company and may hinder its ability to offer or continue to offer
securities to investors and cause the value of such securities to significantly decline or be worthless.
●
Governments in the jurisdictions in which the Company operates or intends to operate may restrict or
                                                                                       control to varying degrees the ability of foreign investors to invest in businesses located or operating in such jurisdictions.
●
The Company is subject to many of the economic and political
risks associated with emerging markets, particularly China, due to its operations in Hong Kong. Adverse changes in Hong Kong's
or China's economic, political, and social conditions as well as government policies could adversely affect the Company's business
and prospects.
●
The Company's potential expansion of activities in China
is subject to various risks.
●
The Company's financial services revenues are highly dependent
on macroeconomic conditions as well as Hong Kong, China, and global market conditions. Disruptions in the global financial markets
and economic conditions could adversely affect the Company and its institutional clients and customers.
●
Recent litigation, increased SEC disclosure requirements
and negative publicity surrounding China-based companies listed in the United States may result in increased regulatory scrutiny of the
Company and negatively impact the trading price of its shares, which could have a material adverse effect upon its business, including
its results of operations, financial condition, cash flows, and prospects.
5
●
Failure to comply with existing or future laws and regulations
related to data protection or data security could lead to liabilities, administrative penalties, or other regulatory actions, which could
negatively affect the Company's operating results, business, and prospects.
●
The PRC may prevent the cash maintained by the Company in Hong Kong
from leaving, or the PRC could restrict deployment of such cash for the Company's business purposes or for the payment of dividends.
Risk Factors Relating to the
Company's Business
●
The technologies that the Company uses may contain undetected errors,
which could result in customer dissatisfaction, damage to the Company's reputation, or loss of customers.
●
We rely on our business relationships with product issuers and the
success of those product issuers, and the future development depends, in part, on the growth of such product issuers and their continued
collaboration.
●
The property agency segment of the Platform Business has historically
operated on thin margins, which expose it to risk of non-profitability and recent trends have caused the segment to be loss-making.
●
The Company relies on its business relationships with product
issuers and the success of those product issuers, and the Company's future development depends, in part, on the growth of such product
issuers and their continued collaboration with the Company.
●
A number of our business partners are commercial banks and other financial
institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial services industry could
harm its business.
●
Significant increases and decreases in the number of transactions by
the Company's clients can have a material negative effect on the Company's profitability and its ability to efficiently process
and settle transactions.
●
We operate in a variety of heavily regulated industries in Hong Kong
and globally, which expose its business activities to risks of noncompliance with an increasing body of complex laws and regulations.
●
A number of the Company's business partners are commercial
banks and other financial institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial
services industry could harm its business.
●
Significant increases and decreases in the number of transactions
by the Company's clients can have a material negative effect on the Company's profitability and its ability to efficiently process
and settle transactions.
●
We operate in a competitive and evolving industry; if the Company
is unable to compete effectively, it may lose market share.
●
We are subject to evolving regulatory requirements, and failure to
comply with these regulations or to adapt to regulatory changes could materially and adversely affect its operations, business, and prospects.
●
We may be adversely affected by the complexity, uncertainties, and
changes in regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses, or permits applicable
to our business may have a material adverse effect on its business and results of operations.
●
Uncertainties in the interpretation and enforcement of Hong Kong laws
and regulations could limit the legal protections available to us and our investors.
6
●
Triller has a limited operating history and experience fluctuations
in its results of operations due to the nature of its business and a number of factors, which makes it difficult to forecast its revenue
and evaluate its business and future prospects.
●
Triller has an unproven and evolving business model and the Company
cannot provide any assurance that Triller will generate significant revenues or operating profit.
●
Triller has various financial obligations which have come due in the
past six months and are coming due over the next twelve months and it may not be able to meet its cash obligations as those amounts come
due.
●
The loss of a large customer could have an adverse effect on Triller's
business.
●
Non-compliance with the objective and subjective criteria for the Paycheck
Protection Program ("PPP") loan could have a material adverse effect on Triller's business.
●
If the Company's goodwill or intangible assets become impaired,
the Company may be required to record an additional significant charge to earnings.
●
Triller is not in compliance with the payment obligations of a significant
number of its significant music licensing agreements and agreements with other vendors and counterparties.
●
We may in the future be adversely affected by natural disasters, the
physical effects of climate change, and other catastrophic events, and by man-made problems such as geo-political conflicts and events,
including acts of war and terrorism, that could disrupt Triller's business operations and adversely affect Triller's financial
condition and results of operations.
●
Unfavorable macroeconomic conditions, including those caused by inflation
or reductions in customers' spending, could limit Triller's ability to grow its business and negatively affect its results
of operations.
●
Triller's financial performance in certain quarters and years
may fluctuate and may not be indicative of, or comparable to, its financial performance in subsequent financial quarters or years due
to economic conditions and operational factors.
●
Triller's recent acquisitions have caused Triller to grow rapidly,
and Triller will need to continue to make changes to operate at its current size and scale. Triller has in the past faced and may in the
future face, difficulty in integrating the operations of the businesses acquired in its recent transactions, and Triller may never realize
the anticipated benefits and cost synergies from all of these transactions. If Triller is unable to manage its current operations or any
future growth effectively, its business could be adversely affected.
●
If the Company acquires, combines with or invests in other businesses,
it will face risks inherent in such transactions.
●
Triller is involved in lawsuits and other litigation matters that are
expensive and time consuming, and, if resolved adversely, could harm Triller's business, financial condition, or results of operations.
●
Planned expansion of Triller's operations into new products,
services and technologies, including content categories, is inherently risky and may subject Triller to additional business, legal, financial
and competitive risks.
●
Improper or illegal use of Triller's Technology Platform could
seriously harm Triller's business and reputation.
●
Triller tracks certain performance metrics with internal tools and
do not independently verify such metrics. Certain of Triller's performance metrics are subject to inherent challenges in measurement,
and real or perceived inaccuracies in such metrics may harm Triller's reputation and negatively affect its business.
7
●
If Triller's efforts to attract Creators, users, consumers and
Brands are not successful, Triller's revenues will be adversely affected.
●
Use of social media by Triller's Creators, Brands and users may
materially and adversely affect Triller's reputation or subject Triller to fines or other penalties.
●
Triller may not be successful in its efforts to further monetize its
Technology Platform, which may harm Triller's business.
●
If Triller is unable to maintain adequate content on its Technology
Platform, its business may be harmed.
●
Triller's success and revenue growth are dependent on adding
new Creators, users, consumers and Brands, effectively educating and training Triller's existing Creators and Brands on how to make
full use of Triller's Technology Platform and increasing usage of Triller's Technology Platform by Triller's consumers.
●
Triller generates substantially all of its revenue from Brands. If
the content and services provided on Triller's Technology Platform are not relevant to Brands, fail to attract new Brands or result
in a loss of Brands using Triller's Technology Platform, Triller's growth may be adversely impacted.
Risk Factors Relating to Our Shares
●
Our share price has been, and could continue to be, volatile.
●
Stockholders could experience substantial dilution of their
investment as a result of future sales of our equity, subsequent exercises of our outstanding warrants and options, or the future grant
of equity by us.
●
Because we do not intend to pay cash dividends, our stockholders
will benefit from an investment in our ordinary shares only if it appreciates in value.
If securities or industry analysts do not publish
research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
8
THE OFFERING
Issuer
Triller Group Inc.
Issuance of ILLR Shares
ILLR Shares to be issued upon exercise of all Warrants
1,431,561
ILLR Shares to be issued upon conversion of convertible notes
33,510,000
Resale of ILLR Shares
34,941,561
ILLR
Shares offered by the Selling Securityholder
34,941,561
Use of proceeds
We will receive up to an aggregate of $8,116,950.87 if the Warrant is exercised
if full for cash. If the market price for ILLR Shares does not increase above the per share exercise price of the Warrant, there
is a small likelihood that any of the Warrant will be exercised. We expect to use the net proceeds from the exercise of the Warrant for
general corporate purposes and to implement our business plan. We will not receive any proceeds from the sale of the ILLR Shares to
be offered by the Selling Securityholder.
Liquidity
This offering involves the potential sale of up to 34,941,561 ILLR Shares,
including (i) 33,510,000 ILLR Shares issuable upon conversion  of the convertible promissory notes in the principal amount
up to $33.51 million issued to Yorkville and (ii) 1,431,561 ILLR Shares issuable upon exercise of the Warrant issued to Yorkville
on June 28, 2024. Once this registration statement is effective and during such time as it remains effective, the Selling Securityholder
will be permitted to sell the ILLR Shares. The resale, or expected or potential resale, of a substantial number of ILLR Shares in
the public market could adversely affect the market price for ILLR Shares and make it more difficult for our other stockholders such
as you to sell their ILLR Shares at times and prices that they feel are appropriate.
NASDAQ Capital Market symbols
Our common stock and warrants are listed on Nasdaq under the symbols "ILLR" and "ILLRW", respectively.
9
TRILLER
GROUP INC.
SUMMARY FINANCIAL INFORMATION
The data below as for the nine months ended September 30, 2024 and
2023 has been derived from the unaudited condensed consolidated financial statements of the Company, and for the years ended December 31,
2023 and 2022 has been derived from the audited consolidated financial statements of the Company for such years, which are included
in this prospectus. The Company's consolidated financial statements are prepared and presented in accordance with U.S. GAAP.
The Company's historical results are not necessarily indicative
of results to be expected for any future period. The information is only a summary and should be read in conjunction with the Company's
consolidated financial statements and related notes, and the section entitled "
Management's Discussion and Analysis of
Financial Condition and Results of Operations
" contained elsewhere herein. The historical results included below are not indicative
of the future performance of the Company.
The following table represents the Company's selected consolidated balance
sheet data as of September 30, 2024, December 31, 2023 and 2022:
Selected Consolidated Balance Sheet Data:
As of
As of
December 31,
September 30,
2024
2023
2022 (Restated)
USD
USD
USD
Current assets
$
52,073,215
$
25,618,972
$
55,756,165
Non-current assets
44,348,278
40,969,995
45,465,168
Total assets
96,421,493
66,588,967
101,221,333
Total liabilities
102,280,274
58,486,196
74,071,054
Total shareholders' (deficit) equity
$
(5,858,781
)
$
8,102,771
$
27,150,279
The following table represents the Company's selected consolidated statements
of operations and comprehensive loss for the nine months ended September 30, 2024 and 2023, and for the years ended December 31,
2023 and 2022:
Selected Consolidated Statements of Operations
and Comprehensive Loss:
For the Nine Months Ended
September 30,
For the Years Ended
December 31,
2024
2023
2023
2022
USD
USD
USD
USD
Operating revenues
$
18,016,978
$
41,651,114
$
54,189,187
$
31,080,227
Operating expenses
(43,800,471
)
(77,970,571
)
(98,034,509
)
(59,431,324
)
Loss from operations
(25,783,493
)
(36,319,457
)
(43,845,322
)
(28,351,097
)
Other (expenses) income, net
(2,967,442
)
796,335
(5,074,159
)
(16,044,933
)
Income tax expense
(98,091
)
(55,606
)
(286,538
)
(124,605
)
Net loss
(28,849,026
)
(35,578,728
)
(49,206,019
)
(44,520,635
)
Other comprehensive income (loss)
70,909
(84,414
)
(88,149
)
(205,477
)
Comprehensive loss
$
(28,778,117
)
$
(35,663,142
)
$
(49,294,168
)
$
(44,726,112
)
The following table represents the Company's selected consolidated cash
flow data for the nine months ended September 30, 2024 and 2023, and the years ended December 31, 2023 and 2022:
For the Nine Months Ended
September 30,
For the Years Ended
December 31,
2024
2023
2023
2022
USD
USD
USD
USD
Net cash used in operating activities
$
(20,742,386
)
$
(33,364,662
)
$
(42,282,159
)
$
(19,304,399
)
Net cash provided by (used in) investing activities
2,579,956
4,687,096
10,791,765
(14,188,835
)
Net cash provided by (used in) financing activities
18,254,228
(414,651
)
(1,039,924
)
12,135,441
Effect of exchange rate on cash and cash equivalents
(19,113
)
(26,484
)
(85,689
)
(429,542
)
Change in cash, cash equivalents and restricted cash
72,685
(29,118,701
)
(32,616,007
)
(21,787,335
)
Cash, cash equivalents and restricted cash, beginning of period/year
18,678,065
51,294,072
51,294,072
73,081,407
Cash, cash equivalents and restricted cash, end of period/year
$
18,750,750
$
22,175,371
$
18,678,065
$
51,294,072
10
RISK FACTORS
Investing in our securities involves risks.
Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under "Cautionary Note Regarding
Forward-Looking Statements," you should carefully consider the specific risks set forth herein. If any of these risks actually occur,
it may materially harm our business, financial condition, liquidity and results of operations. As a result, the market price of our securities
could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties described in this prospectus
or any prospectus supplement are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known
to us or that we currently believe to be immaterial may become material and adversely affect our business.
Risk Factors Relating to Future Resales
It is not possible to predict the actual
number of shares we will sell under the SEPA to the Selling Securityholder, or the actual gross proceeds resulting from those sales.
On June 28, 2024, we entered into the Second A&R SEPA with the
Selling Securityholder, pursuant to which the Company has the right to sell to Yorkville up to $500 million of common stock, subject to
certain limitations and conditions set forth in the Second A&R SEPA, from time to time during the term of the A&R SEPA. Sales
of the shares of Common Shares to Yorkville under the Second A&R SEPA, and the timing of any such sales, are at Triller's option,
and Triller is under no obligation to sell any shares of Common Shares to Yorkville under the Second A&R SEPA except in connection
with notices that may be submitted by Yorkville, in certain circumstances as described below.
We generally have the right to control the timing and amount of any
sales of our shares of Common Stock to the Selling Securityholder under the Second A&R SEPA. Generally, sales of our Common Stock,
if any, to the Selling Securityholder under the Second A&R SEPA will depend upon market conditions and other factors to be determined
by us. We may ultimately decide to sell to the Selling Securityholder all, some or none of the shares of our Common Stock that may be
available for us to sell to the Selling Securityholder pursuant to the A&R SEPA.
Because the purchase price
per share to be paid by the Selling Securityholder for the shares of Common Stock that we may elect to sell to the Selling Securityholder
under the SEPA, if any, will fluctuate based on the market prices of our Common Stock prior to each advance made pursuant to the SEPA,
if any, it is not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of shares of Common
Stock that we will sell to the Selling Securityholder under the SEPA, the purchase price per share that the Selling Securityholder will
pay for shares purchased from us under the SEPA, or the aggregate gross proceeds that we will receive from those purchases by the Selling
Securityholder under the SEPA, if any.
Investors who buy shares at different times
will likely pay different prices.
Pursuant to the A&R SEPA,
we will generally have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to the Selling Securityholder.
If and when we do elect to sell shares of our Common Stock to the Selling Securityholder pursuant to the SEPA, after the Selling Securityholder
has acquired such shares, the Selling Securityholder may resell all, some or none of such shares at any time or from time to time in its
discretion and at different prices. As a result, investors who purchase shares from the Selling Securityholder in this offering at different
times will likely pay different prices for those shares, and so may experience different levels of dilution, and in some cases substantial
dilution, and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase
from the Selling Securityholder in this offering as a result of future sales made by us to the Selling Securityholder at prices lower
than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling
Securityholder under the A&R SEPA, or if investors expect that we will do so, the actual sales of shares or the mere existence of
our arrangement with the Selling Securityholder may make it more difficult for us to sell equity or equity-related securities in the future
at a time and at a price that we might otherwise wish to effect such sales.
Future sales of ILLR Shares, or the perception
of future sales of ILLR Shares, could cause the market price of ILLR Shares to drop significantly, even if Triller's business
is doing well.
The sale of ILLR Shares in the public market
or otherwise, including sales pursuant to this prospectus, or the perception that such sales could occur, could harm the prevailing market
price of ILLR Shares. These sales, or the possibility that these sales may occur, also might make it more difficult for a stockholder
to sell equity securities in the future at a time and at a price that it deems appropriate.
We have agreed, at our expense, to prepare and file this registration
statement with the SEC registering the resale of up to 34,741,701 ILLR Shares, which include (i) 33,510,000 ILLR Shares issuable
upon conversion of the convertible promissory notes in the principal amount up to $33.51 million issued Yorkville and (ii) 1,431,561
ILLR Shares issuable upon exercise of the Warrant.
11
After
it is effective and until such time that it is no longer effective, the registration statement will permit the resale of these shares.
The resale, or expected or potential resale, of a substantial number of ILLR Shares in the public market could adversely affect the
market price for ILLR Shares and make it more difficult for you to sell your ILLR Shares at times and prices that you feel are
appropriate. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities
in the future at a time and at a price that we deem appropriate.
Furthermore,
we expect that, because there will be a large number of shares registered pursuant to this registration statement, the Selling Securityholder
will continue to offer the securities covered by this registration statement for a significant period of time, the precise duration of
which cannot be predicted. Accordingly, the adverse market and price pressures resulting from an offering pursuant to a registration
statement may continue for an extended period of time.
As
                                            certain restrictions on resale end pursuant to the effectiveness of this registration statement,
                                            the market price of ILLR Shares could drop significantly if the Selling Securityholders
                                            sell them or are perceived by the market as intending to sell them. These factors could also
                                            make it more difficult for ILLR to raise additional funds through future offerings
                                            of ILLR Shares or other securities.
Risks
Factors Relating to
the Company's
Hong Kong Operations
and Proximity to the PRC
The
business, financial condition, results of operations, and prospects of the Company may be materially and adversely affected if certain laws
and regulations of the PRC become applicable to the Company or its subsidiaries. the Company may be subject to the risks and uncertainties associated
with the evolving laws and regulations in the PRC, their interpretation and implementation, and the legal and regulatory system in the
PRC more generally, including with respect to the enforcement of laws and the possibility of changes of rules and regulations with little
or no advance notice.
The Company
                                            currently does not have operations in mainland China. Although the Company and its subsidiaries
                                            do service Chinese clients, all sales of financial products offered by the TAG Business and
                                            its subsidiaries occur in Hong Kong. the Company does not sell any financial products in mainland
                                            China, and all of the TAG Business's customer data is maintained outside of mainland
                                            China. Accordingly, none of the Company or its subsidiaries are regulated by any regulatory authorities
                                            in mainland China. Pursuant to the Basic Law of the Hong Kong Special Administrative
                                            Region (the "Basic Law"), which is a national law of the PRC and the constitutional
                                            document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong
                                            except for those listed in Annex III of the Basic Law and applied locally by promulgation
                                            or local legislation. The Basic Law expressly provides that the national laws of the PRC
                                            which may be listed in Annex III of the Basic Law shall be confined to those relating
                                            to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong.
                                            While the National People's Congress of the PRC has the power to amend the Basic Law,
                                            the Basic Law also expressly provides that no amendment to the Basic Law shall contravene
                                            the established basic policies of the PRC regarding Hong Kong. As a result, national
                                            laws of the PRC not listed in Annex III of the Basic Law do not apply to Hong Kong-based businesses.
However,
                                            the laws and regulations in the PRC are evolving, and their enactment timetable, interpretation,
                                            and implementation involve significant uncertainties. To the extent that any PRC laws and
                                            regulations become applicable to the Company, the Company may be subject to the risks and uncertainties
                                            associated with the evolving laws and regulations of the PRC, their interpretation and implementation,
                                            and the legal and regulatory system in the PRC more generally, including with respect to
                                            the enforcement of laws and the possibility of changes of rules and regulations with little
                                            or no advance notice. If certain PRC laws and regulations, including existing laws and regulations
                                            and those enacted or promulgated in the future, were to become applicable to companies such
                                            as the Company or its subsidiaries in the future, the application of such laws and regulations may
                                            have a material adverse impact on the business, financial condition, results of operations,
                                            and prospects of the Company and its ability to offer securities to investors, any of which may,
                                            in turn, cause the value of ILLR's securities to significantly decline or
                                            become worthless.
12
Relevant
                                            organs of the PRC government have made recent statements or recently taken regulatory actions
                                            related to data security, anti-monopoly, and overseas listings of mainland China businesses.
                                            For example, in addition to the PRC Data Security Law and the Measures for Cybersecurity
                                            Review issued by the Cyberspace Administration of China which became effective on February 15,
                                            2022 (the "Measures"), relevant PRC government agencies have recently taken anti-trust enforcement
                                            action against certain mainland China-based businesses. The management of ILLR
                                            understands that such enforcement action was taken pursuant to the PRC Anti-Monopoly Law
                                            which applies to monopolistic activities in domestic economic activities in mainland China
                                            and monopolistic activities outside mainland China which eliminate or restrict market competition
                                            in mainland China. In addition, in July 2021, the PRC government provided new guidance
                                            on PRC-based companies raising capital outside of the PRC, including through arrangements
                                            called variable interest entities ("VIEs"). In light of such developments, the
                                            SEC has imposed enhanced disclosure requirements on China-based companies seeking to
                                            register securities with the SEC.
While
                                            the Company currently does not have any operations in mainland China, there is no guarantee that
                                            the recent statements or regulatory actions by the relevant organs of the PRC government,
                                            including statements relating to the PRC Data Security Law, the PRC Personal Information
                                            Protection Law, and VIEs as well as the anti-monopoly enforcement actions will continue
                                            not to apply to the Company. Should such statements or regulatory actions apply to companies
                                            such as ILLR or its subsidiaries in the future, it could have a material adverse
                                            impact on the business, financial condition, results of operations, and prospects of ILLR, ILLR's ability to accept foreign investments, and ILLR's
                                            ability to offer or continue to offer securities to investors on a U.S. or other international
                                            securities exchange, any of which may, in turn, cause the value of ILLR's
                                            securities to significantly decline or become worthless. ILLR cannot predict the
                                            extent of such impact if such events were to occur.
The Company
                                            may also become subject to the laws and regulations of the PRC to the extent that the TAG
                                            Business commences business and customer facing operations in mainland China as a result
                                            of any future partnership, acquisition, expansion, or organic growth.
The
PRC government exerts substantial influence, discretion, oversight, and control over the manner in which companies incorporated
under the laws of PRC must conduct their business activities. The Company has offices in Hong Kong and has no operations in
mainland China; however, there can be no guarantee that the PRC government will not seek to intervene or influence the operations of
its business or its subsidiaries at any time.
Because
                                            (i) the Company currently does not have operations in mainland China, (ii) all sales of
                                            financial products offered by the Company and its subsidiaries, including those to PRC citizens,
                                            occur in Hong Kong, and (iii) the TAG Business does not sell any financial products
                                            in mainland China, the PRC government currently does not directly govern the manner in which
                                            the Company conducts its business activities outside of mainland China. However, the PRC legal system
                                            is evolving quickly, and PRC laws, regulations, and rules may change quickly with little
                                            advance notice, including with respect to Hong Kong-based businesses. As a result,
                                            there can be no assurance that the Company will not be subject to direct influence or discretion
                                            over its business from organs of the PRC government in the future, due to changes in laws
                                            or other unforeseeable reasons or due to the Company's expansion or acquisition of operations
                                            in or involving mainland China.
The
                                            PRC government has exercised and continues to exercise substantial control over many sectors
                                            of the PRC economy, including through regulation and/or state ownership. PRC government actions
                                            have had, and may continue to have, a significant effect on economic conditions in the PRC
                                            and the businesses which are subject to them. If the Company became subject to the direct intervention
                                            or influence of the PRC government at any time due to changes in laws or other unforeseeable
                                            reasons or as a result of the Company's development, expansion, or acquisition of operations
                                            in the PRC, the Company may be required to make material changes in its operations, which may result
                                            in increased costs necessary to comply with existing and newly adopted laws and regulations
                                            or penalties for any failure to comply, or both. The Company cannot be assured that the PRC government
                                            will not, in the future, release regulations or policies regarding other industries, which,
                                            if applicable to the Company or its subsidiaries, may adversely affect the business, financial condition
                                            and results of operations of the Company.
13
In
                                            addition, the various segments of the Company are regulated by a number of Hong Kong regulators,
                                            including, the Hong Kong Insurance Authority and the Mandatory Provident Fund Schemes
                                            Authority. PRC government influence or oversight over such Hong Kong regulators may
                                            have an indirect but material impact on the Company, including but not limited to with respect to
                                            capital requirements, its ability to operate certain businesses, its operations in certain
                                            jurisdictions (including the markets in which the Company or its subsidiaries may operate in the
                                            future) and/or the implementation of certain controls and procedures in relation to risk
                                            management or cybersecurity. Furthermore, the market prices and/or liquidity of the securities
                                            of the Company could be adversely affected as a result of anticipated negative impacts of any such
                                            government actions, as well as negative investor sentiment towards Hong Kong-based companies
                                            subject to direct PRC government oversight and regulation, regardless of actual operating
                                            performance. There can be no assurance or guarantee that the PRC government would not intervene
                                            in or influence the operations of the Company, directly or indirectly, at any time.
The
securities of ILLR may be delisted or prohibited from being traded "over-the-counter" under the Holding Foreign
Companies Accountable Act (as amended by the Accelerating Holding Foreign Companies Accountable Act) if the PCAOB were unable to fully
inspect the company's auditor.
The
                                            Holding Foreign Companies Accountable Act, or the HFCA Act, was enacted into U.S. law
                                            on December 18, 2020. The HFCA Act states that if the SEC determines that a company
                                            has filed audit reports issued by a registered public accounting firm that has not been subject
                                            to inspection by the Public Company Accounting Oversight Board of the United States
                                            (the "PCAOB") for three consecutive years beginning in 2021, the SEC shall
                                            prohibit its securities from being traded on a national securities exchange or in the over-the-counter trading
                                            market in the U.S. On December 16, 2021, the Public Company Accounting Oversight
                                            Board of the United States (the "PCAOB") issued a Determination Report which
                                            found that the PCAOB is unable to inspect or investigate completely registered public accounting
                                            firms headquartered in: (i) China, and (ii) Hong Kong.
On
December 2, 2021, the SEC adopted final amendments implementing congressionally mandated submission and disclosure requirements of the
HFCA Act. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act (AHFCA Act) was enacted, which amended the
HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities
may be prohibited from trading or delisted has been reduced accordingly.
Lack
of access to PCAOB inspections prevents the PCAOB from fully evaluating audits and quality control procedures of the accounting firms
headquartered in mainland China or Hong Kong. As a result, investors in companies using such auditors may be deprived of the benefits
of such PCAOB inspections. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate
PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous
determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland
China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public
accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our,
and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and
is already making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations
and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations
with the HFCA Act if needed.
14
WWC,
                                            P.C. is headquartered in California and has been inspected by the PCAOB on a regular basis.
                                            The management of ILLR believes, therefore, that WWC, P.C. is not subject to the
                                            determinations announced by the PCAOB on December 16, 2021 with respect to PRC and Hong Kong-based auditors.
                                            WWC, P.C. is not included in the list of determinations announced by the PCAOB on December 21,
                                            2021 in their HFCA Act Determination Report under PCAOB Rule 6100. On August 26,
                                            2022, the China Securities Regulatory Commission, or CSRC, the Ministry of Finance of the
                                            PRC, and PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and
                                            investigations of audit firms based in China and Hong Kong. Pursuant to the Protocol,
                                            the PCAOB has independent discretion to select any issuer audits for inspection or investigation
                                            and has the unfettered ability to transfer information to the SEC. However, uncertainties
                                            still exist whether this new framework will be fully complied with. If notwithstanding this
                                            new framework, the PCAOB was unable to fully inspect WWC, P.C. (or any other auditor of the
                                            Company) in the future, or if PRC or American authorities further regulate auditing work
                                            of Chinese or Hong Kong companies listed on the U.S. stock exchanges in a manner
                                            that would restrict WWC, P.C. (or any future auditor of the Company) from performing work
                                            in Hong Kong, ILLR may be required to change its auditor. Furthermore, there
                                            can be no assurance that the SEC, Nasdaq, or other regulatory authorities would not apply
                                            additional and more stringent criteria to ILLR in connection with audit procedures
                                            and quality control procedures, adequacy of personnel and training, or sufficiency of resources,
                                            geographic reach or experience as it relates to the audit of ILLR's financial
                                            statements. The failure to comply with the requirement in the HFCA Act, as amended by the
                                            AHFCA Act, that the PCAOB be permitted to inspect the issuer's public accounting firm
                                            within two years, would subject ILLR to consequences including the delisting
                                            of ILLR in the future if the PCAOB is unable to inspect ILLR's accounting
                                            firm (whether WWC, P.C. or another firm) at such future time.
On
December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA") was enacted, which amended the HFCA
Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject
to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated Appropriations
Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations
Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection years required
for triggering the prohibitions under the Holding Foreign Companies Accountable Act from three years to two. Whether the PCAOB will continue
to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong
Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing
to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in
early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has
indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed, without having to
wait another year to reassess its determinations. In the future, if there is any regulatory change or step taken by PRC regulators that
does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation,
or the PCAOB expands the scope of the determination so that we are subject to the HFCA Act, as the same may be amended, you may be deprived
of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading
of our securities, including trading on the national exchange and trading on "over-the-counter" markets, may be prohibited
under the HFCA Act. The recent developments would add uncertainties to our offering and we cannot assure you whether the national securities
exchange we apply for listing or regulatory authorities would apply additional and more stringent criteria to us after considering the
effectiveness of our auditors' audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach, or experience as it relates to our audit.
Although
not currently subject, the Company may become subject to the PRC laws and regulations regarding offerings that are conducted overseas and/or
foreign investment in China-based issuers, and any failure to comply with applicable laws and obligations could have a material
and adverse effect on the business, financial condition, results of operations, and the Company's prospects of the Company and may hinder ILLR's ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline
or be worthless.
Recently,
the PRC government has initiated a series of regulatory actions and statements to regulate business operations in certain areas in China
with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies
listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding
the efforts in anti-monopoly enforcement. On June 10, 2021, the Standing Committee of the National People's Congress
enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a
legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based
on data classification and hierarchical protection system for data security.
On
July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital
market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and
judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws.
15
On
August 20, 2021, the 30 meeting of the Standing Committee of the 13 National People's Congress voted and passed the "Personal
Information Protection Law of the People's Republic of China", or "PRC Personal Information Protection Law",
which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information
of natural persons within the territory of China that is carried out outside of China where (1) such processing is for the purpose
of providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of
natural persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.
On
December 24, 2021, the China Securities Regulatory Commission ("CSRC"), together with other relevant government authorities
in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)
("Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking
to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit
the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an
enterprise whose principal business activities are conducted in PRC seeks to issue and list its shares in the name of an overseas enterprise
("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC
domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing ("Indirect Overseas Issuance and
Listing") under the Draft Overseas Listing Regulations.
On
December 28, 2021, the Cyberspace Administration of China ("CAC") jointly with the relevant authorities formally published
Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replaced the former Measures for Cybersecurity
Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that operators of critical
information infrastructure purchasing network products and services, and online platform operator (together with the operators of critical
information infrastructure, the "CII Operators") carrying out data processing activities that affect or may affect national
security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users' personal
information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.
The Company
                                            or its subsidiaries may collect and store certain data (including certain personal information)
                                            from their clients, who may be PRC individuals, in connection with their business and operations
                                            and for "Know Your Customers" purposes (to combat money laundering). Given that
                                            (1) the Company and its subsidiaries are incorporated either in Hong Kong or the British
                                            Virgin Islands and are located in and conduct their operations in Hong Kong, (2) they
                                            have no subsidiary, VIE structure, nor any operations in mainland China, and (3) pursuant
                                            to the Basic Law, national laws of the PRC shall not be applied in Hong Kong except
                                            for those listed in Annex III of the Basic Law (which is confined to laws relating to
                                            defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong),
                                            the management of the Company does not currently expect the Measures for Cybersecurity Review (2021),
                                            the PRC Personal Information Protection Law, or the Draft Overseas Listing Regulations to
                                            impact the operations of the TAG Business. As of date of this registration statement, the Company
                                            and its subsidiaries have conducted all sales activities in Hong Kong and in aggregate
                                            collected and stored personal information of less than one million users in the PRC, all
                                            of the data collected is stored in servers located in Hong Kong, and none of the Company or
                                            its subsidiaries have been informed by any PRC governmental authority of any requirement
                                            that it files for a cybersecurity review or a CSRC review. Accordingly, the management of
                                            the Company does not currently expect that the laws and regulations in the PRC on data security,
                                            data protection or cybersecurity apply to the Company or that the oversight of the CAC will be extended
                                            to the TAG Business's operations in Hong Kong, because (i) the Company is not a
                                            "CII Operator" or a "Network Platform Operator" as defined under
                                            the relevant PRC cyberspace laws; (ii) the Company does not harm PRC national security, public
                                            interests, or the legitimate rights and interests of citizens or organizations of the PRC;
                                            (iii) the Company is not subject to PRC government cyberspace scrutiny; and (iv) the Company
                                            is compliant with PRC cyberspace laws that have been issued up to the date of this registration
                                            statement.
However,
                                            since these statements and regulatory actions are new, it is highly uncertain how soon the
                                            legislative or administrative regulation making bodies will act, what existing or new laws
                                            or regulations or detailed implementations and interpretations will be modified or promulgated,
                                            if any, and whether any of these will apply to the Company, if at all. There can be no assurance
                                            that the Company will be able to comply in all respects with any PRC regulatory requirements that
                                            may become applicable to it in the future. For example, the Company's current practice of
                                            collecting and processing personal information may be ordered to be rectified or terminated
                                            by regulatory authorities. In the event of a failure to comply with any applicable regulations,
                                            the Company may become subject to the consequences of such non-compliance, including fines and other
                                            penalties, which, in turn, may have a material adverse effect on the business, operations,
                                            financial condition, and prospects of the Company and may hinder the ability of the Company to offer or
                                            continue to offer securities to investors. Such an impact could, in turn, cause the value
                                            of such securities to significantly decline or be worthless.
The Company
is subject to many of the economic and political risks associated with emerging markets, particularly China, due to its operations in
Hong Kong. Adverse changes in Hong Kong's or China's economic, political, and social conditions as well as government
policies could adversely affect the Company's business and prospects.
The Company
                                            currently conducts its business in Hong Kong and is considering options for expansion
                                            of its business in mainland China. Accordingly, the Company is subject to risks and uncertainties
                                            including fluctuations in mainland China's GDP, unfavorable or unpredictable treatment
                                            in relation to tax matters, expropriation of private assets, exchange controls, restrictions
                                            affecting its ability to make cross-border transfer of funds, regulatory proceedings,
                                            inflation, currency fluctuations, or the absence of, or unexpected changes in, regulations
                                            and unforeseeable operational risks. In addition, the Company's business, prospects, financial
                                            condition, and results of operations may be significantly influenced by political, economic,
                                            and social conditions in Hong Kong and China generally and by continued economic growth
                                            in China.
16
The
                                            Chinese economy differs from the economies of most developed jurisdictions (such as Hong Kong)
                                            in many respects, including the amount of government involvement, level of development, growth
                                            rate, control of foreign exchange, and allocation of resources. Although the PRC government
                                            has implemented measures that focus on accounting for market forces to effect economic reform
                                            and aimed at reducing the state ownership of productive assets and establishing improved
                                            corporate governance in business enterprises, a substantial portion of China's productive
                                            assets are still owned by the government. In addition, the PRC government continues to play
                                            a significant role in regulating development through industrial policies. The PRC government
                                            also exercises significant control over China's economic growth through its allocation
                                            of resources, control of payment of foreign currency-denominated obligations, monetary
                                            policy, and preferential treatment for particular industries or companies. Many of the economic
                                            reforms carried out by the PRC government are unprecedented or experimental and are expected
                                            to be refined and improved over time. This refining and adjustment process may not necessarily
                                            have a positive effect on the operations and business development of the Company. Other political,
                                            economic, and social factors may also lead to further adjustments of the reform measures.
                                            For example, the PRC government has in the past implemented a number of measures intended
                                            to curtail certain segments of the economy, including the real estate industry, which the
                                            government believed to be overheating. These actions, as well as other actions and policies
                                            of the PRC government, could cause a decrease in the overall level of economic activity in
                                            the PRC and, in turn, have an adverse impact on the business and financial condition of the Company.
While
                                            the Chinese economy has experienced significant growth over the past decades, growth has
                                            been uneven, both geographically and among various sectors of the economy. The PRC government
                                            has implemented various measures to encourage economic growth and guide the allocation of
                                            resources. Some of these measures, which may benefit the overall Chinese economy, may have
                                            a negative effect on the TAG Business. For example, the Company's financial condition and
                                            results of operations may be adversely affected by government control over capital investments
                                            or changes in tax regulations. In addition, the PRC government has from time to time implemented
                                            certain measures, including interest rate changes, to control the pace of economic growth.
                                            These measures may cause decreased economic activity in China, as evidenced by the slowing
                                            of growth of the Chinese economy since 2012. In addition, COVID-19 had a severe and
                                            negative impact on the Chinese economy since the first quarter of 2020. Whether this will
                                            lead to a prolonged downturn in the Chinese economy is still unknown. In addition, any future
                                            escalation of the ongoing trade war between the United States and China, regional or
                                            national instability, the ongoing impact of the COVID-19 pandemic, or the armed conflict
                                            between Russia and Ukraine may negatively impact the growth of the Chinese economy. Any prolonged
                                            slowdown in the Chinese economy or adverse changes in the policies of the Chinese government
                                            or in the laws and regulations in China could have a material adverse effect on the overall
                                            economic growth of China and may reduce the demand for the Company's services and solutions
                                            among potential Chinese customers and materially and adversely affect its business and results
                                            of operations.
National
                                            laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of
                                            the Basic Law and applied locally by promulgation or local legislation. National laws that
                                            may be listed in Annex III are currently limited under the Basic Law to those which
                                            fall within the scope of defense and foreign affairs as well as other matters outside the
                                            limits of the autonomy of Hong Kong. National laws and regulations relating to data
                                            protection, cybersecurity and the anti-monopoly have not been listed in Annex III
                                            and so do not apply directly to Hong Kong. The laws and regulations in the PRC are evolving,
                                            and their enactment timetable, interpretation and implementation involve significant uncertainties.
                                            To the extent any PRC laws and regulations become applicable to the Company, it may be subject to
                                            the risks and uncertainties associated with the legal system in the PRC, including with respect
                                            to the enforcement of laws and the possibility of changes of rules and regulations with little
                                            or no advance notice. The TAG Business may also become subject to the laws and regulations
                                            of the PRC to the extent it commences business and customer facing operations in mainland
                                            China as a result of any future acquisition, expansion, or organic growth.
17
The Company's
potential expansion of activities in China is subject to various risks.
The Company
                                            and certain of its subsidiaries, as of the date of this registration statement, primarily
                                            operate in Hong Kong. The Company has been pursuing and will continue to pursue its growth
                                            strategy in China, particularly in the Greater Bay Area, comprising Macau, Guangzhou, Shenzhen,
                                            and the surrounding area. Currently, the Company does not have any Chinese operating entities and
                                            does not plan to use "variable interest entities," or VIEs, in the future to
                                            conduct its operations. The management of the Company intends for such expansion to be conducted
                                            through customer referrals and partnerships, with its actual sales activities conducted in
                                            Hong Kong. For instance, the Company is currently in active discussions to establish a strategic
                                            partnership with a top asset manager (the "Potential Partner") in China to provide
                                            offshore insurance solutions to its over 20 million customers. Accordingly, the management
                                            of the Company expects the main source of revenue from such expansion in China to be generated from
                                            referral income.
Notwithstanding,
                                            expansion of China-related activities may expose the Company to additional risks, including:
●
Changing
                                            global environment, including changes in U.S., Chinese, and international trade policies;
●
Challenges
    associated with relying on local partners in markets that are not as familiar to the Company, including joint venture partners to help the Company
    establish its business;
●
Difficulties
                                            managing operations in new regions, including complying with the various regulatory and legal
                                            requirements;
●
Different
                                            approval or licensing requirements;
●
Recruiting
                                            sufficient suitable personnel in new markets;
●
Challenges
                                            in providing services and solutions as well as support in these new markets;
●
Challenges
                                            in attracting business partners and customers;
●
Potential
                                            adverse tax consequences;
●
Foreign
                                            exchange losses;
●
Limited
                                            protection for intellectual property rights;
●
Inability
                                            to effectively enforce contractual or legal rights;
●
International
                                            travel restriction and temporary lock-down due to COVID-19; and
●
Local
                                            political, regulatory, and economic instability or wars, civil unrest, and terrorist incidents.
Moreover,
changes in China's economic, political, or social conditions or government policies could have a material adverse effect on the Company's
growth plans. If the Company is unable to effectively avoid or mitigate these risks, its ability to grow its China-related business
will be affected, which could have a material adverse effect on its business, financial condition, results of operations, and prospects.
As
                                            the Company further expands into the international market, it is increasingly subject to additional
                                            legal and regulatory compliance requirements, including local licensing and periodic reporting
                                            obligations. the Company may inadvertently fail to comply with local laws and regulations, and any
                                            such violation could subject the Company to regulatory penalties, such as revocation of licenses,
                                            which would in turn harm its brand, reputation, business operation and financial results.
                                            Although the Company has policies and procedures in place to enhance compliance with local laws
                                            and regulations, there can be no assurance that its employees, contractors, or agents will
                                            stay compliant with these policies and procedures.
18
The Company's
financial services revenues are highly dependent on macroeconomic conditions as well as Hong Kong, China, and global market conditions.
Disruptions in the global financial markets and economic conditions could adversely affect the the Company and its institutional clients and
customers.
Given
                                            the certain of its business operations concentrated in Hong Kong, the Company's success
                                            depends largely on the health of the Hong Kong financial industry, which is affected
                                            by changes in general economic conditions beyond the the Company's control. Economic factors
                                            such as increased interest rates, slow economic growth or recessionary conditions, changes
                                            in household debt levels, and increased unemployment or stagnant or declining wages affect
                                            the the Company's customers' income and thus their ability and willingness to take loans
                                            from the Company, invest with the Company, or engage with the Company's other financial products. Domestic
                                            and global events affect all such macroeconomic conditions. Weak or a significant deterioration
                                            in economic conditions reduce the amount of disposable income both individual and institutional
                                            consumers have, which in turn reduces consumer spending and their willingness to engage with
                                            the the Company's financial services. Any or all of the circumstances described above may
                                            lead to further volatility in or disruption of the credit markets at any time and could adversely
                                            affect the Company's financial condition.
Changes
                                            in the condition of Hong Kong's and China's economies generally affect the
                                            demand and supply of financial products, which in turn will affect demand for the solutions
                                            that the Company provides. For example, a credit crisis, or prolonged downturn in the credit markets
                                            could severely affect the Company's operating environment by, for example, causing a tightening
                                            in credit guidelines, limited liquidity, deterioration in credit performance, or increased
                                            foreclosures. Since a significant portion of the Company's revenue is generated from transaction-based fees
                                            and commissions, a decrease in transaction volumes could cause a material decline in the Company's
                                            revenues for the duration of such crisis.
Global
                                            economies could suffer dramatic downturns as the result of a deterioration in the credit
                                            markets and related financial crisis as well as a variety of other factors including, extreme
                                            volatility in security prices, diminished liquidity and credit availability, and ratings
                                            downgrades or declining valuations of certain investments. In past economic downturns, governments
                                            have taken unprecedented actions to address and rectify these extreme market and economic
                                            conditions, including by providing liquidity and stability to the financial markets. If these
                                            actions are not successful, the return of adverse economic conditions may significantly affect
                                            the businesses of the Company's customers, which could in turn negatively affect the Company's
                                            revenues.
In
addition, there is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted
by central banks and financial authorities in some of the world's leading economies, including the European Union, the United States,
and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe, and Africa. There have also been concerns
on the relationship among China and other Asian countries, which may result in or intensify potential conflicts in relation to territorial
disputes, and escalations in the trade tensions between the United States and China. Starting from 2018, changes in U.S. trade
policies have occurred, including the imposition of tariffs. These types of developments, including a potential trade war, could have
a material adverse impact on the Chinese economy and in turn on the Hong Kong economy. On January 31, 2020, the United Kingdom
ceased to be a member of the European Union (commonly referred to as "Brexit"). The effects of Brexit on worldwide economic
and market conditions remain uncertain. Brexit could adversely affect European and worldwide economic and market conditions and could
contribute to instability in global financial and foreign exchange markets. Furthermore, protests in Hong Kong in 2019, political
instability in the Korean Peninsula, a slump in commodity prices, uncertainty over interest rates in the United States, the outbreak
and spread of the COVID-19 pandemic, and the armed conflict between Russia and Ukraine have also resulted in instability and volatility
in the global financial markets. Recently, the global stock markets have experienced extreme volatility, in reaction to the outbreak
of the conflict between Russia and Ukraine and governments' responses thereto. It is unclear whether these challenges and uncertainties
will be contained or resolved, and what effects they may have on the global political and economic conditions in the long term.
19
Recent
litigation, increased SEC disclosure requirements and negative publicity surrounding China-based companies listed in the United States
may result in increased regulatory scrutiny of the Company and negatively impact the trading price of its shares, which could have
a material adverse effect upon its business, including its results of operations, financial condition, cash flows, and prospects.
The
                                            management of the Company believes that recent litigation, increased SEC disclosure requirements,
                                            and negative publicity surrounding companies with operations in China that are listed in
                                            the United States have negatively impacted stock prices for these companies. Various
                                            equity-based research organizations have published reports on China-based companies,
                                            after examining their corporate governance practices, related party transactions, sales practices,
                                            and financial statements, and these reports have led to special investigations and listing
                                            suspensions on U.S. national exchanges, including the Nasdaq. In June 2021, SEC
                                            Chair Gary Gensler requested a "pause" in U.S. IPOs of Chinese companies
                                            to assess these issues. In August 2021, the SEC started to issue new disclosure requirements
                                            to companies operating in China and seeking to list on U.S. securities exchanges in
                                            order to boost investor awareness of the certain risks, including with respect to certain
                                            corporate structures of Chinese companies, such as VIEs and the risk of Chinese regulators
                                            intervening with company operations or data security policies.
As
                                            of the date of this registration statement, the Company and its subsidiaries have not entered into,
                                            and have no plans to enter into, any contractual arrangements with any VIEs in China. However,
                                            should the Company's growth strategy involving China materialize and its current expansion
                                            plans materially change, the Company may be required to enter into contractual arrangements with
                                            VIEs, in which case the Company may become subject to risk associated with VIEs and come under increased
                                            scrutiny from U.S. securities regulators in light of such developments.
Any
                                            similar scrutiny of the Company, regardless of its merit (or lack thereof), could result in a diversion
                                            of management resources and energy, potential costs to defend against rumors, increased ongoing
                                            disclosure requirements, decreases and volatility in the trading price of shares, and increased
                                            directors and officers insurance premiums and could have a material adverse effect upon the
                                            company's business, including results of operations, financial condition, cash flows,
                                            and prospects.
Failure
to comply with existing or future laws and regulations related to data protection or data security could lead to liabilities, administrative
penalties, or other regulatory actions, which could negatively affect the Company's operating results, business, and prospects.
The
                                            regulatory framework for the collection, use, safeguarding, sharing, transfer and other processing
                                            of personal data worldwide is rapidly evolving and is likely to remain uncertain for the
                                            foreseeable future. Regulatory authorities in virtually every jurisdiction in which members
                                            of ILLR operate have implemented or are considering a number of legislative and
                                            regulatory proposals concerning personal data protection. The management of the Company
                                            has been monitoring the evolution of this area of law and intends to take steps to ensure
                                            compliance with laws applicable to the Company's current operations in Hong Kong
                                            and potential future operations in China.
While
                                            the management of ILLR believes that ILLR is not currently subject to PRC
                                            laws relating to the collection, use, sharing, retention, security, and transfer of confidential
                                            and private information, such as personal information and other data, ILLR may be
                                            subject to such laws in the future. These laws continue to develop, and the PRC government
                                            may adopt other rules and restrictions in the future. Non-compliance could result in
                                            penalties or other significant legal liabilities.
20
The
PRC may prevent the cash maintained by the Company in Hong Kong from leaving, or the PRC could restrict deployment of such cash for the Company's
business purposes or for the payment of dividends.
The Company
                                            does not have any business operations in mainland China or maintain any cash balances in
                                            mainland China. However, if the Company were to establish business operations or maintain cash balances
                                            in mainland China, it may become subject to the PRC government's controls on the convertibility
                                            of Renminbi into foreign currencies and the remittance of currencies out of China to foreign
                                            entities or investors. Under the existing PRC foreign exchange regulations, payments of current
                                            account items, including profit distributions, interest payments and expenditures from trade-related transactions,
                                            can be made in foreign currencies without prior approval from the State Administration of
                                            Foreign Exchange ("SAFE") as long as certain procedural requirements related
                                            to foreign exchange control are met. Although generally the PRC government may not impose
                                            any restrictions on international payments or transfers on current account, the PRC government
                                            may, at its discretion, impose restrictions on access to foreign currencies for current account
                                            transactions, and there may also exist macro-prudential control in foreign exchange
                                            through position management or know-your-customer (KYC) policies. Approval from appropriate
                                            government authorities, including SAFE, the National Development and Reform Commission (NDRC)
                                            and the Ministry of Commerce may be required for certain transactions if Renminbi is converted
                                            into foreign currency and remitted out of China to pay capital expenses such as the repayment
                                            of loans denominated in foreign currencies. Furthermore, foreign currency loans or capital
                                            contributions may be subject to statutory limits and registration with competent authorities.
The
                                            Hong Kong government has not issued similar laws or regulations for companies that are
                                            incorporated in or conduct businesses in Hong Kong. No cash is or is currently intended
                                            by the management of the Company to be held in the PRC by the Company or any of its subsidiaries. There
                                            is no regulatory restriction imposed by authorities in Hong Kong over the flow of funds
                                            among the Company and its subsidiaries, or on any distributions or dividends of the Company to its investors
                                            as of the date of this registration statement, and management of the Company does not expect there
                                            will be regulatory restrictions by authorities in Hong Kong.
The
                                            Basic Law is the constitutional document for Hong Kong. Under Article 112 of the
                                            Basic Law, no foreign exchange control policies shall be applied in Hong Kong. The Hong Kong
                                            dollar shall be freely convertible, and the Government of Hong Kong shall safeguard
                                            the free flow of capital within, into and out of the region. The power to amend the Basic
                                            Law lies in the National People's Congress of the PRC and the ultimate power of interpretation
                                            of the Basic Law is vested in the Standing Committee of the National People's Congress
                                            of the PRC. Therefore, the PRC has the power to cause a change in the Basic Law and
                                            cause capital controls to be imposed over Hong Kong. If the PRC were to do so, the PRC
                                            may also restrict the ability of the Company's operating entities to remit currency maintained
                                            in Hong Kong offshore to pay dividends or make other payments, or otherwise to satisfy
                                            its foreign-currency-denominated obligations. In such case, relevant PRC governmental
                                            authorities may limit the ability of the Company to purchase foreign currencies in the future to
                                            settle transactions. As the PRC government may continue to strengthen its control over Hong Kong,
                                            this may limit the Company's ability to utilize such currencies to fund its business activities
                                            outside of the PRC, or to pay dividends in foreign currencies.
21
Risks
Factors Relating to the Company's Business and Operations
The technologies that the Company uses may
contain undetected errors, which could result in customer dissatisfaction, damage to the Company's reputation, or loss of customers.
Some of the solutions that we offer are built
on large stacks of data, requiring sophisticated and innovative technologies to address our operating needs, predict operating patterns,
and help make decisions in terms of business strategies and implementation plans. We aim to make its operations and solutions more streamlined,
automated, and cost-effective by using advanced technologies which are currently under development. We may encounter technical obstacles,
and it may discover problems that prevent such technologies from operating properly, or at all, which could adversely affect our information
infrastructure and other aspects of its business where such technologies are applied. If our solutions do not function reliably or fail
to achieve its customers' expectations for performance, we may lose existing customers or fail to attract new ones, which may damage
its reputation and adversely affect its business, financial condition, and results of operations. Material performance problems, defects,
or errors in our existing or new software, applications, and solutions may arise and may result from the interface between solutions and
systems and data that it did not develop, the function of which is beyond its control, or defects and errors that were undetected in internal
testing. These types of defects and errors, and any failure by us to identify and address them, could result in a loss of revenue or market
share, diversion of development resources, harm to our reputation and increased service and maintenance costs. Defects or errors may discourage
existing or potential customers from utilizing our solutions. Correcting these types of defects or errors could prove to be impossible
or impracticable. The costs incurred in correcting any defects or errors may be substantial and could have a material adverse effect on
our business, financial condition, and results of operations.
We rely on our business relationships with
product issuers and the success of those product issuers, and the future development depends, in part, on the growth of such product issuers
and their continued collaboration.
The Platform Business relies, in part, on financial
products provided by certain banks, insurance companies, or other companies that offer financial products (product issuers). Our management
team believes that establishment of business relationships with major product issuers such as MassMutual Asia Limited, Prudential Hong Kong
Limited, and Zurich International Life Limited, which facilitates our ability to provide a wide variety of products to satisfy customers'
needs and enables it to negotiate favorable terms with such product issuers, to the benefit of its customers, contributes to its current
success. The long-term business relationships that the Platform Business has established with major product issuers are formed on
the basis of the terms of business, broker contracts, and/or conditions issued by the product issuer(s)  setting out the terms and
conditions upon which product issuer(s) are prepared to accept business referred or introduced to them. However, there is no assurance
that the Platform Business will succeed in maintaining existing and/or establishing new, strategic relationships with product issuers.
If the Platform Business cannot maintain and/or establish such relationships, it and its subsidiaries' access to similar financial
products may be restricted, and their business, operations, and financial position may, in turn, be adversely affected.
The Platform Business's future development
depends, in part, on the growth of such product issuers, on their continued development of new financial products, and on their continued
collaboration. Failure by such product issues to continue to sell new financial products may, in turn, limit our ability to offer such
products to their customers. There can be no assurance that if any product issuer discontinued its business or ceased to collaborate with
us could find replacement products on comparable terms, or at all. If the Platform Business cannot maintain its current pipeline of products
from product issuers, it and its subsidiaries' access to similar financial products may be restricted, and their business, operations,
and financial position may, in turn, be adversely affected.
The property agency segment of the Platform
Business has historically operated on thin margins, which expose it to risk of non-profitability and recent trends have caused the segment
to be loss-making.
The property agency segment of the Platform Business,
run by OnePlatform International Property Limited ("
OIP
"), has historically operated with thin profit margins. In accordance
with its contracts with property developers and agreements with its own staff, commission income from OIP's operations is dispersed
broadly among both the consultancy force and salespersons, often equaling up to 50% of the commission. This significant split of commission
income has historically resulted in marginal profit for OIP.
22
In recent years, the segment has been loss-making
and was supported by intercompany loans. While our management intends to generate sufficient cash flows from the segment to repay such
intercompany loans and create positive profit margins, there can be no assurance that the property agency segment of the Platform Business
will be able to generate such cash flows now or in the future. Without a change in the commission sharing mechanism or optimization of
the segment's operating costs, the property agency segment's ability to achieve additional profits may be limited. There can
be no assurance that OIP will be able to achieve changes in commission sharing or optimization of operating costs to sufficient levels,
or at all. In addition, given the competitive environment in which OIP operates, there also can be no guarantee that such changes would
not create a loss of engagement with property developers and salespersons. Such disruptions to the property agency segment of the Platform
Business could have negative effects on its business, financial condition, results of operations, and prospects.
The Company relies on third parties for
various aspects of its business and the services and solutions that it offers. The Company's business, results of operations, financial
condition, and reputation may be materially and adversely affected if these third parties do not continue to maintain or expand their
relationship with the Company, or if they fail to perform in accordance with the terms of their relevant contracts.
We rely on third parties for various aspects of
its business and the solutions they offer. For example, we rely on computer hardware, software, and cloud services, internet and telecommunication
services, and third-party supplied data. We expect to continue to rely on these third parties to supplement its capabilities for
a significant period, if not indefinitely. Therefore, we need all of these parties to function in a flawless and timely manner in order
to conduct its business. However, there can be no assurance that these third parties will provide their support properly or in a cost-effective manner
or that the third party-supplied data we rely on will be complete, accurate, or reliable. In the event of problems with any of these
third-party providers, transitioning to new providers may disrupt our business and increase costs.
If any of the third-party service providers fail
to perform properly, there can be no assurance that we would be able to find suitable replacement suppliers on commercially reasonable
terms on a timely basis, or at all. The third-party service providers may carry out their business in an inappropriate manner or in violation
of regulations or laws. Any of such occurrences could diminish our ability to operate or damage its business reputation, or cause it regulatory
or financial harm, any of which could negatively affect our business, financial condition, and results of operations.
A number of our business partners are commercial
banks and other financial institutions that are highly regulated, and the tightening of laws, regulations, or standards in the financial
services industry could harm its business.
A number of our business partners are commercial
banks and other financial institutions that are highly regulated and must comply with complex and changing government regulations and
industry standards, which are subject to significant changes, in the various jurisdictions in which they operate. Global, regional, or
local regulatory developments, including those in respect of consumer protection, credit availability, risk management, and data privacy,
could adversely affect our customers or otherwise result in a reduction in the volume and frequency of its business transactions.
Our financial institution partners must sometimes
include restrictive provisions in their contracts with service providers, with respect to security and privacy, ongoing monitoring, risk
management, and other limitations. These provisions may increase our costs, limit the scope of the solutions we offer, or otherwise restrict
customer access. In addition, our customers may have less capacity or incentive to purchase solutions from us, may pass on their increased
costs to us, or may cease to use certain of our solutions. As aspects of our business employ a broker-based model, any reduction
of transactions by our partners may materially and adversely affect our business and results of operations.
As a result of such laws and regulations, certain
of our business partners have had, or will have, to adjust their business practices in ways that reduce their use of our solutions, and
these types of changes in response to regulatory developments may adversely affect our business, result of operations, and financial conditions.
23
Significant increases and decreases in the
number of transactions by the Company's clients can have a material negative effect on the Company's profitability and its
ability to efficiently process and settle transactions.
Significant volatility in the number of client
transactions and rebalancing activity may result in operational problems such as a higher incidence of failures to deliver services and
errors in processing transactions, and such volatility may also result in increased personnel and related processing costs. We may experience
adverse effects on its profitability resulting from significant reductions in product sales and may encounter operational problems arising
from unanticipated high transaction volume because we are not able to control such fluctuations.
In addition, significant transaction volume could
result in inaccurate books and records, which would expose us to disciplinary action by governmental agencies and other relevant regulators.
We operate in a variety of heavily regulated
industries in Hong Kong and globally, which expose its business activities to risks of noncompliance with an increasing body of complex
laws and regulations.
Due to the heavily regulated nature of the industries
in which we operate, primarily the insurance, Mandatory Provident Fund ("
MPF
"), asset management and money lending
industries, we are required to comply with a wide array of Hong Kong laws and regulations that regulate, among other things, the
manner in which they conduct their businesses, which of our operating entities can provide certain services, and the fees that they may
charge. Governmental authorities and various Hong Kong agencies, including, among others, the Insurance Authority, the Mandatory
Provident Fund Authority, the Securities and Futures Commission, and the Inland Revenue Department, have broad oversight and supervisory
authority over us.
Because of the financial services that we offer
and deliver, we engage in the relevant service must be licensed in Hong Kong as well as all relevant jurisdictions that require licensure
and must comply with each such jurisdiction's respective laws and regulations, as well as with judicial and administrative decisions
applicable to it. Presently, in Hong Kong, we maintain Insurance Broker Licenses, HKSFC Licenses, and Money Lenders Licenses, in
addition to their business registrations with the Hong Kong Companies Registry. In addition, these companies are currently subject
to a variety of, and may in the future become subject to additional, laws that are continuously evolving and developing, including laws
on advertising as well as privacy laws.
These licensing requirements and other regulations
directly impact our business and require ongoing compliance, monitoring, and internal and external audits as they continue to evolve and
may result in ever-increasing public scrutiny and escalating levels of enforcement and sanctions. Subsequent changes to data protection
and privacy laws, for instance, could impact how we process personal information, and therefore limit the effectiveness of its products
or services or its ability to operate or expand its business, including limiting strategic partnerships that may involve the sharing of
personal information.
Both the scope of the laws and regulations and
the intensity of the supervision to which we are subject have increased over time, in response to financial crises as well as other factors
such as technological and market changes. Regulatory enforcement and fines have also increased across the financial services sector in
Hong Kong and the other markets where we operate. Our management expects that its business will remain subject to extensive regulation
and supervision. These regulatory changes could result in an increase in our regulatory compliance burden and associated costs and place
restrictions on its operations. Our failure to comply with applicable licensing requirements and relevant laws and regulations could lead
to, among other things:
●
loss of its licenses and approvals to engage in its businesses;
●
damage to its reputation in the industry;
●
governmental investigations and enforcement actions;
●
administrative fines and penalties and litigation;
●
civil and criminal liability, including class action lawsuits;
●
increased costs of doing business;
●
diminished ability to sell financial products;
●
inability to raise capital; and
●
inability to execute on its business strategy, including its growth plans.
24
As applicable licensing requirements and laws
evolve, it may be more difficult for our management to identify these developments comprehensively, to interpret changes accurately, and
to train our employees effectively with respect to these laws and regulations. These difficulties potentially increase our exposure to
the risks of noncompliance with these licensing requirements, laws, and regulations, which could be detrimental to its business. In addition,
a failure to adequately vet and supervise our clients, service providers and vendors, to the extent they are covered by such licensing
requirements, laws, and regulations, may also have these negative results.
To resolve issues raised in examinations or other
governmental actions, we or certain of our subsidiaries may be required to take various corrective actions, including changing certain
business practices, making refunds or taking other actions that could be financially or competitively detrimental to it. Our management
expects to continue to incur costs to comply with governmental regulations. In addition, certain legislative actions and judicial decisions
can give rise to the initiation of lawsuits against us for activities that it has conducted in the past. We have been, and its management
expects it to continue to be, subject to regulatory enforcement actions and private causes of action from time to time with respect to
its compliance with applicable laws and regulations.
Although we have systems and procedures directed
to comply with these legal and regulatory requirements, there can be no assurance that more restrictive laws and regulations will not
be adopted in the future, or that governmental bodies or courts will not interpret existing laws or regulations in a more restrictive
manner, which could render its current business practices non-compliant or which could make compliance more difficult or expensive. Any
of these, or other, changes in laws or regulations could have a detrimental effect on us and its results of operations.
We are subject to evolving regulatory requirements,
and failure to comply with these regulations or to adapt to regulatory changes could materially and adversely affect its operations, business,
and prospects.
Many of our aspects, including brokerage and technology
services to individual investors, banks, and insurance companies, insurance loss adjustment services, online publication services relating
to financial product information, facilitating consumer lending products for banks and online small loan companies, managing and distributing
various asset management products, and electronic certification services are subject to supervision and regulation by various governmental
authorities in Hong Kong or in other jurisdictions where we operate. As we continue to expand its solutions and product offerings, the
group may be subject to new and more complex regulatory requirements.
We are also required to comply with applicable
laws and regulations in relevant jurisdictions to protect the privacy and security of its customers' information. Legal and regulatory
restrictions may delay, or possibly prevent, some of our solutions or services from being offered, which may have a material adverse effect
on its business, financial condition, and results of operations. Violation of laws and regulations may also result in severe penalties,
confiscation of illegal income, revocation of licenses and, under certain circumstances, criminal prosecution.
For example, the regulatory framework governing
financial technology services is unclear and evolving. New laws or regulations may be promulgated, which could impose new requirements
or prohibitions that render our current operations or technologies non-compliant. In addition, due to uncertainties and complexities of
the regulatory environment, it cannot be assured that regulators will interpret laws and regulations the same way as we do, or that we
will always be in full compliance with applicable laws and regulations. To remedy any violations, we may be required to modify its business
models, solutions, and technologies in ways that render its solutions less appealing to potential customers. We may also become subject
to fines or other penalties, or, if we determine that the requirements to operate in compliance are overly burdensome, it may elect to
terminate potentially non-compliant operations. In each such case, our business, financial condition and results of operations may be
materially and adversely affected.
We may be adversely affected by the complexity,
uncertainties, and changes in regulation of internet-related businesses and companies, and any lack of requisite approvals, licenses,
or permits applicable to our business may have a material adverse effect on its business and results of operations.
The Hong Kong government extensively regulates
the internet industry, including foreign ownership of, and the licensing and permit requirements pertaining to, companies in the industry.
These internet-related laws and regulations are relatively new and evolving, and their interpretation and enforcement involve significant
uncertainties. As a result, in certain circumstances it may be difficult to determine what actions or omissions may be deemed to be in
violation of applicable laws and regulations.
The interpretation and application of existing
Hong Kong laws, regulations and policies, and possible new laws, regulations, or policies, including those relating to the internet
industry, have created substantial uncertainties regarding the legality of existing and future foreign investments in, and our businesses
and activities. There can be no assurance that we have obtained all the permits or licenses required for conducting its business
or that it will be able to maintain or update its existing licenses or obtain new ones. If a government authority considers that we were
operating without the proper approvals, licenses, or permits or promulgates new laws and regulations that require additional approvals
or licenses or imposes additional restrictions on the operation of any part of its business, it may levy fines, confiscate our income,
revoke its business licenses, and/or require us to discontinue its relevant business or impose restrictions on the affected portion of
its business. Any of these actions may have a material adverse effect on our business and results of operations.
25
Uncertainties in the interpretation and
enforcement of Hong Kong laws and regulations could limit the legal protections available to us and our investors.
Hong Kong laws and regulations concerning
the internet-related  and financial services industries are developing and evolving. Although we have taken measures to comply with
the laws and regulations applicable to its business operations and to avoid conducting any non-compliant activities under these laws
and regulations, governmental authorities may promulgate new laws and regulations regulating the internet-related and financial services
industries. There can be no assurance that our operations would not be deemed to violate any such new laws or regulations. Moreover, developments
in the internet-related industries and financial services industry may lead to changes in existing laws, regulations, and policies
in Hong Kong, or in the interpretation and application of existing laws, regulations, and policies, which in turn may limit or restrict
us and could materially and adversely affect its business and operations.
Triller
has a limited operating history and experience fluctuations in its results of operations due to the nature of its business and a number
of factors, which makes it difficult to forecast its revenue and evaluate its business and future prospects.
Triller's
ability to forecast its future results of operations and plan for and model future growth is limited. Triller has a limited operating
history which makes it difficult to predict its results of operations. In addition, Triller's results of operations may fluctuate
from quarter to quarter as a result of the nature of its business and a number of factors, many of which are outside of Triller's
control and may be difficult to predict. For example, Triller hosts Events under its Bareknuckle Fighting Championships ("
BKFC
")
offerings which may lead to outsized revenue for one quarter compared to other quarters. Some additional factors that affect our results
include, but are not limited to:
●
the level of demand for
    Triller's Technology Platform and Events;
●
its ability to retain existing
    or add new Creators and Brands;
●
its ability to successfully
    integrate companies and assets it has acquired and in the future may acquire into its business;
●
the timing and success
    of new features, integrations, capabilities and enhancements by Triller to its products or by its competitors to their products;
●
changes in the competitive
    landscape of Triller's market;
●
Triller's ability
    to achieve widespread acceptance and use of its Technology Platform;
●
errors in Triller's
    forecasting of the demand for its Triller app, Technology Platform offerings and Events, which could lead to lower revenue, increased
    costs or both;
●
the amount and timing of
    operating expenses and capital expenditures, as well as entry into operating leases, that Triller may incur to maintain and expand
    its business and operations and to remain competitive;
●
the timing of expenses
    and recognition of revenue;
●
security breaches, technical
    difficulties or interruptions to its Technology Platform resulting in service level agreement credits;
●
adverse litigation judgments,
    other dispute-related settlement payments or other litigation-related costs;
●
regulatory fines;
●
changes in, and continuing
    uncertainty in relation to, the legislative or regulatory environment;
●
legal and regulatory compliance
    costs in new and existing markets;
●
the number of new employees
    added and employee turnover;
●
the timing of the grant
    or vesting or settlement of equity awards to employees, directors or consultants;
●
the timing of the conversion
    of Triller's outstanding convertible securities or when our outstanding debt may become due or payable;
●
the availability of content
    for licensing for use by Creators on its Technology Platform;
26
●
pricing pressure as a result
    of competition or otherwise;
●
costs and timing of expenses
    related to the acquisition of businesses, talent, technologies or intellectual property, including potentially significant amortization
    costs and possible write-downs; and
●
general economic conditions
    in either domestic or international markets, including geopolitical uncertainty and instability.
Any
one or more of the factors above may result in significant fluctuations in Triller's quarterly results of operations. You should
not rely on Triller's past results as an indicator of our future performance. The variability and unpredictability of Triller's
quarterly results of operations or other operating metrics could result in its failure to meet its expectations or those of analysts
that cover it or investors with respect to revenue or other key metrics for a particular period. If Triller fails to meet or exceed such
expectations for these or any other reasons, Triller could face costly lawsuits, including securities class action suits.
In
addition, there has been historically a high failure rate among early-stage companies. Early-stage companies face a number of risks,
including, among others, the ability to effectively implement a growth strategy, counter and respond to actions by competitors, maintain
adequate control of expenses and achieve market acceptance. Triller's future performance will depend upon a number of factors,
including its ability to successfully implement, launch, and achieve market acceptance of its Technology Platform and offerings to anticipate
and manage the risks associated therewith. Triller has encountered and expects to continue to encounter risks and uncertainties frequently
experienced by growing companies in rapidly evolving industries, such as the risks and uncertainties described herein. We cannot assure
you that we will successfully address any of these factors, and our failure to do so could have a material adverse effect on our business,
financial condition, results of operations and future prospects.
Triller
has an unproven and evolving business model and the Company cannot provide any assurance that Triller will generate significant
revenues or operating profit.
Triller's
current business model is unproven and evolving and the scale and profit potential, if any, is unknown at this time. Management has spent
significant time developing and refining its business model in an effort to increase revenue and gain market share. For example, in 2022,
Triller refocused its business model in an effort to refine the ways in which it generates revenue, as it determined that, at that time,
the Triller app would not be a revenue generating business model. Triller intends to further refine its revenue model, including through
its plan to implement a program designed to utilize the Triller app in a manner that allows it to monetize its existing user base and
through a proposed launch of a sales and marketing program, among others. To date Triller's efforts to create a profitable business
model have not succeeded and there is no guarantee that it will achieve scale or profitability. Triller is subject to all of the risks
inherent in the creation of a new business. Its ability to achieve scale and profitability is dependent, among other things, the success
of its refocus of its business in 2022 and recent proposed changes to its revenue model, its ability to retain or add new users, Creators
and Brands to our Technology Platform, its ability to gain acceptance of our Technology Platform and on Triller's ability to successfully
integrate companies it has acquired and in the future may acquire into its business.
Triller
has various financial obligations which have come due in the past six months and are coming due over the next twelve months and it may
not be able to meet its cash obligations as those amounts come due.
Triller
has various convertible financial obligations which have come due in the past six months and are coming due over the next twelve months,
pursuant to which the holders thereof have the option to convert such obligations into equity securities of Triller or be paid in cash
at maturity. In the event these holders do not choose to convert such obligations into equity securities in Triller and instead elect
to receive cash in lieu of shares, Triller may not have sufficient cash on hand to satisfy these obligations or may be unable to meet
its cash obligations as they become due, which would materially harm Triller's financial condition and liquidity as well as its
reputation.
27
The
loss of a large customer could have an adverse effect on Triller's business.
As
of December 31, 2023, Triller had one customer that comprised approximately 11.5% of consolidated accounts receivable. As of
December 31, 2022, Triller had no customers that comprised over 10% of consolidated accounts receivable. During the years ended
December 31, 2023 and 2022, Triller had a single customer, All Elite Wrestling, a customer of TrillerTV, which accounted for
approximately 19% and 16% of Triller's consolidated revenue, respectively. Pursuant to Triller's distribution agreement
with All Elite Wrestling ("
AEW
"), TrillerTV holds a non-exclusive, non-transferable right to distribute certain
audiovisual programs that are owned or controlled by AEW on TrillerTV's distribution platform within the US and UK. In
consideration for such rights and pursuant to Triller's distribution agreement, TrillerTV pays AEW a fixed percentage of all
net revenues generated through the distribution of such media (which usually occur through pay-per-view sales). In addition, the
distribution agreement grants TrillerTV the right to distribute and sell certain of AEW's branded wrestling programs as a
monthly subscription service via Triller's distribution platforms outside of the United States, United Kingdom and other
territories in return for a fixed percentage of all revenue collected by TrillerTV in connection therewith. The distribution
agreement automatically renews for successive one year periods and may be terminated by either party upon the delivery of 30
days' notice.
Triller
manages its exposure to credit risk by performing ongoing evaluation of its customers' credit worthiness and the amount of credit
extended to them. Customers of this size may divert management's attention from other operational matters and pull resources from
other areas of the business, resulting in potential loss of revenue from other customers. The loss of, or significant curtailment of
purchases by, any one or more of Triller's larger customers could have a material adverse effect on its operating results.
Non-compliance
with the objective and subjective criteria for the Paycheck Protection Program ("PPP") loan could have a material adverse
effect on Triller's business.
On
April 10, 2020, Triller Inc. received a PPP Loan from First Choice Bank, in the aggregate amount of $1,556,000, pursuant to the
Paycheck Protection Program ("
PPP
") under Division A, Title I of the CARES Act, which was enacted March 27, 2020.
The PPP Loan, which was in the form of a note dated April 10, 2020 issued by First Choice Bank, which matured on April 13,
2022, and bore interest at a rate of 1% per annum, payable monthly commencing on the fifth calendar day of the seventh month following
the date of first disbursement. The PPP Loan permitted prepayment by Triller at any time prior to maturity with no prepayment penalties.
Funds from the PPP Loan could only be used for payroll costs, any payment of interest on a covered mortgage obligation, any payment on
a covered rent obligation, or any covered utility incurred during the 8-week period beginning on the date of first disbursement of this
loan. Triller used the entire PPP Loan amount for what it considered to be qualifying expenses, under the current guidance as promulgated
by the U.S. Small Business Administration (the "
SBA
"). Under the terms of the PPP, certain amounts of the PPP Loan
may be forgiven if they are used for qualifying expenses as described in the CARES Act. The PPP Loan was forgiven by the First Choice
Bank on July 28, 2021, but is currently being reviewed by the SBA. On January 11, 2024, Triller received a request for a production
of documents and information from the SBA.
28
In
order to apply for the PPP Loan, Triller were required to certify, among other things, that the current economic uncertainty made the
PPP Loan request necessary to support Triller's ongoing operations. If the SBA determines that Triller were ineligible to receive
the PPP Loan or determines that Triller did not comply with requirements after receiving the PPP Loan, Triller may be required to repay
the PPP Loan in its entirety and/or be subject to additional penalties and adverse publicity, which could have a material adverse effect
on Triller's business, results of operations, and financial condition.
If
the Company's goodwill or intangible assets become impaired, the Company may be required to record an additional significant
charge to earnings.
A
                                            significant decline in the Company's expected future cash flows, a significant adverse
                                            change in the business climate, slower economic growth or a significant and sustained decline
                                            in the value of ILLR's common stock, any or all of which could be materially impacted by many of the risk factors
                                            discussed herein, may necessitate ILLR's taking charges in the future related to
                                            the impairment of its goodwill. Future regulatory actions could also have a material impact
                                            on assessments of goodwill for impairment. If ILLR were to conclude that a future
                                            write-down of its goodwill is necessary, ILLR would record the appropriate charge,
                                            which could have a material adverse effect on its results of operations. ILLR reviews
                                            its goodwill for impairment annually and at any time upon the occurrence of certain events
                                            or substantive changes in circumstances that indicate the carrying amount of goodwill may
                                            not be recoverable. If such goodwill or intangible assets are deemed to be impaired, an impairment
                                            loss equal to the amount by which the carrying amount exceeds the fair value of the assets
                                            would be recognized. Any impacts to ILLR's business, including macroeconomic conditions
                                            such as rising interest rates and fluctuations in markets, could result in impairments and
                                            significant charges to earnings.
Triller
is not in compliance with the payment obligations of a significant number of its significant music licensing agreements and agreements
with other vendors and counterparties.
Triller
is not in compliance with the payment obligations of a significant number of its contracts with certain of its counterparties, including
with respect to its music licenses, as a result of its inability to make certain fee payments required pursuant to such agreements or
its failure to make such payments on time. In addition to being behind on payments to music licensing counterparties, Triller is overdue
on payments to other parties and vendors, including but not limited to those providing Triller with engineering, marketing and legal
services. These amounts
currently exceed Triller's cash balance and Triller currently has obligations, that could impact its ability to obtain financing
in the future. If Triller is not able to obtain sufficient financing to satisfy these obligations it may be unable to pay its obligations
when they come due. Triller also has payments due to certain of its landlords at its rented facilities. This may further affect Triller's
ability to remain solvent and pay its obligations when they come due, including under existing litigation settlement obligations and
new adverse judgments.
While
Triller is currently working with its partners and counterparties and/or negotiating the terms of these various agreements, if Triller
is unsuccessful in renegotiating these agreements or receiving waivers of the due date of payments required thereunder, its partners
and vendors could terminate these agreements and require Triller to make these fee payments in their entirety. Further, if Triller's
music licensing partners terminate Triller's agreements, it will also lose the right to include their content on Triller's
platform. Such counterparties have in the past and may in the future look to file litigation against Triller seeking such overdue payment,
which could have an adverse effect on Triller's business, financial condition, and results of operations.
29
We
may in the future be adversely affected by natural disasters, the physical effects of climate change, and other catastrophic events,
and by man-made problems such as geo-political conflicts and events, including acts of war and terrorism,
that could disrupt Triller's business operations and adversely affect Triller's financial condition and results of operations.
We
have been, and may in the future be, adversely affected by significant natural disasters, the physical effects of climate change, or
other catastrophic events, such as the COVID-19 pandemic, earthquakes, blizzards, tsunamis, hurricanes, droughts, fires, or
floods, or other catastrophic events, such as terrorism, the military conflict involving Russia and Ukraine and economic sanctions imposed
on Russia, extended outages of critical utilities, power loss, telecommunications failure, or any critical resource shortages affecting
us, Triller's users or partners. In the event of a natural disaster or other catastrophic event, Triller and its third-party providers
may be unable to continue operations, may endure system interruptions, any of which could result in reputational harm, delays in development
or interruptions of Triller's Technology Platform, breaches of data security, and loss of critical data, all of which could have
an adverse effect on Triller's business, financial condition, and results of operations.
In
addition, although Triller is not directly impacted by the war between Russia and Ukraine, conflict in Ukraine has further disrupted
trade, intensified problems in the global supply chain, and contributed to inflationary pressures. Financial markets around the world
experienced volatility following the recent invasion of Ukraine by Russia. In response to the invasion, the United States, United Kingdom
and EU, along with others, imposed significant new sanctions and export controls against Russia, Russian banks and certain Russian individuals
and may implement additional sanctions or take further punitive actions in the future. The full economic and social impact of the sanctions
imposed on Russia (as well as possible future punitive measures that may be implemented), as well as the counter measures imposed by
Russia, in addition to the ongoing military conflict between Ukraine and Russia and related sanctions, which could conceivably expand
into the surrounding region, remains uncertain; however, both the conflict and related sanctions have resulted and could continue to
result in disruptions to trade, commerce, pricing stability, credit availability, supply chain continuity and reduced access to liquidity
in both Europe and globally, and has introduced significant uncertainty into global markets. In particular, the ongoing Russia-Ukraine
conflict and related sanctions has contributed to rapidly rising costs of living (driven largely by higher energy prices) in Europe and
other advanced economies. Further, a weak or declining economy could strain Triller's suppliers and manufacturers. As a result,
Triller's business and results of operations may be adversely affected by the ongoing conflict between Ukraine and Russia and related
sanctions, particularly to the extent it escalates to involve additional countries, further economic sanctions or wider military conflict.
Generally,
during times of war and other major conflicts, Triller, the third parties on which Triller relies, and Triller's partners may be
vulnerable to a heightened risk of cyberattacks, including retaliatory cyberattacks, that could seriously disrupt Triller's business.
Triller has experienced an increase in attempted cyberattacks on its products, systems, and networks, which Triller believes are related
to the conflict. Triller may also face retaliatory attacks by governments, entities, or individuals who do not agree with its public
expressions of support for Ukraine and its Ukrainian team members. Any such attack could cause disruption to Triller's platform,
systems, and networks, result in security breaches or data loss, damage Triller's brand, or reduce demand for Triller's services
or advertising products. In addition, Triller may face significant costs (including legal and litigation costs) to prevent, correct,
or remediate any such breaches. Triller may also be forced to expend additional resources monitoring its platform for evidence of disinformation
or misuse in connection with the ongoing conflict.
30
Unfavorable macroeconomic conditions,
including those caused by inflation or reductions in customers' spending, could limit Triller's ability to grow its business
and negatively affect its results of operations.
Triller's
business is also impacted by macroeconomic factors. General business and economic conditions that could affect Triller's business,
financial condition or results of operations include fluctuations in economic growth, debt and equity capital markets, liquidity of the
global financial markets, access to Triller's liquidity within the U.S. banking system, the availability and cost of credit, investor
and consumer confidence, and the strength of the economies in which Triller, its manufacturers and its suppliers operate. Triller's
products and services may be considered discretionary items for consumers. Factors affecting the level of consumer spending for such
discretionary items include general economic conditions and other factors, such as consumer confidence in future economic conditions,
recessionary forces, rising and fluctuating interest rates, the availability and cost of consumer credit, levels of unemployment and
tax rates. In recent years, the United States and other significant economic markets have experienced cyclical downturns and worldwide
economic conditions remain uncertain. As global economic conditions continue to be volatile or economic uncertainty remains, trends in
consumer discretionary spending also remain unpredictable and subject to reductions and, therefore, Triller cannot be sure the extent
to which Triller may be affected by recessionary conditions. Unfavorable economic conditions may lead consumers to delay or reduce purchases
of Triller's products and consumer demand for its products may not grow as Triller expects. Triller's sensitivity to economic
cycles and any related fluctuation in consumer demand for its products and services could materially adversely affect Triller's
business, financial condition, and results of operations. In addition, political instability or adverse political developments could
harm Triller's business, financial condition and results of operations.
In
addition, market volatility, the high inflationary environment and economic uncertainty make it potentially very difficult for Triller's
customers, its Brands, Creators and Triller to accurately forecast and plan future business activities. During challenging economic times,
Creators, Brands and users may have difficulty gaining timely access to sufficient credit or obtaining credit on reasonable terms and
may face increased costs or other negative financial impacts, each of which could impair their ability to make timely payments to Triller
and adversely affect Triller's revenue. If that were to occur, Triller's financial results could be harmed. Further, challenging
economic conditions may impair the ability of Triller's Creators, Brands and users partners to pay for the applications and services
Triller offers, which may impact demand for its products. In addition, a weak or declining economy could also strain Triller's
suppliers and manufacturers, possibly resulting in supply disruption. Any of the foregoing could harm Triller's business and Triller
cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact Triller's
business.
Triller's
financial performance in certain quarters and years may fluctuate and may not be indicative of, or comparable to, its financial performance
in subsequent financial quarters or years due to economic conditions and operational factors.
Triller's
business is impacted geopolitical events, the overall macro-economy, Brands' marketing budgets and expenditures and other factors
such as interest rates. For example, when Brands have higher marketing expenditures or budgets, which often correspond to broader economic
factors, Triller benefits from these trends. In addition, Triller may generate less revenue during reporting periods that have fewer
major public or civic engagement on social media, which would have otherwise generated marketing dollars, resulting in lower marketing
spend by Brands. Triller's intention is to continue to diversify its client base such that any one of these factors or events would
have a less significant impact on its overall revenue and operating results. If Triller is unsuccessful in diversifying its client base,
Triller would continue to be subject to significant fluctuation in its annual and quarterly results, and this may materially adversely
affect Triller's business, financial condition, and results of operations.
31
Triller's
recent acquisitions have caused Triller to grow rapidly, and Triller will need to continue to make changes to operate at its current
size and scale. Triller has in the past faced and may in the future face, difficulty in integrating the operations of the businesses
acquired in its recent transactions, and Triller may never realize the anticipated benefits and cost synergies from all of these transactions.
If Triller is unable to manage its current operations or any future growth effectively, its business could be adversely affected.
Triller's recent
acquisitions have caused Triller to grow rapidly, and Triller may need to continue to make changes to operate at its current size and
scale. If Triller fails to realize the anticipated benefits and cost synergies from its recent acquisitions, or if it experiences any
unanticipated or unidentified effects in connection with these transactions, including write-offs of goodwill, accelerated amortization
expenses of other intangible assets or any unanticipated disruptions with important third-party relationships, Triller's business,
financial condition and results of operations could be adversely affected. Moreover, Triller's recent acquisitions involve risks
and uncertainties including those associated with the integration of operations, financial reporting, technologies and personnel and the
potential loss of key employees, customers or strategic partners. The integration of Triller's acquired businesses has and will
require significant time and resources. For example, Triller currently manually closes the books across its various subsidiaries and business
units, and manually consolidate and roll up such subsidiary financials into Triller's consolidated financial statements. Triller
does not currently utilize a consolidated ERP system to manage the closing of Triller's books or the roll up of financials into
Triller's consolidated financials. This process creates a risk of errors, is time intensive and costly. Triller may not be able
to manage the integration of acquired businesses successfully or achieve the strategic, financial or operating objectives of the acquisition
or integration, any of which could adversely affect Triller's business, results of operations or the value of Triller's acquisitions,
and these acquisitions may not be accretive to its earnings and may negatively impact its results of operations. If Triller's operations
continue to grow, Triller will be required, among other things, to upgrade its information systems and other processes and to obtain more
space for its expanding administrative support and other personnel. Triller's continued growth could strain its resources, and Triller
could experience operating difficulties, including difficulties in hiring, training and managing an increasing number of employees. These
difficulties could result in the erosion of Triller's brand image and reputation and could have an adverse effect on its business,
financial condition, and operating results.
If the Company acquires, combines with or
invests in other businesses, it will face risks inherent in such transactions.
The Company has in the past
considered and will continue, from time to time, to consider, opportunistic strategic or transformative transactions, which could involve
acquisitions, combinations or dispositions of businesses or assets, or strategic alliances or joint ventures with companies engaged in
music entertainment, entertainment or other businesses. Any such combination could be material, be difficult to implement, disrupt the Company's
business or change its business profile, focus or strategy significantly.
The Company entered into
multiple strategic alliances in the past and later recognized related impairment losses on investments and goodwill. The Company may incur
debts in the future upon an acquisition or suffer losses related to impairment of these investments. The Company will continue to examine
the merits, risks and feasibility of potential transactions, and expect to explore additional acquisition opportunities in the future.
Such examination and exploration efforts, and any related discussions with third parties, may or may not lead to future acquisitions and
investments. The Company may not be able to complete acquiring or investing transactions that the Company initiates. The Company's ability to
grow through such acquisitions and investments will depend on many factors, including the availability of suitable acquisition candidates
at an acceptable cost, the Company's ability to reach agreement with acquisition candidates or investee companies on commercially reasonable
terms, the availability of financing to complete transactions and the Company's ability to obtain any required governmental approvals.
Any future transaction
could involve numerous risks, including:
●
potential disruption of the Company's
ongoing business and distraction of management;
●
potential loss of Creators
and Brands (e.g. musicians, athletes, and influencers);
●
difficulty integrating the acquired businesses or segregating assets to be disposed of;
●
exposure to unknown and/or
contingent or other liabilities, including litigation arising in connection with the acquisition, disposition and/or against any businesses
the Company may acquire;
32
●
reputational or other damages
to the Company's business as a result of a failure to consummate such a transaction for, among other reasons, failure to gain antitrust
approval;
●
difficulty in realizing synergies
between acquired businesses and the Company's current businesses, including the Company's ability to achieve the customer synergies
that motivated the acquisition;
●
acquired businesses having different users or customers than the Company's current businesses, including resulting increased administrative burdens and need for additional personnel; and
●
changing the Company's business profile in ways that could have unintended consequences.
If the Company enters into
significant transactions in the future, related accounting charges may affect its business, results of operations and financial condition,
particularly in the case of any acquisitions. In addition, the financing of any significant acquisition may result in changes in the Company's
capital structure, including the incurrence of additional indebtedness, which may be substantial. Conversely, any material disposition
could reduce the Company's indebtedness or require the amendment or refinancing of the Company's outstanding indebtedness or a portion
thereof. the Company may not be successful in addressing these risks or any other problems encountered in connection with any strategic or
transformative transactions. The Company cannot assure you that if it makes any future acquisitions, investments, strategic alliances or joint
ventures or enter into any business combination that they will be completed in a timely manner, or at all, that they will be structured
or financed in a way that will enhance the Company's creditworthiness or that they will meet the Company's strategic objectives or
otherwise be successful. The Company also may not be successful in implementing appropriate operational, financial and management systems
and controls to achieve the benefits expected to result from these transactions. Failure to effectively manage any of these transactions
could result in material increases in costs or reductions in expected revenues, or both. In addition, if any new business in which the Company
invests or which it attempts to develop does not progress as planned, it may not recover the funds and resources the Company has expended
and this could have a negative impact on the Company's businesses or the Company's company as a whole.
Triller is involved
in lawsuits and other litigation matters that are expensive and time consuming, and, if resolved adversely, could harm Triller's
business, financial condition, or results of operations.
Triller is involved in
numerous lawsuits, many of which claim statutory damages and/or seek significant changes to Triller's business operations, and Triller
anticipates that it will continue to be involved in numerous lawsuits in the future. Triller has faced, currently face, and will continue
to face additional lawsuits based on claims related to, among other things, advertising, privacy, security, content intellectual property
infringement, employment or performance of services, activities on Triller's Technology Platform, consumer protection, or product
performance or other claims related to the use of consumer hardware and software, music used on Triller's platform or related to
Triller's acquisitions. For example, Triller is currently the subject of various litigation proceedings, including a class action
lawsuit alleging unpaid wages for production workers, a lawsuit to collect all fees due by Universal Music Publishing Group amongst other
claims, a class action against one of Triller's subsidiaries over the use of consumer personal identifying information and a lawsuit
by two social media influencers claiming they are entitled to equity based on services, some of which are entering mediation and/or settlement
discussions.
There can be no assurances
that a favorable final outcome will be obtained in all Triller's cases, and defending any lawsuit is costly and can impose a significant
burden on management and employees. Any litigation to which Triller is a party may result in an onerous or unfavorable judgment that may
not be reversed upon appeal or in payments of substantial monetary damages or fines, or Triller may decide to settle lawsuits on similarly
unfavorable terms, which has occurred in the past and which could adversely affect Triller's business, financial conditions, or
results of operations.
If these lawsuits are not resolved in its favor, Triller would not
have enough cash on hand to meet these obligations unless it is able to raise additional capital in an amount sufficient to satisfy them.
This may affect Triller's ability to remain solvent and pay its obligations when they come due, including under existing litigation
settlement obligations and new litigation adverse judgments.
In the past, securities
class action litigation has often been brought against a company following a decline in the market price of its securities. This risk
is especially relevant for Triller because technology companies have experienced significant stock price volatility in recent years. If
Triller faces such litigation, it could result in substantial costs and a diversion of management's attention and resources, which
could harm Triller's business.
33
Planned expansion
of Triller's operations into new products, services and technologies, including content categories, is inherently risky and may
subject Triller to additional business, legal, financial and competitive risks.
Triller currently focus
its operations on its AI powered Technology Platform, which provides content creation and distribution (Triller app, TrillerTV, Metaverz,
Thuzio and Amplify.ai), fan engagement (Fangage, Julius and Amplify.ai) and targeted promotions and upsells (CrossHype) products and services
across the digital platforms used by Triller's Creators and Brands. Further expansion of Triller's operations and its marketplace
into additional products and services involves numerous risks and challenges, including potential new competition, increased capital requirements
and increased marketing spend to achieve customer awareness of these new products and services. Growth into additional content, product
and service areas may require changes to Triller's existing business model and cost structure and modifications to its infrastructure
and may expose Triller to new regulatory and legal risks, any of which may require expertise in areas in which Triller has little or no
experience. There is no guarantee that Triller will be able to successfully expand its products and services into these areas.
Improper or illegal use of Triller's
Technology Platform could seriously harm Triller's business and reputation.
Triller cannot be certain
that the technologies that Triller has developed to repel spamming attacks will be able to eliminate all spam messages from its products.
Spammers attempt to use Triller's products to send targeted and untargeted spam messages to users, which may embarrass or annoy
users and make Triller's products less user friendly. Triller does not currently have procedures or processes in place to accurately
estimate the number of bots or spammers on Triller's Technology Platform, but are actively working to prevent bots and spammers
from engaging on Triller's platform. Triller's actions to combat spam may also divert significant time and focus from improving
its products. As a result of spamming activities, Triller's users may use its products less or stop using them altogether, and result
in continuing operational cost to Triller. Triller may also be subject to liability or claims related to such spamming activity.
Similarly, terrorists,
criminals, and other bad actors may use Triller's Technology Platform to promote their goals and encourage users to engage in terror
and other illegal activities. Triller expects that as more people use its Technology Platform, these bad actors will increasingly seek
to misuse Triller's products. Although Triller invests resources to combat these activities, including by suspending or terminating
accounts Triller believes are violating its Terms of Service, it expects these bad actors will continue to seek ways to act inappropriately
and illegally on its Technology Platform. Combating these bad actors requires Triller's teams to divert significant time and focus
from improving its products. In addition, Triller may not be able to control or stop its Technology Platform from becoming the preferred
application of use by these bad actors, which may become public knowledge and seriously harm Triller's reputation or lead to lawsuits
or attention from regulators. If these activities increase on Triller's Technology Platform, Triller's reputation, user growth
and user engagement, and operational cost structure could be seriously harmed.
Triller tracks certain
performance metrics with internal tools and do not independently verify such metrics. Certain of Triller's performance metrics are
subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm Triller's reputation
and negatively affect its business.
Triller calculate
Consumer Accounts using internal company data that has not been independently verified. These numbers are based on what Triller
believes to be reasonable calculations for the applicable period of measurement, but there are inherent challenges in measuring
Consumer Accounts. For example, while Triller endeavors to accurately capture its Consumer Accounts, from time to time certain bot
and/or duplicate accounts are created and appear on its Technology Platform which may impact the number of Consumer Accounts. As a
result, Triller's reported Consumer Accounts may include bot and duplicative accounts, thereby overstating Triller's
actual Consumer Accounts. While Triller has recently undergone a robust process to purge as many of the duplicate and bot accounts
as practical given Triller's resources and Triller regularly monitors and reviews these figures and have put in place controls
designed to prevent bot users and or duplicates, there can be no assurance that these controls will be effective in eliminating all
bot or duplicate accounts. The inclusion of duplicate and/or bot accounts in the Consumer Accounts reported at any given time may
lead to an inaccurate assessment of the total number of Consumer Accounts on Triller's Technology Platform. If Creators,
Brands and users do not perceive Triller's metrics to be accurate representations, or if Triller discovers material
inaccuracies in its metrics, Triller's reputation may be harmed and Creators, Brands and users may be less willing to utilize
Triller's Technology Platform or to allocate their budgets or resources to Triller's products and services, which could
negatively affect Triller's business and operating results. In addition, if investors, analysts or customers do not believe
Triller's reported measures, such as Consumer Accounts, are sufficient or accurately reflect Triller's business, Triller
may receive negative publicity and its operating results may be adversely impacted.
34
If Triller's efforts to attract
Creators, users, consumers and Brands are not successful, Triller's revenues will be adversely affected.
Triller generates revenue
through Brands and consumers, with the majority of its revenue coming from Brands. To succeed, Triller must continue to attract and retain
Creators, users and consumers who have traditionally engaged with internet and social media platforms such as Instagram, Snapchat and
TikTok, as well as well as with video games, cable television, pay-per-view and video-on-demand services for entertainment.
With additional Creators and consumers, Triller will attract more Brands which will improve its revenue. Triller's ability to attract
and retain Creators and users and consumers and have them regularly engage with Triller's Technology Platform depends in part on
Triller's ability to consistently provide its Creators, users and consumers a high-quality experience. Triller must also continue
to attract and retain influential Creators such as celebrities, athletes, journalists, sports leagues and teams, media outlets and Brands
to leverage its Technology Platform to disseminate content and interact and transact with their followers, and users and consumers. Typically,
Triller's agreements with Creators may be terminated by Creators at any time. If Creators and consumers in either category do not
perceive Triller's products to be of high quality, if Triller introduces new products or features that are not favorably received
by them or if Triller fails to introduce products and features that they desire, it may not be able to attract or retain Creators and
users and consumers. Triller also cannot guarantee that it will be able to continue to identify these Creators in the future. Additionally,
throughout Triller's history, Creators from time to time have stopped participating on Triller's Technology Platform and in
Triller's Events for any number of reasons, and Triller cannot guarantee that it will be able to retain current Creators. Additionally,
many of Triller's Creators users and consumers originate from word-of-mouth and referrals from existing Creators users
and consumers. If Triller's efforts to satisfy its existing Creators, users and consumers are not successful, Triller may not be
able to attract new Creators, users and consumers, and as a result, it may fail to attract or retain Brands and its revenue may be affected
adversely.
Triller's success
depends on its ability to attract Brands to its Technology Platform and provide users and consumers with engaging content, which in part
depends on Creator contributed content. If Triller or Creators, including influential Creators, such as celebrities, athletes, journalists,
sports leagues and teams, media outlets and Brands, do not continue to contribute engaging content to Triller's Technology Platform,
Triller's consumer growth, retention and engagement may decline. That, in turn, may impair Triller's ability to maintain good
relationships with Brands that utilize Triller's Technology Platform or attract new Brands, which may seriously harm Triller's
business and financial performance.
Use of social media
by Triller's Creators, Brands and users may materially and adversely affect Triller's reputation or subject Triller to fines
or other penalties.
Triller integrate third-party
social media platforms into its Technology Platform. For example, in addition to Triller's own content on its website and Triller
app, Triller's Creators can share content on social-media platforms such as Facebook, Instagram, TikTok and Twitter. As laws and
regulations rapidly evolve to govern the use of these platforms and devices, the failure by us, Triller's employees, Triller's
network of Creators, Triller's Brands, Triller's users or third parties acting at Triller's direction to abide by applicable
laws and regulations in the use of these platforms and devices or otherwise could subject Triller to regulatory investigations, class
action lawsuits, liability, fines or other penalties and have a material adverse effect on Triller's business, financial condition
and results of operations.
In addition, any use
of social media for marketing may increase the burden on Triller to monitor compliance of such materials, and increase the risk that such
materials could contain problematic product or marketing claims in violation of applicable regulations. For example, in some cases, the
Federal Trade Commission ("
FTC
") has sought enforcement action where an endorsement has failed to clearly and conspicuously
disclose a material relationship between an influencer and an advertiser. While Triller asks Creators to comply with FTC regulations and
Triller's guidelines, Triller does not regularly monitor what its Creators post, and if Triller were held responsible for the content
of their posts, it could be forced to alter its practices, which could have material adverse effect on Triller's business, financial
condition, and results of operations.
35
Negative commentary regarding
us, Triller's products or Creators or Brands, Triller's users and other third parties who are affiliated with Triller may
also be posted on social media platforms and may be adverse to Triller's reputation or business. Creators with whom Triller maintains
relationships could engage in behavior or use their platform to communicate directly with Triller's users and consumers in a manner
that reflects poorly on Triller's brand and may be attributed to Triller or otherwise adversely affect Triller. It is not possible
to prevent such behavior, and the precautions Triller takes to detect this activity may not be effective in all cases. The harm may be
immediate, without affording Triller an opportunity for redress or correction.
Triller may not
be successful in its efforts to further monetize its Technology Platform, which may harm Triller's business.
Triller's Technology
Platform generates revenue through Brands and consumers, with most of Triller's revenue generated from Brands through revenue sharing
and service fee arrangements. When Triller enables the consumption of content by individuals in the form of Triller branded live Events,
Triller creates an ecosphere of content across its Technology Platform offerings and it also generates revenue in the form of live-event
ticket sales, pay-per-view fees, subscriptions and merchandise sales. Triller's partnerships with high-profile Creators and Brands
enable Triller to host live Events that receive massive viewership. As such, Triller is seeking to expand its relationships with Brands,
its Creator and consumer base and increase the number of hours that consumers spend on Triller's Technology Platform and the volume
of content that is published across and from Triller's Technology Platform in an effort to create additional revenue opportunities.
Triller has made, and are continuing to make, significant investments to enable users, Brands, Creators, and advertisers to create compelling
content and deliver advertising to Triller's users.
Triller's ability
to deliver more relevant content to its users and consumers and to increase its Technology Platform's value to Brands and Creators
depends on the collection of engagement data, which may be restricted or prevented by a number of factors. Consumers may decide to opt
out or restrict some of Triller's ability to collect personal data or to provide them with more relevant and sponsored content.
Creators could refuse to allow Triller to collect data regarding engagement or refuse to implement mechanisms Triller requests to ensure
compliance with Triller's legal obligations or technical requirements in some instances. If these possible scenarios occur to a
large enough extent, Triller may not be able to achieve its expected growth in revenue or gross profit. Triller may not be able to compete
effectively or adapt to any such changes or trends, which would harm Triller's ability to grow its advertising revenue and harm
its business.
Further, Triller may
not be successful in further monetizing its Technology Platform. Most of the revenue from Triller's Technology Platform is generated
from Brands through revenue sharing and service fee arrangements. Revenue share comes from advertising, premium content, Events, pay-per-view fees,
subscription fees or merchandise sales that are transacted via Triller's Technology Platform. As a result, Triller's financial
performance and ability to grow revenue could be seriously harmed if:
●
Triller does not expand or retain its relationships with Brands and Creators;
●
Triller's reputation is harmed;
●
there is a decline in Triller's available content or a decrease in the perceived quantity, quality, usefulness or relevance of the content provided by Triller and Triller's Creators;
●
competitive developments result in Triller's competitors possessing various competitive advantages, whether technological or otherwise;
●
Triller does not adjust to changes to the industry landscape;
●
Triller does not continue to invest in and strengthen Triller's Technology Platform, including Triller's suite of Creator offerings and Triller's Events and Events-related services;
●
Triller fails to identify attractive opportunities to enhance existing businesses or grow its portfolio of assets;
●
Triller fails to continue to develop creative and entertaining programs and Events;
●
macroeconomic conditions, including changes in corporate spending and discretionary consumer spending, divert Brand and consumer expenditures away from the markets Triller serves; and
●
Triller fails to produce and/or distribute premier Events throughout the year, including BKFC and TrillerTV programming.
36
If Triller is unable to maintain adequate
content on its Technology Platform, its business may be harmed.
Triller may fail to attract
Creators that generate sufficient content hours on its Technology Platform and for its Brands. Triller's business model depends
on its ability to connect its Brands with content Creators. If Triller is unable to grow and maintain spend from its Brands, either through
revenue sharing relationships or fee sharing arrangements, its results of operations may be harmed.
Triller operates in a
highly competitive industry, and Triller competes for Brands with other social media outlets and streaming services, as well as traditional
media, such as radio, broadcast, cable and satellite TV and satellite and internet radio. Triller may not be successful in maintaining
or improving the number of its Brand partners who utilize Triller's Technology Platform for advertising, premium content, Events, pay-per-view fees,
subscription fees or merchandise sales that are transacted via Triller's Technology Platform.
Triller's competitors
offer content and other platforms that may be more attractive to advertisers than Triller's Technology Platform. If Triller is unable
to increase its revenue by, among other things, continuing to improve its Technology Platform's data to further optimize and measure
its Brand partners' campaigns, increase revenue from fee sharing arrangements or the completion of successful campaigns for its
Brands, Triller's business and its growth prospects may be harmed. Triller may not be able to compete effectively or adapt to any
such changes or trends, which would harm its ability to grow its advertising revenue and harm its business.
Triller's
success and revenue growth are dependent on adding new Creators, users, consumers and Brands, effectively educating and training Triller's
existing Creators and Brands on how to make full use of Triller's Technology Platform and increasing usage of Triller's Technology
Platform by Triller's consumers.
Triller's success
is dependent on regularly adding new Creators and Brands and increasing Triller's consumers' usage of Triller's platform
and Triller faces competition from a variety of other domestic and foreign companies. Triller faces competition from alternative providers
of the entertainment, content, live Events and sports industries. Triller's contracts and relationships with Creators and Brands
generally do not include long-term or exclusive obligations requiring them to use Triller's platform or maintain or increase their
use of Triller's platform. Creators can also terminate their agreements with Triller for convenience.
Triller's Creators
and Brands typically have relationships with numerous providers and can use both Triller's platform and those of Triller's
competitors without incurring significant costs or disruption. Triller's Brands may also choose to decrease their use of revenue
sharing and service fee arrangements. Accordingly, Triller must continually work to win new Brands and Creators and retain existing Brands
and Creators, increase their usage of Triller's platform and increase Triller's users. Given the number of products on Triller's
Technology Platform, Triller may not be successful at educating and training Creators and Brands on how to use Triller's platform
and products in order for Triller's Creators and Brands to get the most benefit from Triller's Technology Platform and increase
their usage. If these efforts are unsuccessful or Creators or Brands decide not to continue to maintain or increase their usage of Triller's
Technology Platform for any other reason, or if Triller fails to attract new Creators or Brands, Triller's revenue could fail to
grow or decline, which would materially and adversely harm Triller's business, operating results and financial condition. Any increased
competition, which may not be foreseeable, or Triller's failure to adequately address any competitive factors, could result in reduced
demand for its content, live Events, or brands, which could have an adverse effect on Triller's business, financial condition, and
results of operations. Triller cannot assure you that its Creators, Brands and consumers will continue to use and increase their spend
on Triller's platform or that it will be able to attract a sufficient number of new Creators, Brands, users and consumers to continue
to grow Triller's business and revenue. If Brands representing a significant portion of Triller's business decide to materially
reduce their use of Triller's Technology Platform or cease using Triller's Technology Platform altogether, Triller's
revenue could be significantly reduced, which could have a material adverse effect on Triller's business, operating results and
financial condition.
37
Triller generates
substantially all of its revenue from Brands. If the content and services provided on Triller's Technology Platform are not relevant
to Brands, fail to attract new Brands or result in a loss of Brands using Triller's Technology Platform, Triller's growth
may be adversely impacted.
Triller generates substantially
all of its revenue from Brands through revenue sharing and service fee (including SaaS) arrangements. Revenue share comes from advertising,
premium content, Events, pay-per-view fees, subscription fees or merchandise sales that are transacted via Triller's Technology
Platform. Service fees come from Brands that utilize Triller's platform to reach consumers via a combination of campaign fees, sponsorship
fees and transaction fees or SaaS fees, including monthly subscription fees. Even though Triller also generates revenue from consumers
in the form of Creator-driven live-event ticket sales, pay-per-view fees, subscriptions and merchandise sales, Triller still
expects to continue to generate substantially all its revenue from Brands for the foreseeable future.
Most Brands do not have
long-term commitments with us, and Triller's efforts to establish long-term commitments may not succeed. Because most Brands do
not have long-term commitments with us, they may terminate their contracts and relationships with Triller and may instead pursue relationships
with competitors. Since Triller does not have long-term contractual commitments with its Brand partners, maintaining and enhancing relationships
with its Brand partners will require Triller to make substantial investments and these investments may not be successful.
The Brands with whom
Triller partners vary from small businesses to well-known Fortune 500 companies. Due to Triller's limited operating history, many
Brands only recently started working with Triller's Technology Platform solutions and spend a relatively small portion of their
overall advertising budget with Triller In addition, some Brands may view some of Triller's Technology Platform offerings as experimental
and unproven or prefer certain of Triller's products over others.
Furthermore, in April
2021, Apple issued an iOS update that imposes heightened restrictions on Triller's access and use of user data by allowing users
to more easily opt-out of tracking of activity across devices. Additionally, Google has announced that it will implement similar
changes with respect to its Android operating system and major web browsers, like Firefox, Safari, and Chrome, have or plan to make similar
changes as well. These changes have adversely affected Triller's targeting, measurement, and optimization capabilities. This has
resulted in, and in the future is likely to continue to result in, reduced demand for Triller's Technology Platform products and
could seriously harm Triller's business. The longer-term impact of these changes on Triller's industry, Triller's competitors,
Triller's business, and the developers, partners, and advertisers within Triller's community is uncertain, and depending on
how Triller, its competitors, and the overall industry adjusts, and how Triller's partners, advertisers, and users respond, Triller's
business could be seriously harmed. While Triller implements alternative solutions, Triller is subject to rules and standards set by the
owners of such mobile operating systems which may be unclear, change, or be interpreted in a manner adverse to Triller and require Triller
to halt or change Triller's solutions, any of which could seriously harm Triller's business.
Triller has made, and
are continuing to make, investments to enable Creators and Brands to deliver relevant content to consumers on Triller's Technology
Platform. If Triller fails to continue to innovate and improve on its Technology Platform, its business may be harmed. New technologies,
products and services are driving rapid changes in consumer behavior as consumers seek more control over when, where and how they consume
content and access communications services. These technological advancements and changes in consumer behavior and/or Triller's failure
to effectively anticipate or adapt to such changes, could reduce Triller's subscriber activations and increase Triller's user
churn rate, and could have a material adverse effect on Triller's business, results of operations, financial condition and cash
flow.
Moreover, Triller
relies heavily on its ability to collect and disclose data and metrics to its Brands so Triller can attract new Brands and retain
existing Brands. Any restriction or inability, whether by law, regulation, policy, or other reason, to collect and disclose data and
metrics which Triller's Brands find useful would impede Triller's ability to attract and retain Brands. Regulators
around the world are increasingly scrutinizing and regulating the collection, use, and sharing of personal data related to
advertising, which could materially impact Triller's revenue and seriously harm Triller's business. For example, the
European Union's General Data Protection Regulation ("
EU GDPR
") and the United Kingdom's GDPR
("
UK GDPR
") expanded the rights of individuals to control how their personal data is collected and processed, and
placed restrictions on the use of personal data of younger minors. The processing of personal data for personalized advertising
under EU GDPR and UK GDPR continues to be under increased scrutiny from European regulators, which includes ongoing regulatory
action against large technology companies like Triller's, the outcomes of which may be uncertain and subject to appeal. The
upcoming European Digital Services Act ("
DSA
") which will go into effect in late 2023 or early 2024, prohibits
targeted advertising to minors based on the profiling of personal information in the European Union. Other European legislative
proposals and present laws and regulations may also apply to Triller's or Triller's advertisers' activities and
require significant operational changes to Triller's business. For example, it is anticipated that the ePrivacy Regulation and
national implementing laws will replace the current national laws implementing the ePrivacy Directive, which could have a material
impact on the availability of data Triller relies on to improve and personalize its products and features. Outside of Europe, other
laws further regulate behavioral, interest-based, or targeted advertising, making certain online advertising activities more
difficult and subject to additional scrutiny. For example, in the United States, the California Consumer Privacy Act
("
CCPA
") and the California Privacy Rights Act of 2020 ("
CPRA
") (operative January 2023),
place additional requirements on the handling of personal data for us, Triller's partners, and Triller's advertisers,
such as granting California residents the right to opt-out of a company's sharing of personal data for certain
advertising purposes in exchange for money or other valuable consideration. Other states are considering similar legislation.
Moreover, individuals are also becoming increasingly aware of and resistant to the collection, use, and sharing of personal data in
connection with advertising. Individuals are becoming more aware of options related to consent and other options
to opt-out of such data processing, including through media attention about privacy and data protection.
38
Further, Triller may
experience media, legislative, or regulatory scrutiny of its actions or decisions regarding user privacy, encryption, content, advertising
and other issues, which may materially adversely affect Triller's reputation and Triller's relationship with its Brands.
Triller believes that
a positive reputation concerning its Technology Platform is important in attracting and retaining Brands. In addition, Triller may fail
to respond expeditiously or appropriately to objectionable practices by Creators users, or consumers, or to otherwise address user concerns
or suffer reputational harm, which could erode confidence in Triller's Brand partners. To the extent the content Triller produces,
distribute or otherwise make available is perceived as low quality, offensive, harmful or otherwise not compelling to consumers and Brands,
Triller's ability to establish and maintain a positive reputation may be adversely impacted and Triller may lose Brand relationships
or fail to attract new Brands to its business. Similarly, other companies with similar technologies and platforms may fail to respond
expeditiously or appropriately to objectionable practices on their respective platforms and may not otherwise address concerns from users,
family members of those users, or the broader public audience. If such other companies suffer public ridicule or reputational harm, such
negative views could erode confidence in Triller's Brand partners.
Triller's user growth, engagement,
and monetization on mobile devices depend upon effective operation with mobile operating systems, networks, technologies, products, and
standards that Triller does not control.
There is no
guarantee that popular mobile devices will continue to feature Triller's products, or that mobile device users will continue
to use Triller's products rather than competing products. Triller is dependent on the interoperability of its products with
popular mobile operating systems, networks, technologies, products, and standards that Triller does not control, such as the Android
and iOS operating systems and mobile browsers. Changes, bugs, or technical issues in such systems, or changes in Triller's
relationships with mobile operating system partners, handset manufacturers, browser developers, or mobile carriers, or in the
content or application of their terms of service or policies (which they have made in the past and continue to seek to implement)
that degrade Triller's products' functionality, reduce or eliminate Triller's ability to update or distribute its
products, give preferential treatment to competitive products, limit its ability to deliver, target, or measure the effectiveness of
ads, or charge fees related to the distribution of its products or its delivery of ads have in the past adversely affected, and
could in the future adversely affect, the usage of its products and monetization on mobile devices. For example, Apple previously
released an update to its Safari browser that limits the use of third-party cookies, which reduces Triller's ability to
provide the most relevant ads to its users and impacts monetization, and also released changes to iOS that limit its ability to
target and measure ads effectively, while expanding their own advertising business. Triller expects that any similar changes to
Apple's, Google's, or others' browser or mobile platforms will further limit its ability to target and measure the
effectiveness of ads and impact monetization. Additionally, in order to deliver high quality mobile products, it is important that
Triller's products work well with a range of mobile technologies, products, systems, networks, and standards that Triller does
not control, and that Triller has good relationships with handset manufacturers, mobile carriers, and browser developers. Triller
may not be successful in maintaining or developing relationships with key participants in the mobile ecosystem or in developing
products that operate effectively with these technologies, products, systems, networks, or standards. In the event that it is more
difficult for Triller's users to access and use Triller's products on their mobile devices, or if Triller's users
choose not to access or use Triller's products on their mobile devices or use mobile products that do not offer access to
Triller's products, Triller's user growth and user engagement could be harmed. From time to time, Triller may also take
actions regarding the distribution of its products or the operation of its business based on what Triller believes to be in its
long-term best interests. Such actions may adversely affect Triller's users and Triller's relationships with the
operators of mobile operating systems, handset manufacturers, mobile carriers, browser developers, other business partners, or
advertisers, and there is no assurance that these actions will result in the anticipated long-term benefits. In the event
that Triller's users are adversely affected by these actions or if Triller's relationships with such third parties
deteriorate, Triller's user growth, engagement, and monetization could be adversely affected and Triller's business
could be harmed. Triller has in the past experienced challenges in operating with mobile operating systems, networks, technologies,
products, and standards that Triller does not control, and any such occurrences in the future may negatively impact Triller's
user growth, engagement, and monetization on mobile devices, which may in turn materially and adversely affect Triller's
business and financial results.
39
Unfavorable media
coverage has in the past and could in the future materially adversely affect Triller's business, brand image or reputation.
Triller receives a high
degree of media coverage. Unfavorable publicity and/or false media reports regarding us, Triller's privacy practices, data security
compromises or breaches, product changes, product quality, litigation or regulatory activity, including any intellectual property proceeding,
or regarding the actions of Triller's partners, Triller's Creators, Triller's Brands or consumers, Triller's employees
or other companies in Triller's industry, has in the past and could in the future adversely affect Triller's brand image or
reputation. For example, there have been news articles discussing allegations against Triller for Triller's nonpayment of fees,
including articles discussing Triller's litigation with Sony Music Entertainment and Universal Music Publishing Group, which may
adversely affect Triller's brand image or reputation. For more information, see discussion of the Sony Music Litigation under "
Description
of Triller's Business—Legal Proceedings.
"
If Triller fails to protect
its brand image or reputation, Triller may experience material adverse effects to the size, demographics, engagement, and loyalty of Triller's
Creator and user base or Brand relationships, resulting in decreased revenue, fewer app installs (or increased app uninstalls), or slower
user growth rates. In addition, if securities analysts or investors perceive any media coverage of us, or other companies with similar
technologies and platforms, to be negative, the value of Triller's Series A common stock (and, after the closing of the Merger,
of Triller Common Stock) may be materially adversely affected. Any of the foregoing could materially adversely affect Triller's
business, financial condition and results of operations.
Triller's
market is competitive and dynamic. Triller faces and will continue to face significant competition for Creators, Brands and consumers,
which could result in reduced profit margins and loss of market share.
Triller faces robust
and rapidly evolving competition in all aspects of its business, including from companies that allow users to share and discover content
and/or that enable Creators and Brands to use content platforms to reach customers, such as Apple, Alphabet (including Google and YouTube),
Amazon, Snapchat, Facebook (including Instagram), ByteDance (including TikTok), ESPN+, BT Sport, Kayo Sports, Klaviyo and Showtime, among
others.
Triller competes to attract,
engage and retain users against current and potential competitors, both globally and in particular geographic regions where it operates.
These competitive risks are heightened because some of Triller's competitors have more extensive hardware, software, and service
offerings, longer histories, larger user bases, increased brand recognition, more experience in the markets in which Triller competes
and greater overall resources than Triller. These advantages enable them to devote more financial resources to technology, infrastructure,
fulfillment and marketing, which in turn enables them to offer competitive services at little or no profit or even at a loss. For example,
prominent, well-funded competitors like Apple, Google, and Amazon have a competitive advantage because they can leverage the substantially
broader product offerings in their ecosystem to gain subscribers through bundled offers and to monetize users. Additionally, Triller's
current and future competitors have engaged and will continue to engage in mergers or acquisitions with each other to combine and leverage
their broad audiences, content and capabilities.
Relatedly, Triller competes
for users based on its presence and visibility as compared with other businesses and platforms that deliver audio and video content through
the internet and connected devices. Triller faces significant competition for users
from companies promoting their own digital content online or through application stores, including large, well-funded, and seasoned participants
in the digital media market.
40
Triller also faces increasing
competition because of new or emerging technologies and changes in market conditions. Triller's current and future competitors have
introduced, and may continue to introduce, new ways of consuming or engaging with content, such as ByteDance, that cause Triller's
users, especially the younger demographic, to switch to another product, which would negatively affect Triller's user retention,
growth, and engagement. As the market for on-demand video on the internet and mobile and connected devices increases, new competitors,
business models and solutions are likely to emerge. Triller believes that companies with a combination of technical expertise, brand recognition,
financial resources and digital media experience pose a significant threat of developing competing on-demand distribution technologies.
Additionally, Triller
competes for a share of advertisers' overall marketing budgets with other content providers on a variety of factors, including perceived
return on investment, effectiveness and relevance of Triller's advertising products and content offering, pricing structure, and
ability to deliver large volumes or precise types of advertisements to targeted user demographic pools. Triller also competes for advertisers
with a range of internet companies, including major internet portals, search engine companies, social media sites and mobile applications,
as well as traditional advertising channels such as terrestrial radio and television.
Most of Triller's
competitors in this market have substantially greater financial and other resources, larger research and development staffs, and more
experience and capabilities in developing, marketing and distributing products. Ongoing pricing pressure could result in significant price
erosion, reduced profit margins and loss of market share, any of which could have a material adverse effect on Triller's business,
results of operations, financial position and liquidity. Large internet companies with strong brand recognition, such as TikTok, Facebook,
Google, Amazon and Twitter, have significant numbers of sales personnel, substantial advertising inventory, proprietary advertising technology
solutions and traffic that provide a significant competitive advantage and have a significant impact on pricing for reaching these user
bases. Failure to compete successfully against Triller's current or future competitors could result in the loss of current or potential
advertisers, a reduced share of Triller's advertisers' overall marketing budget, the loss of existing or potential users,
or diminished brand strength, which could adversely affect Triller's pricing and margins, lower Triller's revenue, increase
Triller's research and development and marketing expenses and prevent Triller from achieving or maintaining profitability.
Moreover, Triller competes
with other forms of entertainment and leisure activities. While Triller monitors general market conditions, significant shifts in consumer
demand that could materially alter public preferences for different forms of entertainment and leisure activities are difficult to predict.
Failure to adequately identify and adapt to these competitive pressures could have a negative impact on Triller's business.
Access to certain
of Triller's products depends on mobile app stores and other third parties such as data center service providers, hosted web service
providers, internet transit providers and other communications systems service providers. If third parties such as the Apple App Store
or Google Play Store adopt and enforce policies that limit, prohibit or eliminate Triller's ability to distribute or update its
applications through their stores, or increase the costs to do so, it could materially adversely affect Triller's business, financial
condition and results of operations.
Triller's
products and services mainly depend on mobile application stores and the continued services and performance of other third parties
such as data center service providers, third party computer systems, internet transit providers, and other communications systems
and service providers. Triller's mobile applications are almost exclusively accessed through and depend on the Apple App Store
and the Google Play Store. While Triller's mobile applications are generally free to download from these stores, Triller
offers its users the opportunity to purchase subscriptions and certain à la carte features through these applications.
Triller determines the prices at which these subscriptions and features are sold, subject to approval by Apple or Google, as
relevant. Purchases of these subscriptions and features via Triller's mobile applications are mainly processed through the
in-app payment systems provided by Apple and Google. Triller pays Apple and Google, as applicable, a meaningful share (up to 30%) of
the revenue it receives from transactions processed through in-app payment systems (Google reduced its in-app purchase fees for
subscription payments to 15% as of January 1, 2022). If the Apple App Store or the Google Play Store were to experience an outage,
or if either decided to exit a market, many of Triller's users may be unable to access Triller's apps, which could
materially adversely affect Triller's business, financial condition and results of operations. Any deterioration in
Triller's relationships with these and other third-party suppliers, vendors, and business partners, or any adverse change in
the terms and conditions governing these relationships, could have a negative impact on Triller's business, financial
condition, and results of operations.
41
Furthermore, application
stores and other third party providers such as Apple and Google have broad discretion to make changes to their operating systems or payment
services or change the manner in which their mobile operating systems function and their respective terms and conditions applicable to
the distribution of Triller's Technology Platform, including the amount of, and requirement to pay, certain fees associated with
purchases required to be facilitated by such third parties through Triller's applications, and to interpret their respective terms
and conditions in ways that may limit, eliminate, or otherwise interfere with Triller's products and services, Triller's ability
to distribute its Technology Platform through their stores, Triller's ability to update its applications, including to make bug
fixes or other feature updates or upgrades, the features Triller provides, the manner in which Triller markets its in-app products
and services, its ability to access native functionality or other aspects of mobile devices, and its ability to access information about
its users that they collect. There can be no assurance that Apple or Google, or any other similar third party, will not limit, delay,
eliminate, or otherwise interfere with the distribution of Triller's Technology Platform, or that Triller will not be limited or
prohibited from using certain current or prospective distribution or marketing channels in the future. To the extent any of them do so,
Triller's business, financial condition and results of operations could be materially adversely affected.
In addition, the websites
and apps of Triller's competitors may rank higher than offerings from Triller's Technology Platform and Triller's Triller
app in search engines and or app stores, and/or Triller's application may be difficult to locate in device application stores, which
could draw potential users away from Triller's service and toward those of Triller's competitors. Device application stores
often offer users the ability to browse applications by various criteria, such as the number of downloads in a given time period, the
length of time since an application was released or updated, or the category in which the application is placed. If Triller is unable
to compete successfully for users against other digital media providers by maintaining and increasing its presence, ease of use, and visibility
and the amount of content streamed on Triller's Technology Platform may fail to increase or may decline and Triller's subscription
fees and advertising sales may suffer.
In operating its
Technology Platform, Triller may fail to launch new products or features according to its timetable, and its new products or features
may not be commercially successful.
In order for Triller's
integrated global platform to succeed over time, Triller will need to license, acquire or develop new products or features that can generate
additional revenue and further diversify Triller's revenue sources. A number of factors, including technical difficulties, government
approvals and licenses of intellectual property rights required for launching new products, lack of sufficient development personnel and
other resources, and adverse developments in Triller's relationship with the licensors of Triller's new licensed products
could result in delay in launching Triller's new products. Therefore, Triller cannot assure you that it will be able to meet its
timetable for new launches.
Additionally, Triller's
operations and revenues are affected by consumer tastes and entertainment trends, including consumer use of Triller's Technology
Platform and other applications such as TikTok, Instagram, Facebook, Netflix and YouTube, and various other social media apps and short-
and long- form streaming services, as well as the market demand for live sports and music Events, user-generated content generally, and
internet-based Brand engagement, each of which are unpredictable and may be affected by changes in the economic, social, cultural and
political climate or global issues such as the recent COVID-19 pandemic. Changes in consumers' tastes or perceptions of Triller's
Technology Platform, content or business partners, whether as a result of the economic, social, cultural or political climate or otherwise,
could adversely affect Triller's operating results. Triller's failure to avoid a negative perception among consumers or anticipate
and respond to changes in consumer preferences, including in the form of content creation or distribution, could result in reduced demand
for Triller's services and content offerings or those of Triller's partners and owned assets across Triller's Technology
Platform, which could have an adverse effect on Triller's business, financial condition and results of operations.
There are many
factors that may adversely affect the popularity of Triller's new products. For example, Triller may fail to anticipate and
adapt to future technical trends and new business models, fail to satisfy consumer preferences and requirements, fail to effectively
plan and organize marketing and promotion activities, fail to effectively detect and prevent programming errors or defects in the
products, and fail to operate Triller's new products at acceptable costs. Triller cannot assure you that its new products will
gain market acceptance and become commercially successful. If Triller is not able to license, develop or acquire additional digital
entertainment products that are commercially successful, Triller's future revenues and profitability may decline.
42
The use of Automatic Content Recognition
("ACR") technology to collect viewing behavior data is emerging and may not be successful.
The utilization of viewing
behavior data collected using ACR technology to inform digital advertising and content delivery is an emerging industry, and future demand
and market acceptance for this type of data is uncertain. If the market for the use of this data does not develop or develops more slowly
than Triller expects, or if Triller is unable to successfully develop and monetize its Brands, Creators, or offerings off of the viewing
behavior data it collects, its growth prospects may be harmed.
Payment methods used on Triller's
Technology Platform subject Triller to third party payment processing-related risks.
Triller accepts payments
from its users through a variety of methods, including online payments with credit cards and debit cards issued by major banks, payments
made with gift cards processed by third-party providers and payment through third-party online payment platforms such as PayPal, Stripe,
Afterpay, and Apple Pay. Triller also relies on third parties to provide payment processing services. For certain payment methods, including
credit and debit cards, Triller pays interchange and other fees, which may increase over time and raise its operating costs and lower
its profit margins. Triller may also be subject to fraud and other illegal activities in connection with the various payment methods Triller
offers, including online payment options and gift cards. Transactions on Triller's Technology Platform and mobile applications are
"card-not-present" transactions, so they present a greater risk of fraud. Criminals are using increasingly sophisticated methods
to engage in illegal activities such as unauthorized use of credit or debit cards and bank account information. Requirements relating
to consumer authentication and fraud detection with respect to online sales are complex. Triller may ultimately be held liable for the
unauthorized use of a cardholder's card number in an illegal activity and be required by card issuers to pay charge-back fees. Charge-backs
result not only in Triller's loss of fees earned with respect to the payment, but also leave Triller liable for the underlying money
transfer amount. If Triller's charge-back rate becomes excessive, card associations also may require Triller to pay fines or refuse
to process Triller's transactions. In addition, Triller may be subject to additional fraud risk if third-party service providers
or its employees fraudulently use consumer information for their own gain or facilitate the fraudulent use of such information. Overall,
Triller may have little recourse if it processes a criminally fraudulent transaction.
Triller or a third party
may experience a data security breach involving credit card information and when this occurs, affected cardholders will often cancel their
credit cards. In the case of a breach experienced by a third party, the more sizable the third party's customer base and the greater
the number of credit card accounts impacted, the more likely it is that Triller's users would be impacted by such a breach. To the
extent Triller's users are ever affected by such a breach experienced by Triller or a third party, affected users would need to
be contacted to obtain new credit card information and process any pending transactions. It is likely that Triller would not be able to
reach all affected users, and even if Triller could, some users' new credit card information may not be obtained and some pending
transactions may not be processed, which could materially adversely affect Triller's business, financial condition and results of
operations. Even if Triller's users are not directly impacted by a given data security breach, they may lose confidence in the ability
of service providers to protect their personal information generally, which could cause them to stop using their credit cards online and
choose alternative payment methods that are not as convenient for Triller or restrict Triller's ability to process payments without
significant cost or user effort. Additionally, if Triller fails to adequately prevent fraudulent credit card transactions, it may face
litigation, fines, governmental enforcement action, civil liability, diminished public perception of Triller's security measures,
significantly higher credit card-related costs and substantial remediation costs, or refusal by credit card processors to continue to
process payments on Triller's behalf, any of which could materially adversely affect Triller's business, financial condition
and results of operations.
Triller is subject
to payment card association operating rules, certification requirements and various rules, regulations and requirements governing
electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for Triller to comply. As
Triller's business changes, Triller may also be subject to different rules under existing standards, which may require new
assessments that involve costs above what Triller currently pay for compliance. If Triller fails to comply with the rules or
requirements of any provider of a payment method it accepts, or if the volume of fraud in Triller's transactions limits or
terminates Triller's rights to use payment methods it currently accepts, or if a data breach occurs relating to
Triller's payment systems, among other things, Triller may be subject to fines and higher transaction fees and lose its
ability to accept credit and debit card payments from its consumers, process electronic funds transfers or facilitate other types of
online payments, and its reputation and its business, financial condition and results of operations could be materially and
adversely affected.
43
The validity, enforceability
and scope of protection of intellectual property in internet-related industries are evolving, and therefore, uncertain. Triller may have
to engage in litigation or other legal proceedings to enforce and protect its intellectual property rights, which could result in substantial
costs and diversion of its resources, and have a material adverse effect on its business, financial condition and results of operations.
Triller's
Technology Platform depends on the reliability of the network infrastructure and related services provided by itself and third parties,
which is subject to physical, technological, security and other risks. Triller could suffer a loss of revenue and increased costs, exposure
to significant liability, reputational harm and other serious negative consequences if Triller sustains damages, cyber-attacks or other
data security breaches that disrupt its operations or result in the dissemination of proprietary or confidential information about Triller
or its customers or other third parties.
The development and operation
of Triller's Technology Platform is subject to physical, technological, security and other risks which may result in interruption
in service or reduced capacity. These risks include physical damage, power loss, telecommunications failure, capacity limitation, hardware
or software failures or defects and breaches of physical and cybersecurity by computer viruses, system break-ins or otherwise.
An increase in the volume of usage of Triller's Technology Platform could strain the capacity of the software and hardware employed
to prevent and identify such failures, breaches and attacks, which could result in slower response time or system failures. In particular,
Triller's industry has witnessed an increase in the number, intensity and sophistication of cybersecurity incidents caused by hackers
and other malicious actors such as foreign governments, criminals, hacktivists, terrorists and insider threats. Hackers and other malicious
actors may be able to penetrate Triller's network security and misappropriate or compromise Triller's confidential, sensitive,
personal or proprietary information, or that of third parties, and engage in the unauthorized use or dissemination of such information.
They may be able to create system disruptions, or cause shutdowns. Hackers and other malicious actors may be able to develop and deploy
viruses, worms, ransomware and other malicious software programs that attack Triller's products or otherwise exploit any security
vulnerabilities of Triller's systems. For example, in 2021 Triller experienced a dictionary attack that resulted in approximately
100 of its users' accounts being taken over. In addition, sophisticated hardware and operating system software and applications
that Triller procures from third parties may contain defects in design or manufacture, including "bugs," cybersecurity vulnerabilities
and other problems that could unexpectedly interfere with the operation or security of its systems. For example, in 2022, as a result
of a bug introduced in the application, Triller estimated that potentially 504 accounts may have been compromised.
The occurrence of any
of these events could result in interruptions, delays or cessation in service to users of Triller's online services, which could
have a material adverse effect on Triller's business and results of operations. Triller may be required to expend significant capital
or other resources to protect against the threat of security breaches and attacks or to alleviate problems caused by such actions, including
the following:
●
expenses to rectify the consequences of the damage, security breach or cyber-attack;
●
liability for stolen assets or leaked information;
●
costs of repairing damage to Triller's systems;
●
lost revenue and income resulting from any system downtime caused by such breach or attack;
●
loss of competitive advantage if Triller's proprietary information is obtained by competitors as a result of such breach or attack;
●
increased costs of cyber security protection;
●
costs of incentives Triller may be required to offer to its customers or business partners to retain their business; and
●
damage to Triller's reputation.
44
In addition, any compromise
of security from a security breach or cyber-attack could deter customers or business partners from entering into transactions that involve
providing confidential information to Triller. As a result, any compromise to the security of Triller's systems could have a material
adverse effect on its business, reputation, financial condition, and operating results.
While Triller has implemented
industry-standard physical and cybersecurity measures, Triller's network may still be vulnerable to unauthorized access, computer
viruses, denial of service and other disruptive problems. Triller has experienced in the past, and may experience in the future, security
breaches or attacks. There can be no assurance that any measures implemented will not be circumvented in the future.
Triller's business
is also vulnerable to delays or interruptions due to Triller's reliance on infrastructure and related services provided by third
parties. End-users of Triller's offerings depend on Internet Service Providers ("
ISPs
") and Triller's
system infrastructure for access to the internet games and services Triller offers. Some of these services have experienced service outages
in the past and could experience service outages, delays and other difficulties due to system failures, stability or interruption. Triller
may lose Creators or consumers as a result of delays or interruption in service, including delays or interruptions relating to high volumes
of traffic or technological problems, which may prevent the use of Triller's Technology Platform for a period of time and could
materially adversely affect Triller's business, revenues, results of operations and financial condition.
In addition to all of
the foregoing, in the event that Triller's service agreements are terminated or expire with network infrastructure providers, Triller
could experience interruptions in access to Triller's Technology Platform as well as significant delays and additional expense in
arranging for or creating new facilities or re-architecting Triller's Technology Platform for deployment on a different network
infrastructure service provider, which would adversely affect Triller's business, financial condition and results of operations.
Triller may experience
losses due to subscriber fraud and theft of service.
Subscribers may in the
future obtain access to the subscription services on Triller's Technology Platform without paying for service by unlawfully using
Triller's authorization codes, engaging in otherwise illegal activity or by submitting fraudulent credit card information. To date,
no material losses from unauthorized credit card transactions and theft of service have occurred. Triller has implemented anti-fraud procedures
in order to control losses relating to these practices, but these procedures may not be adequate to effectively limit all of Triller's
exposure in the future from fraud. If Triller's procedures are not effective, consumer fraud and theft of service could significantly
decrease Triller's revenue and have a material adverse effect on Triller's business, financial condition and operating results.
If TV streaming
develops more slowly than Triller expects, Triller's operating results and growth prospects could be harmed.
TV streaming is a continuously
evolving, making it difficult to evaluate the prospects for Triller's TV streaming offerings. The level of demand and market acceptance
for Triller's streaming offerings are subject to a high degree of uncertainty. Triller believes that the growth and success of its
streaming offerings, such as Triller TV, and BKFC, will depend on the availability of quality content, the quality and reliability of
new devices and technology and the cost for subscribers relative to other sources of content. These technologies, products and content
offerings continue to emerge and evolve. Users, Creators or Brands may find TV streaming platforms to be less attractive than traditional
TV, which would harm Triller's business. If new technologies render the TV streaming market obsolete or Triller is unable to successfully
compete with current and new competitors and technologies, its business may be harmed. The future growth of Triller's business depends
in part on the growth of TV streaming advertising, and on advertisers increasing spend on such advertising.
45
Changes to Triller's
existing products and apps, or the introduction of new products and brand names that Triller develops, could fail to attract or retain
Creators users, consumers or Brand partners, or generate revenue and profits.
Triller's ability
to retain, increase and engage its Creators, consumers or Brand partners and to increase its revenue depends heavily on its ability to
continue to evolve its Technology Platform and to create successful new products and develop new brands for Triller, both independently
and in conjunction with developers or other third parties. Triller may introduce significant changes to its existing products, or acquire
or introduce new and unproven third-party products, and product extensions, including using technologies with which Triller has little
or no prior development or operating experience. Triller has also invested, and expect to continue to invest, significant resources in
growing its products to support increasing usage as well as new lines of business, new products, new product extensions and other initiatives
to generate revenue. For example, Triller acquired Julius, which operates a marketplace that connects Brands with Creators with whom they
may desire to partner. There is no guarantee that investing in new lines of business, new products, new product extensions and other initiatives
will succeed. If Triller's new or enhanced brands, products or product extensions fail to engage users, marketers, or developers,
or if Triller's business plans are unsuccessful, Triller may fail to attract or retain users or to generate sufficient revenue,
operating margin or other value to justify its investments, and its business may be materially adversely affected.
Triller may also introduce
new products, features or terms of service or policies, and seek to find new, effective ways to show its community new and existing products
and alert them to events and meaningful opportunities to connect, that users do not like, which may negatively affect its reputation and
usage of the offerings on its Technology Platform. New products may provide temporary increases in engagement that may ultimately fail
to attract and retain users such that they may not produce the long-term benefits that Triller expects.
Triller's
ability to introduce new features, capabilities and enhancements is dependent on adequate research and development resources. If Triller
does not adequately fund its research and development efforts, or if its research and development investments do not translate into material
enhancements to us, it may not be able to compete effectively and its business, results of operations and financial condition may be harmed.
To remain competitive,
Triller must continue to develop new features, capabilities and enhancements to its Technology Platform, including all of its services
and technology offerings. This is particularly true as Triller further expands and diversifies its capabilities to address additional
markets. Maintaining adequate research and development resources, such as the appropriate personnel and development technology, to meet
the demands of the market is essential. The development of new features, services, or products for Triller's Technology Platform
depends on a number of factors, including Triller's ability to:
●
spend its development budget efficiently
or effectively on commercially successful and innovative technologies;
●
realize the expected benefits
of its strategy;
●
develop products that are competitive
in relation to its competitors;
●
develop technology in a timely
and cost-effective manner;
●
anticipate user, Creator and
Brand demand for an offering Triller is developing; and
●
fund and recoup costs incurred.
If Triller is unable
to develop features and capabilities internally due to certain constraints, such as employee turnover, lack of management ability or a
lack of other research and development resources, which may be exacerbated by Triller's current negative working capital and low
cash balance, Triller's business will be harmed. Moreover, research and development projects can be technically challenging and
expensive. The nature of these research and development cycles may cause Triller to experience delays between the time Triller incurs
expenses associated with research and development and the time it is able to offer compelling features, capabilities, and enhancements
and generate revenue, if any, from such investment. Additionally, anticipated demand for a feature, integration, capability or enhancement
Triller is developing could decrease after the development cycle has commenced, and Triller would nonetheless be unable to avoid substantial
costs associated with the development of any such feature, integration, capability or enhancement. If Triller expends a significant amount
of resources on research and development and its efforts do not lead to the successful introduction or improvement of features, integrations
and capabilities that are competitive, it would harm its business, results of operations, and financial condition.
46
Further, many of Triller's
competitors expend a considerably greater amount of funds on their respective research and development programs, and those that do not
may be acquired by larger companies that would allocate greater resources to Triller's competitors' research and development
programs. Triller's failure to maintain adequate research and development resources or to compete effectively with the research
and development programs of Triller's competitors would give an advantage to such competitors and may harm Triller's business,
results of operations, and financial condition.
In 2021, Triller launched
subscription packages to bring its collection of virtual and live Events and other content in its library to paid subscribers. Triller's
assessments are based on prior experience and market competition and may not be accurate and Triller could be underpricing or overpricing
its subscription services, which may require Triller to continue to adjust its pricing packages and incorrect pricing could result in
harm to its business. Furthermore, subscriber price sensitivity may vary by location, and as Triller expands into different countries,
its pricing packages may not enable Triller to compete effectively in these countries. In addition, if Triller's Technology Platform
or services change, then Triller may need to, or Triller may choose to, revise its pricing. Such changes to Triller's pricing model
or its ability to efficiently price its Brand services offerings, digital and in-person event tickets, or content library could
harm its business.
Triller must increase
the scale and efficiency of its technology infrastructure to support its growth.
Triller's technology
must scale to process the potential increased usage of its Technology Platform. Triller must continue to increase the capacity of its
Technology Platform to support its high-volume strategy, to cope with increased data volumes, increased use by Creators, Brands and users
and an increasing variety of advertising formats and platforms, and to maintain a stable service infrastructure and reliable service delivery.
To the extent Triller is unable, for cost or other reasons, to effectively increase the capacity of its Technology Platform or support
emerging advertising formats or services preferred by users, consumers, Creators and Brands, its revenue will suffer. Triller expects
to continue to invest in its Technology Platform to meet increasing demand. Such investment may negatively affect its profitability and
results of operations.
If there are interruptions
or performance problems associated with the technology or infrastructure of Triller's Technology Platform, including interruptions
that impact Triller's third-party service providers, users may experience service outages, new users may be reluctant to adopt Triller's
product offerings, users may leave Triller's Technology Platform, and Triller's reputation could be harmed.
Triller's business
and continued growth rely, in part, on the ability of existing and potential users to access Triller's Technology Platform without
interruption or degradation of performance. Triller's products and systems rely on software and hardware that is highly technical
and complex, and depend on the ability of such software and hardware to store, retrieve, process and manage immense amounts of data. Triller
has in the past and may in the future experience disruptions, outages, and other performance problems with its technology due to factors
such as infrastructure changes, introductions of new functionalities, human or software errors, capacity constraints, or attacks by malicious
third parties.
Despite internal testing,
particularly when first introduced or when new versions or enhancements are released, Triller's software may contain serious errors
or defects, security vulnerabilities, or software bugs that are difficult to detect and correct, which Triller may be unable to successfully
correct in a timely manner or at all. In some instances, Triller may not be able to identify the cause or causes of these performance
problems immediately or in short order. Triller may not be able to maintain the level of service uptime and performance required by customers,
especially during peak usage times and as Triller's user traffic and number of integrations increase. If Triller's Technology
Platform is unavailable or if users are unable to access these platforms within a reasonable amount of time (especially during live Events),
or at all, Triller's business would be harmed. Since users rely on Triller's Technology Platform to create and share social
media content and experience live event and other programming, any outage would negatively impact Triller's brand, reputation and
customer satisfaction, and could give rise to legal liability under Triller's service level agreements with paid customers.
47
Moreover, Triller
depends on services from various third parties to maintain its infrastructure, including cloud-based infrastructure services.
Triller currently hosts its Technology Platform primarily using Amazon Web Services ("
AWS
") and Google.
Triller's operations depend on protecting the virtual cloud infrastructure hosted in AWS and Google by maintaining its
configuration, architecture, features and interconnection specifications, as well as the information stored in these virtual data
centers and which third-party internet service providers transmit. If a service provider fails to provide sufficient capacity to
support Triller or otherwise experiences service outages, such failure could interrupt access to Triller's Technology Platform
by users and organizations, which could adversely affect their perception of Triller's reliability and Triller's
revenue. Any disruptions in these services, including as a result of actions outside of Triller's control, would significantly
impact the continued performance of Triller's Technology Platform. A prolonged AWS service disruption affecting
Triller's Technology Platform would negatively impact Triller's ability to serve its consumers and partners, and could
damage its reputation with current and potential consumers and partners, expose Triller to liability, cause Triller to lose
consumers or partners or otherwise harm Triller's business. Triller may also incur significant costs for using alternative
equipment or taking other actions in preparation for, or in reaction to, events that damage the AWS services Triller use.
In the future, these
services may not be available to Triller on commercially reasonable terms, or at all. Any loss of the right to use any of these services
could result in Triller's decreased functionality until equivalent technology is either developed by Triller or, if available from
another provider, is identified, obtained, and integrated into Triller's infrastructure. Triller may also be unable to effectively
address capacity constraints, upgrade its systems as needed, and continually develop its technology and network architecture to accommodate
actual and anticipated changes in technology.
Triller's Technology
Platform, services and technologies are vulnerable to malicious attacks and security breaches. Such attacks are of ever-increasing levels
of sophistication and are made by groups and individuals with a wide range of motives and expertise, including organized criminal groups,
and others. For example, in 2021 Triller experienced a dictionary attack that resulted in approximately 100 of its users' accounts
being taken over and, in 2022, as a result of a bug introduced in the application, Triller estimated that potentially 504 accounts may
have been compromised. The techniques used to breach security safeguards evolve rapidly, and they may be difficult to detect for an extended
period of time, and the measures Triller takes to safeguard its technology may not adequately prevent such incidents.
While Triller has taken
steps to protect its confidential and personal information and that of its users and other business relationships and have invested in
information technology, there can be no assurance that Triller's efforts will prevent service interruptions or security breaches
in Triller's systems or the unauthorized or inadvertent wrongful use or disclosure of such confidential information. Such incidents
could adversely affect Triller's business operations, reputation, and client relationships. Any such breach would require Triller
to expend significant resources to mitigate the breach of security and to address matters related to any such breach, including the payment
of fines. Although Triller maintains an insurance policy that covers data security, privacy liability, and cyber-attacks, Triller's
insurance may not be adequate to cover losses arising from breaches or attacks on Triller's systems. Triller also may be required
to notify regulators about any actual or perceived personal data breach as well as the individuals who are affected by the incident within
strict time periods.
Triller is also in
the process of integrating the technology of its acquired companies. The resulting size and diversity of Triller's technology
systems, as well as the systems of third-party vendors with whom Triller contracts, increase the vulnerability of such systems to
breakdowns and security breaches. In addition, Triller relies on technology at live Events, the failure or unavailability of which,
for any significant period of time, could affect Triller's business, Triller's reputation and the success of
Triller's live Events. Triller also relies on technology to provide its digital offerings, live streaming and virtual Events,
which may be vulnerable to hacking, denial of service attacks, human error and other unanticipated problems or events that could
result in interruptions in Triller's service and unauthorized access to, or alteration of, the content and data contained on
Triller's systems and those of Triller's third- party vendors. Any significant interruption or failure of the technology
upon which Triller relies, or any significant breach of security, could result in decreased performance and increased operating
costs, adversely affecting Triller's business, financial condition and results of operations. Implementation of changes in
Triller's technology may cost more or take longer than originally expected and may require more testing than initially
anticipated. Any failure to update and enhance Triller's technology in a timely and cost-effective manner could materially
adversely affect Triller's users' experience with Triller's various products and thereby negatively impact the
demand for Triller's products, and could increase Triller's costs, either of which could materially adversely affect
Triller's business, financial condition and results of operations. Implementation of changes in Triller's technology may
cost more or take longer than originally expected and may require more testing than initially anticipated. Any failure to update and
enhance Triller's technology in a timely and cost-effective manner could materially adversely affect Triller's
users' experience with Triller's various products and thereby negatively impact the demand for Triller's products,
and could increase Triller's costs, either of which could materially adversely affect Triller's business, financial
condition and results of operations.
48
In addition, the delivery
of Triller's products and services through Triller's Technology Platform presents the potential for further vulnerabilities.
For instance, Triller may be subject to boycotts, spam, spyware, ransomware, phishing and social engineering, viruses, worms, malware,
DDOS attacks, password attacks, man-in-the-middle attacks, cybersquatting, impersonation of employees or officers, abuse of
comments and message boards, fake reviews, doxing and swatting. While Triller has internal policies in place to protect against these
vulnerabilities, Triller can make no assurances that it will not be adversely affected should one of these events occur. Additionally,
there is an increased risk that Triller may experience cybersecurity-related events and other security challenges, as a result of its
hybrid and remote employees and service providers working from non-corporate-managed networks.
Furthermore, Triller's
future success will depend on its ability to adapt to emerging technologies such as tokenization, new authentication technologies, such
as blockchain technologies, artificial intelligence, machine learning, virtual and augmented reality, and cloud technologies. Additionally,
Triller's efforts to adapt to emerging technologies may not always be successful and Triller may not make appropriate investments
in new technologies, which could materially adversely affect its business, financial condition and results of operations. For example,
the use of AI and ML is becoming increasingly prevalent in Triller's industry, and, although Triller intends to continue developing
its Technology Platform's AI and ML capabilities to meet the needs of its customers, Triller may be unable to accurately or efficiently
integrate machine learning and artificial intelligence features or functionalities of the quality or type sought by Triller's customers
or offered by Triller's competitors. These development efforts may also require significant engineering, sales, and marketing resources,
all of which could require significant capital and management investment. If Triller is unable to enhance its Technology Platform and
product offerings to keep pace with rapid technological and regulatory change, or if new technologies, including AI and ML solutions,
emerge that are able to deliver competitive products at aggressive or alternative prices, more efficiently, more conveniently or more
securely than Triller's Technology Platform, demand for Triller's Technology Platform and product offerings may decline, and
Triller's business, financial condition, and results of operations may be adversely affected.
Any of the above circumstances
or events may adversely impact the user experience, harm Triller's reputation, cause organizations to terminate Triller's
agreements, impair Triller's ability to obtain license renewals from organizations, impair Triller's ability to grow its user
base, subject Triller to financial penalties and otherwise harm Triller's business, results of operations and financial condition.
If Triller is unable
to ensure that its Technology Platform interoperates with a variety of software applications that are developed by others, including its
partners, Triller may become less competitive and its results of operations may be harmed.
Triller's Technology
Platform must integrate with a variety of network, hardware, and software platforms, and Triller needs to continuously modify and enhance
the platform to adapt to changes in hardware, software, networking, browser, and database technologies. In particular, Triller has developed
its Technology Platform to be able to integrate with third-party applications, including the applications of its competitors as well as
its partners, through the interaction of APIs. In general, Triller relies on the providers of such software systems to allow Triller access
to their APIs to enable these integrations. Triller is typically subject to standard terms and conditions that govern the distribution,
operation, and fees of such third-party systems and platforms which are subject to modification by such providers from time to time. Triller's
business may be harmed if any provider of such platforms or systems:
●
discontinues or limits Triller's
access to its software or APIs;
●
modifies its terms of service
or other policies, including fees charged to, or other restrictions on Triller or other application developers;
●
changes how information is
accessed by Triller or Triller's users;
●
establishes more favorable
relationships with one or more of Triller's competitors; or
●
develops or otherwise favors
its own competitive offerings over Triller's.
49
Third-party services
and products are constantly evolving, and Triller may not be able to modify its Technology Platform apps to ensure their compatibility
with that of other third parties following development changes. In addition, some of Triller's competitors may be able to disrupt
the operation or compatibility of Triller's Technology Platform on or with their products or services or exert strong business influence
on Triller's ability to operate and terms upon which Triller do so. Should any of Triller's competitors modify their products,
standards or terms in a manner that degrades the functionality of Triller's Technology Platform or gives preferential treatment
to competitive products or services, whether to enhance their competitive position or for any other reason, the interoperability of Triller's
Technology Platform with these products could decrease and Triller's business, results of operations, and financial condition could
be harmed. If Triller is not permitted or able to integrate with these and other third-party applications in the future, demand for Triller's
Technology Platform would be harmed and Triller's business, results of operations, and financial condition would be harmed.
Triller has created mobile
versions of its websites and the various offerings that comprise its Technology Platform to respond to the increasing number of people
who access Triller's products and services through mobile devices. If these mobile applications and websites do not perform well,
Triller's business may suffer. Triller is also dependent on third-party application stores (such as those managed by Apple and Google)
that may prevent Triller from timely updating its product offerings, building new features, integrations, and capabilities, or charging
for access. Certain of these third parties are now, and others may in the future become, competitors of us, and could stop allowing or
supporting access to the platform or the apps that comprise the platform through their products, could allow access to the platform or
such apps only at an unsustainable cost, or could make changes to the terms of access in order to make Triller's Technology Platform
and applications less desirable or harder to access, for competitive reasons. In addition, Triller's Technology Platform and applications
interoperate with servers, mobile devices, and software applications predominantly through the use of protocols, many of which are created
and maintained by third parties. Triller therefore depends on the interoperability of its applications with such third-party services,
mobile devices, and mobile operating systems, as well as cloud-enabled hardware, software, networking, browsers, database technologies,
and protocols that Triller does not control. Any changes in such technologies that degrade the functionality of Triller's apps or give
preferential treatment to competitive services could adversely affect adoption and usage of Triller's apps. Also, Triller may not
be successful in developing or maintaining relationships with key participants in the mobile industry or in ensuring that Triller's
apps operate effectively with a range of operating systems, networks, devices, browsers, protocols and standards. If Triller is unable
to effectively anticipate and manage these risks, or if it is difficult for users to access and use Triller's apps, Triller's
business, results of operations and financial condition may be harmed.
Triller relies
on software and services from other parties. Defects in, or the loss of access to, software or services from third parties could increase
Triller's costs and adversely affect the quality of Triller's business.
Triller relies on technologies
from third parties, such as AWS and Google, to operate critical functions of its business, including cloud infrastructure services and
customer relationship management services. Triller's business would be disrupted if any of the third-party software or services
Triller utilizes and relies upon, such as AWS and Google, or functional equivalents thereof, were unavailable due to extended outages
or interruptions, or because they are no longer available on commercially reasonable terms or prices. In each case, Triller would be required
to either seek licenses to software or services from other parties and redesign the Triller app or certain aspects of Triller's
Technology Platform to function with such software or services or develop these components itself, which would result in increased costs
and could result in delays in launches and releases of new features, integrations, capabilities or enhancements until equivalent technology
can be identified, licensed, or developed, and integrated into the Triller app. Furthermore, Triller might be forced to limit the features
available in its Technology Platform. These delays and feature limitations, if they occur, could harm Triller's business, results
of operations, and financial condition.
Triller incorporates
software and services from third parties into its Technology Platform, and its inability to maintain rights to such software and services
would harm its business and results of operations.
Triller licenses patents,
software, technology and procure services from third parties that it incorporates into or integrate with its Technology Platform. Some
of the foregoing licenses and services are material and important to the functionality and operation of Triller's Technology Platform
and would be difficult to replace. For example, Triller licenses music and video editing technology from a third party licensor which
is a material component of its Technology Platform.
Some of Triller's agreements with its licensors provide for a limited term. Although Triller has taken steps to protect its rights
in certain technology, and identify alternatives where applicable, if Triller is unable to continue to license any of this intellectual
property for any reason, its ability to develop and sell access to its Technology Platform containing such technology could be harmed.
Similarly, if Triller is unable to license necessary intellectual property from third parties now, or in the future, on commercially reasonable
terms or at all, Triller may be forced to acquire or develop alternative technology, which Triller may be unable to do in a commercially
feasible manner, or at all, and Triller may be required to use alternative technology of lower quality or performance standards, which
would adversely affect Triller's business, financial condition and results of operations.
50
Triller also cannot be
certain that its licensors are not infringing the intellectual property rights of third parties or that its licensors have sufficient
rights to the licensed intellectual property in all jurisdictions in which Triller may sell access to its Technology Platform. In addition,
many licenses are non-exclusive, and therefore Triller's competitors may have access to the same technology licensed to Triller.
Certain of Triller's
products contain third-party open source software components, and failure to comply with the terms of the underlying open source software
licenses could restrict Triller's ability to sell its products.
Certain of Triller's
products contain components that are licensed under so-called "open source," "free" or other similar
licenses. Open source software is made available to the general public on an "as-is" basis under the terms of a non-negotiable license.
Triller currently combines its proprietary software with open source software, but not in a manner that Triller believes requires the
release of the source code of its proprietary software to the public. Triller does not plan to integrate its proprietary software with
open source software in ways that would require the release of the source code of its proprietary software to the public. Although Triller
has certain processes in place to monitor and manage its use of open source software to avoid subjecting its platform to conditions Triller
does not intend, the terms of many open source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that
these licenses could be construed in a way that could impose unanticipated conditions or restrictions on Triller's ability to provide
or distribute Triller's platform.
Triller's use and
distribution of open source software may entail greater risks than use of third-party commercial software. Open source licensors generally
do not provide support, warranties, indemnification, or other contractual protections regarding infringement claims or the quality of
the code. In addition, if Triller combines its proprietary software with open source software in a certain manner, Triller could, under
certain open source licenses, be required to release to the public or remove the source code of Triller's proprietary software.
Triller may also face claims alleging noncompliance with open source license terms or infringement or misappropriation of proprietary
software. These claims could result in litigation, require Triller to purchase a costly license or remove the software. In addition, if
the license terms for open source software that Triller uses change, it may be forced to re-engineer its solutions, incur additional
costs or discontinue the sale of its offerings if re-engineering could not be accomplished on a timely basis or at all. Although
Triller monitors its use of open source software to avoid subjecting its offerings to unintended conditions, Triller cannot assure you
that its processes for monitoring and managing its use of open source software in its platform will be effective and there is a risk that
these licenses could be construed in a way that could impose unanticipated conditions or restrictions on its ability to commercialize
its offerings. Triller cannot guarantee that it has incorporated open source software in its software in a manner that will not subject
Triller to liability or in a manner that is consistent with its current policies and procedures.
The failure to
maintain or renew Triller's agreements with producers or distributors of free, freemium and pay-per-view content could
adversely impact Triller's business.
Triller enters into
long-term contracts for both the acquisition and the distribution of media content, including contracts for the acquisition of
content rights for sporting events and other programs. As these contracts expire, Triller must renew or renegotiate the contracts,
and if Triller is unable to renew them on acceptable terms, Triller may lose content rights or distribution rights. Even if these
contracts are renewed, the cost of obtaining content rights may increase (or increase at faster rates than Triller's
historical experience). Moreover, Triller's ability to renew these contracts on favorable terms may be affected by
consolidation in the market for content distribution and the entrance of new participants in the market for distribution of content
on digital platforms. With respect to the acquisition of content rights, particularly sports content rights, the impact of these
long-term contracts on Triller's results over the term of the contracts depends on a number of factors, including the strength
of advertising markets, subscription levels and rates for content, effectiveness of marketing efforts and the size of viewer
audiences. There can be no assurance that revenues from content based on these rights will exceed the cost of the rights plus the
other costs of producing and distributing the content.
51
Triller's ability
to provide its subscribers with content also depends on content providers and other rights holders licensing rights, including distribution
rights, to such content and certain related elements thereof, such as the public performance of music contained within the content Triller
distributes. The license periods and the terms and conditions of such licenses vary, and Triller is currently operating outside the terms
of some of its current licenses. If the content providers and other rights holders are not or are no longer willing or able to license
Triller content upon terms acceptable to us, Triller's ability to stream content to its subscribers may be adversely affected and/or
its costs could increase. Because of these provisions as well as other actions Triller may take, content available through its service
can be withdrawn on short notice. As competition increases, Triller has seen the cost of certain programming increase.
Triller's
business depends on its ability to send consumer engagement messages, including emails, SMS, and mobile and web notifications, and any
significant disruption in service with Triller's third-party providers or on mobile operating systems could result in a loss of
customers or less effective consumer-brand engagement, which could harm Triller's business, financial condition, and results of
operations.
Triller's brand,
reputation, and ability to attract new customers depend on the reliable performance of Triller's technology infrastructure and content
delivery. Triller's Technology Platform engages with consumers through emails, SMS and push notifications, and Triller depends on
third-party services for delivery of such notifications. Any incident broadly affecting the interaction of third-party devices with Triller's
platform, including any delays or interruptions in these services that could cause delays to emails, SMS, or mobile and web notifications,
could adversely affect Triller's business. Similarly, cybersecurity events could result in a disruption to such third-party's
services, including regulatory investigations, reputational damage, and a loss of sales and customers, which could in turn impact Triller's
business. A prolonged disruption, cybersecurity event or any other negative event affecting a third-party service could lead to customer
dissatisfaction and could in turn damage Triller's reputation with current and potential customers, result in a breach under Triller's
agreements with its customers, and cause Triller to lose customers or otherwise harm its business, financial condition, and results of
operations.
Triller depends in part
on mobile operating systems and their respective infrastructures to send notifications through various applications that utilize its platform.
As new email, mobile devices, and mobile and web platforms are released, existing email, mobile devices, and platforms may cease to support
Triller's platform or effectively roll out updates to Triller's customers' applications. Any changes in these systems
or platforms that negatively impact the functionality of Triller's platform could adversely affect Triller's ability to interact
with consumers in a timely and effective fashion, which could adversely affect Triller's ability to retain and attract new customers.
The parties that control the operating systems for mobile devices and mobile, web, and email platforms have no obligation to test the
interoperability of new mobile devices or platforms with Triller's platform, and third parties may produce new products that are
incompatible with or not optimal for the operation of Triller's platform. Additionally, in order to deliver high-quality consumer
engagement, Triller needs to ensure that its platform is designed to work effectively with a range of mobile technologies, systems, networks,
and standards. If consumers choose to use products or platforms that do not support Triller's platform, or if Triller does not ensure
its platform can work effectively with such products or platforms, Triller's business and growth could be harmed. Triller also may
not be successful in developing or maintaining relationships with key participants in the email or mobile industries that permit such
interoperability. If Triller is unable to adapt to changes in popular operating systems and platforms, it expects that its customer retention
and customer growth would be adversely affected.
Triller's
business may be adversely affected if Triller's access to music rights is limited or delayed. The concentration of control of content
by major music licensors means that even one entity, or a small number of entities working together, may unilaterally affect Triller's
access to music and other content. Triller depends upon third-party licenses for the use of music on Triller's platform and in Triller's
content. An adverse change to, loss of, or claim that Triller does not hold necessary licenses may have an adverse effect on its business,
operating results, and financial condition.
Music is an
important element of the overall content that Triller makes available on the Triller app. Triller relies on licensors that hold
rights to sound recordings and musical compositions, over whom Triller has no control, for the music related content Triller makes
available on the Triller app. To secure the rights to use music in Triller's content and on the Triller app, Triller enters
into agreements to obtain licenses from rights holders such as performing rights organizations, record labels, music publishers,
collecting societies, artists and songwriters, and other copyright owners (or their agents). Triller pays royalties to such parties
or their agents around the world. Triller cannot guarantee that these parties will always choose to license to Triller.
52
The process of obtaining
licenses involves identifying and negotiating with many rights holders, some of whom are unknown, or difficult to identify, or for whom
Triller may have conflicting ownership information, and implicates a myriad of complex and evolving legal issues across many jurisdictions,
including open questions of law as to when and whether particular licenses are needed with respect to the use of musical compositions
and sound recordings.
The music industry is
highly concentrated, which means that one or a small number of entities may, on their own, take actions that adversely affect Triller's
business. For example, the music rights licensed to Triller under Triller's agreements with major record labels and major publishing
companies are necessary for Triller to exploit the majority of music consumed on the Triller app. Triller's business may be adversely
affected if Triller's access to music is limited or delayed, or if any of the various rights to such music are no longer licensed
to us, if Triller's relationships deteriorate with one or more of these rights holders, or if they choose not to license to Triller
for any other reason. Rights holders also may attempt to take advantage of their market power by seeking onerous financial terms from
Triller. Triller may elect not to renew certain agreements with rights holders for any number of reasons, or Triller may decide to explore
different licensing schemes or economic structures with certain or all rights holders. Artists and/or songwriters may object and may exert
public or private pressure on rights holders to discontinue or to modify license terms, or Triller may elect to discontinue use of an
artist or songwriter's catalog based on a number of factors, including actual or perceived reputational damage. Additionally, there
is a risk that aspiring rights holders, their agents, or legislative or regulatory bodies will create or attempt to create new rights
that could require Triller to enter into new license agreements with, and pay royalties to, newly defined groups of rights holders, some
of which may be difficult or impossible to identify.
Even if Triller is able
to secure music rights from record labels, music publishers and other copyright owners, artists and/or artist groups may object and may
exert public or private pressure on third parties to discontinue licensing rights to us, hold back content from us, or increase royalty
rates. As a result, Triller's ability to continue to license rights to music is subject to convincing a broad range of stakeholders
of the value and quality of Triller's service. In addition, Triller's music licenses from record labels, music publishers
and other copyright owners may not contemplate some of the features and content that Triller may wish to add to its service, or new service
offerings or revenue models that Triller may wish to launch. To the extent that Triller is unable to license or continue to license a
large amount of music rights or the music rights related to the music written or performed by certain popular artists, Triller's
business, operating results, and financial condition could be materially harmed.
With respect to musical
compositions, in addition to obtaining the synchronization, distribution and reproduction rights, Triller also needs to obtain public
performance or communication to the public rights, and this needs to be accomplished on a territory basis. At times, while Triller may
hold sufficient license rights for certain music in a territory such as the United States, it may be difficult to obtain the license for
the same music rights from the applicable rights holders outside of such territory.
In the United States,
public performance rights are typically obtained separately through intermediaries known as performing rights organizations ("
PROs
")
which (a) issue blanket licenses with copyright users for the public performance of musical compositions in their repertory, (b) collect
royalties under those licenses, and (c) distribute such royalties to copyright owners. Triller has, or are in some instances in the
process of obtaining licenses, for public performance of musical compositions in the United States, Canada, Mexico, Europe and other territories,
through local collecting societies representing songwriters and publishers, and from certain publishers directly, or a combination thereof.
The royalty rates available to Triller from the PROs today may not be available to Triller in the future. The royalty rates under licenses
provided by American Society of Composers, Authors and Publishers ("
ASCAP
") and Broadcast Music Inc. ("
BMI
")
currently are governed by consent decrees, which were issued by the U.S. Department of Justice in an effort to curb anti-competitive conduct.
Removal of or changes to the terms or interpretation of these agreements could affect Triller's ability to obtain licenses from
these PROs on current and/or otherwise favorable terms, which could harm Triller's business, operating results, and financial condition.
53
In other parts of the
world, including in Canada and Europe, Triller has or are in some instances in the process of obtaining licenses for public performance
of musical compositions through local collecting societies representing songwriters and publishers, and from certain publishers directly,
or a combination thereof. Given the licensing landscape in other territories for public performance rights, Triller cannot guarantee that
it will be able to finalize and enter into licensing agreements in such territories, or that Triller's licenses with collecting
societies and Triller's direct licenses with publishers provide full coverage for all of the musical compositions it uses in its
service in the countries in which it operates, or that Triller may enter in the future. Publishers, songwriters, and other rights holders
who choose not to be represented by major or independent publishing companies or collecting societies have, and could in the future, adversely
impact Triller's ability to secure licensing arrangements in connection with musical compositions that such rights holders own or
control, and could increase the risk of liability for copyright infringement.
Although Triller expends
significant resources to seek to comply with applicable contractual, statutory, regulatory, and judicial frameworks, it cannot guarantee
that it currently holds, or will always hold, every necessary right to use all of the music that is used on Triller's service now
or that may be used in Triller's products and services in the future, and Triller cannot assure you that Triller is not infringing
or violating any third-party intellectual property rights, or that Triller will not do so in the future. These challenges, and others
concerning the licensing of music on Triller's platform, may subject Triller to significant liability for copyright infringement,
breach of contract, or other claims.
Triller is a party
to many music license agreements that are complex and impose numerous obligations upon Triller that may make it difficult to operate Triller's
business, and a breach, or perceived breach, of such agreements could adversely affect Triller's business, operating results, and
financial condition.
Triller's license
agreements are complex and impose numerous obligations on us, including obligations to, among other things:
●
calculate and make payments based on complex royalty structures, which requires tracking usage of content in Triller's service that may have inaccurate or incomplete metadata necessary for such calculation;
●
provide periodic reports in specified formats on the exploitation of the content;
●
represent that Triller will obtain all necessary licenses and consents and pay all associated fees, royalties, and other amounts due for the licensing of sound recordings and musical compositions;
●
comply with certain marketing and advertising restrictions;
●
grant the licensor the right to audit Triller's compliance with the terms of such agreements; and
●
comply with certain security and technical specifications.
Certain of Triller's
license agreements may also contain minimum guarantees or require that Triller makes minimum guarantee or advance payments, which are
not always tied to Triller's number of users or stream counts for music used in Triller's service. Accordingly, Triller's
ability to achieve and sustain profitability and operating leverage in part depends on Triller's ability to increase its revenue
through increased sales of subscriptions on terms that maintain an adequate gross margin. Triller's license agreements that contain
minimum guarantees typically have terms of between one and three years, but Triller's users may cancel their subscriptions at any
time. Triller relies on estimates to forecast whether such minimum guarantees and advances against royalties could be recouped against
Triller's actual content costs incurred over the term of the license agreement. To the extent that Triller's estimates underperform
relative to Triller's expectations, and Triller's content costs do not exceed such minimum guarantees and advance payments,
Triller's margins may be adversely affected.
Some of Triller's
license agreements may also include so-called "most-favored nations" provisions, which require that certain terms (including
material financial terms) are no less favorable than those provided to any similarly situated licensor. If agreements are amended or new
agreements are entered into on more favorable terms, these most-favored nations provisions could cause Triller's payment or other
obligations to escalate substantially. Additionally, some of Triller's license agreements require consent to undertake new business
initiatives utilizing the licensed content (e.g., alternative distribution models), and without such consent, Triller's ability
to undertake new business initiatives may be limited and Triller's competitive position could be impacted.
54
If Triller breaches any
obligations in any of its license agreements, or if it uses content in ways that are found to exceed the scope of such agreements, Triller
could be subject to monetary penalties or claims of infringement, and its rights under such agreements could be terminated. Furthermore,
certain of Triller's licenses are currently expired by their terms, and Triller is relying on ordinary course of dealing extensions
with such licensors. Additionally, Triller is not current on payments under all of its licenses, which may increase the risk of litigation
with certain of its licensors. Triller also runs the risk of such licensors making copyright infringement claims against us, which could
have a material adverse effect on Triller's business, financial condition, and operating results.
In the past, Triller
has entered into agreements that required Triller to make substantial payments to licensors to resolve instances of past use at the same
time that Triller enters into go-forward licenses. These agreements may also include most-favored nations provisions. If triggered, these
most favored nations provisions could cause Triller's payments or other obligations under those agreements to escalate substantially.
If Triller needs to enter into additional similar agreements in the future, it could have a material adverse effect on its business, financial
condition, and operating results.
Triller faces risks,
such as unforeseen costs and potential liability, in connection with content Triller produces, licenses, and distributes through Triller's
Technology Platform.
As a producer and distributor
of content, Triller faces potential liability for negligence, copyright and trademark infringement, claims for violation of the right
of publicity or privacy, or other claims based on the nature and content of materials that Triller produces, license, and distribute,
such as content from its live Events. Triller also may face potential liability for content used in promoting its Technology Platform
and Events, including marketing materials or its community-related content. Triller may decide to remove content from its Technology Platform,
not to place certain content on its Technology Platforms, or to discontinue or alter its production of certain types of content if Triller
believes such content might not be well received by its consumers and partners or could be damaging to its brand and business.
To the extent Triller
does not accurately anticipate costs or mitigate risks, including for content that it obtains but ultimately does not appear on or is
removed from its Technology Platforms, or if Triller become liable for content it produces, licenses or distributes, its business may
suffer. Litigation to defend these claims could be costly and the expenses and damages arising from any liability could harm its business
and reputation. Triller may not be indemnified against claims or costs of these types and Triller cannot guarantee that it is adequately
insured to indemnify Triller for all liability that may be imposed on Triller.
Triller's
ability to generate revenue from discretionary consumer and corporate spending on entertainment and sports events, such as ticket sales,
corporate sponsorships and advertising, is subject to many factors, including many that are beyond Triller's control, such as general
macroeconomic conditions and catastrophic events.
Triller's
business depends on discretionary consumer and corporate spending. Many factors related to discretionary consumer and corporate
spending, including economic conditions affecting disposable consumer income such as inflation, including the current persistent
inflationary environment, unemployment levels, fuel prices and prices for other goods and services, interest rates, including the
current environment of rapidly rising interest rates, changes in tax rates, tax laws that impact companies or individuals, and
inflation can significantly impact Triller's operating results. Declines in advertising, sponsorship and other Brand
partnership revenue can also be caused by the economic prospects of specific advertisers or industries, by increased competition for
the leisure time of audiences and audience fragmentation, by the growing use of new technologies causing advertisers to alter their
spending priorities based on these or other factors. In addition, Brands' willingness to purchase advertising or to sponsor
Triller's live Events may be adversely affected by lower audience ratings for Triller's programming content. While
consumer and corporate spending may decline at any time for reasons beyond Triller's control, such as economic recessions or
other economic conditions, natural disasters, severe weather, pandemics such as the COVID-19 pandemic, wars, acts of
terrorism, power loss, telecommunications failure or other catastrophic events, the risks associated with Triller's businesses
become more acute in periods of a slowing economy or recession, which may be accompanied by reductions in corporate sponsorship and
advertising and decreases in attendance at live entertainment and sports events, among other things. There can be no assurance that
consumer and corporate spending will not be adversely impacted by current economic conditions, or by any future deterioration in
economic conditions, thereby possibly impacting Triller's operating results and growth. A prolonged period of reduced consumer
or corporate spending, as occurred during the COVID-19 pandemic, could have an adverse effect on Triller's business,
financial condition and results of operations.
55
Owning and managing
certain Events for which Triller sells media and sponsorship rights and ticketing exposes Triller to greater financial risk than market
participants who are not vertically integrated. If the live Events that Triller owns and manages are not financially successful, Triller's
business could be adversely affected.
Triller acts as a principal
by owning and managing certain live Events for which it sells media and sponsorship rights and ticketing, such as BKFC. Organizing and
operating a live event involves significant financial risks as Triller bears all or most event costs, including a significant amount of up-front costs.
In addition, Triller typically books its live Events many months in advance of holding the event and often agree to pay various third
parties fixed guaranteed amounts prior to receiving any related revenue. Accordingly, if a planned event fails to occur or there is any
disruption in Triller's ability to live stream or otherwise distribute an event, whether as a result of technical difficulties or
otherwise, Triller could lose a substantial amount of these up-front costs, fail to generate anticipated revenue and be forced
to issue refunds for media and sponsorship rights, advertising fees, and ticket sales. There can be no assurance that Triller will not
suffer financial harm or adverse impacts to its business operations if Triller is required to cancel and/or reschedule any live Events.
Triller could be compelled to cancel or postpone all or part of an event for many reasons, including poor weather, issues with obtaining
permits or government regulation or performers failing to participate, as well as operational challenges caused by extraordinary incidents
such as terrorist or other security incidents, mass-casualty incidents, natural disasters, public health concerns including pandemics
such as the recent COVID-19 pandemic or similar events. Such incidents have been shown to cause a nationwide disruption of commercial
and leisure activities. For example, in 2021 and 2022 Triller had to cancel a total of four Events due to key participants contracting COVID-19. These
cancelations resulted in Triller's being unable to recoup or avoid payment for various nonrefundable expenses Triller had paid and/or
incurred in connection with such Events. Triller often has cancellation insurance policies in place to cover a portion of its losses if
it is compelled to cancel an event, but its coverage may not be sufficient and is subject to deductibles. If the live Events that Triller
owns and manages are not financially successful, it could suffer an adverse effect on its business, financial condition and results of
operations.
The failure to
continue creating and partnering with those who create popular live events and pay-per-view programming could adversely impact
Triller's business.
The creation, marketing
and distribution of Triller's media entertainment programming, including Triller's pay-per-view and digital live
Events, is critical to Triller's business and to Triller's ability to generate revenues. A failure to continue developing
or partnering with those who develop creative and entertaining programs and events would likely lead to a decline in the popularity of
Triller's brand of entertainment and would adversely affect Triller's ability to generate revenues and could have a material
adverse effect on Triller's business, operating results and financial condition.
Triller may pay
upfront expenses when planning live Events, entering into exclusive agreements for video series, or licensing rights to distribute and
publicly perform music, and if these arrangements do not perform as Triller expects, its business, results of operations and financial
condition may be harmed.
Triller may
pay one-time, upfront non-recoupable or recoupable signing fees or advances to certain entertainers (e.g.
musicians, athletes, and influencers) or event venues in order to produce high-quality live and virtual entertainment, or gain
exclusive ticketing or streaming video rights. Triller may also pay upfront fees for access to song catalogs by music labels. If the
party does not comply with the terms of the contract or perform an event, such fees are refundable to Triller. Triller pay these
upfront fees based on the expectations to generate revenue on ticket sales, sponsorships, advertising
and on-demand payments by users. Triller makes the decision to make these payments based on its assessment of the past
success of the entertainers, past event data, and other financial information. Triller includes commercial and legal protections in
its contracts that include upfront fees, such as requiring certain performance obligations, to mitigate the financial risk of making
these payments. However, live and virtual Events may vary greatly from year-to-year and from event to event as a result of
external factors, including event planning and budgeting commitments as well as other competing events, streaming platform
commitments, etc. If Triller's assumptions and expectations prove wrong, or a counterparty defaults, resulting in an
unsuccessful event, Triller's return on these signing fees will not be realized and Triller's business and results of
operations will be harmed.
56
Further, Triller has
in the past, and may in the future, face legal claims from Creators or vendors who did not receive advanced payout payments, which may
harm Triller's business, results of operation and financial condition. Triller has in the past, and may in the future, also face
legal claims from Creators who did not meet contractual minimums or other contractual provisions to receive payments, which may harm Triller's
business, results of operation or financial condition.
Participants and
spectators in connection with Triller's live entertainment and sports Events are subject to potential injuries and accidents, which
could subject Triller to personal injury or other claims and increase Triller's expenses (for which Triller's insurance may
not provide adequate coverage), as well as reduce attendance at Triller's live entertainment and sports Events, causing a decrease
in Triller's revenue.
Triller holds numerous
live Events each year. This schedule exposes Triller's performers, athletes and Triller's employees who are involved in the
production of those Events to the risk of travel and performance-related accidents, the consequences of which are not fully covered by
insurance. The physical nature of Triller's Events exposes Triller's performers and athletes to the risk of serious injury
or death. There are inherent risks to participants and spectators involved with producing, attending or participating in live entertainment
and sports events including the risk of an actual or threatened terrorist act, fire, explosion, protests, riots, and other safety or security
issues, any one of which could result in injury or death to attendees and/or damage to the facilities at which such an event is hosted.
Injuries and accidents may occur from time to time in the future, which could subject Triller to substantial claims and liabilities for
injuries. Incidents in connection with Triller's entertainment and sports Events at any of Triller's venues or venues that
Triller rents could also result in claims, reducing operating income or reducing attendance at Triller's Events, causing a decrease
in Triller's revenues. There can be no assurance that the insurance Triller maintains will be adequate to cover any potential losses.
The physical nature of many of Triller's live sports Events exposes the athletes that participate to the risk of serious injury
or death. For example, participants in BKFC do not wear any padding or gloves, which may result in increased numbers of injuries, including,
among others, maxillofacial fractures and dental avulsions. These injuries could also include concussions or more serious injuries, and
many sports leagues and organizations have been sued by athletes over alleged long-term neurocognitive impairment arising from concussions.
Although the participants in certain of Triller's live sports Events, as independent contractors, are responsible for maintaining
their own health, disability and life insurance, Triller may seek coverage under its accident insurance policies or its general liability
insurance policies, for injuries that athletes incur while competing. To the extent such injuries are not covered by its policies, Triller
may self-insure medical costs for athletes for such injuries. Liability to Triller resulting from any death or serious injury, including
concussions, sustained by athletes while competing, could adversely affect its business, financial condition, and operating results.
Triller's live
Events will entail other risks inherent in public live events, including air and land travel interruption or accidents, the spread of
illness, injuries resulting from building problems, equipment malfunction, terrorism or other violence, local labor strikes
and other "force majeure" type events. If an event Triller hosts or in which Triller participates experiences an internet
or power outage, the event may be delayed or canceled, and Triller's reputation may be harmed. These circumstances could result
in personal injuries or deaths, including to Triller's employees and contractors, canceled Events and other disruptions
to Triller's business or result in liability to third parties. Triller cannot guarantee its insurance policies will provide Triller
coverage for these incidents or that any coverage Triller obtain will be adequate to cover its liabilities. Moreover, if there were a
public perception that the safety or security measures are inadequate at the Events Triller hosts, whether or not that is the case, it
could result in reputational damage and a decline in future attendance at Events hosted by Triller. In addition, Triller streams a number
of live Events every year, and if an event Triller hosts or participates in experiences an internet or power outage, the event may be
delayed or canceled, and Triller's reputation may be harmed and Triller may incur additional financial expense. The occurrence of
any of these circumstances could adversely affect Triller's business, financial condition, and results of operations.
57
A decline in the
popularity of Triller's brand of sports entertainment, including as a result of changes in the social and political climate, could
adversely affect Triller's business.
Triller's operations
are affected by consumer tastes and entertainment trends, which are unpredictable and subject to change and may be affected by changes
in the social and political climate. Some of live event programming is created to evoke a passionate response from consumers. For example,
BKFC live Events may be negatively perceived by some parts of the public and negative events or publicity related to such Events may result
in a decline in the popularity of such events.
A determination
that independent contractors are employees could expose Triller to various liabilities and additional costs.
In certain states, notably
California and New York, legislative changes have been enacted or are contemplated that draw into question Triller's ability to
treat performers and athletes as independent contractors in those states. The impact of these initiatives on Triller is unknown. If Triller
is required to reclassify independent contractors as employees, Triller may incur additional costs and taxes which could adversely affect
Triller's business, financial condition, and results of operations.
Regulations that govern
the status and classification of independent contractors are subject to changes and divergent interpretations by various authorities,
which can create uncertainty and unpredictability for Triller. For example, in 2020 California passed a worker classification statute
("
AB 5
"), which effectively narrowed the definition of an independent contractor by requiring hiring entities to use
a stricter test to determine a given worker's classification. In addition, AB 5 places the burden of proof for classifying workers
as independent contractors on hiring entities and provides enforcement powers to the state and certain cities. Legislative proposals concerning
worker classification are being considered by various other states, including New York and New Jersey. Additionally, any requirement to
reclassify independent contractors as employees may require Triller to significantly alter Triller's existing business model or
operations, including suspending or ceasing operations in impacted jurisdictions, increase Triller's costs and impact Triller's
ability to add new talent and grow Triller's business. For instance, existing talent may decide not to partner with Triller and
new talent may not join given the loss of flexibility under an employment model. Any of the foregoing could have an adverse impact on
Triller's business, financial condition, and results of operations and Triller's ability to achieve or maintain profitability.
If ultimately required, worker's compensation insurance for Triller's talent or other aspects of their treatment as employees
in those states could add expense to, or otherwise alter, Triller's operations, which could affect Triller's business, financial
condition and/or results of operations. Liability to Triller resulting from any death or serious injury sustained by one of Triller's
performers or athletes while performing could adversely affect Triller's business, financial condition and operating results.
The Company's insurance may not be adequate.
Triller plans to hold numerous live Events each year. This schedule
exposes Triller's performers and Triller's employees who are involved in the production of those Events to the risk of travel
and performance-related accidents, the consequences of which may not be fully covered by insurance. The physical nature of the Company's
Events exposes the Company's performers to the risk of serious injury or death. Although the Company has general liability insurance
and umbrella insurance policies, and although the Company's performers are responsible for obtaining their own health, disability
and life insurance, the Company cannot assure you that the consequences of any accident or injury will be fully covered by insurance.
the Company's liability resulting from any accident or injury not covered by the Company's insurance could have a material
adverse effect on the Company's business, operating results and financial condition.
Triller may be
prohibited from promoting and conducting Triller's live Events if it does not comply with applicable regulations.
In various states in
the United States, athletic commissions and other applicable regulatory agencies require Triller to comply with their regulations, which
may include obtaining promoters licenses, performers licenses, medical licenses and/or event permits in order for Triller to promote and
conduct Triller's live events. In the event that Triller fails to comply with the regulations of a particular jurisdiction, Triller
may be prohibited from promoting and conducting live events in that jurisdiction. The inability to present Triller's live Events
over an extended period of time or in a number of jurisdictions could have a material adverse effect on Triller's business, operating
results and financial condition.
58
Labor disputes,
whether involving Triller's own employees or sports leagues, creative talent or broadcast partners may disrupt Triller's operations
and adversely affect Triller's results of operations.
Some of the performers
and vendors Triller uses for its live Events and content production, including music and athletic talent and production crews, may be
covered by collective bargaining agreements or works councils. If the parties Triller has contracts with are unable to reach agreements
with labor unions before the expiration of their collective bargaining agreements, the individuals who were covered by those agreements
may have a right to strike or take other actions that could adversely affect Triller. Moreover, many collective bargaining agreements
are industry-wide agreements, and Triller lacks control over the negotiations and terms of the agreements. A labor dispute involving Triller's
contracted parties may result in work stoppages or disrupt Triller's operations and reduce Triller's revenue, and resolution
of disputes may increase Triller's costs.
Labor disputes in sports
leagues or associations could have an adverse impact on Triller's business, financial condition and results of operations. In addition,
any labor disputes that occur in any sports league or association for which Triller has the rights to broadcast live games or events may
preclude Triller from airing or otherwise distributing scheduled games or events, which could have a negative effect on Triller's
business, financial condition and results of operations.
The sales cycle
for live events programming varies and may negatively affect Triller's ability to prepare accurate financial forecasts.
The sales cycle related
to Triller's live Events programming and the related revenue streams, which typically ranges from a single week to multiple months,
may also cause Triller to experience a delay between increasing operating expenses and the generation of corresponding revenue, if any.
Accordingly, Triller may be unable to prepare accurate internal financial forecasts or replace anticipated revenue that Triller does not
receive as a result of delays arising from these factors, and Triller's results of operations in future reporting periods may be
below the expectations of investors. If Triller does not address these risks successfully, Triller's results of operations could
differ materially from Triller's estimates and forecasts or the expectations of investors, causing Triller's business to suffer.
Triller has no assurance
that the substantial time and money spent on its sales efforts will generate significant revenue. If conditions in the marketplace, generally
or with specific Brands, Creators or consumers, change negatively, it is possible that Triller will be unable to recover any of these
expenses. Triller's sales efforts involve educating Triller's Brands, Creators or consumers about the use, technical capabilities
and benefits of Triller's Technology Platform. Some of Triller's Brands, Creators or consumers undertake an evaluation process
that frequently involves not only Triller's Technology Platform but also the offerings of Triller's competitors. As a result,
it is difficult to predict when Triller will obtain new Brands, Creators or consumers and begin generating revenue from these new Brands,
Creators or consumers. Even if Triller's sales efforts result in obtaining a new Brand, Creator or user, it may not sufficiently
justify the expenses incurred to acquire the Brand, Creator or user and the related training support. As a result, Triller may not be
able to add Brands, Creators or consumers, or generate revenue, as quickly as Triller may expect, which could harm Triller's growth
prospects.
A significant slowdown
in the growth of AI and AI-related markets could affect Triller's business and earnings. Even if the market does grow,
there is a possibility that Triller may not be able to grow at a similar pace.
AI and AI-related markets
are still in their infancy in comparison to other widely used software types, it is unclear whether AI and AI-related markets
will continue to grow. The success of Triller's Technology Platform will depend on the willingness of Creators and Brands to increase
their use of AI. If Creators and Brands do not perceive the benefits of AI products and services, then AI and AI-related markets
could experience a significant slowdown in growth, which would diminish the market for Triller's Technology Platform and have a
negative effect on Triller's business, operating results, and financial condition. Additionally, if market growth falls short of
Triller's expectations Triller may not be able to adjust its Technology Platform quickly enough to maintain and grow its operations.
Even if AI-related markets do grow, Triller may not be able to adjust its spending quickly enough to keep pace or grow at a
similar or steady pace with such growth, and Triller may misjudge market and business trends, which would harm its business, operating
results, and financial condition.
59
AI services and
products developed by Triller may become obsolete due to fast growing technological innovations or the entry of competitors with more
financial and brand power.
AI is a fast growing
industry and Triller must successfully adapt and manage technological advances in AI and AI-related markets, as well as effectively
compete with the emergence of additional competitors in the industry in order to maintain and grow Triller's AI business and AI
services. Thus, the success of Triller's AI services and business depends in large part on Triller's ability to keep pace
with rapid technological changes in the development and implementation of AI products and services. For example, the development of groundbreaking
technological innovations in AI, or innovations that would render AI obsolete, would harm Triller's AI related business and make
Triller's AI services less durable. Further, the entry of competitors into the AI market that have more financial and brand power,
could cause Triller's share of the market to be significantly reduced thereby negatively affecting Triller's business, operating
results, and financial condition. For example, both Google and Microsoft have announced near term AI products and services. Any one of
which may be a direct competitor with Triller's Amplify conversation AI services. There is a risk that these or other competitors
could cause significant disruptions to Triller's AI business model, and that Triller will be unprepared to compete effectively.
Failure to attract
and retain additional qualified personnel could prevent the Company from executing the Company's business strategy and growth plans.
To execute the Company's business strategy, the Company must
attract and retain highly qualified personnel, including in the areas of AI and ML. Competition for executive officers, software developers,
compliance and risk management personnel and other key employees in the Company's industry and location is intense. The Company
competes with many other companies for software developers with high levels of experience in designing, developing, and managing cloud-based
software, as well as for skilled legal and compliance and risk operations professionals. Many of the companies with which the Company
competes for experienced personnel have greater resources than the Company does and can frequently offer such personnel substantially
greater compensation than the Company can offer. If the Company fails to identify, attract, develop and integrate new personnel, or fail
to retain and motivate its current personnel, its growth prospects would be adversely affected.
The information
that Triller's AI learns may include highly confidential information. In the unlikely event of a leakage of such confidential information,
Triller's credibility may be negatively impacted, which may affect Triller's business, operating results, and financial condition.
Triller's AI may
come to learn sensitive and confidential information. When accumulating such information the risks of a data breach or inadvertent disclosure
of such information is of paramount concern. The information Triller's AI obtains may become released due to a hack or data breach
by third-parties as well as accidently released by Triller. Any unauthorized disclosure of such information could damage Triller's
reputation, interrupt Triller's operations, and may result in a violation of applicable laws. If such information is released, it
could cause Creators and Brands to not trust Triller's AI services and reduce the number of customers Triller attracts. Further,
if such a leak were to occur Triller may also have to cease its AI operations to install additional security measures to prevent the further
occurrence of leaks, which may be time consuming and expensive. Accordingly, if there is a leak of sensitive or confidential information
by Triller's AI, whether as a result of third-parties, or caused by us, it would seriously harm Triller's business, operating
results, and financial condition.
Use of new and
emerging AI applications, such as genAI content creation, may require additional investment and costs, and pose risks to Triller's
business and could subject Triller to legal liability.
Uncertainty around new
and emerging AI applications, such as genAI content creation, may require additional investment in the development of proprietary datasets
and ML models, development of new approaches and processes to provide attribution or remuneration to content creators and building systems
that enable creatives to have greater control over the use of their work in the development of AI, which may be costly and could impact
Triller's profit margin. Developing, testing, and deploying AI systems may also increase the cost profile of Triller's offerings
due to the nature of the computing costs involved in such systems.
60
Triller may use
generative AI tools in its business. GenAI is a broad label describing any type of AI that can produce new text, images, video, or
audio clips. Technically, this type of AI learns patterns from training data and generates new, unique outputs with similar
properties. GenAI tools producing content which can be indistinguishable from that generated by humans is a relatively novel
development, with benefits, risks, and liabilities still unknown. Recent decisions of the U.S. Copyright Office suggest that Triller
would not be able to claim copyright ownership in any source code, text, images,
or other materials, which Triller develops through use of genAI tools, and the availability of such protections in other countries is
unclear. As a result, Triller could have no remedy if third parties reused those same materials, or similar materials also generated by
AI tools. Triller also face risks to any confidential or proprietary information of the Company which it may include in any prompts or
inputs into any genAI tools, as the providers of the genAI tools may use these inputs or prompts to further train the tools. Not all providers
offer an option to opt-out of such usage, and, even where Triller does opt-out, it cannot guarantee that the opt-out will be fully effective.
In addition, Triller has little or no insight into the third-party content and materials used to train these genAI tools, or the extent
of the original works which remain in the outputs. As a result, Triller may face claims from third parties claiming infringement of their
intellectual property rights, or mandatory compliance with open source software or other license terms, with respect to software, or other
materials or content Triller believed to be available for use, and not subject to license terms or other third party proprietary rights.
Triller could also be subject to claims from the providers of the genAI tools, if Triller uses any of the generated materials in a manner
inconsistent with their terms of use. Any of these claims could result in legal proceedings and could require Triller to purchase a costly
license, comply with the requirement of open source software license terms, or limit or cease using the implicated software, or other
materials or content unless and until Triller can re-engineer such software, materials, or content to avoid infringement or change the
use of, or remove, the implicated third party materials, which could reduce or eliminate the value of its technologies and services. Any
of these risks could be difficult to eliminate or manage, and, if not addressed, could have a material adverse effect on Triller's
business, results of operations, financial condition, and future prospects.
Triller may be
unable to protect its patents, trademarks and other intellectual property rights, and others may allege that Triller infringes upon their
intellectual property rights.
Triller has invested
significant resources in brands associated with its business such as "Triller," "Triller Fight Club," "TrillerFest,"
and "TrillerTV" in an attempt to obtain and protect its public recognition. These brands are essential to Triller's
success and competitive position. Triller has also invested significant resources in the premium content that it produces.
Triller's intellectual
property portfolio primarily consists of patents, patent applications, copyrights, registered and unregistered trademarks, trademark applications,
domain names, know-how, and trade secrets. Triller's trademarks and other intellectual property rights are critical to
Triller's success and Triller's competitive position. Triller's intellectual property rights may be challenged and invalidated
by third parties and may not be strong enough to provide meaningful commercial competitive advantage. While Triller has been issued patents
and have additional patent applications pending, there can be no assurance that Triller's issued patents will not be limited in
scope or invalidated, or that Triller's patent applications will result in issued patents. Triller has not registered its intellectual
property in all jurisdictions in which it operates or has plans to operate. If Triller fails to maintain its intellectual property, its
competitors might be able to enter the market, which would harm its business.
Moreover, a portion of
Triller's intellectual property has been acquired from one or more third parties. While Triller has conducted diligence with respect
to such acquisitions, because Triller did not participate in the development or prosecution of much of the acquired intellectual property,
Triller cannot guarantee that its diligence efforts identified and/or remedied all issues related to such intellectual property, including
potential ownership errors, potential errors during prosecution of such intellectual property, and potential encumbrances or issues arising
through the acquisition that could limit Triller's ability to enforce such intellectual property rights.
Further, policing
unauthorized use and other violations of Triller's intellectual property is difficult, particularly given Triller's
international scope, so Triller is susceptible to others infringing, diluting or misappropriating its intellectual property rights.
If Triller is unable to maintain and protect its intellectual property rights adequately, Triller may lose an important advantage in
the markets in which it competes. In particular, the laws of certain foreign countries do not protect intellectual property rights
in the same manner as do the laws of the United States and, accordingly, Triller's intellectual property is at greater risk in
those countries even where Triller takes steps to protect such intellectual property. For example, some license provisions
protecting against unauthorized use, copying, transfer, and disclosure of Triller's products, or certain aspects of
Triller's Technology Platform or products may be unenforceable under the laws of certain jurisdictions. Further, competitors,
foreign governments, foreign government-backed actors, criminals, or other third parties may gain unauthorized access to
Triller's proprietary information and technology. Additionally, certain unauthorized use of Triller's intellectual
property may go undetected, or Triller may face legal or practical barriers to enforcing its legal rights even where unauthorized
use is detected. Triller has not actively monitored trademark filings by third parties. The disclosure to, or independent
development by, a competitor of any of Triller's trade secrets, know-how or other technology not protected by a
patent or other intellectual property system could materially reduce or eliminate any competitive advantage that Triller may have
over such competitor. Additionally, failure to comply with applicable procedural, documentary, fee payment, foreign filing license
and other similar requirements with the United States Patent and Trademark Office and various similar foreign governmental agencies
could result in abandonment or lapse of the affected patent, trademark or application. Accordingly, despite Triller's efforts,
Triller may be unable to prevent third parties from infringing upon, misappropriating or designing around Triller's technology
and intellectual property or claiming that Triller infringes upon or misappropriate their technology and intellectual property.
61
The confidentiality and
invention agreements Triller has entered into to protect its intellectual property rights may not have been properly entered into on every
occasion with the applicable counterparty, and Triller cannot predict whether these agreements will be adequate to prevent infringement
or misappropriation of these rights or be sufficient to ensure ownership of these rights, and such agreements can be difficult and costly
to enforce or may not provide adequate remedies if violated. Further, Triller may not have entered into such agreements with all relevant
parties. If Triller failed to enter into one of these agreements, or if the assignment language is found to be insufficient under applicable
laws, it may not have effectively granted ownership of certain technology or other intellectual property to Triller. In such an event,
there would be a risk that the applicable counterparty would not be available to (or would not be willing to) assist Triller in perfecting
its ownership of the technology or intellectual property, or the counterparty may even assert ownership rights against Triller and make
claims for fees, damages, or equitable relief with respect to such technology or intellectual property, which may have an adverse effect
on Triller's ability to utilize, perfect, or protect Triller's proprietary rights over such technology and intellectual property.
Such agreements may also be breached and trade secrets or confidential information may be willfully or unintentionally disclosed, including
by employees who may leave Triller's company and join Triller's competitors, or Triller's competitors or other parties
may learn of the information in some other way. Any such infringement of Triller's intellectual property rights would also likely
result in Triller's commitment of time and resources to protect these rights. Triller has engaged, and continue to engage, in litigation
with parties that claim or misuse some of its intellectual property. Triller is involved in certain pending lawsuits relating primarily
to the ownership of certain intellectual property rights. Similarly, Triller may infringe on others' intellectual property rights.
One or more adverse judgments with respect to these intellectual property rights could have a material adverse effect on Triller's
business, operating results and financial condition.
From time to time, in
the ordinary course of Triller's business, Triller has been and may become involved in administrative processes, including re-examination,
inter
partes
review, interference, derivation opposition and/or cancellation proceedings with respect to some of Triller's intellectual
property or third-party intellectual property. Any such proceedings or other litigation or dispute involving the scope or enforceability
of Triller's intellectual property rights or any allegation that Triller infringes, misappropriate or dilute upon the intellectual
property rights of others, regardless of the merit of these claims, could be costly and time-consuming and have in the past and may in
the future lead to loss or narrowing of Triller's intellectual property. If any infringement or other intellectual property claim
made against Triller by any third party is successful, if Triller is required to indemnify a third party with respect to a claim, or if
Triller is required to, or decide to, cease use of a brand or technology, rebrand or obtain non-infringing intellectual property
(such as through a license), it could result in harm to Triller's competitive position, delay introductions of enhancements to Triller's
platform, result in Triller's substituting inferior or more costly technologies into Triller's platform, or harm Triller's
reputation and brand, and could adversely affect Triller's business and financial condition. Triller expects that the occurrence
of infringement claims is likely to grow as the market for Triller's Technology Platform and Events grows and as Triller introduces
new and updated products and offerings. Accordingly, Triller's exposure to damages resulting from infringement claims could increase
and this could further exhaust Triller's financial and management resources.
Through new and existing
legal and illegal distribution channels, consumers have increasing options to access entertainment video. Piracy, in particular, threatens
to damage Triller's business. Furthermore, in light of the compelling consumer proposition, piracy services are subject to rapid
global growth. Triller's streaming video solutions are directly threatened by the availability and use of pirated alternatives.
The value that streaming services are willing to pay for content that Triller develops may be reduced if piracy prevents these services
from realizing adequate revenues on these acquisitions.
62
Lastly, in the event
of a bankruptcy, Triller's intellectual property licenses could be affected in numerous ways. A bankruptcy could result in Triller
losing intellectual property rights. In particular, the United States Bankruptcy Code definition of intellectual property only includes
trade secrets, patents and patent applications, copyrights, and mask works and does not include trademarks so in the event of Triller's
bankruptcy, Triller could lose rights to its trademarks.
Triller has been,
and in the future may be, sued by third parties for alleged infringement of their proprietary rights.
There is considerable
patent and other intellectual property development activity in Triller's market, and litigation, based on allegations of infringement
or other violations of intellectual property, is frequent in the music and social media industries. However, Triller may not be aware
if Triller's Technology Platform or technology is infringing, misappropriating, or otherwise violating third-party intellectual
property rights, and such third parties may bring claims alleging such infringement, misappropriation, or violation. Because patent applications
can take years to issue and are often afforded confidentiality for some period of time, there may currently be pending applications, unknown
to us, that later result in issued patents that could cover Triller's Technology Platform or technology and there is also a risk
that Triller could adopt a technology without knowledge of a pending patent application, which technology would infringe a third-party
patent once that patent is issued. Furthermore, it is common for individuals and groups to purchase patents and other intellectual property
assets for the purpose of making claims of infringement to extract settlements from companies like Triller's. Triller's patent
portfolio may provide little or no deterrence in a litigation with such non-practicing entities or other adverse patent owners
that have no relevant solution revenue as Triller would not be able to assert its patents against such entities or individuals.
Triller's use of third-party content, including music content,
software, and other intellectual property rights may be subject to claims of infringement or misappropriation. Triller cannot guarantee
that its internally developed or acquired technologies and content do not or will not infringe the intellectual property rights of others.
From time to time, Triller's competitors or other third parties have in the past and may in the future claim that Triller is infringing
upon or misappropriating their intellectual property rights, and Triller may be found to be infringing upon such rights. For example,
in 2023 Triller settled litigation brought by Sony Music Entertainment, Sony Music Entertainment US Latin LLC, Arista Records LLC, Provident
Label Group LLC, Records Label, LLC, and Zomba Recording LLC (collectively, "
Sony Music
"), alleging claims for breach
of contract relating to an agreement permitting the use of Sony Music's content in user-created videos, copyright infringement,
contributory copyright infringement, and vicarious copyright infringement (the "
Sony Music Lawsuit
") and were recently
sued again by Sony Music for breach of the settlement agreement.
Many potential litigants, including some of Triller's competitors
and patent-holding companies, have the ability to dedicate substantial resources to assert their intellectual property rights and to defend
claims that may be brought against them. Claims or litigation have caused in the past and could in the future cause Triller to incur significant
expenses and, if successfully asserted against us, could require that Triller pays substantial damages or ongoing royalty payments, prevent
Triller from offering its Technology Platform or services or using certain technologies, force Triller to implement expensive work-arounds,
or impose other unfavorable terms. In addition, Triller may be required to license additional technology from third parties to develop
and market new platform features, which may not be on commercially reasonable terms, or at all, and would adversely affect Triller's
ability to compete. Any license or settlement entered into as the result of claims or litigation may not provide Triller with sufficient
rights to practice Triller's Technology Platform. Triller has in the past and may in the future enter into patent license agreements
as a result of third-party patent assertions. In the event that Triller does not comply with the requirements of a patent license agreement
or fail to make required payments, Triller may be subject to breach of contract claims, which may subject Triller to monetary damages
and loss of rights under the license agreement. Triller expects that the occurrence of infringement claims is likely to grow as the market
for Triller's Technology Platform and Events grows and as Triller introduces new and updated products and offerings. Accordingly,
Triller's exposure to damages resulting from infringement claims could increase and this could further exhaust Triller's financial
and management resources. Further, during the course of any litigation, Triller may make announcements regarding the results of hearings
and motions, and other interim developments. If securities analysts and investors regard these announcements as negative, the value of
ILLR Shares may decline. Even if intellectual property claims do not result in litigation or are resolved in Triller's favor,
these claims, and the time and resources necessary to resolve them, could divert the resources of Triller's management and require
significant expenditures. Any of the foregoing could prevent Triller from competing effectively and could have an adverse effect on Triller's
business, financial condition, and operating results.
63
Moreover, Triller's
agreements with certain partners and certain vendors include indemnification provisions under which Triller agrees to indemnify them for
losses suffered or incurred as a result of claims of intellectual property infringement pertaining to Triller's products and technology.
Some of these indemnity agreements provide for uncapped liability and some indemnity provisions survive termination or expiration of the
applicable agreement. Any claim of infringement by a third party, even one without merit, whether against Triller or for which Triller
is required to provide indemnification, could cause Triller to incur substantial costs defending against the claim, could distract Triller's
management from Triller's business, and could require Triller to cease use of such intellectual property. Further, because of the
substantial amount of discovery required in connection with intellectual property litigation, Triller risks compromising Triller's
confidential information during this type of litigation. Any dispute with a partner or vendor with respect to these intellectual property
indemnification obligations could have adverse effects on Triller's relationship with that counterparty and other potential partners
or vendors, and harm Triller's business and operating results. Triller may be required to make substantial payments for legal fees,
settlement fees, damages, royalties, or other fees in connection with a claimant securing a judgment against us, Triller may be subject
to an injunction or other restrictions that cause Triller to cease selling subscriptions to Triller's platform, Triller may be subject
to an injunction or other restrictions that cause Triller to rebrand or otherwise cease using certain trademarks in specified jurisdictions,
or Triller may be required to redesign any allegedly infringing portion of Triller's platform or Triller may agree to a settlement
that prevents Triller from distributing Triller's platform or a portion thereof, any of which could adversely affect Triller's
business, financial condition and results of operations. In addition, Triller's insurance may not be adequate to indemnify Triller
for all liability that may be imposed, or otherwise protect Triller from liabilities or damages, and any such coverage may not continue
to be available to Triller on acceptable terms or at all.
Triller may incur
significant expenses to protect its intellectual property rights, and if Triller is unable to adequately protect its intellectual property
rights, its competitive position could be harmed.
Triller regards its copyrights,
service marks, trademarks, trade secrets, patents and other intellectual property as critical to its success. Triller relies on a combination
of copyright and trademark laws, trade secret protection, confidentiality and non-disclosure agreements, and other contractual
provisions to protect Triller's proprietary software, trade secrets and similar intellectual property. Triller has patents, copyrights
and trademarks in certain jurisdictions and may apply for further trademark and copyright registrations and additional patents, which
may provide such protection in relevant jurisdictions. However, Triller cannot assure you that its efforts will prove to be sufficient
or that third parties will not infringe upon or misappropriate its proprietary rights. Unauthorized use of the intellectual property,
whether owned by or licensed to us, could adversely affect Triller's business and reputation.
Triller may be
subject to disputes or liabilities associated with content made available on its products and services.
Triller provides various
products and services that enable Brands and Creators and other users to make content available on its service. For example, Creators
or users can record and distribute their content and can upload profile images. These may subject Triller to claims of intellectual property
infringement by third parties if such Brands and Creators or users do not obtain the appropriate authorizations from rights holders. In
addition to intellectual property infringement, Triller has faced and will continue to face other claims relating to content that is published
or made available through its products and services. These may include claims related to defamation, rights of publicity and privacy,
and online safety. For example, Triller is dependent on those who provide content on its service complying with the terms and conditions
of any license agreements with us, its end user license agreements, or commercial agreements Triller may enter into with certain Brands
and Creators or users, which prohibit providing content that infringes the intellectual property or proprietary rights of third parties
or is otherwise legally actionable pursuant to privacy and/or publicity rights, and other applicable laws, rules, and regulations. However,
Triller cannot guarantee that the Brands and Creators and users who provide content on its service will comply with their obligations,
and any failure of Brands and Creators and users to do so may materially impact Triller's business, operating results, and financial
condition.
64
Triller and other
intermediate online service providers rely primarily on two sets of laws in the U.S., to shield Triller from legal liability with
respect to user activity, including actions based on invasion of privacy and other torts, unfair competition, copyright and
trademark infringement, and other theories based on the nature and content of the materials searched, the advertisements posted, or
the content provided by Brands, Creators or users. The Digital Millennium Copyright Act ("
DMCA
") provides service
providers a safe harbor from monetary damages for copyright infringement claims, provided that service providers comply with various
requirements designed to stop or discourage infringement on their platforms by their users. Section 230 of the Communications
Decency Act ("
CDA
") protects providers of an interactive computer service from liability with respect to most
types of content, including defamatory information, provided over their service by others, including users. Both the DMCA safe
harbor and Section 230 of the CDA face regular calls for revision, including without limitation in a number of CDA reform bills
currently being considered by legislators. Furthermore, recent litigation involving cloud hosting companies has created uncertainty
with respect to the applicability of DMCA protections to companies that host substantial amounts of user content. For these reasons
and others, now or in the future, the DMCA, CDA, and similar provisions may be interpreted as not applying to Triller or may provide
Triller with incomplete or insufficient protection from claims. Changes in any such laws that shield Triller from liability could
materially harm Triller's business, operating results, and financial condition. In many, but not all, territories outside of
the United States there are laws similar to the DMCA which exempt Triller from copyright infringement liability that may arise due
to hosting user-uploaded materials. In some countries, particularly in Europe and the APAC region, these laws are being readjusted
and new -at times burdensome -constraints are being imposed onto service providers. Although Triller has invested and continue to
invest in systems and resources, which are intended to ensure that Triller is compliant with the requirements of U.S. and
international laws relating to, among other things, materials that infringe on copyrights and contain other objectionable content,
Triller's systems may not be sufficient or Triller may unintentionally err and fail to comply with these laws and regulations
which could expose Triller to claims, judgments, monetary liabilities and other remedies, and to limitations on Triller's
business practices which could materially adversely affect Triller's business and financial results. For example, Triller
entered into a settlement agreement relating to a lawsuit for copyright infringement whereby Triller agreed to pay Wixen $10.0
million in scheduled payments through September 2024 and approximately $5.5 million remains due. Triller currently do not have
sufficient cash on hand to satisfy this obligation which could result in penalties under the settlement agreement. Although Triller
does not currently have cash on hand to satisfy this obligation, it has access to certain facilities which it believes will help
satisfy this obligation, including the up to $200.0 million available from the Sabeera Convertible Promissory Notes, of which
Triller has drawn $0.7 million to date. Triller anticipates utilizing approximately $25.0 million available to Triller under
the Sabeera Convertible Promissory Notes. In addition, Triller has entered into a $500.0 million SEPA with Yorkville which may
provide further liquidity and working capital support, if applicable conditions are met. On April 25, 2024, Triller entered into an
agreement with Yorkville and AGBA to amend and restate the SEPA (the "
Amended SEPA
"), and on June 28, 2024, AGBA
and Triller entered into the Second A&R SEPA with Yorkville. Triller believes that it will be able to satisfy all current and
future commitments under the Wixen Settlement due to its access to liquidity and capital lines. However, if Triller is not able to
obtain sufficient financing to satisfy these obligations it will have a material adverse effect on its business and Triller may have
to limit operations in a manner inconsistent with its development and growth plans.
Given the large volume
of content that various third parties make available on Triller's Technology Platform, it is challenging for Triller to accurately
verify the legitimacy of such content and review or moderate such content to ensure that it is otherwise in compliance with Triller's
policies, so inappropriate content may be posted or activities executed before Triller is able to take protective action, which could
subject Triller to legal liability. Even if Triller complies with legal obligations to remove or disable content, Triller may continue
to allow use of its products or services by individuals or entities who others find hostile, offensive, or inappropriate. The activities
or content of Triller's Creators, Brands or users may lead Triller to experience adverse political, business and reputational consequences,
especially if such use is high profile. Conversely, actions Triller takes in response to the activities of Triller's Creators, Brands
or users, up to and including banning them from using Triller's products, services, or properties, may harm Triller's brand
and reputation. In addition to liability based on Triller's activities in the United States, Triller may also be deemed subject
to laws in other countries that may not have the same protections or that may impose more onerous obligations on us, which may impose
additional liability or expense on us, including additional theories of intermediary liability.
In addition, Brands may
not wish to associate with certain types of content and if Triller cannot reliably exclude their ads from certain types of content, Triller's
business relationships may also be negatively impacted. If Triller fails to build and maintain an effective system to moderate the content
on Triller's Technology Platform, Triller's users, Creators, or Brands may lose trust in us, Triller's reputation may
be impaired, and Triller's business may be adversely affected.
65
Triller is subject
to governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and
Triller's actual or perceived failure to comply with such obligations could harm Triller's business, including regulatory
investigations or actions; litigation; fines and penalties; disruptions of Triller's business operations; reputational harm; loss
of revenue or profits; and other adverse business consequences.
Since Triller processes
personal information and other sensitive data such as confidential business data, trade secrets, and intellectual property, from and about
Triller's Creators, Brands, users, employees, service providers, and other third parties, Triller is subject to general business
regulations and laws, as well as regulations and laws specific to the internet, which may include laws and regulations related to user
privacy, data protection, information security, consumer protection, payment processing, taxation, intellectual property, electronic contracts,
internet access and content restrictions. Triller's handling of data is subject to a variety of laws and regulations, including
regulation by various government agencies, including the FTC, and various state, local and foreign regulators. The U.S. federal and various
state and foreign governments have adopted or proposed limitations on the collection, distribution, use and storage of personal data of
individuals. Any failure or perceived failure by Triller to comply with privacy or security laws, policies, legal obligations or industry
standards or any security incident that results in the unauthorized disclosure, release or transfer of personal data or other user data
may result in governmental enforcement actions, litigation, fines and penalties and/or adverse publicity, and could cause Triller's
users to lose trust in us, which could have an adverse effect on Triller's reputation and business. Triller cannot guarantee that
it has been or will be fully compliant in every jurisdiction. Litigation and regulatory proceedings are inherently uncertain, and the
laws and regulations governing issues such as privacy, payment processing, taxation and consumer protection related to the internet continue
to develop.
As Triller's service
and others like Triller gain traction in international markets, governments are increasingly looking to introduce new or extend legacy
regulations to these services. Laws and regulations concerning privacy, data protection and information security are evolving, and changes
to such laws and regulations could require Triller to change features of Triller's services, which may in turn reduce demand for
Triller's services. Triller's failure to comply with federal, state and international data privacy laws and regulations could
harm Triller's ability to successfully operate Triller's business and pursue Triller's business goals. For example,
the CCPA, among other things, requires covered companies to provide disclosures to California consumers and afford such consumers the
ability to opt-out of sales of personal data.
Additionally, broad consumer
privacy laws have been enacted in a number of states including California. Colorado, Connecticut, Iowa, Utah and Virginia. For example,
the Montana legislature voted to ban TikTok on April 14, 2023. Governor Greg Gianforte signed Senate Bill 419, which prohibits mobile
application stores from offering TikTok within the state. The bill also makes it illegal for TikTok to operate within the state. It is
not yet fully clear how these laws will be enforced and how certain of their requirements will be interpreted. The effects of these laws
are potentially significant and may require Triller to modify Triller's data collection or processing practices and policies and
to incur substantial costs and expenses in an effort to comply and increase Triller's potential exposure to regulatory enforcement
and/or litigation.
The CCPA has prompted
a number of proposals for new federal and state-level privacy legislation. Such proposed legislation, if enacted, may add additional complexity,
variation in requirements, restrictions and potential legal risk, require additional investment of resources in compliance programs, impact
strategies and the availability of previously useful data and could result in increased compliance costs and/or changes in business practices
and policies. At the federal level, there is a significant and potentially transformative bipartisan bill being debated.
Other federal and state
laws restrict the use and protect the privacy and security of personally identifiable information. For example, according to the FTC,
failing to take appropriate steps to keep consumers' personal information secure constitutes unfair acts or practices in or affecting
commerce in violation of Section 5(a) of the Federal Trade Commission Act, 15 U.S.C. § 45(a). The FTC expects a company's data
security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and
complexity of its business and the cost of available tools to improve security and reduce vulnerabilities. In recent years, the FTC has
paid increased attention to privacy and data security matters, and Triller expects them to continue to do so in the future.
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The privacy of children's
personal data collected online is also becoming increasingly scrutinized both in the United States and internationally. For example, the
United Kingdom's Age Appropriate Design Code ("
AADC
") and incoming Online Safety Bill, focuses on online safety
and protection of children's privacy online. A similar law, the California's Age-Appropriate Design Code Act ("
CAADCA
")
was signed into law in California and goes into effect on July 1, 2024. The CAADCA implements into law certain principles taken from the
AADC, among other things, and imposes substantial new obligations upon companies. Passage of the CAADCA and similar laws may further complicate
compliance efforts and may increase legal risk and compliance costs for Triller and Triller's third party partners. In the U.S.,
Triller may have obligations on the federal level under the Children's Online Privacy Protection Act ("
COPPA
").
Despite Triller's efforts, no assurances can be given that the measures Triller has taken to address COPPA requirements will be
sufficient to completely avoid allegations of COPPA violations, any of which could expose Triller to significant liability, penalties,
reputational harm and loss of revenue, among other things. Additionally, new laws and regulations are being considered in various jurisdictions
to require the monitoring of user content or the verification of users' identities and age such as a comprehensive new measure just
signed into law in Utah.
In addition, many foreign
jurisdictions in which Triller does business, including the European Union and other jurisdictions have laws and regulations dealing with
the collection and use of personal data obtained from their residents, which are more restrictive in certain respects than those in the
U.S. Laws and regulations in these jurisdictions apply broadly to the collection, use, storage, disclosure and security of personal data
that identifies or may be used to identify an individual. Triller may be required to modify its policies, procedures, and data processing
measures in order to address requirements under these or other privacy, data protection, or cyber security regimes, and may face claims,
litigation, investigations, or other proceedings regarding them and may incur related liabilities, expenses, costs, and operational losses.
Within the European Union,
legislators adopted the EU GDPR, which became effective in May 2018, and which imposes heightened obligations and risk upon Triller's
business and which may substantially increase the penalties to which Triller could be subject in the event of any non-compliance. Under
the EU GDPR, parties are either controllers, which are decision-makers that exercise overall control over the purposes and means of data
processing, whether alone or jointly with one or more other persons, or processors, who act on behalf of, and only on the instructions
of, the relevant controller. In the provision of Triller's services to its users, Triller generally acts as a controller, which
imposes significant compliance obligations on Triller under the EU GDPR. If Triller fails to satisfy these obligations, it may be subject
to investigation or administrative fines from supervisory authorities or subject to individual claims that Triller failed to comply with
the applicable provisions of EU GDPR. In addition, further to the United Kingdom's exit from the European Union on January 31, 2020,
the EU GDPR ceased to apply in the United Kingdom at the end of the transition period on December 31, 2020. In addition, Triller is also
subject to data protection laws in the United Kingdom. The UK GDPR and the UK Data Protection Act 2018 set out the United Kingdom's
data protection regime, which is independent from but aligned to the European Union's data protection regime. Non-compliance with
the EU GDPR, or UK GDPR, may result in monetary penalties of up to €20 million (or £17.5 million under UK GDPR) or 4% of worldwide
annual turnover, whichever is higher. Further, a wide variety of other potential enforcement powers are available to competent supervisory
authorities in respect of potential and suspected violations of the EU GDPR, or UK GDPR, including audit and inspection rights, and powers
to order temporary or permanent bans on all or some processing activities. The EU GDPR and UK GDPR also confer a private right of action
on data subjects and consumer associations to lodge complaints with supervisory authorities, seek judicial remedies, and obtain compensation
for damages resulting from violations of the EU GDPR and UK GDPR.
The EU GDPR also provides
that European Economic Area ("
EEA
") Member States may make their own further laws and regulations to introduce additional
requirements (for example, related to the processing of "special categories of personal data," as well as personal data related
to criminal offenses or convictions) which adds to the complexity of processing personal data in or from the EEA or the United Kingdom.
This may lead to greater divergence in the law that applies to the processing of personal data across the EEA and/or United Kingdom, compliance
with which could limit Triller's ability to collect and process data in the context of Triller's EEA and/or United Kingdom
operations, and/or could cause Triller's compliance costs to increase, ultimately having an adverse impact on Triller's business
and harming Triller's business and financial condition.
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The EU GDPR also
regulates cross-border transfers of personal data and requires transferee countries to have protections equivalent to protections
available in the EU. The EU GDPR imposes strict rules on the transfer of personal data to countries outside the EEA, Switzerland or
the United Kingdom, including the United States, in respect of which the European Commission or the United Kingdom government has
not issued a so-called "adequacy decision" or  "adequacy regulation" (known as "third
countries"), unless the parties to the transfer have implemented specific safeguards to protect the transferred personal data.
This includes putting in place the European Commission's Standard Contractual Clauses ("
SCCs
") for
transfers outside of the EEA and a similar transfer mechanism for transfers of personal data outside of the United Kingdom, the
International Data Transfer Agreement or Addendum ("
IDTA
"). Under both the EU GDPR and the UK GDPR, exporters are
also required to assess the risk of the data transfer on a case-by-case basis, including conducting an analysis of the laws in the
destination country. The SCCs had to be in place by December 27, 2022, whereas the IDTA must be implemented in all existing
contracts by March 21, 2024. Finalizing the implementation of the updated SCCs and IDTA, and conducting the required risk
assessments, may continue to necessitate significant contractual overhaul of Triller's data transfer arrangements with users,
sub-processors and vendors. On June 28, 2021, the European Commission published its decision recognizing the United Kingdom as
having adequate laws to the protect the rights and freedoms of data subjects such that personal data may transfer to from the EU to
the United Kingdom without an approved transfer mechanism. The decision is effective for four years and its continuing effect is
dependent on United Kingdom and regulation on data privacy not diverging materially from the EU GDPR. The United Kingdom Government
also confirmed that data transfers to the EU remain free flowing.
In addition, other European
data protection laws require that affirmative opt-in consent is procured to the placement of cookies and similar tracking technologies
on users' devices (other than those that are "strictly necessary" to provide services requested by the user), including
those used for analytics, personalization of experiences and advertising. These requirements may increase Triller's exposure to
regulatory enforcement actions, increase Triller's compliance costs and reduce demand for Triller's products. A new regulation
proposed in the EU, which would apply across the EEA, known as the ePrivacy Regulation, if and when enacted, may further restrict the
use of cookies and other online tracking technologies on which Triller's products rely, as well as increase restrictions on the
types of direct marketing campaigns that Triller's platform enables. The final version of the ePrivacy Directive is likely to introduce
regulatory enforcement powers akin to those available to supervisory authorities under the EU GDPR, including significant administrative
fines and other penalties for non-compliance. Given the delay in finalizing the ePrivacy Regulation, certain regulators have issued guidance
on the requirement to seek strict opt-in consent to all non-essential cookies and similar technologies and the requirement to increase
the standard of transparency relating to use of cookies and similar technologies. Triller is likely to need to invest significantly in
compliance with these types of new legislation in order to attract and maintain users in the EEA.
The global regulatory
framework governing the collection, processing, storage, use and sharing of certain information, particularly financial and other personal
data, is rapidly evolving and is likely to continue to be subject to uncertainty and varying interpretations. The proliferation of privacy
and data protection laws has heightened risks and uncertainties concerning cross-border transfers of personal data and other data, which
could impose significant compliance costs and expenses on Triller's business, increase Triller's potential exposure to regulatory
enforcement and/or litigation, and have a negative effect on Triller's existing business and on Triller's ability to attract
and retain new users.
Triller publicly posts
documentation regarding its practices concerning the collection, processing, use and disclosure of data. Although Triller endeavors to
comply with its published policies and documentation, it may at times fail to do so or be alleged to have failed to do so. Any failure
or perceived failure by Triller to comply with Triller's privacy policies or any applicable privacy, security or data protection,
information security or consumer-protection related laws, regulations, orders or industry standards could expose Triller to costly litigation,
significant awards, fines or judgments, civil and/or criminal penalties or negative publicity, and could materially and adversely affect
Triller's business, financial condition and results of operations. The publication of Triller's privacy policy and other documentation
that provide promises and assurances about privacy and security can subject Triller to potential state and federal action if they are
found to be deceptive, unfair, or misrepresentative of Triller's actual practices, which could, individually or in the aggregate,
materially and adversely affect Triller's business, financial condition and results of operations.
68
Triller may in the
future be, subject to enforcement actions, investigations, litigation, or other inquiries regarding Triller's data privacy and
security practices. Additionally, advocacy organizations have also filed complaints with data protection authorities against
advertising technology companies, arguing that certain of these companies' practices do not comply with the EU GDPR and/or the
UK GDPR. It is possible that investigations or enforcement actions will involve Triller's practices or practices similar to
Triller's. If Triller's privacy or data security measures fail to comply with current or future laws and regulations,
Triller may be subject to claims, legal proceedings or other actions by individuals or governmental authorities based on privacy or
data protection regulations and Triller's commitments to users or others, as well as negative publicity and a potential loss
of business. Moreover, if future laws and regulations limit Triller's ability to process personal data, Triller's costs
could increase, and Triller's business, results of operations and financial condition could be harmed. In addition, privacy
advocates and industry groups have regularly proposed, and may propose in the future, self-regulatory standards with which Triller
must legally comply or that contractually apply to Triller. If Triller fails to follow these security standards even if no user
information is compromised, it may incur significant fines, negative publicity and reputational damage or experience a significant
increase in costs.
Because the interpretation
and application of privacy and data protection laws, regulations and standards are uncertain and quickly changing, it is possible that
these obligations may be interpreted and applied in manners that are, or are asserted to be, inconsistent with Triller's practices.
Preparing for and complying with these obligations requires significant resources. Further, adaptation of the digital advertising marketplace
requires increasingly significant collaboration between participants in the market, such as content Creators, Brands and marketers. Failure
of the industry to adapt to changes in data privacy and security obligations and user response to such changes could negatively impact
inventory, data, and demand. Triller cannot control or predict the pace or effectiveness of such adaptation, and Triller cannot predict
the impact such changes may have on its business. In addition, it may be necessary for Triller to fundamentally change its business activities,
information technologies, systems, and practices, and to those of any third parties that process personal information on Triller's
behalf.
Although Triller endeavors
to comply with all applicable data privacy and security obligations, Triller may at times fail or be perceived to have failed to do so.
For example, Triller's subsidiary, TrillerTV, is party to a class action over its use of consumer personal identifying information
from Facebook. Moreover, despite Triller's efforts, Triller's customers, personnel or third parties upon whom Triller relies
may fail to comply with such obligations, which could negatively impact Triller's business operations and compliance posture. For
example, any failure by a third-party processor to comply with applicable law, regulations, or contractual obligations could result in
adverse effects, including inability to operate Triller's business and proceedings against Triller by governmental entities or others.
Any inability, or perceived inability, to address or comply with applicable data privacy or security obligations could result in significant
consequences, including, but not limited to, government enforcement actions (e.g., investigations, fines, penalties, audits, inspections,
and similar); litigation (including class-related claims); additional reporting requirements and/or oversight; bans on processing personal
information; and orders to destroy or not use personal information. Any of these events could have a material adverse effect on Triller's
reputation, business, or financial condition, including but not limited to: loss of customers; additional costs and liabilities; damage
Triller's reputation; reduction in sales and demand for Triller's platform; and harm Triller's business.
Moreover, as internet
commerce and advertising continues to evolve, increasing regulation by federal, state and foreign regulatory authorities becomes more
likely. For example, California's Automatic Renewal Law requires companies to adhere to enhanced disclosure requirements when entering
into automatically renewing contracts with consumers. Other states have enacted similar laws in recent years. As a result, a wave of consumer
class action lawsuits has been brought against companies that offer online products and services on a subscription or recurring basis.
Any failure, or perceived failure, by Triller to comply with any of these laws or regulations could result in damage to Triller's
reputation, lost business, and proceedings or actions against Triller by governmental entities or others, which could impact Triller's
operating results. As Triller improves its TV streaming platform, Triller may also be subject to new laws and regulations specific to
such technologies.
69
If Triller fails
to retain existing users or add new users, or if Triller's users decrease their level of engagement with Triller's products,
Triller's revenue, financial results, and business may be significantly harmed.
The size of
Triller's user base and Triller's users' level of engagement across Triller's products are critical to
Triller's success. Triller's financial performance has been and will continue to be significantly determined by
Triller's success in adding, retaining, and engaging active users of Triller's products that deliver ad impressions.
Triller has experienced, and expect to continue to experience, fluctuations and declines in the size of Triller's active user
base in one or more markets from time to time, particularly in markets where Triller has achieved higher penetration rates. User
growth and engagement are also impacted by a number of other factors, including competitive products and services, such as TikTok,
that have reduced some users' engagement with Triller's products and services, as well as global and regional business,
macroeconomic, and geopolitical conditions. For example, the COVID-19 pandemic led to increases and decreases in the size
and engagement of Triller's active user base from period to period at different points during the pandemic, and the resulting
effects from the COVID-19 pandemic may continue to have a varied impact on the size and engagement of Triller's active user
base in the future. Any future declines in the size of Triller's active user base may adversely impact Triller's ability
to deliver ad impressions and, in turn, Triller's financial performance.
If people do not perceive
Triller's products to be useful, reliable, and trustworthy, Triller may not be able to attract or retain users or otherwise maintain
or increase the frequency and duration of their engagement. A number of other social networking companies that achieved early popularity
have since seen their active user bases or levels of engagement decline, in some cases precipitously. There is no guarantee that Triller
will not experience a similar erosion of Triller's active user base or engagement levels. Triller's user engagement patterns
have changed over time, and user engagement can be difficult to measure, particularly as Triller introduces new and different products
and services. Any number of factors can negatively affect user retention, growth, and engagement, including if:
●
Triller's products are
subject to increased regulatory scrutiny or approvals, including from international privacy regulators (particularly in the EEA/UK),
or there are changes in Triller's products that are mandated or prompted by legislation, regulatory authorities, executive actions,
or litigation, including settlements or consent decrees, that adversely affect the user experience;
●
Triller is unable to offer
a number of its most significant products and services, including Facebook and Instagram, in Europe, or are otherwise limited in
Triller's business operations, as a result of European regulators, courts, or legislative bodies determining that Triller's
reliance on Standard Contractual Clauses ("
SCCs
") or other legal bases Triller relies upon to transfer user
data from the European Union to the United States is invalid; and
●
there is decreased engagement
with Triller's products, or failure to accept Triller's terms of service, as part of privacy-focused changes that Triller
has implemented or may implement in the future, whether voluntarily, in connection with the EU GDPR and/or the UK GDPR, the European
Union's ePrivacy Directive, CPRA, or other laws, regulations, or regulatory actions, or otherwise.
From time to time, certain
of these factors have negatively affected user retention, growth, and engagement to varying degrees. If Triller is unable to maintain
or increase its user base and user engagement, particularly for its significant revenue-generating Technology Platform, its revenue and
financial results may be adversely affected. Any significant decrease in user retention, growth, or engagement could render its products
less attractive to users, marketers, and developers, which is likely to have a material and adverse impact on its ability to deliver ad
impressions and, accordingly, its revenue, business, financial condition, and results of operations. As the size of Triller's active
user base fluctuates in one or more markets from time to time, Triller will become increasingly dependent on its ability to maintain or
increase levels of user engagement and monetization in order to grow revenue.
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Existing federal,
state, and foreign laws regulate the senders of commercial emails and text messages and changes in privacy laws could adversely affect
Triller's ability to provide its services and could impact its results from operations or result in costs and fines.
Triller may use a variety
of direct marketing techniques to promote its business, including email marketing, telemarketing and marketing conducted via SMS and MMS
messages. In the United States, these activities are regulated by laws such as the Controlling the Assault of Non-Solicited Pornography
and Marketing ("
CAN-SPAM
") Act of 2003, the Telephone Consumer Protection Act ("
TCPA
")
and various state laws and regulations governing telephone solicitation and text message marketing.
The CAN-SPAM Act,
among other things, obligates the sender of commercial emails to provide recipients with the ability to opt out of receiving future commercial
emails from the sender. The ability of message recipients to opt out of receiving commercial emails may minimize the effectiveness of
Triller's marketing efforts. In addition, certain foreign jurisdictions, such as Australia, Canada, the United Kingdom, and the
European Union, have enacted laws that regulate sending email, and some of these laws are more restrictive than U.S. laws. For example,
some foreign laws prohibit sending commercial email unless the recipient has provided the sender advance consent to receive such email,
or in other words has "opted-in". A requirement that recipients opt into, or the ability of recipients to opt out
of, receiving commercial emails may minimize the effectiveness of Triller's marketing efforts. Any failure by Triller to comply
fully with the CAN-SPAM Act or other laws governing Triller's commercial email programs may subject Triller to substantial
fines and penalties.
Similarly, the TCPA is
a U.S. federal statute that protects consumers from unwanted telephone calls, faxes and text messages. TCPA violations can result in significant
financial penalties for businesses including civil forfeiture penalties or criminal fines imposed by the Federal Communications Commission
("
FCC
") and statutory damages liability through consumer lawsuits brought by private plaintiffs or public enforcement
actions brought by state attorneys general or other consumer protection authorities.
Numerous class-action
suits under federal and state laws have been filed in recent years against companies that conduct telemarketing and texting campaigns,
with many resulting in multi-million-dollar judgments or settlements. While Triller strives to comply with all laws applicable to its
marketing operations, courts, the FCC, and other enforcement authorities may disagree with Triller's interpretations of such laws
and subject Triller to penalties, statutory damages and other liability for noncompliance. Determination by a court or regulatory agency
that Triller's operations violate the TCPA or other marketing laws could require Triller to terminate some portions of Triller's
business, and could have material adverse effect on Triller's business, operating results, and financial condition. Even an unsuccessful
legal challenge of Triller's marketing activities could result in adverse publicity and could require a costly response from Triller.
Moreover, many states
have enacted telemarketing and text message marketing laws and regulations that are even more proscriptive than the TCPA and that pose
additional litigation and regulatory enforcement risks. For example, Florida, Washington, and Oklahoma have enacted statutes that are
in many respects more restrictive than the TCPA. Other U.S. states may pass similar (or possibly more burdensome) laws in the future that
may erode Triller's ability to effectively market Triller's services via telephone solicitation or text messaging and expose
Triller to currently unforeseen liability. The TCPA and other laws governing Triller's marketing activities are also subject to
frequent amendment, as well as to reinterpretation by courts and regulators, and any future amendments or interpretations could adversely
affect the continuing effectiveness of Triller's marketing efforts and could force changes in Triller's marketing strategies.
Triller may not be able to respond to such developments with adequate alternative marketing strategies and, as result, any such developments
could have an adverse effect on Triller's business, operating results, and financial condition.
If Triller's
or Triller's users' security measures are compromised or unauthorized access to Triller's data (including that of Triller's
users or other sensitive or confidential information) is otherwise obtained, Triller's Technology Platform may be perceived as not
being secure, Triller's users may be harmed and may curtail or cease their use of Triller's Technology Platform, Triller's
reputation may be damaged and Triller may incur significant liabilities.
Triller's operations
involve the storage and transmission of data of users of Triller's platform, including personally identifiable information and sensitive
information of the company. Security incidents could result in unauthorized access to, loss of or unauthorized disclosure of this information,
litigation, indemnity obligations and other possible liabilities, as well as negative publicity, which could damage Triller's reputation,
impair Triller's sales and harm Triller's users and Triller's business.
71
Triller's
products and services involve the collection, storage, processing, and transmission of a large amount of data. Cyber-attacks and
other malicious internet-based activity continue to increase generally, and platforms that maintain data such as the data Triller
maintains have been targeted by such attacks. If Triller's security measures are compromised as a result of third-party
action, employee or user error, malfeasance, stolen or fraudulently obtained log-in credentials or otherwise,
Triller's reputation could be damaged, Triller's business may be harmed and Triller could incur significant liability.
If third parties with whom Triller works, such as vendors or developers, violate applicable laws, Triller's security policies
or Triller's acceptable use policy, such violations may also put Triller's users' information at risk and could in
turn have an adverse effect on Triller's business. In addition, if the security measures of Triller's users are
compromised, even without any actual compromise of Triller's own systems, Triller may face negative publicity or reputational
harm if Triller's users or anyone else incorrectly attributes the blame for such security breaches to Triller or
Triller's systems. Triller may be unable to anticipate or prevent techniques used to obtain unauthorized access or to sabotage
systems because they change frequently and generally are not detected until after an incident has occurred. As Triller increases its
user base and its brand becomes more widely known and recognized, Triller may become more of a target for third parties seeking to
compromise its security systems or gain unauthorized access to its users' data. Any failure to prevent or mitigate security
breaches and improper access to or disclosure of Triller's data or user data, including personal information, content, or
payment information from users, or information from marketers, could result in the loss, modification, disclosure, destruction, or
other misuse of such data, which could harm Triller's business and reputation and diminish Triller's competitive
position. In addition, computer malware, viruses, social engineering (such as spear phishing attacks), scraping, and general hacking
continue to be prevalent in Triller's industry, have occurred on Triller's systems in the past, and will occur on
Triller's systems in the future.
Cyber-attacks, denial-of-service attacks,
ransomware attacks, business email compromises, computer malware, viruses, and social engineering (including phishing) are prevalent in
Triller's industry. Triller's internal computer systems and those of Triller's current and any future strategic collaborators,
vendors, and other contractors or consultants are vulnerable to damage from cyber-attacks, computer viruses, unauthorized access, natural
disasters, cybersecurity threats, terrorism, war and telecommunication and electrical failures. Cyber incidents have been increasing in
sophistication and frequency and can include third parties gaining access to employee or user data using stolen or inferred credentials,
computer malware, viruses, spamming, phishing attacks, ransomware, card skimming code, and other deliberate attacks and attempts to gain
unauthorized access. The techniques used to sabotage or to obtain unauthorized access to Triller's Technology Platform, systems,
networks, or physical facilities in which data is stored or through which data is transmitted change frequently, and Triller may be unable
to implement adequate preventative measures or stop security breaches while they are occurring. Because the techniques used by computer
programmers who may attempt to penetrate and sabotage Triller's network security or Triller's website change frequently and
may not be recognized until launched against a target, Triller may be unable to anticipate these techniques. Additionally, during the
recent COVID-19 pandemic, and potentially beyond as remote work and resource access expand, there is an increased risk that Triller may
experience cybersecurity-related events such as COVID-19 themed phishing attacks, exploitation of any cybersecurity flaws that
may exist, an increase in the number cybersecurity threats or attacks, and other security challenges as a result of most of Triller's
employees and Triller's service providers continuing to work remotely from non-corporate managed networks. Triller has
previously been, and may in the future become, the target of cyber-attacks by third parties seeking unauthorized access to Triller's
or Triller's users' data or to disrupt Triller's operations or ability to provide Triller's services.
Triller also relies on
third-party service providers and technologies to operate critical business systems to process confidential and personal information in
a variety of contexts. In addition, some of Triller's developers or other partners, such as those that help Triller measure the
effectiveness of ads, may receive or store information provided by Triller or by Triller's users through mobile or web applications
integrated with Triller's products. Triller provides limited information to such third parties based on the scope of services provided
to Triller. Triller's ability to monitor these third parties' cybersecurity practices is limited. These third-party providers
and technologies may not have adequate measures in place, and could experience or cause a security incident that compromises the confidentiality,
integrity or availability of the systems or technologies they provide to Triller or the information they process on Triller's behalf.
While Triller has taken steps designed to protect the proprietary, regulated, sensitive, confidential and personal information in Triller's
control, Triller's security measures or those of the third parties on which Triller relies may not be effective against current
or future security risks and threats. If these third parties or developers fail to adopt or adhere to adequate data security practices,
or in the event of a breach of their networks, Triller's data or Triller's users' data may be improperly accessed, used,
or disclosed. Additionally, Triller does not currently maintain company-wide policies and procedures with respect to such risks, instead
relying on Triller's individual business units to implement the appropriate policies and procedures that each such business unit
believes necessary. Such approach may be less effective than implementing global policies across all business units.
72
If Triller or one
of Triller's trusted third parties were to experience a cyberattack leading to interruptions in Triller's operations, it
could result in a material disruption of Triller's development programs and Triller's business operations, whether due
to a loss of Triller's trade secrets or other proprietary information or other disruptions. Moreover, enforcing a claim that a
party illegally disclosed or misappropriated a trade secret are difficult, expensive, time-consuming, and the outcome is
unpredictable. In addition, effective trade secret protection may not be available in every country in which Triller's
products are available or where Triller has employees or independent contractors as some courts inside and outside the United States
are less willing or unwilling to protect trade secrets. If any of Triller's trade secrets were to be
disclosed to or independently developed by a competitor or other third party, Triller's competitive position would be
materially and adversely harmed. These cyber-attacks could be carried out by threat actors of all types (including but not
limited to nation states, organized crime, other criminal enterprises, individual actors and/or advanced persistent threat groups).
In addition, Triller may experience intrusions on Triller's physical premises by any of these threat actors. To the extent
that any disruption or security breach were to result in a loss of, or damage to, Triller's data or applications, or
inappropriate disclosure of confidential or proprietary information, Triller could incur liability and Triller's competitive
position could be harmed. Any breach, loss, or compromise of personal data may also subject Triller to civil fines and penalties, or
claims for damages either under the EU GDPR and relevant member state law in the European Union, other foreign laws, and other
relevant state and federal privacy laws in the United States.
Many governments have
enacted laws requiring companies to notify individuals of data security incidents or unauthorized transfers involving certain types of
personal data Security compromises experienced by Triller's competitors, by Triller's users or by Triller may lead to public
disclosures, which may lead to widespread negative publicity. For example, in July 2023, the SEC adopted rules requiring registrants to
disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity
risk management, strategy, and governance. Any security compromise in Triller's industry, whether actual or perceived, could harm
Triller's reputation, erode user confidence in the effectiveness of Triller's security measures, negatively impact Triller's
ability to attract new users, cause existing users to elect not to renew their subscriptions or subject Triller to third-party lawsuits,
regulatory fines or other action or liability, which could materially and adversely affect Triller's business and operating results.
There can be no assurance
that any limitations of liability provisions in Triller's contracts for a security breach would be enforceable or adequate or would
otherwise protect Triller from any such liabilities or damages with respect to any particular claim. Triller also cannot be sure that
Triller's existing general liability insurance coverage and coverage for errors or omissions will continue to be available on acceptable
terms or will be available in sufficient amounts to cover one or more large claims, or that the insurer will not deny coverage as to any
future claim. The successful assertion of one or more large claims against Triller that exceed available insurance coverage, or the occurrence
of changes in Triller's insurance policies, including premium increases or the imposition of large deductible or co-insurance requirements,
could have a material adverse effect on Triller's business, financial condition and operating results.
For example, Triller's
subsidiary, TrillerTV, is party to a class action over its use of consumer personal identifying information from Facebook. Any such inquiries
could subject Triller to substantial fines and costs, require Triller to change Triller's business practices, divert resources and
the attention of management from Triller's business, or adversely affect Triller's business.
Triller faces uncertainties
associated with international markets.
Triller's production
of live Events overseas subjects Triller to the risks involved in foreign travel, local regulations, including regulations requiring Triller
to obtain visas for Triller's performers, and political instability inherent in varying degrees in those markets. In addition, the
licensing of Triller's television and branded merchandise in international markets exposes Triller to some degree of currency risk.
These risks could adversely affect Triller's operating results and impair Triller's ability to pursue Triller's business
strategy as it relates to international markets.
73
As a result of
Triller's operations in international markets, Triller is subject to risks associated with the legislative, judicial, accounting,
taxation, regulatory, political and economic risks and conditions specific to such markets.
Triller provides its
Technology Platform in certain jurisdictions abroad through brands and businesses that it owns and operates, including Asia, Latin America,
Europe and Africa, and Triller expect to continue to expand its international presence. Triller faces, and expect to continue to face,
additional risks in the case of its existing and future international operations, including:
●
political instability, adverse
changes in diplomatic relations and unfavorable economic conditions in the markets in which Triller has international operations
or into which Triller may expand;
●
more restrictive or otherwise
unfavorable government regulation of the entertainment and sports industry, which could result in increased compliance costs or otherwise
restrict the manner in which Triller provides services and the amount of related fees charged for such services;
●
limitations on the enforcement
of intellectual property rights;
●
enhanced difficulties of integrating
any foreign acquisitions;
●
enhanced difficulties in reviewing
content on Triller's Technology Platform;
●
limitations on the ability
of foreign subsidiaries to repatriate profits or otherwise remit earnings;
●
adverse tax consequences;
●
fluctuations in currency exchange
rates and compliance with currency controls;
●
less sophisticated legal systems
in some foreign countries, which could impair Triller's ability to enforce Triller's contractual rights in those countries;
●
limitations on technology infrastructure;
●
variability in venue security
standards and accepted practices; and
●
difficulties in managing operations
due to distance, language and cultural differences, including issues associated with (i) business practices and customs that are
common in certain foreign countries but might be prohibited by U.S. law and Triller's internal policies and procedures and (ii) management
and operational systems and infrastructures, including internal financial control and reporting systems and functions, staffing and managing
of foreign operations, which Triller might not be able to do effectively or on a cost-efficient basis.
Failure to expand internationally and manage the complexity of international
operations could harm Triller's business, financial condition, and results of operations. In addition, Triller may be subject to
additional liabilities associated with the content on its Technology Platform due to content regulation which may vary based on its international
operations.
Additionally, if Triller
fails to adequately prevent fraudulent credit card transactions, it may face litigation, fines, governmental enforcement action, civil
liability, diminished public perception of Triller's security measures, significantly higher credit card-related costs and substantial
remediation costs, or refusal by credit card processors to continue to process payments on Triller's behalf, any of which could
materially adversely affect Triller's business, financial condition and results of operations.
74
Triller is subject
to extensive U.S. and foreign government regulations, and Triller's failure to comply with these regulations could adversely affect
its business.
Triller's operations
are subject to federal, state and local laws, statutes, rules, regulations, policies, and procedures in the United States and around the
world, which are subject to change at any time, governing matters such as:
●
licensing, permitting and zoning requirements for operation of Triller's offices, locations, venues and other facilities;
●
health, safety and sanitation requirements;
●
the service of food and alcoholic beverages;
●
working conditions, labor, minimum wage and hour, harassment and discrimination, and other labor and employment laws and regulations;
●
compliance with the U.S. Americans with Disabilities Act of 1990;
●
compliance with applicable antitrust and fair competition laws;
●
compliance with applicable international trade controls, such as import, export control, and economic and trade sanctions laws and regulations, that may limit or restrict Triller's ability to do business with specific individuals or entities or in specific countries or territories;
●
compliance with anti-corruption laws, anti-money laundering and countering terrorist financing rules, currency control regulations, and statutes prohibiting tax evasion and the aiding or abetting of tax evasion;
●
marketing activities;
●
licensing laws for athlete agents;
●
licensing laws for the promotion and operation of boxing events;
●
environmental protection regulations;
●
compliance with current and future privacy and data protection laws imposing requirements for the processing and protection of personal or sensitive information, including the EU GDPR and the EU e-Privacy Regulation;
●
compliance with cybersecurity laws imposing country-specific requirements relating to information systems and network design, security, operations, and use;
●
tax laws; and
●
imposition by foreign countries of trade restrictions, restrictions on the manner in which content is currently licensed and distributed, ownership restrictions, or currency exchange controls.
75
Noncompliance with these
laws could subject Triller to whistleblower complaints, investigations, sanctions, settlements, prosecution, other enforcement actions,
disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, reputational harm, adverse media
coverage and other collateral consequences. Multiple or repeated failures by Triller to comply with these laws and regulations could result
in increased fines or proceedings against Triller. If any subpoenas or investigations are launched, or governmental or other sanctions
are imposed, or if Triller do not prevail in any possible civil or criminal litigation, Triller's business, results of operations
and financial condition could be materially harmed. In addition, responding to any such enforcement or similar action will likely result
in a materially significant diversion of management's attention and resources and significant defense costs and other professional
fees. Enforcement actions and any imposed sanctions could further harm Triller's business, results of operations, and financial
condition. There can be no assurance that a law or regulation will not be interpreted or enforced in a manner contrary to Triller's
current understanding. In addition, the promulgation of new laws, rules and regulations could restrict or unfavorably impact Triller's
business, which could decrease demand for Triller's services, reduce revenue, increase costs or subject it to additional liabilities.
For example, some legislatures have proposed laws in the past that would impose potential liability on Triller and other promoters and
producers of live events for incidents that occur at Triller's Events, particularly relating to drugs and alcohol or the spread
of COVID-19.
In the United
States and certain foreign jurisdictions, Triller may have direct and indirect interactions with government agencies and
state-affiliated entities in the ordinary course of Triller's business. In particular, athletic commissions and other
applicable regulatory agencies require Triller to obtain licenses for promoters, medical clearances, licenses for athletes, or
permits for Events in order for Triller to promote and conduct Triller's live Events and productions. In the event that
Triller fails to comply with the regulations of a particular jurisdiction, including the laws and regulations that apply to dealings
with or involving government agencies, state-affiliated entities and their officials (such as anti-corruption laws), whether through
Triller's acts or omissions or those of third parties, Triller may be prohibited from promoting and conducting Triller's
live Events and productions in the relevant jurisdictions or become subject to investigations or enforcement actions. Instances of
noncompliance with applicable laws may result in the imposition of fines or other penalties, including the inability to present
Triller's live Events and productions in the relevant jurisdictions, which could lead to a decline in revenue streams or have
other adverse effects on Triller's business, financial condition, and results of operations.
Triller is required to
comply with export control and economic and trade sanctions laws imposed by the United States or by other jurisdictions where Triller
has operations, maintain personnel or otherwise do business, which may restrict Triller's transactions in certain markets, and with
certain customers, business partners, and other persons and entities. As a result, Triller is not permitted to, directly or indirectly
(including through a third-party intermediary), procure goods, services or technology from, or engage in transactions with, individuals
and entities that are the target of applicable sanctions. Triller is also required to conduct Triller's business in compliance with
applicable export control requirements, including those that apply to the development and distribution of software, technology and other
items. Triller's products have in the past, and could in the future be, provided inadvertently in violation of such laws. Any violation
of export control or sanctions laws could result in fines, other civil and criminal sanctions against Triller or Triller's employees,
prohibitions on the conduct of Triller's business (e.g., loss of export privileges, debarment from doing business with International
Development Banks and similar organizations), and damage to Triller's reputation, which could have an adverse effect on Triller's
business, financial condition, and results of operations.
Triller is subject
to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and non-compliance with such laws can subject Triller
to criminal penalties or significant fines and harm Triller's business and reputation.
Triller is subject to
anti-corruption and anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "
FCPA
"),
the U.S. domestic bribery statute contained in 18 U.S.C. § 201, U.S. Travel Act, the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("
USA PATRIOT Act
"), as amended, and other
anti-corruption, anti-bribery and anti-money laundering laws in countries in which Triller conducts activities. Anti-corruption and anti-bribery
laws have been enforced aggressively in recent years and are interpreted broadly and prohibit companies and their employees and agents
from promising, authorizing, making, or offering improper payments or any other thing of value to government officials and others in the
private sector. As Triller increases its international sales and business, which may include increased interactions with officials and
employees of government agencies or state-owned or -affiliated entities, Triller's risks under these laws may increase. Noncompliance
with these laws could subject Triller to investigations, sanctions, settlements, prosecution, other enforcement actions, disgorgement
of profits, significant fines, damages, other civil and criminal penalties or injunctions, adverse media coverage, and other consequences.
Any investigations, actions or sanctions could harm Triller's business, results of operations, and financial condition.
76
In addition, in the
future Triller may use third parties to sell access to its products and services and conduct business on Triller's behalf outside
the United States. Triller or such future third-party intermediaries may have direct or indirect interactions with officials and employees
of government agencies or state-owned or -affiliated entities, and Triller can be held liable for the corrupt or other illegal activities
of such future third-party intermediaries, as well as Triller's employees, representatives, contractors, partners, and agents,
even if Triller does not explicitly authorize such activities. Triller has implemented an anti-corruption compliance program but cannot
assure you that all of its employees and agents, as well as those companies to which Triller outsources certain of its business operations,
will not take actions in violation of its policies and applicable law, for which Triller may be ultimately held responsible. Any violation
of the FCPA, other applicable anti-corruption laws, or applicable anti-money laundering laws could result in whistleblower complaints,
adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension
or debarment from U.S. government contracts, any of which could have a materially adverse effect on Triller's reputation, business,
results of operations, and prospects.
The Company may be
unsuccessful in its strategic acquisitions and investments, and the Company may pursue acquisitions and investments for its strategic value
in spite of the risk of lack of profitability.
The Company faces significant uncertainty in connection with acquisitions
and investments. To the extent the Company chooses to pursue certain investment or acquisition strategies, the Company may be unable to
identify suitable targets for these deals, or to make these deals on favorable terms. If the Company identifies suitable acquisition candidates,
investments or strategic partners, its ability to realize a return on the resources expended pursuing such deals, and to successfully
implement or enter into them will depend on a variety of factors, including its ability to obtain financing on acceptable terms, requisite
government approvals, as well as the factors discussed below. Additionally, the Company may decide to make or enter into acquisitions
or investments with the understanding that such acquisitions or investments will not be profitable, but may be of strategic value to Triller.
Triller's current and future acquisitions, investments, including existing investments accounted for under the equity method may
also require that the Company makes additional capital investments in the future, which would divert resources from other areas of the
Company's business. The Company cannot provide assurances that the anticipated strategic benefits of these deals will be realized
in the long-term or at all.
The Company may fail to identify or assess the magnitude of certain
liabilities, shortcomings or other circumstances prior to acquiring a company, making an investment or entering into a strategic business
agreement and, as such, may not obtain sufficient warranties, indemnities, insurance or other protections. This could result in unexpected
litigation or regulatory exposure, unfavorable accounting treatment, unexpected increases in taxes, a loss of anticipated tax benefits,
or other adverse effects on the Company's business, operating results or financial condition. Additionally, some warranties and
indemnities may give rise to unexpected and significant liabilities. Future acquisitions and strategic business arrangements that The
Company may pursue could result in dilutive issuances of equity securities and the incurrence of future debt.
77
Triller's
international sales and operations, including Triller's planned business development activities outside of the United States, subject
Triller to additional risks and challenges that can adversely affect Triller's business, results of operations and financial condition.
As part of its growth strategy, Triller expects to continue to expand
its international operations, which may include opening additional offices in new jurisdictions and providing its Technology Platform
in additional languages and on-boarding new Creators, Brands and users outside the United States. Any new markets or countries
into which Triller attempts to sell subscriptions to its Technology Platform or other products may not be receptive to its business development
activities. Triller currently has sales personnel and sales and customer and product support operations in the United States, Canada,
Bulgaria, the Netherlands, France, the United Kingdom, India and Mexico. Triller believes that its ability to attract new customers to
its Technology Platform and to convince existing customers to renew or expand their use of Triller's Technology Platform is directly
correlated to the level of engagement Triller achieves with its customers in their home countries. To the extent that Triller is unable
to effectively engage with non-U.S. customers, Triller may be unable to effectively grow in international markets.
Triller's international
operations also subject Triller to a variety of additional risks and challenges, including:
●
increased management, travel,
infrastructure and legal compliance costs associated with having operations and developing Triller's business in multiple jurisdictions;
●
providing Triller's Unified-CXM platform
and operating Triller's business across a significant distance, in different languages, among different cultures and time zones,
including the potential need to modify Triller's Unified-CXM platform and products to ensure that they are culturally
appropriate and relevant in different countries;
●
compliance with non-U.S. data
privacy, protection and security laws, rules and regulations, including data localization requirements, and the risks and costs of non-compliance;
●
legislative changes that may
impose fines or other penalties for failure to comply with certain content removal, law enforcement cooperation and disclosure obligations;
●
longer payment cycles and difficulties
enforcing agreements, collecting accounts receivable or satisfying revenue recognition criteria, especially in emerging markets;
●
hiring, training, motivating
and retaining highly-qualified personnel, while maintaining Triller's corporate culture;
●
increased financial accounting
and reporting burdens and complexities;
●
longer sales cycle and more
time required to educate enterprises on the benefits of Triller's Technology Platform outside of the United States;
●
requirements or preferences
for domestic products;
●
limitations on Triller's
ability to sell Triller's Technology Platform and for Triller's solution to be effective in non-U.S. markets that
have different cultural norms and related business practices that de-emphasize the importance of positive customer and employee
experiences;
78
●
differing technical standards,
existing or future regulatory and certification requirements and required features and functionality;
●
orders restricting or blocking
Triller's services in particular geographies, or other government-imposed remedies as a result of content hosted on Triller's
services. For example, legislation in Germany and India has resulted in the past, and may result in the future, in the imposition of
fines or other penalties for failure to comply with certain content removal, law enforcement cooperation, and disclosure obligations;
●
political and economic conditions and uncertainty in each country or region in which Triller operates and general economic and political conditions and uncertainty around the world;
●
changes in a specific country's or region's political or economic conditions, including in the United Kingdom as a result of the United Kingdom exiting the European Union;
●
compliance with laws and regulations for non-U.S. operations, including anti-bribery laws, import and export control laws, tariffs, trade barriers, economic sanctions and other regulatory or contractual limitations on Triller's ability to sell Triller's Technology Platform and develop Triller's business in certain non-U.S. markets, and the risks and costs of non-compliance;
●
heightened risks of unfair or corrupt business practices in certain geographies and of improper or fraudulent sales arrangements that may impact Triller's financial condition and result in restatements of Triller's consolidated financial statements;
●
fluctuations in currency exchange rates and related effects on Triller's results of operations;
●
difficulties in repatriating or transferring funds from or converting currencies in certain countries;
●
communication and integration problems related to entering new markets with different languages, cultures and political systems;
●
new and different sources of competition;
●
differing labor standards, including restrictions related to, and the increased cost of, terminating employees in some countries;
●
the need for localized subscription agreements;
●
the need for localized language support and difficulties associated with delivering support, training and documentation in languages other than English;
●
increased reliance on channel partners;
●
reduced protection for intellectual property rights in certain non-U.S. countries and practical difficulties of obtaining, maintaining, protecting and enforcing such rights abroad; and
●
compliance with the laws of numerous foreign taxing jurisdictions, including withholding tax obligations, and overlapping of different tax regimes.
79
Any of these risks and
challenges could adversely affect Triller's operations, reduce Triller's revenue or increase Triller's operating costs,
each of which could adversely affect Triller's ability to expand Triller's business outside of the United States and thereby
Triller's business more generally, as well as Triller's results of operations, financial condition and growth prospects.
Global political uncertainty
also poses risks of volatility in global markets, which could negatively affect Triller's operations and financial results. Changes
in U.S. policy regarding foreign trade or manufacturing may create negative sentiment about the U.S. among non-U.S. dealers, end customers,
employees or prospective employees, all of which could adversely affect Triller's business, sales, hiring and employee retention.
Compliance with laws
and regulations applicable to Triller's international operations substantially increases Triller's cost of doing business.
Triller may be unable to keep current with changes in government requirements as they change from time to time. Failure to comply with
these regulations could have adverse effects on Triller's business. In many foreign countries it is common for others to engage
in business practices that are prohibited by Triller's internal policies and procedures or U.S. or other regulations applicable
to Triller. Although Triller has implemented policies and procedures designed to ensure compliance with these laws and policies, there
can be no assurance that Triller's employees, contractors, partners and agents will comply with these laws and policies. Violations
of laws or Triller's policies by Triller's employees, contractors, partners or agents could result in delays in revenue recognition,
financial reporting misstatements, enforcement actions, disgorgement of profits, fines, civil and criminal penalties, damages, injunctions,
other collateral consequences and increased costs, including the costs associated with defending against such actions, or the prohibition
of the importation or exportation of Triller's Technology Platform and related services, each of which could adversely affect Triller's
business, results of operations and financial condition.
Existing and future
laws and evolving attitudes about data privacy and security may impair Triller's ability to collect, use, and maintain data points
of sufficient type or quantity to develop and train Triller's artificial intelligence algorithms.
Jurisdictions outside
of the United States, the EU, and the UK also are passing more stringent data privacy and security laws, rules and regulations with which
Triller may be obligated to comply. For example, Brazil's General Data Protection Law (Lei Geral de Proteção de Dados
Pessoais) ("
LGPD
") (Law No. 13,709/2018), China's Personal Information Protection Law ("
PIPL
"),
and Japan's Protection of Personal Information ("
APPI
"), impose strict requirements for processing personal data.
Triller continues to
see jurisdictions imposing data localization laws, which require personal data, or certain subcategories of personal data, to be stored
in the jurisdiction of origin. Specifically, Russia, China and India have passed or are in the process of passing laws that impose more
stringent requirements on data privacy and which have, amongst other things, more stringent data localization requirements. These regulations
may inhibit Triller's ability to expand into those markets or prohibit Triller from continuing to offer services and/or collaborate
with partners in those markets without significant additional costs.
In addition to Triller's
legal obligations, Triller's contractual obligations relating to data privacy and security have become increasingly stringent due
to changes in data privacy and security and the expansion of Triller's service offerings. Certain data privacy and security laws,
such as the EU GDPR and the CCPA, require Triller's customers to impose specific contractual restrictions on their service providers.
Apart from
government activity and Triller's customer contracts, privacy advocacy and other industry groups have established or may
establish new self-regulatory standards that may place additional burdens on Triller's ability to provide Triller's
services globally. Triller's customers expect Triller to meet voluntary certification and other standards established by third
parties, such as TRUSTe, the American Institute for Certified Public Accountants, or the International Standards Organization. If
Triller is unable to maintain these certifications or meet these standards, it could adversely affect Triller's ability to
provide Triller's solutions to certain customers and could harm Triller's business. Business partners and other third
parties with a strong influence on how consumers interact with Triller's products, such as Apple, Google, Facebook and
Mozilla, may create new privacy controls or restrictions on their products and platforms, limiting the effectiveness of
Triller's services.
80
With laws, rules, regulations
and other obligations relating to data privacy and security imposing new and stringent obligations, and with substantial uncertainty over
the interpretation and application of these and other obligations, Triller may face challenges in addressing their requirements and making
necessary changes to Triller's policies and practices, and may incur significant costs and expenses in an effort to do so. Additionally,
if the third parties Triller work with, such as Triller's vendors or third-party service providers, violate applicable laws, rules
or regulations or Triller's policies, such violations also may put Triller's or Triller's customers' data at risk
and could in turn have an adverse effect on Triller's business. Any failure or perceived failure by Triller or Triller's third-party
service providers to comply with Triller's applicable internal and external policies or notices relating to data privacy or security,
Triller's contractual or other obligations to customers or other third parties, or any of Triller's other legal obligations
relating to data privacy or security, may result in governmental investigations or inquiries (which have occurred in the past and may
occur in the future), enforcement actions, litigation, disputes or other claims, indemnification requests, restrictions on providing Triller's
services, claims or public statements against Triller by privacy advocacy groups or others, adverse press and widespread negative publicity,
reputational damage, significant liability or fines and the loss of the trust of Triller's customers, any of which could have a
material adverse effect on Triller's business, results of operations and financial condition.
The costs of compliance
with, and other burdens imposed by, laws, rules, regulations and other obligations relating to data privacy and security applicable to
the businesses of Triller's customers may adversely affect Triller's customers' ability and willingness to use, collect,
manage, disclose, handle, store, transmit and otherwise process information from their employees, customers and partners, which could
limit the use, effectiveness and adoption of Triller's Technology Platform and reduce overall demand. Furthermore, the uncertain
and shifting regulatory environment and trust climate may cause concerns regarding data privacy and may cause Triller's customers
or Triller's customers' customers to resist providing the data necessary to allow Triller's customers to use Triller's
services effectively. Even the perception of privacy concerns, whether or not valid, may inhibit market adoption, effectiveness or use
of Triller's applications.
Unfavorable outcomes
in legal proceedings may adversely affect Triller's business and operating results.
Triller's results may be affected by the outcome of pending and
future litigation. Unfavorable rulings in Triller's legal proceedings could result in material liability to Triller or have a negative
impact on Triller's business, results of operations, financial condition, reputation, or relations with Triller's employees
or third parties. The outcome of litigation, including class action lawsuits, is difficult to assess or quantify. Plaintiffs in class
action lawsuits may seek recovery of very large or indeterminate amounts and the magnitude of the potential loss relating to such lawsuits
may remain unknown for substantial periods of time. This may affect Triller's ability to remain solvent and pay Triller's
obligations when they come due, including under existing litigation settlement obligations and new adverse judgments. If Triller is unable
to resolve any such matters favorably, Triller's business, operating results, and financial condition may be adversely affected.
In addition, Triller is currently, and from time to time in the future
may be, subject to various other claims, investigations, legal and administrative cases and proceedings (whether civil or criminal), or
lawsuits by governmental agencies, or claims by Triller's current or former employees or private parties. If the results of these
investigations, proceedings, claims or suits are unfavorable to Triller or if Triller is unable to successfully defend against third-party
lawsuits, Triller may be required to pay monetary damages or may be subject to fines, penalties, injunctions, or other censure that could
have an adverse effect on Triller's business, financial condition, and results of operations. Even if Triller adequately addresses
the issues raised by an investigation or proceeding or successfully defend a third-party lawsuit or counter claim, Triller may have to
devote significant financial and management resources to address these issues, which could have an adverse effect on Triller's business,
results of operations, and financial condition.
81
The Company may be
subject to liability claims if it breaches its contracts.
is the Company subject to numerous obligations in its contracts with
its business partners. Despite the procedures, systems and internal controls the Company has implemented to comply with its contracts,
it has breached commitments in the past and may breach these commitments in the future, whether through a weakness in these procedures,
systems, and internal controls, inability or difficulty complying with commitments, whether due to lack of resources or capabilities or
otherwise, negligence, or the willful act of an employee or contractor. The Company's insurance policies, including errors and omissions
insurance, may be inadequate to compensate it for the potentially significant losses that may result from claims arising from breaches
of the Company's contracts, disruptions in Triller's services, failures or disruptions to Triller's infrastructure,
catastrophic events and disasters or otherwise.
In addition, such insurance may not be available to the Company in
the future on economically reasonable terms, or at all. Further, Triller's insurance may not cover all claims made against the Company
and defending a suit, regardless of its merit, could be costly and divert management's attention. For example, judgment has recently
been entered against the Company following litigation regarding payment of fees with Universal Music Publishing Group.
The market and
sectors in which the Company participates are competitive and rapidly evolving, and if it does not compete effectively with established companies
as well as new market entrants Triller's business, results of operations, and financial condition could be harmed.
Triller's business model is a new category of integrating entertainment
and social media with technology in a rapidly evolving market that is intensely competitive, fragmented, and subject to rapidly changing
technology, shifting customer needs, new market entrants, and frequent introductions of new products and services. Moreover, the Company
expects competition to increase in the future from established competitors and new market entrants, including established technology and
major media companies who have not previously entered the market. Triller's other competitors fall into the following categories:
live sports events and pay-per-view programming, such as WWE and UFC; web content programming platforms, such as Netflix; and
social media companies with social video features, such as Instagram, Facebook, Snapchat and TikTok. With the introduction of new technologies,
the evolution of Triller's business, and new market entrants, the Company expects competition to intensify in the future. Established
companies may not only develop their own live events programming platforms and social video sharing technology, but also acquire or establish
product integration, distribution, or other cooperative relationships with Triller's current competitors. For example, while the
Company currently partners with entertainment and media companies, they may develop and introduce products that directly or indirectly
compete with the Company. New competitors or alliances among competitors may emerge and rapidly acquire significant market share due to
factors such as greater brand name recognition, a larger existing user and/or customer base, superior product offerings, a larger or more
effective sales organization, and significantly greater financial, technical, marketing, and other resources and experience. In addition,
with the recent increase in large merger and acquisition transactions in the entertainment, social media and technology industry, there
is a greater likelihood that the Company will compete with other large entertainment and media companies in the future. The Company expects
this trend to continue as companies attempt to strengthen or maintain their market positions in an evolving industry. Companies resulting
from these possible consolidations may create more compelling product offerings and be able to offer more attractive pricing options,
making it more difficult for the Company to compete effectively.
Many of Triller's existing competitors have, and some of Triller's
potential competitors could have, substantial competitive advantages such as greater brand name recognition and longer operating histories,
larger sales and marketing budgets and resources, broader distribution, and established relationships with vendors, partners, and customers,
greater customer experience resources, greater resources to make acquisitions, lower labor, and development costs, larger and more mature
intellectual property portfolios, and substantially greater financial, technical and other resources. Such competitors with greater financial
and operating resources may be able to respond more quickly and effectively than the Company can to new or changing opportunities, technologies,
standards, or customer requirements.
In addition, some of Triller's larger competitors have substantially
broader product offerings and leverage their relationships based on other products or incorporate functionality into existing products
to gain business in a manner that discourages users from using the Company.
Conditions in Triller's market could also change rapidly and
significantly as a result of technological advancements, partnering by Triller's competitors or continuing market consolidation,
and it is uncertain how Triller's market will evolve. New start-up companies that innovate and large competitors that
are making significant investments in research and development may develop similar or superior products and technologies that compete
with the Company. These competitive pressures in Triller's market or Triller's failure to compete effectively may result in
price reductions, fewer customers, reduced revenue, gross profit, and gross margins, increased net losses, and loss of market share. Any
failure to meet and address these factors could harm Triller's business, results of operations, and financial condition.
82
Certain metrics
and estimates of market opportunity included in this registration statement may prove to be inaccurate.
This registration statement includes certain internal estimates of
the market for Triller's Technology Platform and other opportunities. Market opportunity estimates, whether obtained from third-party
sources or developed internally, are subject to significant uncertainty and are based on assumptions and estimates that may not prove
to be accurate. The estimates, forecasts and other forward-looking information in this registration statement relating to the size of
Triller's target market, market demand and adoption, capacity to address this demand, and pricing may prove to be inaccurate. The
addressable market Triller estimates may not materialize for many years, if ever, and even if the markets in which it competes meet the
size estimates in this registration statement, Triller's business could fail to grow at similar rates, if at all. In addition, certain
of the metrics, including Total Consumer Accounts, Number of Brands and Number of Creators, included in this registration statement are
based on data Triller collects and obtain from third party APIs and Triller is not able to independently verify the data underlying such
metrics or determine if the datapoints in such metrics represent users. Triller currently does not have systems or processes in place
to accurately measure the amount of potential duplicative accounts on a continuous basis, although Triller has in the recent past undertaken
a robust process to purge as many of the duplicate and bot accounts as practical be given Triller's resources. Although Triller
is responsible for the disclosure provided in this registration statement and believe such third-party information is reliable, Triller
has not independently verified any such third-party information. As such, the metrics Triller includes in this registration statement
may prove to not be accurate.
Triller's
Technology Platform and products are dependent on APIs built and owned by third parties, including social media networks, and if Triller
loses access to data provided by such APIs or the terms and conditions on which it obtains such access become less favorable, Triller's
business could suffer.
Triller's Technology
Platform and products depend on the ability to access and integrate with third-party APIs. In particular, Triller has developed its
products to integrate with certain social media network APIs and the third-party applications of other parties. Generally,
APIs and the data Triller receives from the APIs are written and controlled by the application provider. Any changes or modifications
to the APIs or the data provided could negatively impact the functionality of, or require Triller to make changes to, Triller's
platform and products, which would need to occur quickly to avoid interruptions in service for Triller's customers.
To date, Triller has
not relied on negotiated agreements to govern Triller's relationships with most data providers and, in general, it relies on publicly
available APIs. As a result, in many cases, Triller is subject to the standard terms and conditions for application developers of such
providers, which govern the distribution, operation and fees of such integrations, and which are subject to change by such providers from
time to time. Triller's business, cash flows or results of operations may be harmed if any third party provider changes, limits
or discontinues Triller's access to its APIs and data, modifies its terms of service or other policies, including fees charged or
restrictions on Triller or application developers, changes or limits how Triller can use information and other data collected through
the APIs; or experiences disruptions of its technology, services or business generally.
83
Risk Factors Relating to Our Shares
Our share price has been, and could continue
to be volatile.
There has been significant volatility in the market price and trading
volume of equity securities, which may be unrelated to the financial performance of the companies issuing the securities. These broad
market fluctuations could negatively affect the market price of our stock. The market price and volume of our ordinary shares could fluctuate,
and in the past has fluctuated, more dramatically than the stock market in general. Stockholders may not be able to resell their shares
at or above the price they paid for them due to fluctuations in the market price of our stock caused by changes in our operating performance
or prospects or other factors. Some factors, in addition to the other risk factors identified above, that could have a significant effect
on our stock market price include, but are not limited to, the following:
●
actual or anticipated fluctuations in our operating results
or future prospects;
●
our announcements or our competitors' announcements
of new services;
●
the public's reaction to our press releases, our other
public announcements and our filings with the SEC;
●
strategic actions by us or our competitors, such as acquisitions
or restructurings;
●
new laws or regulations or new interpretations of existing
laws or regulations applicable to our business;
●
changes in accounting standards, policies, guidance, interpretations,
or principles;
●
changes in our growth rates or our competitors' growth
rates;
●
developments regarding our patents or proprietary rights
or those of our competitors;
●
our inability to raise additional capital as needed;
●
concerns or allegations as to the safety or efficacy of our
products;
●
changes in financial markets or general economic conditions;
●
sales of shares by us or members of our management team, our significantstockholders,
or certain institutionalstockholders; and
●
changes in stock market analyst recommendations or earnings
estimates regarding our stock, other comparable companies or our industry generally.
Because we do not intend to pay cash dividends,
our stockholders will benefit from an investment in our common stock only if it appreciates in value.
We intend to retain our future earnings, if any,
to finance the expansion of our business and do not expect to pay any cash dividends in the foreseeable future. As a result, the success
of an investment in our ordinary shares will depend entirely upon any future share price appreciation. There is no guarantee that our
ordinary shares will appreciate in value or even maintain the price at which our stockholders purchased their shares.
If securities or industry analysts do not
publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
The trading market for our ordinary shares will
depend on the research and reports that securities or industry analysts publish about us or our business. We do not have any control over
these analysts. There can be no assurance that analysts will cover us or provide favorable coverage. If one or more of the analysts who
cover us downgrade our stock or change their opinion of our stock, our share price would likely decline. If one or more of these analysts
cease coverage of the Company or fail to regularly publish reports on the Company, we could lose visibility in the financial markets,
which could cause our share price or trading volume to decline.
84
USE OF PROCEEDS
All of the shares of our Common Stock offered by
the Selling Securityholder pursuant to this prospectus will be sold by the Selling Securityholder for its own respective account. We will
not receive any of the direct proceeds from these sales. However, we expect to receive proceeds under the SEPA from sales of Common Stock
that we may elect to make to the Selling Securityholder pursuant to the SEPA, if any, from time to time in our discretion. See the section
of this prospectus titled "Plan of Distribution" elsewhere in this prospectus for more information.
We currently expect to use
any net proceeds we receive under the SEPA primarily for working capital. We may also use a portion of the net proceeds for the acquisition
of, or investment in, technologies, solutions or businesses that complement our business, although we have no present agreements to enter
into any acquisitions or investments. As of the date of this prospectus, we cannot specify with certainty all of the particular uses,
and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will retain broad discretion
over the use of these proceeds and could utilize the proceeds in ways that do not necessarily improve our results of operations or enhance
the value of our securities.
DIVIDEND POLICY
We have not declared or paid dividends to stockholders
since inception and do not plan to pay cash dividends in the foreseeable future. We currently intend to retain earnings, if any, to finance
our growth.
85
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OF THE COMPANY
The following Management's Discussion
and Analysis of Financial Condition and Results of Operations is intended to help you understand the results of operations and financial
condition of AGBA  for the three and nine months ended September 30, 2024 and 2023 and the years ended December
31, 2023 and 2022 (the "Covered Periods").
Overview
AGBA is a leading one-stop financial supermarket based in Hong Kong
servicing over 400,000 individual and corporate customers. AGBA offers the broadest set of financial services and healthcare products
in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best
suit their needs.
During the Covered Periods,  the Company has operated four
major areas of businesses, comprising of:
1.
Distribution Business:
AGBA's powerful financial advisor business is the largest in the market, it engages in the personal financial advisory business (including advising and sales of a full range of financial services products including long-term life insurance, savings and mortgages), with additional internal and external channels being developed and added.
2.
Platform Business:
AGBA operates as a "financial supermarket" offering over 1,800 financial products to a large universe of retail and corporate customers.
3.
Healthcare Business:
Through AGBA's 4% stake in and a strategic partnership with HCMPS, operating as one of the largest healthcare management organizations in the Hong Kong and Macau region, with over 800 doctors in its network. Established in 1979, it is one of the most reputed healthcare brands in Hong Kong.
4.
Fintech Business:
AGBA has an ensemble of leading FinTech assets and businesses in Europe and Hong Kong. In addition to financial gains, AGBA also derives substantial knowledge transfers from its investee companies, supporting the development and growth of AGBA's new business models.
Distribution
Business
The Distribution Business
comprises a variety of captive financial services distribution channels. We have built a market leading financial advisors distribution
channel in Hong Kong. We have also built other distribution channels alongside our market leading financial advisors business.
Our combined captive
distribution channels enable us to directly access one of the largest pools of customers accessible to independent financial services
providers in Hong Kong.
Channel
Description
Financial Advisors Business ("FA Business")
"Focus" is engaged in the distribution of life insurance, asset management, property-casualty and Mandatory Provident Fund products through its teams of independent financial advisors (brokers).
Alternative Distribution Business
A collection of distribution channels, including salaried financial planners targeting HNWI, development teams pursuing corporate partnerships and incubating financial advisor teams.
86
Our largest distribution channel is the FA Business, operating under
the brand name Focus. With its large salesforce of financial advisors, "Focus" provides a wide range of financial products
and independent advisory services to individual and corporate customers, primarily in connection with life insurance products. Our FA
Business has been the clear market leader in the insurance brokerage industry in Hong Kong for decades, building up a large and highly
productive salesforce. As of September 30, 2024, there were around 562 financial advisors at "Focus", organized into 10 sales
teams. Each team is led by a "tree head", responsible for managing the financial advisors within their teams.
In addition to the FA
Business, we continued to expand our distribution footprint with the establishment and expansion of a number of additional distribution
channels, collectively known as our Alternative Distribution Business. These distribution channels are targeted at specific customer segments
and/or capturing specific distribution opportunities.
During 2024, we continued to make significant investments into developing
and expanding our financial advisors salesforce, broadening and deepening the product range, as well as upgrading the supporting infrastructure.
Our infrastructure not only supports the financial consultants in engaging with their customers, it also provides extensive operational
support in relation to the processing of transactions, associated payment flows, as well as after-sales services. Building our infrastructure
required substantial investments into technological, operational and financial systems, as well as the development of comprehensive operational
and support teams (operations support, customer services, payments, etc.). Since many of the financial products offered to our customers
are regulated, on top of the various operational requirements, we have built significant internal capabilities in the areas of risk and
internal control, as well as legal and compliance to ensure an appropriate level of regulatory compliance and supervision.
As a result of our efforts
to expand our distribution capabilities and improve our supporting infrastructure, we have successfully developed these inter-related
strategic assets:
●
Vast customer base in Hong
Kong and growing customer base in Mainland China.
●
State-of-the-art supporting
infrastructure.
●
Relationships with and access
to a broad range of leading global financial product providers.
●
Deep market knowledge and understanding.
●
Highly productive and well-trained
salesforce.
We will continue to capitalize
on these core strategic assets and match them with the emerging opportunities in our three core industries (life insurance, wealth management
and healthcare).
For the nine months ended September 30, 2024, the Company made $15.2
million from commission in the Distribution Business. The revenue attributed to the Company during 2024 only captured an insignificant
portion of the revenues actually generated by the financial advisors currently associated with Focus.
We will continue to widen
our distribution footprint and actively explore further opportunities to develop partnerships and generate customer leads on the ground
in Mainland China, as well as refining our abilities to service our customer base. We expect sales volumes to return to the levels previously
recorded, prior to the pandemic period, especially with the re-opening of the Mainland border and the ongoing integration of Hong Kong
into the Greater Bay area.
Platform Business
The Platform business,
through OPH and its subsidiaries, is a one-stop financial supermarket with a breadth of products and services that is unrivaled in Hong
Kong sourced from leading global product providers.
The Platform Business
was set up to take advantage of the decades-long experience we built up in supporting the largest financial advisors salesforce in Hong
Kong. We were already servicing a large pool of customers and in the process, built up a wide library of world class financial products
and constructed a state-of-the-art technological and operational infrastructure.
87
The Platform Business
now operates this full-service platform under its "OnePlatform" brand and has opened it up to banks, other financial institutions,
family offices, brokers, and individual independent financial advisors that are looking for support in advising and serving their retail
clients.
Our technology-enabled
Platform Business offers a wide range of financial products, covering life insurance, pensions, property-casualty insurance, stock brokerage,
mutual funds, money lending and real estate agency.
In addition to its unrivaled
product-shelf, the Platform Business offers digital-enabled sales management and support solutions, business operations support, comprehensive
customer services, and training support.
Currently, our platform
financial services and investment products mainly comprise mutual fund distributions, portfolio management, money lending, insurance and
Mandatory Provident Fund (MPF) products, and international real estate referral and brokerage services.
The OnePlatform brand currently covers 80 insurance providers selling
1,183 products, and 53 asset management fund houses with over 1,141 products.
Fintech Business
The Fintech Business
has collected an ensemble of valuable fintech assets in its investment portfolio. Fintech Business' management team has strived
to establish the business as a leading name in the fintech investment sector.
Core Fintech investments held under the Fintech Business as of September
30, 2024 include:
1.
An investment in Tandem Money
Limited, a UK digital bank.
2.
An investment in CurrencyFair
Limited, a B2B and B2C payments company.
3.
An investment in Oscar Health
Inc., a US direct-to-consumer digital health insurer.
4.
An investment in Goxip Inc.,
a fashion media platform based in Hong Kong.
Carrying amount in
US$ thousands
(1)
September 30,
2024
December 31,
2023
Tandem Money Limited
17,751
16,880
CurrencyFair Limited
5,887
5,827
Oscar Health Inc.
(2)
—
—
Goxip Inc.
306
342
LC Healthcare Fund I, L.P.
(3)
—
2,152
Notes:
(1)
Carrying amount represents
Fintech's attributable interest in the investment portfolio asset.
(2)
The Company partially sold 993,108 shares of Oscar Health Inc. on Nasdaq
Stock Exchange with an average current market price of $4.01 per share in 2023.
(3)
On February 5, 2024, the Company sold all of its equity interest in
LC Healthcare Fund I, L.P. to an independent third party for a purchase price of $2.15 million.
88
Healthcare Business
We currently hold a 4%
equity stake in HCMPS, one of the leading healthcare management organizations in Hong Kong.
Founded in 1979 and currently
operating under the Dr. Jones Fok & Associates Medical Scheme Management Limited ("JFA") brand, JFA is one of the most
reputed healthcare brands in Hong Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers
– providing healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA's clients include
blue chip companies from various industry and leading insurers. Apart from Hong Kong, JFA is the largest operator in Macau with around
70 clinics.
JFA operates a city-wide
medical network that includes 340 general practitioners ("GP"), 11 laboratories and imaging centers, 273 specialist doctors,
25 physiotherapy centers, 12 Chinese medicine practitioner clinics, all based in Hong Kong, and 69 GP clinics in Macau. Over 380,000 out-patient
and in-patient visits are recorded annually through HCMPS's medical network. JFA offers its patients a full range of medical services,
including general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination, X-ray, laboratories and imaging
services.
We believe that the future
of healthcare is in "Smart Health" – technology that offers improved patient-care management and leverages data as the
new tool for solving complex healthcare challenges with reduced operating costs. We will focus on technology/digitalization and consumerization
of healthcare to create an ecosystem empowering customers to proactively manage their health and well-being and to improve their access
to healthcare at a lower cost – with connectivity across the care continuum. We believe that JFA has the captive customer base,
infrastructure and product/service offerings to optimize customer experience to further grab market share.
We are currently working
to transform JFA into the best medical care institution in Asia by 2025, redefining industry standards in the Greater Bay Area and offering
market-leading customer care and best-in-class infrastructure empowered by data analytics.
Key Factors Affecting Our Results of Operations
and Future Performance
We believe that our financial performance has been, and in the foreseeable
future will continue to be, primarily driven by multiple factors as described below, each of which presents growth opportunities for our
business. These factors also pose important challenges that we must successfully address in order to sustain our growth and improve our
results of operations. Our ability to successfully address these challenges is subject to various risks and uncertainties.
Key Components of Results of Operations
Currently, we are operating the below business
segments and generating operating revenue streams as follows:
Segments
Operating Revenues from Major Business Activities
Distribution Business
-
Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
Platform Business
-
Providing access to financial products and services to licensed brokers.
-
Providing operational support for the submission and processing of product applications.
-
Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
-
Providing training resources and materials.
-
Facilitating the placement of investment products for the fund and/or product provider, in exchange for the fund management services
-
Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers
-
Solicitation of real estate sales for the developers, in exchange for commissions
Fintech Business
-
Managing an ensemble of fintech investments
Healthcare Business
-
Managing healthcare investment
All of the Company's revenues were generated
in Hong Kong.
89
Operating Revenue and Other Loss
We have disaggregated our operating revenue from
contracts with customers into categories based on the nature of the revenue, as well as other losses from our investment portfolio. The
following table presents the revenue streams by segments, with the presentation of revenue categories presented on the consolidated statements
of operations for the periods/years indicated:
For the three months ended September 30, 2024
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
60,282
$
—
$
60,282
Non-interest income:
Commissions
4,701,151
83,674
—
—
4,784,825
Recurring asset management service fees
—
594,819
—
—
594,819
Total
$
4,701,151
$
678,493
$
60,282
$
—
$
5,439,926
For the three months ended September 30, 2023
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
41,472
$
—
$
41,472
Non-interest income:
Commissions
11,875,830
292,933
—
14
12,168,777
Recurring asset management service fees
—
996,252
—
—
996,252
Total
$
11,875,830
$
1,289,185
$
41,472
$
14
$
13,206,501
For the nine months ended September 30, 2024
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
123,468
$
—
$
123,468
Non-interest income:
Commissions
15,211,065
449,983
—
—
15,661,048
Recurring asset management service fees
—
2,232,462
—
—
2,232,462
Total
$
15,211,065
$
2,682,445
$
123,468
$
—
$
18,016,978
90
For the nine months ended September 30, 2023
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
117,805
$
—
$
117,805
Non-interest income:
Commissions
37,569,257
894,655
—
43,548
38,507,460
Recurring asset management service fees
—
3,025,849
—
—
3,025,849
Total
$
37,569,257
$
3,920,504
$
117,805
$
43,548
$
41,651,114
For the year ended December 31, 2023
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Interest income:
Loans
$
—
$
157,190
$
—
$
—
$
157,190
Non-interest incomes:
Commissions
48,886,928
1,182,008
—
—
50,068,936
Recurring asset management service fees
—
3,963,061
—
—
3,963,061
Total revenues
$
48,886,928
$
5,302,259
$
—
$
—
$
54,189,187
Investment loss, net
$
—
$
—
$
(6,878,869
)
$
—
$
(6,878,869
)
For the year ended December 31, 2022
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Interest income:
Loans
$
—
$
176,175
$
—
$
—
$
176,175
Non-interest incomes:
Commissions
24,610,309
1,951,382
—
—
26,561,691
Recurring asset management service fees
—
4,342,361
—
—
4,342,361
Total revenues
$
24,610,309
$
6,469,918
$
—
$
—
$
31,080,227
Investment loss, net
$
—
$
—
$
(8,937,431
)
$
—
$
(8,937,431
)
91
Operating Costs
Commission Expense
Commission expense represents the portion of premiums
from insurance or investment products retained by financial consultants, pursuant to the terms of their respective contracts. Commission
rates vary by market due to local practice, competition and regulations. Commissions fluctuate directly in relation to sales volume.
Sales and Marketing Expense
Sales and Marketing Expense primarily consists
of personnel-related costs attributable to our sales and marketing personnel, marketing expense for brand promotion and spending on marketing
programs to launch the insurance and investments products distributed by consultants.
Technology Expense
Technology expense primarily includes personnel-related
costs attributable to our IT team, technology contractors, server facilities expenses, telecommunications expenses, software and hardware
expenses to support and maintain the Platform Business infrastructure.
Personnel and Benefit Expense
Personnel and benefit expense primarily consists
of personnel-related costs and benefits, stock-based compensation costs for employees in our executive, accounting and finance, project
management, corporate development, office administration, legal and human resources functions.
Legal and Professional Fees
Legal and Professional fees primarily consist
of certain professional consulting services in legal, audit, accounting and taxation, and others.
Other General and Administrative Expenses
Other general and administrative expenses primarily
consist of rent and facilities expenses allocated based upon total direct costs, as well as, general corporate costs and allocated overhead
expenses.
We expect that our general and administrative
expenses will continue to increase in future periods, primarily due to increased headcount to support anticipated growth in our Distribution
and Platform Businesses, and due to incremental costs associated with operating as a public company, including costs to comply with the
rules and regulations applicable to companies listed on a securities exchange and costs related to compliance and reporting obligations
pursuant to the rules and regulations of the SEC and stock exchange listing standards, public relations, insurance and professional services.
92
Results of Operations
Comparison of the Three Months Ended September 30,
2024 and 2023:
The following tables set forth our results of
operations for the periods presented in U.S. dollars (in thousands):
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Revenues:
Interest income:
Loans
$
60
$
41
19
46.34
Total interest income
60
41
19
46.34
Non-interest income:
Commissions
4,785
12,169
(7,384
)
(60.68
)
Recurring asset management service fees
349
752
(403
)
(53.59
)
Recurring asset management service fees, related party
246
245
1
0.41
Total non-interest income
5,380
13,166
(7,786
)
(59.14
)
Total revenues
5,440
13,207
(7,767
)
(58.81
)
Operating expenses:
Interest expense
(1,148
)
(393
)
755
192.11
Commission expense
(1,934
)
(8,916
)
(6,982
)
(78.31
)
Sales and marketing expense
(93
)
(754
)
(661
)
(87.67
)
Research and development expense
(401
)
(741
)
(340
)
(45.88
)
Personnel and benefit expense
(6,827
)
(7,764
)
(937
)
(12.07
)
Legal and professional fee
(2,594
)
(3,453
)
(859
)
(24.88
)
Legal and professional fee, related party
(250
)
(78
)
172
220.51
Office and operating fee, related party
(1,088
)
(1,317
)
(229
)
(17.39
)
Provision for allowance for expected credit losses
(135
)
(328
)
(193
)
(58.84
)
Other general and administrative expenses
(1,153
)
(806
)
347
43.05
Total operating expenses
(15,623
)
(24,550
)
(8,927
)
(36.36
)
Loss from operations
(10,183
)
(11,343
)
(1,160
)
(10.23
)
Other income (expense):
Interest income
302
17
285
1,676.47
Foreign exchange gain (loss), net
1,105
(864
)
1,969
227.89
Investment loss, net
—
(793
)
(793
)
(100.00
)
Change in fair value of warrant liabilities
(632
)
1
(633
)
(63,300.00
)
Rental income
—
79
(79
)
(100.00
)
Sundry income
26
38
(12
)
(31.58
)
Total other income (expense), net
801
(1,522
)
2,323
152.63
Loss before income taxes
(9,382
)
(12,865
)
(3,483
)
(27.07
)
Income tax expense
(37
)
(56
)
(19
)
(33.93
)
NET LOSS
$
(9,419
)
$
(12,921
)
(3,502
)
(27.10
)
93
Revenue
The following table summarizes the major operating
revenues for the three months ended September 30, 2024 and 2023:
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Business segment
Distribution Business
$
4,701
$
11,876
(7,175
)
(60.42
)
Platform Business
739
1,331
(592
)
(44.48
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
5,440
$
13,207
(7,767
)
(58.81
)
Distribution Business
The Distribution Business contributed 86.42% and
89.92% of the total revenue for the three months ended September 30, 2024 and 2023, respectively. Income from the Distribution Business
mainly related to commissions earned, which decreased by US$7.2 million, or 60.42%, from US$11.9 million in 2023 to US$4.7 million
in 2024. The decrease in revenue primarily attributed from the economic recession and outward migration in Hong Kong. The largest segment
of the Distribution Business is our FA Business, operated under the "Focus" brand name.
Summarized revenue breakdown by product and type
of contracts:
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
By product:
Life insurance
$
3,921
$
11,147
(7,226
)
(64.82
)
Property-casualty insurance
639
467
172
36.83
Mandatory provident fund and related revenues
141
262
(121
)
(46.18
)
4,701
11,876
(7,175
)
(60.42
)
By the type of contracts:
- New and or current year
4,701
11,496
(6,795
)
(59.11
)
- Recurring
—
380
(380
)
(100.00
)
TOTAL
$
4,701
$
11,876
(7,175
)
(60.42
)
Platform Business
The Platform Business contributed 13.58% and 10.08%
of the total revenue for the three months ended September 30, 2024 and 2023, respectively.
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Commission
$
84
$
293
(209
)
(71.33
)
Recurring service fees
595
996
(401
)
(40.26
)
Loans
60
42
18
42.86
TOTAL
$
739
$
1,331
(592
)
(44.48
)
94
Operating Expenses
Interest Expense
Interest expense increased by US$0.8 million for
the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The increase was mainly attributed
to the interest expense and amortization of the debt discount on convertible notes payable.
Commission Expense
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Business segment
Distribution Business
$
1,843
$
8,593
(6,750
)
(78.55
)
Platform Business
91
323
(232
)
(71.83
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
1,934
$
8,916
(6,982
)
(78.31
)
The Distribution Business contributed 95.29%
and 96.38% of the total commission expense for the three months ended September 30, 2024 and 2023, respectively. Commission expense for
the Distribution Business decreased by US$6.8 million, or 78.55%, from US$8.6 million in 2023 to US$1.8 million in 2024.
As a result of the decrease in revenue associated with the Distribution Business, commission expense decreased correspondingly.
Sales and Marketing Expense
Sales and marketing expense decreased by US$0.7
million or 87.67% for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease
in sales and marketing expense is mainly attributed to lower spending associated with "AGBA" corporate branding and associated
product campaigns for celebrating the successful listing.
Research and Development Expense
Research and development expense decreased by
US$0.3 million or 45.88% for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The
slight decrease was primarily due to decreased in headcounts.
Personnel and Benefit Expense
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Personnel and benefit
$
3,517
$
6,446
(2,929
)
(45.44
)
Share-based compensation to employees
3,310
1,318
1,992
151.14
TOTAL
$
6,827
$
7,764
(937
)
(12.07
)
95
Personnel and benefit cost decreased by US$1.0
million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was primarily
attributable to the reduction of headcounts during the period.
Share-based compensation for employees increased
by US$2.0 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The increase
was primarily due to the issuance of common stocks to our independent directors under the 2024 Equity Incentive Plan and issuance of common
stocks to our officers and employees to compensate for their contributions of services and performance, offset by the decrease in the
amortization of the fair value of the restricted share units due to the vested and forfeited shares in 2024. The fair value of the restricted
share units is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis.
Legal and Professional Fees
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Legal and professional fee
$
1,915
$
1,301
614
47.19
Legal and professional fee, related party
250
78
172
220.51
Consulting fees (share-based related)
679
2,152
(1,473
)
(68.45
)
TOTAL
$
2,844
$
3,531
(687
)
(19.46
)
Legal and professional fees in aggregate decreased
by US$0.7 million, or 19.46%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023.
The decrease was primarily attributed to the decrease in the consulting fees incurred during the period, which settled by the issuance
of our common stocks.
Legal and professional fees, related party of
$0.3 million for the three months ended September 30, 2024 represented the advisory service fee paid to a related company which owned
by the Chairman of the Company.
Consulting fees under share-based compensation
for the three months ended September 30, 2024 was mainly related to the corporate strategic consultancy, intelligence technology consultancy,
and business marketing service rendered by certain third party consultants, equal to 5,349,582 shares of common stock at the market price
ranging from US$0.339 to US$2.5111 per share.
Other General and Administrative Expense
Three months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Depreciation on property and equipment
$
23
$
23
—
—
Depreciation on right-of-use assets
467
446
21
4.71
Financial data subscription expense
67
155
(88
)
(56.77
)
Interest expense on lease liabilities
173
199
(26
)
(13.07
)
Building management fee and utilities
247
166
81
48.80
Overseas travelling expense
52
129
(77
)
(59.69
)
Other operating expenses
124
(312
)
436
139.74
TOTAL
$
1,153
$
806
347
43.05
Total other general and administrative expenses
increased US$0.3 million, or 43.05%, for the three months ended September 30, 2024, as compared to the three months ended September
30, 2023. The net increase was mainly due to the increase in building management fee and utilities of US$0.08 million and other operating
expenses of US$0.4 million, offset by the decrease in depreciation on right-of-use assets of US$0.09 million, and overseas travelling
expense of US$0.08 million. The depreciation on right-of-use assets and the interest expense on lease liabilities were mainly attributed
to the commercial operating lease entered with an independent third party for the use of an office premises in Hong Kong. The lease has
original terms exceeding one year, but not more than three years with an option to renew for a further term of three years.
96
Loss from Operations
Loss from operations decreased by US$1.2 million,
or 10.23%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The decrease was mainly
attributable to the decrease in operating expenses of US$8.9 million, offset by the decrease in revenues of $7.8 million.
Other Income (Expense), net
Interest Income
Interest income increased by US$0.3 million
for the three months ended September 30, 2024.
Foreign Exchange Gain (Loss), net
Foreign exchange gain (loss), net mainly
represented the unrealized net foreign exchange gain (loss) from the translation of long-term investments which are mostly
denominated in Sterling. The net foreign exchange gain increased by US$2.0 million or 227.89% for the three months ended
September 30, 2024, as compared to the net foreign exchange loss for the three months ended September 30, 2023, due to the
continuous strong Sterling exchange rate.
Investment Loss, Net
Investment loss decreased by US$0.8 million,
or 100.00%, for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, mainly because of
the decrease in unrealized loss in non-marketable equity securities of US$1.0 million, and decrease in dividend income of US$0.2 million.
Change in Fair Value of Warrant Liabilities
We classified the Private Warrants, Warrant –
Class A, and Common Warrants as liabilities at their fair value and adjust them to fair value at each reporting period. These warrant
liabilities are subject to re-measurement of each balance sheet date until exercised. For the three months ended September 30, 2024 and
2023, we recognized the change in fair value in aggregate of $0.6 million and nil in our condensed consolidated statements of operations
and comprehensive loss.
Net Loss
Net loss decreased by US$3.5 million, or
27.10% for the three months ended September 30, 2024, as compared to three months ended September 30, 2023, primarily due to the decrease
in operating expense of US$8.9 million, offset by the decrease in total revenues of US$7.8 million and increase in other income of US$2.3
million.
97
Nine months ended September 30, 2024 vs
nine months ended September 30, 2023
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Revenues:
Interest income:
Loans
$
123
$
118
5
4.24
Total interest income
123
118
5
4.24
Non-interest income:
Commissions
15,661
38,507
(22,846
)
(59.33
)
Recurring asset management service fees
1,503
2,301
(798
)
(34.68
)
Recurring asset management service fees, related party
730
725
5
0.69
Total non-interest income
17,894
41,533
(23,639
)
(56.92
)
Total revenues
18,017
41,651
(23,634
)
(56.74
)
Operating expenses:
Interest expense
(1,723
)
(806
)
917
113.77
Commission expense
(7,697
)
(28,196
)
(20,499
)
(72.70
)
Sales and marketing expense
(606
)
(3,125
)
(2,519
)
(80.61
)
Research and development expense
(1,354
)
(2,678
)
(1,324
)
(49.44
)
Personnel and benefit expense
(18,364
)
(22,672
)
(4,308
)
(19.00
)
Legal and professional fee
(4,707
)
(12,423
)
(7,716
)
(62.11
)
Legal and professional fee, related party
(750
)
(78
)
672
861.54
Office and operating fee, related party
(3,281
)
(5,089
)
(1,808
)
(35.53
)
Provision for allowance for expected credit losses
(1,878
)
(661
)
1,217
184.12
Other general and administrative expenses
(3,441
)
(2,242
)
1,199
53.48
Total operating expenses
(43,801
)
(77,970
)
(34,169
)
(43.82
)
Loss from operations
(25,784
)
(36,319
)
(10,535
)
(29.01
)
Other income (expense):
Interest income
390
385
5
1.30
Foreign exchange gain, net
826
41
785
1,914.63
Investment (loss) income, net
(37
)
489
(526
)
(107.57
)
Change in fair value of warrant liabilities
(4,281
)
3
(4,284
)
(142,800.00
)
Change in fair value of forward share purchase liability
—
(82
)
(82
)
(100.00
)
Loss on settlement of forward share purchase agreement
—
(379
)
(379
)
(100.00
)
Rental income
14
217
(203
)
(93.55
)
Sundry income
121
122
(1
)
(0.82
)
Total other (expense) income, net
(2,967
)
796
(3,763
)
(472.74
)
Loss before income taxes
(28,751
)
(35,523
)
(6,772
)
(19.06
)
Income tax expense
(98
)
(56
)
42
75.00
NET LOSS
$
(28,849
)
$
(35,579
)
(6,730
)
(18.92
)
Revenue
The following table summarizes the major operating
revenues for the nine months ended September 30, 2024 and 2023:
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Business segment
Distribution Business
$
15,211
$
37,569
(22,358
)
(59.51
)
Platform Business
2,806
4,082
(1,276
)
(31.26
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
18,017
$
41,651
(23,634
)
(56.74
)
98
Distribution Business
The Distribution Business contributed 84.43% and
90.20% of the total revenue for the nine months ended September 30, 2024 and 2023, respectively. Income from the Distribution Business
mainly related to commissions earned, which significantly decreased by US$22.4 million, or 59.51%, from US$37.6 million in 2023 to
US$15.2 million in 2024. The largest segment of the Distribution Business is our FA Business, operated under the "Focus"
brand name. The decrease in revenue primarily attributed from the economic recession and outward migration in Hong Kong.
Summarized revenue breakdown by product and type
of contracts:
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
By product:
Life insurance
$
13,811
$
35,286
(21,475
)
(60.86
)
Property-casualty insurance
1,034
1,523
(489
)
(32.11
)
Mandatory provident fund and related revenues
366
760
(394
)
(51.84
)
15,211
37,569
(22,358
)
(59.51
)
By the type of contracts:
- New and or current year
15,130
36,944
(21,814
)
(59.05
)
- Recurring
81
625
(544
)
(87.04
)
TOTAL
$
15,211
$
37,569
(22,358
)
(59.51
)
Platform Business
The Platform Business contributed 15.57% and 9.80%
of the total revenue for the nine months ended September 30, 2024 and 2023, respectively.
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Commission
$
450
$
938
(488
)
(52.03
)
Recurring service fees
2,233
3,026
(793
)
(26.21
)
Loans
123
118
(5
)
(4.24
)
TOTAL
$
2,806
$
4,082
(1,276
)
(31.26
)
Operating Expenses
Commission Expense
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Business segment
Distribution Business
$
7,124
$
27,133
(20,009
)
(73.74
)
Platform Business
573
1,063
(490
)
(46.10
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
7,697
$
28,196
(20,499
)
(72.70
)
99
The Distribution Business contributed 92.56% and
96.23% of the total commission expense for the nine months ended September 30, 2024 and 2023, respectively. Commission expense for the
Distribution Business decreased by US$20.0 million, or 73.74%, from US$27.1 million in 2023 to US$7.1 million in 2024. As a result of
the decrease in revenue associated with the Distribution Business, commission expense decreased correspondingly.
Sales and Marketing Expense
Sales and Marketing expense decreased by US$2.5
million or 80.61%, from US$3.1 million in 2023 to US$0.6 million in 2024. The decrease in sales and marketing expense is mainly attributed
to lower spending associated with "AGBA" corporate branding and associated product campaigns for celebrating the successful
listing.
Research and Development Expense
Research and development expense decreased by
US$1.3 million or 49.44%, from US$2.7 million in 2023 to US$1.4 million in 2024. The decrease was primarily due to decreased in headcounts.
Personnel and Benefit Expense
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Personnel and benefit
$
12,987
$
18,719
(5,732
)
(30.62
)
Share-based compensation to employees
5,377
3,953
1,424
36.02
TOTAL
$
18,364
$
22,672
(4,308
)
(19.00
)
Personnel and benefit cost decreased by US$4.3
million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily
due to the decrease in headcounts in both Platform Business and Distribution Business.
Share-based compensation for employees increased
by US$1.4 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase
was primarily due to the issuance of common stocks to our independent directors under the 2024 Equity Incentive Plan and issuance of common
stocks to our officers and employees to compensate for their contributions of services and performance, offset by the decrease in the
amortization of the fair value of the restricted share units due to the vested and forfeited shares in 2024. The fair value of the restricted
share units is recognized over the period based on the derived service period (usually the vesting period), on a straight-line basis.
Legal and Professional Fees
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Legal and professional fees
$
3,612
$
4,396
(784
)
(17.83
)
Legal and professional fees, related party
750
78
672
861.54
Consulting fees (share-based related)
1,095
8,027
(6,932
)
(86.36
)
TOTAL
$
5,457
$
12,501
(7,044
)
(56.35
)
100
Legal and professional fees in aggregate decreased by US$7.0 million,
or 56.35%, for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was primarily
attributed to the decrease in the consulting fees incurred during the period, which settled by the issuance of our common stocks.
Legal and professional fees, related party of
$0.8 million for the nine months ended September 30, 2024 represented the advisory service fee paid to a related company which owned by
the Chairman of the Company.
Consulting fees under share-based compensation
for the nine months ended September 30, 2024 was mainly related to the corporate strategic consultancy, intelligence technology consultancy,
and business marketing service rendered by certain third party consultants, equal to 6,078,488 shares of common stock at the market price
ranging from US$0.339 to US$2.5111 per share.
Other General and Administrative Expenses
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Depreciation on property and equipment
$
69
$
238
(169
)
(71.01
)
Depreciation on right-of-use assets
1,386
594
792
133.33
Financial data subscription expense
254
294
(40
)
(13.61
)
Interest expense on lease liabilities
542
266
276
103.76
Building management fee and utilities
749
633
116
18.33
Overseas travelling expense
256
350
(94
)
(26.86
)
Other operating expenses
185
(133
)
318
239.10
TOTAL
$
3,441
$
2,242
1,199
53.48
Total other general and administrative expenses
increased by US$1.2 million, or 53.48%, for the nine months ended September 30, 2024, as compared to the nine months ended September
30, 2023. The net increase was mainly due to the increase in depreciation on right-of-use assets of US$0.8 million, interest expense on
lease liabilities of US$0.3 million, building management fee and utilities of US$0.1 million, and other operating expenses of $0.3 million,
offset by the decrease in depreciation on property and equipment of US$0.2 million. The depreciation on right-of-use assets and the interest
expense on lease liabilities were mainly attributed to the commercial operating lease entered with an independent third party for the
use of an office premises in Hong Kong. The lease has original terms exceeding one year, but not more than three years with an option
to renew for a further term of three years.
Loss from Operations
Loss from operations decreased by US$10.5 million,
or 29.01%, for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The decrease was mainly
attributable to the significant decrease in operating expenses of $34.2 million, offset by decrease in revenues of $23.6 million.
101
Other Income (Expense), net
Foreign Exchange Gain, net
Foreign exchange gain, net mainly represented
the unrealized net foreign exchange gain from the translation of long-term investments which are mostly denominated in Sterling. The net
foreign exchange gain increased by US$0.8 million or 1,914.63% for the nine months ended September 30, 2024, as compared to the net
foreign exchange gain for the nine months ended September 30, 2023, due to continuous strong Sterling exchange rate.
Investment (Loss) Income, Net
Nine months ended
September 30,
2024
2023
Variance
(US$ in thousands)
$
%
Realized gain in marketable equity securities
$
1
$
1,543
(1,542
)
(99.94
)
Unrealized loss in non-marketable equity securities
(38
)
(2,458
)
(2,420
)
(98.45
)
Dividend income
—
1,404
(1,404
)
(100.00
)
TOTAL
$
(37
)
$
489
(526
)
(107.57
)
Investment loss decreased by US$0.5 million,
or 107.57%, for the nine months ended September 30, 2024, as compared to the investment income for the nine months ended September 30,
2023, mainly because of the decrease in realized gain in marketable equity securities of US$1.5 million, decrease in dividend income of
US$1.4 million, and offset by the decrease in unrealized loss in non-marketable equity securities of US$2.4 million. The decrease in realized
gain in marketable equity securities and dividend income was mainly due to the disposal of long-term investments.
Change in Fair Value of Warrant Liabilities
We classified the SPAC Private Warrants, Warrant
– Class A, and Common Warrants as liabilities at their fair value and adjust them to fair value at each reporting period. These
warrant liabilities are subject to re-measurement of each balance sheet date until exercised. For the nine months ended September 30,
2024 and 2023, we recognized the change in fair value in aggregate of $(4.3) million and $0.003 million, respectively in our condensed
consolidated statements of operations and comprehensive loss.
Rental Income
Rental income was earned from the leasing of our
owned office premises. For the nine months ended September 30, 2024, the rental income decreased by US$0.2 million, or 93.55%, as compared
to the nine months ended September 30, 2023 was resulted from the sale of one of the office premises in 2023.
102
Income Tax Expense
Income tax expense increased by US$0.04 million
for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, primarily attributable to the provision
of income tax during the period.
Net Loss
Net loss decreased by US$6.7 million, or
18.92% for the nine months ended September 30, 2024, as compared to nine months ended September 30, 2024, primarily due to the decrease
in operating expenses of US$34.2 million, offset by the decrease in revenue of $23.6 million and other expense, net of US$3.8 million.
Comparison of the Years Ended December 31,
2023 and 2022:
The following tables set forth our results of operations for the years
presented in U.S. dollars (in thousands):
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Revenues:
Interest income:
Loans
$
157
$
176
(19
)
(10.80
)
Total interest income
157
176
(19
)
(10.80
)
Non-interest income:
Commissions
50,069
26,562
23,507
88.50
Recurring asset management service fees
2,993
3,372
(379
)
(11.24
)
Recurring asset management service fees, related party
970
970
—
—
Total non-interest income
54,032
30,904
23,128
74.84
Total revenues
54,189
31,080
23,109
74.35
Operating expenses:
Interest expense
(784
)
(141
)
643
456.03
Commission expense
(37,288
)
(18,823
)
18,465
98.10
Sales and marketing expense
(3,709
)
(11,142
)
(7,433
)
(66.71
)
Technology expense
(4,557
)
(1,209
)
3,348
276.92
Personnel and benefit expense
(27,218
)
(21,928
)
5,290
24.12
Legal and professional fees
(13,601
)
(1,266
)
12,335
974.33
Legal and professional fees, related party
(333
)
—
333
N/A
Allowance for expected credit losses on financial instruments
(1,077
)
(16
)
1,061
6,631.25
Other general and administrative expenses
(9,467
)
(4,906
)
4,561
92.97
Total operating expenses
(98,034
)
(59,431
)
38,603
64.95
Loss from operations
(43,845
)
(28,351
)
15,494
54.65
Other income (expense):
Interest income
384
99
285
287.88
Foreign exchange gain (loss), net
909
(2,643
)
3,552
134.39
Investment loss, net
(6,879
)
(8,937
)
(2,058
)
(23.03
)
Change in fair value of warrant liabilities
5
9
(4
)
(44.44
)
Change in fair value of forward share purchase liability
(82
)
(5,393
)
(5,311
)
(98.48
)
Loss on settlement of forward share purchase liability
(379
)
—
(379
)
N/A
Gain on disposal of property and equipment
665
—
665
N/A
Rental income
239
315
(76
)
(24.13
)
Sundry income
64
505
(441
)
(87.33
)
Total other expense, net
(5,074
)
(16,045
)
(10,971
)
(68.38
)
Loss before income taxes
(48,919
)
(44,396
)
4,523
10.19
Income tax expense
(287
)
(125
)
162
129.60
NET LOSS
$
(49,206
)
$
(44,521
)
4,685
10.52
103
Revenue
The following table summarizes the major operating
revenues from the year ended December 31, 2023, as compared to the corresponding year ended December 31, 2022:
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Business segment
Distribution Business
$
48,887
$
24,610
24,277
98.65
Platform Business
5,302
6,470
(1,168
)
(18.05
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
54,189
$
31,080
23,109
74.35
Distribution Business
The Distribution Business contributed 90.22% and
79.18% of the total revenue for the years ended December 31, 2023 and 2022, respectively. Income from the Distribution Business mainly
related to commissions earned, which significantly increased by US$24.3 million, or 98.65%, from US$24.6 million in 2022 to US$48.9 million
in 2023. The largest segment of the Distribution Business is our FA Business, operated under the "Focus" brand name.
Summarized revenue breakdown by product and type
of contracts:
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
By product:
Life insurance
$
46,174
$
23,849
22,325
93.61
Property-casualty insurance
1,796
205
1,591
776.10
Mandatory provident fund and related revenues
917
556
361
64.93
$
48,887
$
24,610
24,277
98.65
By the type of contracts:
– New and or current year
$
48,661
$
23,597
25,064
106.22
– Recurring
226
1,013
(787
)
(77.69
)
$
48,887
$
24,610
24,277
98.65
104
Platform Business
The Platform Business contributed 9.78% and 20.82%
of the total revenue for the years ended December 31, 2023 and 2022, respectively.
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Commissions
$
1,182
$
1,951
(769
)
(39.42
)
Recurring asset management service fees
3,963
4,343
(380
)
(8.75
)
Loans
157
176
(19
)
(10.80
)
TOTAL
$
5,302
$
6,470
(1,168
)
(18.05
)
Operating Expenses
Interest Expense
Interest expense increased by US$0.6 million for
the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was mainly attributed to the increase
in short-term borrowings during the year.
Commission Expense
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Distribution Business
$
35,885
$
16,840
19,045
113.09
Platform Business
1,403
1,983
(580
)
(29.25
)
Fintech Business
—
—
—
—
Healthcare Business
—
—
—
—
TOTAL
$
37,288
$
18,823
18,465
98.10
The Distribution Business contributed 96.24% and
89.47% of the total commission expense for the years ended December 31, 2023 and 2022, respectively. Commission expense for the Distribution
Business increased by US$19.0 million, or 113.09%, from US$16.8 million in 2022 to US$35.9 million in 2023. As a result
of the increase in revenue associated with the Distribution Business, commission expense significantly increased.
Sales and Marketing Expense
Sales and marketing expense decreased by US$7.4
million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The decrease in sales and marketing expense
is mainly attributed to lower spending associated with "AGBA" corporate branding and associated product campaigns for celebrating
the successful listing in last year.
Technology Expense
Technology expense increased by US$3.3 million
for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due to increased headcount
to support anticipated growth in the business and platform expansion and the purchase of software system.
Personnel and Benefit Expense
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Personnel and benefit
$
23,926
$
19,839
4,087
20.60
Compensation to employees (share-based related)
3,292
2,089
1,203
57.59
TOTAL
$
27,218
$
21,928
5,290
24.12
105
Personnel and benefit cost increased by US$4.1
million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due to the increased
headcount to support the continuing growth of the Platform Business and Distribution Business.
Share-based compensation for employees increased
by US$1.2 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily due
to the settlement of accrued salaries to certain directors and employees of the Company and the amortization of the fair value of the
restricted share units. The fair value of the restricted share units is recognized over the period based on the derived service period
(usually the vesting period), on a straight-line basis.
Legal and Professional Fees
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Legal and other professional fees
$
5,090
$
1,266
3,824
302.05
Consulting fees (share-based related)
8,511
—
8,511
N/A
TOTAL
$
13,601
$
1,266
12,335
974.33
Legal and professional fees increased by US$12.3
million, or 974.33%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily
attributed to the increase in the US legal counsel fees and the consulting fees incurred during the year.
Consulting fees under share-based compensation
for the year ended December 31, 2023 was mainly related to the corporate strategic consultancy and business marketing service rendered
by certain third party consultants, equal to 4,900,000 ordinary shares at the market price ranging from US$0.417 to US$2.158 per share.
Legal and Professional Fees, Related Party
Legal and professional fees, related party increased
by US$0.3 million for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was primarily from
the advisory services rendered by a related company which owned by the Chairman of the Company.
Allowance For Expected Credit Losses on Financial
Instruments
In accordance with Accounting Standards Codification
("ASC") Topic 326
"Credit Losses – Measurement of Credit Losses on Financial Instruments"
(ASC Topic
326), the Company utilizes the current expected credit losses ("CECL") model to determine an allowance that reflects its best
estimate of the expected credit losses on accounts receivable, loans receivable, notes receivable, and deposits, prepayments and others
receivable which is recorded as a liability to offset the receivables. For the years ended December 31, 2023 and 2022, the aggregated
allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and other receivables was US$1.1 million
and US$0.02 million, respectively.
Other General and Administrative Expense
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Depreciation
$
1,307
$
393
914
232.57
Financial data subscription expense
499
532
(33
)
(6.20
)
Office rental and operating fees
6,330
3,190
3,140
98.43
Other operating expenses
1,331
791
540
68.27
TOTAL
$
9,467
$
4,906
4,561
92.97
106
Total other general and administrative expenses
increased by US$4.6 million, or 92.97%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The
net increase was mainly due to the increase in depreciation of US$0.9 million, and office rental and operating fees of US$3.1 million.
Upon the consummation of Business Combination, the post-combination entity has expensed more as a listed company, with a significant increase
in the office rental and operating fees increased were primarily attributed to the office and administrative expenses pay to the holding
company for the use of office premises in Trust Tower and Hopewell Centre, including building management fees, government rates and rent,
office rent, lease-related interest, and depreciation actually incurred by the holding company, with the increased occupancy from business
expansion.
Loss from Operations
Loss from operations increased by US$15.5 million,
or 54.65%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022. The increase was mainly attributable
to the increase in operating expenses of US$38.6 million.
Other Income (Expense), net
Interest Income
Interest income increased by US$0.3 million
for the year ended December 31, 2023.
Foreign Exchange Gain (Loss), net
Foreign exchange gain (loss), net mainly represented
the unrealized net foreign exchange gain (loss) from the translation of long-term investments which are mostly denominated in Sterling.
The net foreign exchange gain increased by US$3.6 million or 134.39% for the year ended December 31, 2023, as compared to the net
foreign exchange loss for the year ended December 31, 2022, due to the stronger Sterling exchange rate.
Investment (Loss) Income, Net
Years ended December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Unrealized loss in marketable equity securities
$
—
$
(5,331
)
(5,331
)
(100.00
)
Realized gain from sale of marketable equity securities
1,544
—
1,544
N/A
Unrealized gain in non-marketable equity securities
—
2,137
(2,137
)
(100.00
)
Unrealized loss in non-marketable equity securities
(10,093
)
(6,898
)
(3,195
)
(46.32
)
Dividend income
1,670
1,155
515
44.59
TOTAL
$
(6,879
)
$
(8,937
)
(2,058
)
(23.03
)
Investment loss decreased by US$2.1 million,
or 23.03%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022, mainly as a result of the increase in
realized gain from sale of marketable equity securities of $1.5 million, increase in dividend income of US$0.5 million, decrease in unrealized
loss in marketable equity securities of US$5.3 million, decrease in unrealized gain in non-marketable equity securities of US$2.1 million,
offset by increase in unrealized loss in non-marketable equity securities of US$3.2 million for the year ended December 31, 2023.
107
Loss on settlement of forward share purchase
liability
Loss on settlement of forward share purchase agreement
was resulted from the early termination of the Meteora Backstop Agreement on June 29, 2023. For the year ended December 31, 2023, the
loss on settlement of forward share purchase agreement was $0.4 million recognized in the consolidated statements of operations and comprehensive
loss.
Gain on disposal of property and equipment
Gain on disposal of property and equipment was
resulted from the sale of office premises to an independent third party on July 20, 2023. For the year ended December 31, 2023, the gain
on disposal of property and equipment was $0.7 million recognized in the consolidated statements of operations and comprehensive loss.
Rental Income
Rental income was earned from the leasing of our
owned office premises. For the year ended December 31, 2023, the rental income decreased by US$0.08 million, or 24.13%, as compared to
the year ended December 31, 2022 was resulted from the sale of one of the office premises during the year.
Income Tax Expense
Income tax expense increased by US$0.2 million,
or 129.60%, for the year ended December 31, 2023, as compared to the year ended December 31, 2022, primarily attributable to the provision
of income tax for the year.
Net Loss
Net loss increased by US$4.7 million, or
10.52% for the year ended December 31, 2023, as compared to December 31, 2022, primarily due to the increase in operating expenses of
US$38.6 million, offset by the increase in revenues of US$23.1 million and decrease in other expense, net of US$11.0 million.
Liquidity and Capital Resources
Sources of Liquidity
AGBA has a history of operating losses and negative cash flow. For
the nine months ended September 30, 2024, we reported a net loss of US$28.8 million and reported a negative operating cash flow of US$20.7
million. As of September 30, 2024, AGBA's cash balance was US$5.1 million for working capital use. The management of AGBA estimates
that currently available cash will not be able to provide sufficient funds to meet the planned obligations for the next 12 months.
AGBA's ability to continue as a going concern is dependent on
our ability to successfully implement its plans. AGBA's management believes that it will be able to continue to grow its revenue
base and control expenditures. In parallel, ILLR continually monitors its capital structure and operating plans and evaluates various
potential funding alternatives that may be needed in order to finance our business development activities, and operating expenses. ILLR
is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual obligations as they come
due. To access capital to fund operations or provide growth capital, we will need to raise capital in one or more debt and/or equity offerings.
Although there is no assurance that, if needed, we will be able to pursue these fundraising initiatives and have access to the capital
markets going forward. The consolidated financial statements do not include any adjustments that might result from the outcome of these
uncertainties.
108
Future Liquidity
On a recurring basis, the primary future cash
needs of AGBA will be focused on operating activities, working capital, capital expenditures, investment, regulatory and compliance costs.
The ability of AGBA to fund these needs will depend, in part, on its ability to generate or raise cash in the future, which is subject
to general economic, financial, competitive, regulatory, and other factors that are beyond its control.
The ability to fund AGBA's operating needs
will depend on its future ability to continue to generate positive cash flow from operations and raise capital in the capital markets.
AGBA's management believe that it will meet known or reasonably likely future cash requirements through the combination of cash
flows from operating activities, available cash balances, and external borrowings and fund raising. AGBA's management expects that
the primary cash requirements in 2024 will be to fund capital expenditures for (i) expansion of the Distribution Business and (ii) Platform
Business.
If AGBA's sources of liquidity need to be
augmented, additional cash requirements would likely need to be financed through the issuance of debt or equity securities; however, there
can be no assurances that we will be able to obtain additional debt or equity financing on acceptable terms, or at all, in the future.
AGBA expects that operating losses could continue
into the foreseeable future as it continues to invest in growing its businesses. Based upon AGBA's current operating plans, the
management believes that cash and equivalents will not be able to provide sufficient funds to its operations for at least the next 12
months from the date of its consolidated financial statements. However, these forecasts involve risks and uncertainties, and actual results
could vary materially. Our management has based this estimate on assumptions that may prove to be wrong, and we could deplete our capital
resources sooner than we expect. See "—
Liquidity and Going Concern
" below.
AGBA's future capital requirements may vary
materially from those currently planned and will depend on many factors, including our rate of revenues growth, the timing and extent
of spending on sales and marketing, the expansion of sales and marketing activities, the timing of new product introductions, market acceptance
of our brand, and overall economic conditions. We may also seek additional capital to fund our operations, including through the sale
of equity or debt financings. To the extent that we raise additional capital through the future sale of equity, the ownership interest
of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect
the rights of our existing stockholders. The incurrence of debt financing would result in debt service obligations and the instruments
governing such debt could provide for operating and financing covenants that would restrict our operations.
Cash Flows
Comparison of the nine months ended September
30, 2024 and 2023
As of September 30, 2024, AGBA had cash and cash
equivalents totaling $5.1 million, and $13.7 million in restricted cash.
As of December 31, 2023, AGBA had cash and cash
equivalents totaling $1.9 million, and $16.8 million in restricted cash.
The following table summarizes our cash flows
for the periods presented:
Nine months ended
September 30,
2024
2023
(US$ in thousands)
Net cash used in operating activities
$
(20,742
)
$
(33,365
)
Net cash provided by investing activities
2,580
4,687
Net cash provided by (used in) financing activities
18,254
(415
)
Effect on exchange rate change on cash and cash equivalents
(19
)
(26
)
Net change in cash, cash equivalents and restricted cash
73
(29,119
)
Cash, cash equivalents and restricted cash, at the beginning
18,678
51,294
Cash, cash equivalents and restricted cash, at the end
$
18,751
$
22,175
Representing as:
Cash and cash equivalents
$
5,093
$
1,622
Restricted cash – fund held in escrow
13,658
20,553
$
18,751
$
22,175
109
The following table sets forth a summary of our
working capital:
September 30,
2024
December 31,
2023
Variance
(US$ in thousands)
$
%
Total Current Assets
$
52,073
$
25,619
26,454
103.26
Total Current Liabilities
92,562
47,840
44,722
93.48
Working Capital Deficit
$
(40,489
)
$
(22,221
)
18,268
82.21
Working Capital Deficit
The working capital deficit as of September 30,
2024 and December 31, 2023 was amounted to approximately US$40.5 million and US$22.2 million, respectively, an increase of US$18.3 million
or 82.21%. The increase was mainly attributed to the issuance of convertible promissory note payable of $32.5 million and warrant liabilities
of $4.3 million, offset by the receivable from Triller LLC of $28.3 million and deposit, prepayments, and other receivables, net of $1.8
million.
Cash Flows from Operating Activities
Net cash used in operating activities was US$20.7
million and US$33.4 million for the nine months ended September 30, 2024 and 2023, respectively.
Net cash used in operating activities for the nine months ended September
30, 2024 was primarily the result of the net loss of US$28.8 million, deposits, prepayments, and others receivable of US$0.6 million,
decrease in accounts payable and accrued liabilities of US$2.3 million, decrease in escrow liabilities of US$3.2 million, decrease in
lease liabilities of US$1.5 million and decrease in income tax payable of US$0.1 million. These amounts were partially offset by the decrease
in accounts receivable of US$0.7 million, loans receivable of US$0.05 million, and non-cash adjustments consisting of share-based compensation
expense of US$6.4 million, non-cash lease expense of US$1.9 million, depreciation of property and equipment of US$0.07 million, interest
income on loans receivable of US$0.1 million, interest income on promissory note receivables of US$0.4 million, interest expense on convertible
promissory notes payable of $1.1 million, interest expense on borrowings of $0.6 million, net foreign exchange gain of US$0.8 million,
provision for allowance for expected credit losses of US$1.9 million, and change in fair value of warrant liabilities of US$4.3 million.
Net cash used in operating activities for the
nine months ended September 30, 2023 was primarily the result of the net loss of US$35.6 million, an increase in accounts receivable of
US$0.6 million, increase in deposits, prepayments, and others receivable of US$2.9 million, decrease in escrow liabilities ofUS$8.9 million,
decrease in lease liabilities of US$0.6 million and decrease in income tax payable of US$0.1 million. These amounts were partially offset
by the decrease in loans receivable of US$0.1 million, increase in accounts payable and accrued liabilities of US$5.5 million, and non-cash
adjustments consisting of share-based compensation expense ofUS$12.0million, non-cash lease expense of US$0.9 million, depreciation of
property and equipment of US$0.2 million, interest income on loans receivable of US$0.1 million, interest income on notes receivable of
US$0.02 million, net foreign exchange gain of US$0.04 million, net investment income of US$0.5 million, allowance for credit losses on
financial instruments of US$0.7 million, loss on settlement of forward share purchase agreement of US$0.4 million and reversal of annual
bonus accrued in prior year of US$3.8 million.
Cash Flows from Investing Activities
Net cash provided by investing activities for
the nine months ended September 30, 2024 of US$2.6 million was primarily due to proceeds from sale of long-term investments of US$2.2
million and proceeds from sale of convertible notes receivable of US$0.4 million.
110
Net cash provided by investing activities for
the nine months ended September 30, 2023 of US$4.7 million was primarily due to proceeds from sale of investments of US$4.0 million, dividend
received from long-term investments of US$1.4 million, offset by the purchase of notes receivable of US$0.6million and purchase of property
and equipment of US$0.1 million.
Cash Flows from Financing Activities
Net cash provided by financing activities for
the nine months ended September 30, 2024 of US$18.3 million was primarily due to advances from the holding company of US$15.6 million,
proceeds from convertible promissory note payable of US$23.4 million, offset by repayments of borrowings of US$0.8 million and issuance
of promissory notes to Triller LLC of US$20.0 million.
Net cash used in financing activities for the
nine months ended September 30, 2023 of US$0.4 million was primarily due to advances from holding company of US$6.3 million, proceeds
from borrowings of US$7.2 million, offset by the settlement of forward share purchase agreement of US$14.0 million.
Comparison of the years ended December 31,
2023 and 2022
The following table summarizes our cash flows
for the years presented:
Years ended December 31,
2023
2022
(US$ in thousands)
Net cash used in operating activities
$
(42,282
)
$
(19,304
)
Net cash provided by (used in) investing activities
10,792
(14,189
)
Net cash (used in) provided by financing activities
(1,040
)
12,135
Effect on exchange rate change on cash and cash equivalents
(86
)
(429
)
Net change in cash, cash equivalents and restricted cash
(32,616
)
(21,787
)
Cash, cash equivalents and restricted cash, at the beginning
51,294
73,081
Cash, cash equivalents and restricted cash, at the end
$
18,678
$
51,294
Representing as:-
Cash and cash equivalents
$
1,861
$
6,450
Restricted cash – forward share purchase agreement
—
15,356
Restricted cash – fund held in escrow
16,817
29,488
$
18,678
$
51,294
The following table sets forth a summary of our
working capital:
As of December 31,
2023
2022
Variance
(US$ in thousands)
$
%
Total Current Assets
$
25,619
$
55,756
(30,137
)
(54.05
)
Total Current Liabilities
47,840
74,021
(26,181
)
(35.37
)
Working Deficit
$
(22,221
)
$
(18,265
)
3,956
21.66
Working Deficit
The working deficit as of December 31, 2023 amounted
to approximately US$22.22 million, as compared to approximately US$18.27 million at December 31, 2022, an increase of US$3.96
million or 21.66%.
111
Cash Flows from Operating Activities
Net cash used in operating activities was US$42.28 million
for the year ended December 31, 2023, as compared to net cash used in operating activities of US$19.30 million for the year ended
December 31, 2022.
Net cash used in operating activities for the
year ended December 31, 2023 was primarily the result of the net loss of US$49.21 million, an increase in accounts receivable of US$1.19
million, increase in deposits, prepayments, and others receivable of US$2.50 million, decrease in escrow liabilities of US$12.67 million,
and decrease in lease liabilities of US$1.13 million. These amounts were partially offset by the increase in accounts payable and accrued
liabilities of US$6.89 million, increase in income tax payable of US$0.54 million, and non-cash adjustments consisting of share-based
compensation expense of US$11.24 million, non-cash lease expense of US$1.50 million, depreciation of property and equipment of US$0.26
million, interest income on notes receivable of US$0.03 million, interest expense on borrowings of US$0.78 million, net foreign exchange
gain of US$0.91 million, net investment loss of US$6.88 million, allowance for expected credit losses on financial instruments of US$1.08
million, gain on disposal of property and equipment of US$0.66 million, loss on settlement of forward share purchase agreement of US$0.38
million, and reversal of over-accruals in prior year of US$3.60 million.
Net cash used in operating activities for the
year ended December 31, 2022 was primarily the result of a net loss of US$44.52 million, a decrease in loans receivable of US$2.32
million, and an increase in accounts payable and accrued liabilities of US$10.88 million. These amounts were partially offset by the increase
in accounts receivable of US$1.95 million, deposits, prepayments, and other receivable of US$0.20 million, decrease in escrow liabilities
of US$5.00 million, income tax payable of US$0.28 million, unrealized investment loss of US$8.94 million, net foreign exchange loss
of US$2.64 million, share based compensation of US$2.09 million, change in fair value of forward share purchase liability of US$5.39 million
and depreciation of property and equipment of US$0.39 million.
Cash Flows from Investing Activities
Net cash provided by investing activities for
the year ended December 31, 2023 of US$10.79 million was primarily due to proceeds from sale of investments of US$3.98 million, dividend
received from long-term investments of US$1.67 million, proceeds from sale of property and equipment of US$6.13 million, offset by the
purchase of notes receivable of US$0.59 million, purchase of long-term investments of US$0.29 million, and purchase of property and equipment
of US$0.10 million.
Net cash used in investing activities for the
year ended December 31, 2022 of US$14.19 million was primarily due to proceeds from sale of investments of US$1.85 million, and dividend
received from long-term investments of $1.15 million, offset by the addition in long-term investments of US$16.23 million, and the purchase
of property and equipment of US$0.97 million.
Cash Flows from Financing Activities
Net cash used in financing activities for the
year ended December 31, 2023 of US$1.04 million was primarily due to advances from the holding company of US$9.34 million, proceeds from
borrowings of US$7.75 million, proceeds from private placement of US$1.85 million, offset by the settlement of forward share purchase
agreement of US$13.95 million, and repayments of borrowings of US$6.03 million.
Net cash provided by financing activities for
the year ended December 31, 2022 of US$12.14 million was primarily due to advances from the stockholder of US$9.75 million, proceeds from
borrowings of US$4.46 million, cash proceeds from reverse recapitalization of US$15.36 million, offset by the dividend distribution of
US$17.44 million to the stockholder that occurred in early 2022.
Liquidity and Going Concern
Our unaudited condensed consolidated financial
statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets, and liquidation
of liabilities in the normal course of business. The management of the Company estimates that currently available cash will not be able
to provide sufficient funds to meet the Company's planned obligations for the next 12 months from the date that these unaudited
condensed consolidated financial statements were made available to be issued.
112
For the nine months ended September 30, 2024, we reported a net loss
of approximately US$28.8 million. With a significant decrease in our revenues, described in the paragraph below, we had an accumulated
deficit of approximately US$94.5 million as of September 30, 2024.
Coupled with the economic recession in Hong Kong,
we reported a sales decline with total revenue of approximately US$18.1 million for the nine months ended September 30, 2024 (nine months
ended September 30, 2023: US$41.7 million) and resulting with an operating loss of approximately US$25.8 million (nine months ended September
30, 2023: US$36.3 million). We expect to continue our business growth, while closely monitoring our future spending.
Our ability to continue as a going concern is
dependent on the management's ability to successfully implement its plans. Our management team believes that we will be able to
continue to grow our revenue base and control our expenditures. In parallel, our management team will continually monitor our capital
structure and operating plans and evaluate various potential funding alternatives that may be needed in order to finance our business
development activities, general and administrative expenses and growth strategy.
We intend to raise additional capital through
various debt and equity offerings, but there can be no assurance that these funds will be available on terms acceptable, or will be sufficient
to enable us to fully complete its development activities or sustain operations. If we are unable to raise sufficient additional funds,
we will have to develop and implement a plan to further extend payables, reduce overhead, or scale back our current business plan until
sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
Material Cash Requirements
We reported a net loss during the nine months ended September 30, 2024.
However, we expect to generate profitable operating results within the foreseeable future, after a full recovery from the anti-pandemic
policy in Hong Kong and getting access to the collective sales capabilities force of the sale channels associated with our distribution
business. Our management expects sales volumes to return to levels previously recorded at the predecessor company prior to the pandemic,
especially with the re-opening of the Mainland border and the ongoing integration of Hong Kong into the Greater Bay area
.
As a
result, management expects our net cash position to expand in 2024 and to be in excess of 2023. As of September 30, 2024, we had an accumulated
deficit of US$94.5 million. Our material cash requirements are highly dependent upon additional financial support associated with our
its business operations for the next 12 – 18 months.
Capital Commitments
Sale and Purchase Agreement
— Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. ("SLS"), an independent third party, the
Company is committed to purchase 100% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of SGD2,500,000
(equivalent to $1,882,000). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024. On March 29, 2024, the Company and SLS entered into a third supplementary
agreement to extend the closing date of the transaction from March 31, 2024 to May 9, 2024. Pursuant to the third supplementary agreement,
the Company paid SGD250,000 (equivalent to $188,200) to SLS as the partial payment to cash consideration on April 12, 2024. On May 9,
2024, the Company and SLS entered into a fourth supplementary agreement to extend the closing date of the transaction from May 9, 2024
to May 20, 2024. On June 18, 2024, the Company and SLS entered into a fifth supplementary agreement to extend the closing date of the
transaction from May 20, 2024 to July 31, 2024. Pursuant to the fifth supplementary agreement, the Company paid an aggregate of SGD150,000
(equivalent to $112,920) as the extension fee and indemnification fee in July 2024. On September 25, 2024, the Company and SLS entered
into a sixth supplementary agreement to extend the closing date of the transaction from July 31, 2024 to October 31, 2024. Up to the date
of the unaudited condensed consolidated financial statements available to be issued, further extension on the closing date of the transaction
is under negotiation between SLS and the Company.
113
Off-Balance Sheet Arrangements
AGBA is not party to any off-balance sheet transactions.
AGBA has no guarantees or obligations other than those which arise out of normal business operations.
AGBA has not engaged in any off-balance sheet
financial arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes
in financial condition, net revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.
Critical Accounting Policies, Judgements and
Estimates
AGBA's consolidated financial statements
are prepared in accordance with accounting principles generally accepted in the United States of America, which require us to make estimates
and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts
of revenues and expenses during the reporting periods and the related disclosures in the consolidated financial statements and accompanying
footnotes. certain accounting policies are deemed "critical," as they require our management's highest degree of judgment,
estimates and assumptions. While AGBA's management believes its judgments, estimates and assumptions are reasonable, they are based
on information presently available and actual results may differ significantly from those estimates under different assumptions and conditions.
●
Use of Estimates and Assumptions
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company's consolidated financial
statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses,
notes receivable, share-based compensation, warrant liabilities, forward share purchase liability, provision for contingent liabilities,
revenue recognition, leases, income tax provision, deferred taxes and uncertain tax position, and allocation of expenses from the holding
company.
The inputs into the management's judgments
and estimates consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Actual
results could differ from these estimates.
●
Long-Term Investments, net
AGBA invests in equity securities with readily
determinable fair values and equity securities that do not have readily determinable fair values.
Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.
Equity securities that do not have readily determinable
fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.
Warrant with a purchase option of equity securities
was recorded as an investment in non-marketable equity securities and measured at the fair value.
At each reporting period, AGBA makes a qualitative
assessment considering impairment indicators to evaluate whether the investment is impaired.
114
●
Warrant Liabilities
AGBA accounts for warrants as either equity-classified
or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance
in ASC Topic 480,
Distinguishing Liabilities from Equity
("ASC 480") and ASC Topic 815,
Derivatives and Hedging
("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet
the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under
ASC 815, including whether the warrants are indexed to AGBA's own ordinary shares and whether the warrant holders could potentially
require "net cash settlement" in a circumstance outside of AGBA's control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all
of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance.
For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded
as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair
value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for
its Public Warrants as equity and the Private Warrants as liabilities.
Warrants classified as liabilities are recorded
at fair value and are remeasured at each reporting date until settlement. Changes in fair value is recognized as a component of change
in fair value of warrant liability in the unaudited condensed consolidated statements of operations and comprehensive loss. Transaction
costs allocated to warrants that are presented as a liability are immediately expensed in the unaudited condensed consolidated statements
of operations and comprehensive loss. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently
remeasured.
●
Revenue Recognition
AGBA earns and receives most of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09,
Revenue from Contracts with Customers (Topic 606)
("ASC 606").
ASC Topic 606 provided the following overview
of how revenue is recognized from AGBA's contracts with customers: AGBA recognizes revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the consideration to which AGBA expects to be entitled in exchange for those goods
or services.
Step 1: Identify the contract(s) with a customer.
Step 2: Identify the performance obligations in
the contract.
Step 3: Determine the transaction price –
The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring
promised goods or services to a customer.
Step 4: Allocate the transaction price to the
performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on
the basis of the relative standalone selling prices of each distinct good or service promised in the contract.
Step 5: Recognize revenue when (or as) the entity
satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring
a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).
115
Certain portion of AGBA's income is derived
from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. AGBA
considers the terms of the contract and all relevant facts and circumstances when applying this guidance. AGBA's revenue recognition
policies are in compliance with ASC 606, as follows:
Commissions
AGBA earns commissions from the sale of investment
products to customers. AGBA enters into commission agreements with customers which specify the key terms and conditions of the arrangement.
Commissions are separately negotiated for each transaction and generally do not include rights of return, credits or discounts, rebates,
price protection or other similar privileges, and typically paid on or shortly after the transaction is completed. Upon the purchase of
an investment product, AGBA earns commission from customers, calculated as a fixed percentage of the investment products acquired by its
customers. AGBA defines the "purchase of an investment product" for its revenue recognition purpose as the time when the customers
referred by AGBA has entered into a subscription contract with the relevant product provider and, if required, the customer has transferred
a deposit to an escrow account designated by AGBA to complete the purchase of the investment products. After the contract is established,
there are no significant judgments made when determining the commission price. Therefore, commissions are recorded at point in time when
the investment product is purchased.
AGBA also facilitates the arrangement between
insurance providers and individuals or businesses by providing insurance placement services to the insured and is compensated in the form
of commission from the respective insurance providers. AGBA primarily facilitates the placement of life, general and MPF insurance products.
AGBA determines that insurance providers are the customers.
AGBA primarily earns commission income arising
from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance obligation
has been satisfied upon execution of the insurance policy as AGBA has no future or ongoing obligation with respect to such policies. The
commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract which are agreed between
AGBA and insurance providers for each insurance product being facilitated through AGBA. The commission earned is equal to a percentage
of the premium paid to the insurance provider. Commission from renewed policies is variable consideration and is recognized in subsequent
periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer renews the policy).
In accordance with ASC 606,
Revenue Recognition:
Principal Agent Considerations
, AGBA evaluates the terms in the agreements with its channels and independent contractors to determine
whether or not AGBA acts as the principal or as an agent in the arrangement with each party respectively. The determination of whether
to record the revenue in a gross or net basis depends upon whether AGBA has control over the services prior to transferring it. Control
is demonstrated by AGBA which is primarily responsible for fulfilling the provision of placement services through AGBA's licensed
insurance brokers to provide agency services. The commissions from insurance providers are recorded on a gross basis and commission paid
to independent contractors or channel costs are recorded as commission expense in the consolidated statements of operations and comprehensive
loss.
AGBA also offers the sale solicitation of real
estate property to the final customers and is compensated in the form of commissions from the corresponding property developers pursuant
to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property is signed
and executed.
Recurring Asset Management Service Fees
AGBA provides asset management services to investment
funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management service fees
are determined based on the types of investment products AGBA distributes and are calculated as a fixed percentage of the fair value of
the total investment of the investment products, calculated daily. These customer contracts require AGBA to provide investment management
services, which represents a performance obligation that AGBA satisfies over time. After the contract is established, there are no significant
judgments made when determining the transaction price. As AGBA provides these services throughout the contract term, for the method of
calculating recurring asset management service fees, revenue is calculated on a daily basis over the contract term, quarterly billed and
recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price protection, performance
component or other similar privileges and the circumstances under which the fixed percentage fees, before determined, could be not subject
to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly or quarterly).
Interest Income
AGBA offers money lending services from loan origination
in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms and recorded
as interest income in the consolidated statement of operations. AGBA does not charge prepayment penalties from its customers. Interest
income on mortgage and personal loans is recognized as it accrued using the effective interest method. Accrual of interest income on mortgage
loans is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 180 days delinquent.
116
●
Share-Based Compensation
AGBA accounts for share-based compensation in
accordance with the fair value recognition provision of ASC Topic 718,
Stock Compensation
. AGBA grants share awards, including
ordinary shares and restricted share units, to eligible participants. Share-based compensation expense for share awards is measured at
fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with the combination of service
and performance requirements is based on the closing fair market value of the ordinary shares on the date of grant.  Share-based
compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are subject only to a
service condition, the expense is recognized on a straight-line basis over the service period for the entire award.
●
Fair Value Measurement
AGBA follows the guidance of the ASC Topic 820-10,
Fair Value Measurements and Disclosures
("ASC 820-10"), with respect to financial assets and liabilities that are measured
at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
●
Level 1
: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
●
Level 2 :
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and
●
Level 3 :
Inputs are generally unobservable
    and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability.
    The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.
The carrying value of AGBA's financial instruments:
cash and cash equivalents, restricted cash, accounts receivable, consideration receivable, deposits, prepayments and other receivables,
accounts payable and accrued liabilities, escrow liabilities, borrowings approximate at their fair values because of the short-term nature
of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. AGBA accounts
for loans receivable at cost, subject to expected credit losses assessment.
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instruments. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
●
Recently Issued Accounting Pronouncements
As of September 30, 2024, AGBA has implemented
all applicable new accounting standards and updates issued by the Financial Accounting Standards Board ("FASB") that were
in effect. There were no new standards or updates during the nine months ended September 30, 2024 that had a material impact on the consolidated
financial statements.
Recently Accounting Pronouncements Not Yet
Adopted
In November 2023, the FASB amended guidance in
ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
The revised guidance requires
that a public entity disclose significant segment expenses regularly reviewed by the chief operating decision maker (CODM), including
public entities with a single reportable segment. The amended guidance is effective for fiscal years beginning in January 2024 and interim
periods beginning January 2025 on a retrospective basis. Early adoption is permitted. Management is currently evaluating the impact on
AGBA's consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09,
Income
Taxes (Topic 740): Improvements to Income Tax Disclosures.
The ASU requires the annual financial statements to include consistent
categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction.
ASU 2023-09 is effective for AGBA's annual reporting periods beginning in January 2025. Adoption is either with a prospective method
or a fully retrospective method of transition. Early adoption is permitted. Management is currently evaluating the impact on AGBA's
consolidated financial statements.
117
BUSINESS
Overview
We are a global, artificial intelligence ("
AI
")
powered technology platform ("
Technology Platform
") that serves a broad constituency of Creators and Brands around
the world. "
Creators
" include influencers, artists, athletes, other individuals and public figures that utilize or
have utilized our Technology Platform to create and publish content. Numerous famous Creators use our Technology Platform, including influencers
like Charli D'Amelio and Bryce Hall and music artists like The Weeknd. "Brands" are companies, products or product lines
which are active on our Technology Platform and utilize or have utilized one or more of our products or services offered through our Technology
Platform ("
Direct Brands
"), or companies, products or product lines whose associated data we track, report on and make
available to our clients as part of one or more of our product offerings ("
Tracked Brands
," and collectively with Direct
Brands, "
Brands
"). Brands that have utilized or continue to utilize our platform include McDonalds, Pepsi, Walmart,
L'Oréal, Puma, Charmin and Major League Baseball.
We help both Creators and Brands build relationships
with their audiences to create awareness, drive content consumption, generate commerce and build culture. Our Triller app is a short-form
video app similar to TikTok, Instagram Reels, YouTube shorts and other video apps that allow users to access both user generated and professionally
generated content from Creators around the world. Since our inception through September 30, 2023, we have raised more than $420 million
in capital and established more than 327 million Consumer Accounts on the Triller app and a total of 436 million Consumer Accounts on
our Technology Platform. "Consumer Accounts" are included when consumers create accounts on a Triller brand or owned property
and also when we employ our Technology Platform to create accounts on behalf of our Brands and Creators. We define Consumer Accounts as
the total number of individual Consumer Accounts recorded in databases across the Triller app, TrillerTV and BKFC (whether they are active
or inactive on our Technology Platform) at or around the time of measurement, that we track and that are able to benefit from the services
and features offered through our Technology Platform during the reported period. Users that simply accessed or viewed our content or partner
content on our platform or any other social media platform are not included in the total number of Consumer Accounts above. Consumer Accounts
that were created prior to acquisition by us are not included in the total number of Consumer Accounts above. Recently, we elected to
take a proactive approach to the way in which we report our Consumer Accounts, which we believe is uncommon in our industry. While we
believe that many social media companies include a significant number of "bot" accounts or "duplicate" accounts
in their user metrics, we undertook a robust process to purge as many duplicate and bot accounts as practicable with our resources and
in doing so we purged in excess of 200 million Consumer Accounts from our total user accounts metric.
Alongside the Triller app, Triller has dramatically
expanded its portfolio of offerings through organic growth and strategic acquisitions becoming a diversified Technology Platform for the
creation, distribution, measurement and monetization of digital, live and virtual content. It also produces content under its own and
third-party Brands, including trendsetting music, sports, lifestyle, fashion and entertainment media that creates cultural moments, attracts
users to Triller's offerings and drives social interaction that serves as a cultural wellspring across digital society.
We operate within the global digital content marketplace,
which is estimated to reach $577.4 billion in 2023 according to Statistica's August 2023 report on worldwide digital media, and
we focus our efforts on the $250 billion creator economy, as forecasted in a recent Goldman Sachs report on the creator economy. Goldman
Sachs Research estimated the creator economy could reach $480 billion by 2027 in its April 2023 report titled "The creator economy
could approach half-a-trillion dollars by 2027." Our revenue was $45.5 million in the fiscal year ended December 31, 2023. We have
incurred net losses in each year since our inception, including $294.7 million and $191.6 million for the fiscal years ended December
31, 2023 and 2022, respectively.
Through our subsidiaries in Hong Kong, we are
also a leading wealth management and healthcare institution based in Hong Kong servicing over 400,000 individual and corporate customers.
In addition to operating our Technology
Platform, we currently operate in four market-leading businesses: our Platform Business, Distribution Business, Healthcare Business,
and Fintech Business.
Since 2019, we have implemented a strategy to
expand and upgrade our long-standing broker-dealer business into a platform business and a distribution business. Today, we offer unique
product and service offerings:
- B2B: tech-enabled broker management platform
for advisors ("
Platform Business
"); and
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- B2C: market leading portfolio of wealth and
health products ("
Distribution Business
").
We also have a market leadership in our healthcare
business through our 4% stake in and a strategic partnership with HCMPS. It is one of the most reputed healthcare brands in Hong Kong.
It has four self-operated medical centers and a network of over 700 healthcare service providers.
Finally, we are an established operator and successful
investor in the FinTech industry. We have carefully built out investment positions in FinTech, WealthTech and HealthTech businesses, applying
lessons learned from our own distribution, platform and healthcare businesses.
History
On November 14, 2022, AGBA Acquisition Limited,
or AAL, a British Virgin Islands' company and a special purpose acquisition company, consummated a series of transactions contemplated
by the Business Combination Agreement.
Upon the Closing of Business Combination : (i) AAL
became, through an acquisition merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited, TAG
Asia Capital Holdings Limited, and their collective subsidiaries; (ii) the governing documents of AAL were amended and restated,
becoming the Fifth Amended and Restated Memorandum and Articles of Association; (iii) the number of AAL's authorized ordinary
shares was increased from 100 million to 200 million, and (iv) AAL's name changed from "AGBA Acquisition Limited"
to "AGBA Group Inc." which is our current name and which we also refer to, post-Business Combination, as "AGBA"
or the "Group."
Triller Group Inc. ("ILLR", "Triller Group",
or the "Company") (formerly AGBA Group Holding Limited ("AGBA")) was incorporated in the State of Delaware on
October 15, 2024, so as to redomicile AGBA's legal jurisdiction from British Virgin Islands to the State of Delaware.
On October 15, 2024, the Company consummated
the merger transaction with Triller Corp., a Delaware corporation ("Triller"), pursuant to that certain Amended and
Restated Agreement and Plan of Merger, dated as of August 30, 2024, as amended (the "Merger Agreement"), by and between
AGBA, its wholly owned subsidiary AGBA Social Inc. ("Merger Sub"), Triller Corp. and Bobby Sarnevesht, as sole
representative of the Triller Corp. stockholders.
Platform Business
The Platform Business is a one-stop financial
supermarket with a breadth of products and services, sourced from leading global product providers, that is unrivaled in Hong Kong.
We operate under the "OnePlatform" brand, offering a full-service
platform to banks, other financial institutions, family offices, brokers, and individual independent financial advisors to advise and
serve their retail clients. Our technology-enabled platform offers a wide range of financial products, covering life insurance, pensions,
property-casualty insurance, stock brokerage, mutual funds, money lending and real estate agency.
Our OnePlatform brand covers 80 insurance providers selling 1,183 products,
and 53 asset management fund houses with over 1,141 products.
Distribution Business
The Distribution Business currently operates as
a licensed insurance broker and a registered Mandatory Provident Fund (MPF) intermediary in Hong Kong, providing financial planning
and wealth management services to institutional and individual customers with its team of over 1,500 independent financial advisors. The
Distribution Business is regulated by the Hong Kong Insurance Authority and the Mandatory Provident Fund Schemes Authority.
The Distribution Business's main sources
of income are sales commission and service fee income from its infrastructure support platform. It recognizes commission income from the
insurance providers based on the sale of insurance products at predetermined insurance premium rates according to the types of products
sold.
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The financial advisors, organized under two brands
of "AGBA focus" and "AGBA perform", are the primary distribution channels for the Distribution Business. These
channels are positioned to match individuals' financial needs with an appropriate choice of insurance products. They target to bring
additional revenue for the Distribution Business by serving as a "matching platform" between insurance companies and consumers.
Marketing activities of the Distribution Business include sales campaigns and invitations to corporate events, at which new customers
are mainly solicited through direct conversation or meetings between financial advisors and retail customers.
As of September 30, 2024, we currently work with 562 independent financial
advisors.
Healthcare Business
We own a 4% minority shareholding in HCMPS Healthcare
Holdings Limited ("HCMPS"), one of the leading healthcare management organizations in Hong Kong. The Company, through
one of its subsidiaries, holds 4% stake in and a strategic partnership with HCMPS.
Founded in 1979 and currently operating under
the Dr. Jones Fok & Associates Medical Scheme Management Limited ("JFA") brand, JFA is one of the most reputed
healthcare brands in Hong Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers — providing
healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA's clients include blue chip companies
from various industry and leading insurers. Apart from Hong Kong, JFA is the largest operator in Macau with around 70 clinics.
JFA has a long-standing track record of operating as a low-cost, high
efficiency operation. It offers vast untapped opportunities for AGBA Legacy Group,  both in revenue growth and cross-selling.
FinTech Business
Fintech Investments
Fintech manages an ensemble of financial technology
(fintech) investments and operates through its subsidiaries TAG Technologies Limited, AGBA Group Limited (formerly known as Tandem Money
Hong Kong Limited), and Tandem Fintech Limited, a health and wealth management platform with a broad spectrum of services and value-added information
in health, insurance, investments and social sharing.
The portfolio companies in which Fintech has invested
remain growth stage businesses with modest revenues, and none has yet reached the operational breakeven point. Therefore, the business
case for all these companies relies on transformations in scale, product offering, and/or geographic scope to drive future value creation.
Fintech intends to maximize the strategic fit between these portfolio companies and the companies forming part of the OnePlatform brand
to drive additional value capture.
Fintech's management team has strived to
establish the business as a leading name in the fintech investment sector.
Fintech's business aims to create value
on three fronts:
1.
Building long-term fintech franchises in Hong Kong
using business models, operations, and technologies tested in more mature markets;
2.
Supporting and capturing synergies with OnePlatform and its
other business segments; and
3.
Realizing financial returns from its fintech investments.
Please see the section titled "
Management's
Discussion and Analysis of Financial Condition and Results of Operations
" for a summary of the current valuations of Fintech's
stakes in the fintech portfolio companies.
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1) Tandem
Tandem Money Limited ("Tandem") is
a UK based "challenger" bank which focuses on lending growth with high risk-adjusted yields. It operates a "digital
deposit" strategy to continue funding its growth, which is known as a "neobank" strategy. Founded in 2013, Tandem provides
an app-based retail bank service for its customers. Through its app, customers can access retail banking services comprising deposits,
mortgages, loans and credit cards. Tandem also leverages digital wealth management to cross-sell and offers value-added services
such as cash management across bank accounts, savings, debt management, and financial planning.
Background to the Investment in Tandem
TAG Technologies Limited ("TAG Technologies")
first invested in 2018 with Tandem still positioned as a neobank focused on digital and analytics to generate user and deposit growth.
The initial investment was by way of a subscription agreement with Tandem, pursuant to which TAG Technologies agreed to subscribe for
and Tandem agreed to issue 11,259,740 ordinary B shares in Tandem for a consideration of £15 million. The consideration was
determined by the parties after arm's length negotiations taking into account (i) the unaudited consolidated net asset value
of Tandem as at September 30, 2018, which was approximately £55.7 million, and (ii) the potential in the future business
development of Tandem.
We believed that Tandem's strategy in 2020
was predicated on a clear asset pivot to grow consumer loans in attractive categories such as home improvement and specialty mortgages.
In April 2020, TAG Technologies entered into a further subscription agreement with Tandem, pursuant to which TAG Technologies agreed
to subscribe for and Tandem agreed to issue 49,476,049 ordinary B shares in Tandem for a consideration of £10 million. The
consideration was determined by the parties after arm's length negotiations taking into account (i) the unaudited consolidated
net asset value of Tandem as of October 31, 2019, which was approximately £44.9 million, and (ii) the potential in
Tandem's future business development.
In June and August 2021, TAG Technologies purchased an additional
aggregate of 14,000,000 ordinary B shares of Tandem at the price of £0.15 per share, for cash consideration of approximately US$2.9 million
(equivalent to approximately £2.1 million). We currently owns 4.47% equity interest in Tandem.
Share Purchase and Knowledge Transfer Agreement
In connection with the April 2020 investment,
Tandem, AGBA Group Limited ("AGBA Group") and TAG Technologies entered into a Share Purchase and Knowledge Transfer Agreement
pursuant to which, among other things, TAG Technologies purchased the entire issued share capital of AGBA Group, and Tandem undertook
to provide certain knowledge transfer services to TAG Technologies and its affiliates. Pursuant to the Share Purchase and Knowledge Transfer
Agreement, Tandem also granted a license in certain Tandem proprietary software and other licensed materials to be made available to TAG
Technologies and its affiliates during the "knowledge transfer period", which ends on the earlier of the date six months
after Tandem completes a migration of its systems to a new platform, and April 2, 2023. For as long as TAG Technologies is a shareholder
of Tandem, each member of AGBA is granted a license to use the name "Tandem" and any registered logo or trademark used by
Tandem for a period of five years.
Through this investment we gained access to certain
of Tandem's technology and digital platform assets and knowledge transfer. These assets provide significant costs savings for system
developments such as data platforms and the core banking platform, driven by the ability to leverage Tandem's assets and "test
and learn" experience to accelerate development of the Fintech business.
Tandem's Potential Growth
With the increasing use of online platforms in
the financial sector, our management believed that Tandem, with its technology know-how in the consumer finance industry, has significant
market potential to become a leading online retail bank for the mass market. The investment in Tandem is also part of our wider strategy
to launch digital services in Hong Kong and elsewhere, and Tandem is expected to be a key technology partner.
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2) CurrencyFair
CurrencyFair is an online peer-to-peer currency
exchange marketplace. TAG Technologies first invested into CurrencyFair in 2018, through an investment of approximately €6,000,000
and the merger of AGBA's then existing payments business with CurrencyFair. Since then, CurrencyFair has continued to grow its consumer
money transfer business focused on white-collar expat customers transferring money between selected European and Australian corridors.
CurrencyFair is now a global money transfer member organization that has exchanged more than €10 billion, with offices located
in Ireland, UK, Singapore, Hong Kong and Australia. We believe that CurrencyFair's scaling plan relies on expanding its consumer-to-consumer (C2C)
business to new US and Asia corridors, while acquiring small and medium enterprise (SME) customers directly and through an enterprise
sales model handling primarily Chinese merchant payments for cross-border e-commerce marketplaces. Revenue growth depends on
how successfully CurrencyFair scales transfer volumes in new C2C corridors and new SME businesses based on proposition development and
customer acquisition execution.
We intend to work closely with CurrencyFair as
it builds out its Asian franchise, and intends to offer CurrencyFair's unique currency marketplace to our customers in Hong Kong
as well as introducing enhanced Asian currency services to CurrencyFair's international customers. We intend for CurrencyFair's
domain expertise, technology, and operational experience to be leveraged as part of a wider strategy to improve our services to assist
customers to manage their finances.
In 2021, CurrencyFair merged with Australia-based Assembly
Payments Limited, whose platform automates complex payment workflows. Following the merger, the business re-branded to "Zai",
with CurrencyFair as Zai's consumer brand.
On March 18, 2022, we entered into a sale
and purchase agreement with the stockholder to acquire 4,158,963 shares of CurrencyFair for a cash consideration of US$7.84 million.
The transaction closed in April 2022, resulting in the ownership of 8.37% equity interest in CurrencyFair.
3) Goxip
Goxip is a fashion media platform based in Hong Kong
with over one million high-end fashion shoppers. Its digital marketing arm matches key opinion leaders (KOLs) with marketers and
brands for lead generation, launching and monetizing marketing campaigns. We currently own a 3.63% equity interest in Goxip.
4) HCMPS Healthcare Holdings Limited
HCMPS Healthcare Holdings Limited ("HCMPS")
is a healthcare management organization based in Hong Kong. Founded in 1979, it has over 800 network service branches providing healthcare
schemes for more than 500 corporate clients with over 280,000 scheme members. HCMPS offers its patients a full range of medical services,
including general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination, X-ray, laboratories, and imaging
services. we currently own a 4.00% equity interest in HCMPS.
5) Nutmeg
Fintech previously made an investment in Nutmeg,
a United Kingdom-based online investment management company. In June 2021, JPMorgan Chase purchased 100% of the share capital
of Nutmeg. Fintech was subject to a drag-along provision in the Articles of Association of Nutmeg, pursuant to which it was required
to sell its shareholding to JPMorgan Chase. The transaction was closed in September 2021. Accordingly, Fintech no longer holds an
investment in Nutmeg, with cash realized from the sale of the investment.
Triller's Business
We primarily operate in the North American digital
media and live entertainment industries and offer diverse products and services that compete for consumers' time and disposable
income. The rise of streaming, increased legalization of sports betting, increased competition from tech entrants, and continued viewership
appeal attribute to the projected growth of live sports and digital media. This growth has also benefited from long-term shifts in consumer
behavior, particularly in millennials, who continue to seek more interactive experiences that they can document and broadcast through
social media. The film industry is also benefitting from growth in digital home viewing and premium movie-going experiences.
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The top-earning musicians generated more of their
income from touring than from any other source, according to Billboard. Our portfolio of content is well positioned to take advantage
of this trend. Our success depends on our ability to offer premium content through popular channels of distribution that meet the changing
preferences of the broad consumer market and respond to competition from an expanding array of choices facilitated by technological developments
in the delivery of digital content. Potential risks to our expansion into digital media include costs to curate and produce Events, as
well as shifting customer preferences.
We believe our Technology Platform is at the crossroads
of the entertainment, sports, and content ecosystem, and is highly responsive to changing consumer preferences and industry trends. We
have the ability to create, procure and cultivate satisfying consumer content, leveraging the secular trends identified above.
E-Commerce Industry
Our market includes the global e-commerce market.
A primary growth driver for global e-commerce marketing spend has been the dramatic shift away from traditional brick-and-mortar commerce
to e-commerce due to the COVID-19 pandemic, and is expected to expand due to the convenience of online shopping and returns. To capitalize
on this growth and generate revenue, we will have to continue to innovate and offer marketers a set of capabilities across our Technology
Platform that cannot be easily replicated elsewhere.
Content Spend (Film & TV) Industry
Our market includes linear and digital media distributors.
According to Ampere Analysis, subscription OTT services increased investment in content by 20% in 2021 to nearly $50 billion representing
a growth of over 50% as compared to 2019. To capitalize on this growth and generate revenue, streaming services are both investing in
original content and acquiring licensed content. We are well positioned to capitalize on this increasing spend through our customer traction
with major movie studios, streaming platforms and content owners around the world.
Experiences (Sporting Events, Concerts &
Performing Arts)
Sporting events, concerts, and performing arts
are core to our live Events, entertainment properties and experiences operations. Our market constituents primarily include retail consumers,
sponsors and corporate customers. The events ticket market has the potential to grow by $14.9 billion during 2023 to 2027 and is expected
to experience a CAGR of 4.5%, according to the recent Statista report Event Tickets — Worldwide. This growth is expected to be driven
by the expected increasing use of mobile apps for booking tickets. The global sporting events segment, representing the largest segment
of the global ticketing segment, is expected to reach $33.7 billion in 2024 and to grow at a CAGR of 2.95% from 2024 to 2028, reaching
$37.94 billion by 2028. 3.91% to $37.16 billion by 2027, largely driven by the increasing popularity of sports and rising consumer preferences
for in-person events. While less substantial than sports, the performing arts ticket segment reached $9 billion in 2019 and is expected
to grow at a CAGR of 4% to $11 billion in 2024, driven by growing demand for live art performances.
Streaming Technology and Related E-Commerce
Services
We believe proliferation trends in the digital
content streaming market present an opportunity for streaming infrastructure providers capable of delivering an end-to-end solution for
Creators and media rights owners who desire to launch their own content streaming services, and monetize their user bases in new ways,
without incurring the significant costs inherent in developing underlying technology. We believe recent private company transactions in
the space are an indication that the market is both underserved and ripe for further expansion. For example, in November 2022 Disney,
then the majority equity owner of BAMtech Media (now Disney Streaming Services), a streaming infrastructure provider whose technology
serves as the core streaming, account management and billing platform for Disney+, ESPN+ and Hulu, purchased all outstanding minority
interests of BAMtech Media in a transaction that valued the company at $6 billion. Similarly, a November 2022 private equity investment
led by General Atlantic in streaming infrastructure services provider Amagi valued the company at $1.4 billion. We have invested and expect
to continue to invest in our streaming technology and infrastructure, including developing new ways for Creators and media rights owners
to leverage user profiles and preferences and drive monetization through advertising, pay-per-view, subscription-based offerings and related
e-commerce transactions.
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Metaverse
According to Citigroup's Metaverse and Money
report published in March 2022, "the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by
2030, with total Metaverse users numbering around 5 billion." We believe that by investing in our Metaverz ecosystem now, while
the industry is still nascent, will provide us with a lasting competitive advantage and allow us to shape consumer expectations.
Media Rights Expenditure
Spending on media rights continues to be a significant
component of revenues in the sports industry, with rights values appreciating consistently over the past decade. Market constituents include
linear and digital distributors, which acquire sports media rights and broadcast sports content. In 2021, the value of global sports media
rights totaled $55.1 billion, a 1.15% increase from the previous year, according to Sports Business Consulting's Global Media Report
2022. According to the Business Research Company's report, the global sports market as a whole is expected to reach $512 billion
in 2023 and grow at a CAGR of 5.2% from 2022. The rise of streaming, increased legalization of sports betting, increased competition from
tech entrants, and continued viewership appeal attribute to the projected growth on the rights price tags. The contract values underpinning
industry revenues are locked-in long-term, offering a high degree of visibility.
Marketing and Licensing
Our market constituents include corporate clients
seeking brand marketing or IP owners looking to license their Brands. According to Licensing International's survey, global sales
revenue generated from licensed merchandise and services grew to 340.8 billion in 2022, reflecting an 8.02% increase over the $315.5 billion
generated in 2021. The entertainment/character sector remains the leading market share category, accounting for $138.1 billion, or 40.5%
of the total global licensing market. The second largest sector was corporate Brands with $87.6 billion (25.7%). Sports licensing, in
third place, totaled $37.3 billion with an 11% share.
Digital Advertising and Marketing Automation
The digital ad market is expected to surpass $300
billion by 2025, according to a 2022 report by Insider Intelligence Inc. For 2023, ad spending across 16 media platforms is forecasted
to reach $165.7 billion, according to BIA Advisory Services. Roughly half of the ad spending is anticipated to be focused on digital media,
wherein $33.5 billion is anticipated to go to mobile ad spending for smartphones. Additionally, marketing technology and marketing automation
are a growing trend. 51% of companies are currently using marketing automation and 58% of B2B companies plan to adopt such technology.
According to Sales Fusion, 77% of business owners had an increase in conversion after using marketing automation software. Key trends
in marketing automation for 2022 include personalized email automation, social media marketing automation, chatbots, and ML and AI.
SMS and Artificial Intelligence Marketing
SMS marketing allows businesses to reach consumers
directly through their phones. In 2022, there were 7.3 billion mobile phone users globally and 6.9 billion smartphone users, accounting
for 86.3% of the world's population. 83% of consumers receive text messages from companies. Click through rates for SMS marketing
is 36% (as compared to 2% for email marketing messages). In 2022, global SMS marketing market was approximately $64.4 billion and is expected
to grow to $84.9 billion by 2027. AI technology can be used in SMS marketing and more broadly across the technology marketing sphere.
The global AI market was estimated to be worth $86.9 billion in 2022 and is expected to reach $407 billion by 2027. 52% of high performing
marketing teams are looking to increase their usage of artificial intelligence.
Intellectual Property and Other Proprietary
Rights
We consider intellectual property to be very important
to the operation of our business and to driving growth in our revenues, particularly with respect to professional engagements, sponsorships,
licensing rights, and media distribution agreements. Our intellectual property includes the "Triller," "Triller Fight
Club," "TrillerFest," "TrillerTV," "FITE," "Cliqz", "Fangage", "Julius"
and "Thuzio" Brands in addition to the trademarks and copyrights associated with our content, Events, and the rights to use
the intellectual property of our commercial partners. Substantially all of our IP and owned assets that we acquire are protected by trademarks
and copyright, whether registered or unregistered.
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Triller's
Technology Platform
Triller's Technology Platform is built along
three core sections – Triller generates and distributes influencer and sports content via the Triller app, Triller TV, and BKFC,
which drives engagement through the Triller app in a highly measureable manner made possible through our Triller One suite of AI and SaaS
tools, thus driving monetization and creating value for all Triller's stakeholders.
Triller's Technology Platform
originated with the Triller app, a video-sharing app. The Initial Triller app was launched in 2015 as an AI music editing tool. In
2019, upon the formation of Triller Hold Co LLC, when Triller acquired the technology underlying the current Triller app it
integrated the Initial Triller app with AI technology pursuant to its agreement with Mashtraxx Ltd. We refer to this integrated app
as the "
Triller app
". The Triller app continued to integrate and update and was fully "live" by
September of 2021. The Triller app underwent a refinement to its scalable systems and other feature and toolset updates and
additional refinements were rolled out in July of 2023 and are live today. The Triller app leverages proprietary AI and ML
technologies and enables users to create professional-looking videos and to share those videos within the Triller app and on other
social platforms such as Facebook, Instagram, TikTok, Snapchat and Twitter in seconds. Key features of the Triller app include
extensive editing, filtering and overlaying tools; AI-powered technology to automatically synchronize video and audio with little to
no manual editing; and Triller's proprietary dual camera feature, which allows users to record videos simultaneously from the
back-and front-facing cameras of their smartphones. The Triller app's primary audience is the 18-34 year old demographic, with
strong engagement from users in the United States and an established user base in high-growth markets such as India, where we
maintain a presence, including a period in August 2020 when Triller temporarily became the number one short-form video app in the
App store subsequent to TikTok being banned in 2020.
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The Triller app contains channels for the posting
and consumption of short-form and long-form content, where Triller hosts content made by celebrities, influencers and other Creators,
as well as professionally-produced episodic content about music, sports, gaming, fashion and other forms of entertainment.
Triller's Technology Platform reflects its
deep experience as content creators and forms the basis for Triller's aspiration to be a technology company built by Creators, for
Creators. Key to Triller's approach of empowering Creators and Brands is its proprietary AI and machine learning ("
ML
")
technology that helps them mix and edit music and video content and distribute it to digital platforms and enables them to understand
and engage with their audiences at scale, while retaining control and authenticity of their audience relationships. "AI" is
a general term to describe the efforts of computer scientists to design and implement computer hardware and software systems capable of
learning and thinking. ML is a field of study in AI concerned with the development and study of statistical algorithms that can effectively
generalize tasks and thus performing those tasks without explicit instructions. ML approaches have been applied to large language models
("
LLMs
"), computer vision, speech recognition, email filtering, agriculture, and medicine, where it is able to achieve
efficiencies without having to implement detailed specialized algorithms and systems which would be too complex and costly to build. Creators
and Brands have the ability to connect Triller's customized LLMs and Natural Language Processing ("
NLP
") technologies
to real-time API-based feeds, from virtually all major social platforms, to read, analyze, cluster, filter, and suggest or (when appropriate)
send replies to their fans with deep efficiency and personal precision. LLMs are deep learning algorithms that can recognize, summarize,
translate, predict, and generate content using very large datasets. Deep learning is a method in AI that teaches computers to process
data in a way that is inspired by the human brain. Deep learning models can recognize complex patterns in pictures, text, sounds, and
other data to produce accurate insights and predictions. NLP, a branch of AI, uses ML to process and interpret text and data. Natural
language recognition and natural language generation are types of NLP. By giving each Creator and Brand an AI-powered "factory of
assistants" to help them identify superfans, up-and-comers, key topics and trends to respond to (while filtering out spam, hate-speech
and noise), they are better able to deepen relationships and loyalty, optimize their scarce time and resources, and ultimately increase
conversions and monetization through a mix of brand partnerships and direct commerce.
Triller's Suite of Creator and Brand
Offerings
Triller has augmented its Technology Platform
through a combination of internal development and strategic acquisitions, including the additions of the following products and services
that deliver, automate or otherwise streamline SMS and social messaging, AI-powered customer engagement, cross-platform marketing, digital
streaming, content and audience management, e-commerce services, social and creator analytics and engagement measurement:
(a)
Fangage
–
serves as the entry point for Creators looking to leverage Triller's ecosystem and establish a digital presence on the internet,
across social media, e-mail and SMS. Fangage comprises a set of tools and features that allow Creators to manage and distribute their
content and maintain and grow their audiences, communicate with those audiences directly, and gather and analyze data that allows them
to streamline their monetization efforts. The Fangage offering is integrated with and incorporates services from the Triller app, Amplify.ai,
Cliqz and Julius.
(b)
Amplify.ai
–
a cross-platform conversational AI engine that provides viewers with gamification, multiple engagement touchpoints, clickable links,
and tune-in reminders all in an automated, platform agnostic direct messaging experience that facilitates communications between Creators,
Brands and their respective audiences.
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(c)
Cliqz
– enables
Creators to aggregate their audiences across their social media accounts and access those audiences directly via SMS and direct messaging,
avoiding the algorithmic limitations imposed by most social media platforms that limit these Creators' content viewership and opportunities
for content engagement and monetization. For example, as noted by Hootsuite in August 2023, the average engagement rate of an organic
Facebook post ranges from 2.58% down to just 1.52%.
(d)
CrossHype
–
helps Brands and Creators reach audiences across multiple social platforms, with a particular emphasis on helping Brands create awareness
and engagement with consumers, with a common framework for measuring the effectiveness and efficacy of their marketing efforts. This
solution allows Brands and Creators to reach specific audiences within social media platforms, including highly targeted followers of
specific social media Creators, and to build retargetable audiences that grow in size and detail, accruing even more value over time.
(e)
Julius
–
a SaaS solution that provides strategic marketers at Brands and advertising agencies with access to a database of profiled Creators and
their associated audiences, giving them the ability to enlist Creators to develop and share captivating stories to market their products
and services. Julius provides Brands and agencies a detailed dashboard to measure engagement across all Creator-driven marketing campaigns.
Furthermore, Julius serves as a marketplace allowing e-commerce Brands to automate the process of on-boarding Creators with per-transaction
incentives for enabling e-commerce transactions. Julius is directly integrated with Triller's Fangage solution, completing the
circle between Creators and Brands.
(f)
Thuzio
–
a solution for creating and executing premium Creator Events and experiences. Thuzio helps Brands and other enterprise customers create
Events with Creators including sports icons and speakers. Thuzio has partnered with Creators across many verticals, including athletes
such as Tiki Barber, Allen Iverson, Scottie Pippen, and Lisa Leslie, comedians such as Jerry Seinfeld, music artists such as Ja Rule
and celebrity chefs such as Marcus Samuelsson.
(g)
Metaverz
–
enable Triller to transform live Events, which are typically only enjoyed by a few thousand people, into digital Events, including augmented
reality and virtual reality experiences, that can be experienced by millions of consumers globally. Metaverz provides an array of ways
to create digital experiences featuring Creators and Brands, containing social engagement and gamification features as well as virtual
merchandise stores that allow users to digitally purchase collectibles and memorabilia.
The major companies that serve this market include
Meta, Alphabet, ByteDance, Snap and Twitter, each of which employ a closed-garden approach to monetization, where they are the sole purveyor
of the advertising placed within or around content created by millions of Creators. Our approach, which is differentiated from the above
companies, helps our Creators distribute their content on numerous platforms, including our own, and also focus on creating click-out
opportunities to create long-standing consumer relationships and monetization across a digital landscape that includes the web, mobile
apps and messaging services. This open-garden approach stands in contrast to the closed-garden approach of many of our competitors and
we believe is a major benefit that attracts Creators and Brands to our Technology Platform.
Our Technology Platform powers the Triller app,
our suite of Creator offerings and our Events and Events-related services. Our Technology Platform enabled more than half a billion quarterly
user interactions as of September 30, 2023, including posts, messages, automated communications, and e-commerce transactions both on our
Triller branded offerings as well as on various third-party social platforms (including but not limited to Instagram, TikTok, Facebook,
YouTube, Snapchat and Twitter), across the web and via SMS messaging. Through our Technology Platform we deliver sports and entertainment
content to millions of consumers around the world and we believe that we inspire Creators and Brands to do the same. Our Technology Platform
comprises an array of business-to-business and business-to-consumer offerings that empower Creators to establish and sustain long-lasting
consumer relationships that help drive their businesses.
Our Technology Platform generates revenue through
revenue sharing and service fee arrangements. Revenue share comes from advertising, premium content, Events, pay-per-view fees, subscription
fees or merchandise sales that are transacted via our Technology Platform. Service fees comes from Brands that utilize our platform to
reach consumers via a combination of campaign fees, transaction fees or SaaS fees, including monthly subscription fees. We also generate
revenues from Triller branded Events via ticket sales, pay-per-view fees, subscription fees, merchandise sales, brand advertising and
sponsorship.
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Our AI-driven, mission-critical Technology Platform
enables Brands and Creators to reach their target audiences and our messaging-based notification services drives a continuous cycle of
engagement for audiences (where they stay "in the know" and are kept up-to-date on what their favorite Creators and Brands
are doing), while the Creators and Brands receive real-time data, analytics and feedback–driven by user engagement.
We have a host of service offerings that drive
awareness, engagement and monetization. The reason we call this a Technology Platform is because we offer a highly differentiated solution
that integrates all of our service offerings into a comprehensive portfolio of services that go well beyond a single app-based or web-based
content solution to virtually every medium of content engagement (e.g. social media, streaming, live events and virtual world experiences).
We create network effects via our proprietary AI-powered technology designed to drive optimal engagement through the best channels, increasing
the return-on-investment for Creators and Brands. Furthermore, the efficiencies gained from our AI-powered Technology Platform enable
both us and our partners to operate at scale to grow via multiple channels of engagement, which our competitors that focus on a single
walled-garden ecosystems are not able to replicate.
Our Technology Platform
Our Technology Platform reflects our deep experience
as content creators and forms the basis for our aspiration to be a technology company built by Creators, for Creators. For all the progress
and promise of the creator economy to date, we believe that Creators have historically lacked sufficient power to truly realize their
potential and capture a sufficient amount of the value they create. While it is now possible to find and grow a large online audience,
it is still too impersonal, and too elusive for many to turn their passion and expertise into a successful career. A goal of our Technology
Platform is to help "rebalance the equation" by enabling Creators to grow the engagement "pie" while providing
them with a larger slice of the revenue.
Key to our approach of empowering Creators
and Brands is our proprietary AI and machine learning ("ML") technology that helps them mix and edit music and video
content and distribute it to digital platforms and enables them to understand and engage with their audiences at scale, while
retaining control and authenticity of their audience relationships. "AI" is a general term to describe the efforts of
computer scientists to design and implement computer hardware and software systems capable of learning and thinking. ML is a field
of study in AI concerned with the development and study of statistical algorithms that can effectively generalize tasks and thus
performing those tasks without explicit instructions. ML approaches have been applied to large language models ("LLMs"),
computer vision, speech recognition, email filtering, agriculture, and medicine, where it is able to achieve efficiencies without
having to implement detailed specialized algorithms and systems which would be too complex and costly to build. Creators and Brands
have the ability to connect our customized LLMs and Natural Language Processing ("NLP") technologies to real-time
API-based feeds, from virtually all major social platforms, to read, analyze, cluster, filter, and suggest or (when appropriate)
send replies to their fans with deep efficiency and personal precision. LLMs are deep learning algorithms that can recognize,
summarize, translate, predict, and generate content using very large datasets. Deep learning is a method in AI that teaches
computers to process data in a way that is inspired by the human brain. Deep learning models can recognize complex patterns in
pictures, text, sounds, and other data to produce accurate insights and predictions. NLP, a branch of AI, uses ML to process and
interpret text and data. Natural language recognition and natural language generation are types of NLP. By giving each Creator and
Brand an AI-powered "factory of assistants" to help them identify superfans, up-and-comers, key topics and trends to
respond to (while filtering out spam, hate- speech and noise), they are better able to deepen relationships and loyalty, optimize
their scarce time and resources, and ultimately increase conversions and monetization through a mix of brand partnerships and direct
commerce.
For our LLMs, we currently use a mix of open source
code for embeddings (for example, open source code such as SBERT with models from HuggingFace) and optionally support embedding models
including GPT-4 from OpenAI, PaLM from Google and other models from Cohere. Embeddings models offer an approach to ML where high-dimensional
data (data in which the number of features or variables observed are close to or larger than the number of observations, or data points)
is converted into low-dimensional data (where the number of observations far outnumbers the number of features) while preserving relevant
information. This process of dimensionality reduction helps simplify the data and make it easier to process by ML algorithms. The appeal
of embeddings is that they can capture the underlying structure and semantics of the data. For instance, in NLP, words with similar meanings
will have similar embeddings. This provides a way to quantify the 'similarity' between different words or entities, which
is highly valuable when building complex models. We have purposefully designed our systems to give us the flexibility to be independent
of any one provider or partner. We periodically evaluate the cost, latency and quality of models because we operate in a rapidly evolving
industry. We believe we get superior performance compared to "off-the-shelf" use of LLMs through (a) injecting relevant historical
data into prompts (via the standard "Retrieval-augmented generation" pattern) and (b) pre-and post-processing the data to
better address customer-specific vernaculars, including the use of acronyms, emojis and non-traditional spellings. We also fine-tune open
source and third-party models with proprietary labeled data to improve performance on tasks like extracting relevant profile data from
content that end-users or consumers have shared in conversations with our conversation AI systems or classifying fan engagement data as
genuine versus originating from bots or spam. While unlabeled data consists of raw inputs with no designated outcome, labeled data is
carefully annotated with meaningful tags, or labels, that classify the data's elements or outcomes. For example, in a dataset of
emails, each email might be labeled as "spam" or "not spam." These labels then provide a clear guide from which
a ML algorithm can learn. We do not believe that utilizing this approach introduces risk of impacting our LLMs.
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Our NLP technology was developed in-house
and is continuously updated via our ML models. We have incorporated some open source code in the development of our products but our
products are not dependent on any third-party software or services. We do not use any third party software with regard to our NLP.
As is customary in our industry, we used open source code (however, we do not use open source libraries) as one part of the basic
building blocks of some of our AI. We do not believe that our utilization of open source code and/or models introduces material risk
of impacting our AI products or intellectual property, however as with the usage of any open source code or models there are risks.
See
Risk Factors — "Certain of our products contain third- party open source software components, and failure to
comply with the terms of the underlying open source software licenses could restrict our ability to sell our
products."
The rapid pace of AI-innovation is fueling ever
more opportunities for us to help Creators and Brands in each phase of their lifecycle, from content creation and distribution (through
the Triller app, FITE, Metaverz, Thuzio and Amplify.ai) to fan engagement (through Fangage, Julius and Amplify.ai) and to targeted promotions
and upsells (through CrossHype), across the digital platforms they use today and, we believe, will use tomorrow. By occupying a position
as their trusted intermediary connecting them with their fans across multiple platforms and the comments, mentions, direct messages, etc.
that flow across them daily, we believe we are well suited to build, deploy and refine ever more powerful and effective models and tools
in the coming years.
The Triller App
Our Technology Platform originated with the Triller
app, a video-sharing app. The Initial Triller app was launched in 2015 as an AI music editing tool. In 2019, upon the formation of Triller
Hold Co LLC, when we acquired the technology underlying the current Triller app we integrated the Initial Triller app with AI technology
pursuant to our agreement with Mashtraxx Ltd. We refer to this integrated app as the "Triller app". The Triller app continued
to integrate and update and was fully "live" by September of 2021. The Triller app underwent a refinement to its scalable
systems and other feature and toolset updates and additional refinements were rolled out in July of 2023 and are live today. The Triller
app leverages proprietary AI and ML technologies and enables users to create professional-looking videos and to share those videos within
the Triller app and on other social platforms such as Facebook, Instagram, TikTok, Snapchat and Twitter in seconds. Key features of the
Triller app include extensive editing, filtering and overlaying tools; AI-powered technology to automatically synchronize video and audio
with little to no manual editing; and our proprietary dual camera feature, which allows users to record videos simultaneously from the
back-and front-facing cameras of their smartphones. The Triller app's primary audience is the 18-34 year old demographic, with strong
engagement from users in the United States and an established user base in high-growth markets such as India.
The images above are examples of how the user
interface of the Triller app allows users to perform various actions as depicted above.
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The Triller app contains channels for the posting
and consumption of short-form and long-form content, where we host content made by celebrities, influencers and other Creators, as well
as professionally-produced episodic content about music, sports, gaming, fashion and other forms of entertainment.
We believe the content creation features and availability
of short- and long-form content offered on the Triller app are key differentiators that set us apart from our competitors and will continue
to do so as we focus our efforts on growing our user base and deepening the level of engagement among Creators, Brands and users who interact
with our ecosystem.
Our Suite of Creator and Brand Offerings
We have augmented our Technology Platform through
a combination of internal development and strategic acquisitions, including the additions of products and services that deliver, automate
or otherwise streamline SMS and social messaging, AI-powered customer engagement, cross-platform marketing, digital streaming, content
and audience management, e-commerce services, social and creator analytics and engagement measurement.
Fangage
Fangage serves as the entry point for Creators
looking to leverage our ecosystem and establish a digital presence on the internet, across social media, e-mail and SMS. Fangage comprises
a set of tools and features that allow Creators to manage and distribute their content and maintain and grow their audiences, communicate
with those audiences directly, and gather and analyze data that allows them to streamline their monetization efforts.
The Fangage offering is integrated with and incorporates
services from the Triller app, Amplify.ai, Cliqz and Julius.
Amplify.ai, Cliqz and CrossHype
We acquired Amplify.ai in December 2021 and internally
developed our Cliqz and CrossHype offerings. These products provide a broad set of features that further enable Creators to connect directly
with their audiences, spotlight their content across a broad range of social media sites, measure audience engagement with that content,
and monetize their content through personalized user experiences.
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Our Amplify.ai product automates SMS and direct
message marketing communications between Creators, Brands and their respective audiences through the use of proprietary AI and NLP technologies.
Our Cliqz product enables Creators to aggregate
their audiences across their social media accounts and access those audiences directly via SMS and direct messaging, avoiding the algorithmic
limitations imposed by most social media platforms that limit these Creators' content viewership and opportunities for content engagement
and monetization. For example, as noted by Hootsuite in August 2023, the average engagement rate of an organic Facebook post ranges from
2.58% down to just 1.52%.
Our CrossHype product helps Brands and Creators
reach audiences across multiple social platforms, with a particular emphasis on helping Brands create awareness and engagement with consumers,
with a common framework for measuring the effectiveness and efficacy of their marketing efforts. This solution allows Brands and Creators
to reach specific audiences within social media platforms, including highly targeted followers of specific social media Creators, and
to build retargetable audiences that grow in size and detail, accruing even more value over time.
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Julius
Julius, which we acquired in November 2022, is
a SaaS solution that provides strategic marketers at Brands and advertising agencies with access to a database of profiled Creators and
their associated audiences, giving them the ability to enlist Creators to develop and share captivating stories to market their products
and services. Julius provides Brands and agencies a detailed dashboard to measure engagement across all Creator-driven marketing campaigns.
Furthermore, Julius serves as a marketplace allowing e-commerce Brands to automate the process of on-boarding Creators with per-transaction
incentives for enabling e-commerce transactions. Julius is directly integrated with our Fangage solution, completing the circle between
Creators and Brands.
Thuzio
Thuzio, which we acquired in October 2021, is
a solution for creating and executing premium Creator Events and experiences. Thuzio helps Brands and other enterprise customers create
Events with Creators including sports icons and speakers. Thuzio has partnered with Creators across many verticals, including athletes
such as Tiki Barber, Allen Iverson, Scottie Pippen, and Lisa Leslie, comedians such as Jerry Seinfeld, music artists such as Ja Rule and
celebrity chefs such as Marcus Samuelsson.
Metaverz
Our Metaverz offering enables us to transform
live Events, which are typically only enjoyed by a few thousand people, into digital Events, including augmented reality and virtual reality
experiences, that can be experienced by millions of consumers globally. Metaverz provides an array of ways to create digital experiences
featuring Creators and Brands, containing social engagement and gamification features as well as virtual merchandise stores that allow
users to digitally purchase collectibles and memorabilia.
Strategic Growth Plans of AGBA Legacy Group
Overall Market Opportunities in the Greater
Bay Area
The Greater Bay Area comprises the major urban
centers of Guangdong, Hong Kong, and Macau and is one of the world's largest financial services markets, with an overall economy
size of US$1.7 trillion. The GBA is an area of vast scale and wealth, with the following defining characteristics according to 2021
Hong Kong Trade Development Council research:
●
Largest GDP in China, comprising 11% of China's total
economy;
●
US$1.67 trillion economy, compared with US$1.99 trillion
for Tokyo and US$1.81 trillion for New York;
●
Per capita GDP of US$22,300; and
●
Population of 86 million, compared with 44 million
in Tokyo and 19 million in the New York Metropolitan Area.
●
Hong Kong is a major financial services hub, and according
to the June 2021 Hong Kong Stock Exchange monthly market highlights, it has:
●
Over 1,300 mainland China listed enterprises, with a total
market capitalization of more than US$5 trillion (80% of total market capitalization);
●
A global hub for RMB trading and business transactions, with
over US$1 trillion per day in RMB financial settlements; and
●
Capital markets connectivity with RMB 52 billion in
daily investment quotas.
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According to the 2021 China Private Wealth Report
published by China Merchants Bank, China's individual investable assets reached RMB241 trillion (US$37 trillion) in 2020,
a compound annual growth of 13% from 2018 to 2020 and was expected to reach RMB268 trillion (US$42 trillion) by 2021. Meanwhile,
China's high-net-worth population is estimated to reach 3 million by year end, with the scale of investable assets
exceeding RMB90 trillion (US$37 trillion).
A structural change to China's high-net-worth population
has geared towards the younger generation, whose investment objectives are shifting from wealth preservation to wealth creation and asset
diversification. According to the 2021 China Private Wealth Report, almost 50% of respondents considered Hong Kong as their offshore
asset destination or entrepôt (a port destination where assets and goods are traded, imported, and exported).
Cross-Border Wealth Management Connect
On June 29, 2020, the People's Bank
of China, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macau jointly announced the introduction of the cross-boundary wealth
management connect pilot scheme (Wealth Management Connect scheme) in the GBA, which will allow residents in the GBA to invest in wealth
management products distributed by banks across the region. The scheme helps promote investment diversification and facilitate capital
flow within the GBA, promote RMB internationalization and strengthen Hong Kong's status as an offshore RMB hub.
According to the implementation rules of the Wealth
Management Connect scheme published by The People's Bank of China in September 2021, there will be an aggregate investment
quota of RMB150 billion in each of the "northbound Connect" and "southbound Connect" schemes, with an individual
investment quota up to RMB1 million. Recognized investment products under the "Northbound Scheme" include fixed income
(primarily bonds and deposits) and equity wealth management products, along with public securities investment funds with low or medium
risk rating. Complex investment products with high volatility or leverage are currently excluded. The scheme is expected to facilitate
a total fund flow of RMB300 billion (US$47 billion) in the sale of investment products.
The Wealth Management Connect scheme officially
launched in September 2021, and banks may start offering cross-boundary wealth management connect services upon completion of
the relevant preparatory work, and subject to regulatory approval.
Future expansion plan to China
With the business opportunities brought by the
Wealth Management Connect scheme introduced by The People's Bank of China, and the upcoming Insurance Connect introduced by the
China Insurance Regulatory Commission, China will be one of our focus areas with an increasing addressable market and opportunity set.
We intend to leverage AGBA Legacy Group's two decades of experience
operating in China. We are particularly well-positioned to capture the emerging opportunities. Currently, we do not have any Chinese
operating companies and we do not plan to use "variable interest entities," or VIEs, in the future to conduct our operations.
While we have no operations in China, it is and will continue to be part of our strategy to market and sell our products and services
to Chinese customers located in mainland China from its Hong Kong based operating subsidiaries through partnerships or customer referrals.
After a 6-month project with a
consulting firm to study our capability and competitive advantages, we identified four strategic enablers, including
(1) partnership development; (2) establishing a lead management platform; (3) establishing a service center for our
customers; and (4) digital marketing. Multiple collaboration models have been designed, with potential partners identified for
implementation. We intend for these initiatives to drive business growth through customer acquisition and
cross-selling combined with increased use of data analytics.
Strategic Enablers to Capture GBA Opportunities
China B2B Partnership for Customer Acquisition
We intend to upsell selected customers simple
insurance products through our local insurance brokerage channel, by using free insurance protection products to attract customers, and
then conducting customer behavioral analysis and product matching. Based on the analysis of social media interaction and digital marketing,
we market our international and partnership offerings to customers who demonstrate interest and refer them to our network of financial
advisors in Hong Kong for cross-selling of other financial products and investment portfolio recommendations. We intend to periodically
review our referral mechanisms to ensure their continued effectiveness.
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We are currently in active discussions to establish
a strategic partnership with a top asset manager (the "Potential Partner") in China to provide offshore insurance solutions
to the Potential Partner's over 20 million nation-wide customers. The Potential Partner serves both individual affluent
and high-net-worth customers as well as institutions. Our management believes a strategic partnership with the Potential Partner
has the potential to increase our AUM and competitiveness by expanding the types of local and overseas investment vehicles available to
it and to further penetrate its existing customer database.
Service Centre for Customer and Partner Servicing
Leveraging our existing China local insurance
brokerage licenses, sales teams and infrastructure, we intend to build a business platform to acquire mainland China customers through
referrals and to establish new partnerships.
We intend to transform our existing shared service center to (i) provide
post-sales services to mainland China customers who have purchased Hong Kong insurance products; and (ii) institutionalize
our capabilities to form B2B partnerships in mainland China. We intend to build a lead management tool to recommend new and personalized
insurance products to customers, which we intend to be a key priority for 2024 and beyond.
Creating an Ecosystem Empowered by Fintech
Hong Kong's Fintech Landscape
In July 2018, the HKMA introduced the "Open
API Framework" to facilitate the development and wider adoption of application programming interfaces or APIs by the banking sector.
The Open API Framework functions include product information, customer acquisition, account information and transactions. The HKMA also
launched the Faster Payment System in September 2018 to facilitate real-time payments and fund transfers between banks and stored
value facility operators with the use of a recipient's mobile number or email address as an account proxy. We believe that, with
the on-going business integration with the GBA, Hong Kong is likely to see further liberalization in the financial services
sector in the coming years, especially in relation to the use of financial technologies.
According to a survey conducted by McKinsey &
Company titled "
McKinsey & Company M&S COVID-19 China Consumer Pulse Survey 3/25-3/30/2020
", there
has been a rapid increase in customers' online engagement and penetration, which is likely to remain even after the COVID-19 pandemic.
The pandemic (i) accelerated customer shift to online channels, (ii) enhanced business partnerships across online and offline
channels, and (iii) illustrated the importance of establishing an "omni-channel" strategy. We believe that more people
now look for digital ways to continue their normal lives, including through digital wealth management.
The Synergy to be Realized Leveraging on
Existing Infrastructure and Partners
To provide a seamless customer journey, increase
customers' stickiness and deepen their share wallet, our future strategic focus intends to create an integrated digital ecosystem
by leveraging existing infrastructure, customers and partners.
We intend to realize synergies across different
business units by:
●
focusing on product portfolio enhancements, including endowment
insurance and investment fund savings plans;
●
leveraging the flexibility offered by different financing
options, including insurance premium financing, point-of-sale consumer credit, personal credit facility or mortgage financing; and
●
using our sales teams at our financial advisory business
as a large distribution channel.
Our digital platform is one of its core customer
acquisition engines which we intend to further equip with functionalities including a cash management tool for customers, and a transaction
platform that encompasses insurance and investment products, retail consumption, medical appointments, content marketing and social sharing.
By targeting customers' needs at various
life stages, we intend to provide a one-stop service to customers while enhancing its cross-selling business opportunities. Further
collaboration will also be sought in the future with its local partners and overseas fintech investments. Fintech will continue to invest
in fintech developments to improve its capabilities and attract local and global business partners.
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Our Strategic Growth Plans
Leverage Our Technology, Tools and Features
to Continue to Attract and Engage Creators, Brands and Users and Build a Robust Ecosystem
We intend to continue leveraging our integrated
global platform to maximize the growth potential of our business. The proliferation of digital content and engagement with such content,
and the convergence of live entertainment and digital technologies, have expanded use cases, exposure and monetization opportunities for
our Technology Platform and our customers. We believe that our integrated capabilities and global reach allow us to deepen relationships
with existing Brands, Creators and Users and attract new Brands, Creators, Users and partners.
We believe that the suite of tools and features
that we offer are a key differentiator as we work to grow the scope and depth of engagement from Creators, Brands and users and continue
to expand our ecosystem. We believe our Technology Platform delivers digital distribution tools that enable Creators and Brands to control
how their content reaches a broad audience through multiple social media channels. Together with our analytical capabilities that track
user engagement, we provide the opportunity for Creators and Brands to monetize content across multiple digital platforms including Facebook,
Instagram, TikTok, Snapchat, YouTube, Twitter and more, which by extension generates revenue opportunities for us.
We believe our investments in AI-powered tools
for content development, moderation, distribution and audience management on our Technology Platform allow us to deliver a robust solution
to attract Creators and Brands. Our suite of tools allows for creative content development and distribution, as well as targeted interaction
by Brands. Sophisticated algorithms based on natural language datasets created through engagement with hundreds of millions of users allow
us to providers users with reach and measurement tools that we consider a key differentiator. On behalf of Brands, our AI-powered tools
and algorithms allow for the creation and execution of immersive brand experiences that leverage the growing power of Creators and reach
across the customer journey, from awareness to purchase to loyalty programs.
We plan to continue to invest and learn from our
experiences to build features designed to separate us from our competition, with the goal of being the go-to platform for Creators seeking
to distribute and monetize their content and for Brands to reach consumers through targeted engagement.
Over time, we believe we can play a key role in
altering the creator economy so more economic return flows directly to the artists, influencers, athletes, celebrities and every-day users
creating content and less flows to the big-tech intermediaries that dominate today.
Expand Our Experiential Offerings in Ways
That Create Revenue Opportunities, Build Our Brand and Culture and Fuel Our Ecosystem
We have observed that younger demographics are
increasingly prioritizing concerts, sports, and other entertainment options over material goods. According to a study conducted by Expedia
and the Center for Generational Kinetics, LLC, 74% of Americans aged 18-65 polled place more value on experiences than products or things.
Because we deliver live and digital entertainment through our Technology Platform, we believe we are well positioned to take advantage
of these continuing secular trends and create new offerings and investment opportunities.
BKFC and other live Events we produce are a source
of content that afford us with opportunities to promote and leverage our Technology Platform and build our brand, in addition to being
revenue generative in and of themselves. We believe these Events, featuring well-known names in music and athletics, attract individuals
and businesses to our ecosystem and drive user engagement, and position us where we believe consumer interest is trending. We believe
that these Events are exciting to our users, offer sponsorship and engagement opportunities for Brands, and provide inspiration to Creators.
Combined with our suite of tools to market these Events on the Triller app, TrillerTV, and other social media platforms, we intend to
continue to seek to monetize the interest in these Events and related content.
We also seek to position ourselves to take advantage
of the growing demand for content. Through our owned and licensed entertainment and media products, our distribution platforms and our
integration with third-party platforms, we believe we are positioned at the center of this demand. As new distribution models and technologies
have broadened access and enhanced the consumer experience, premium content values have increased. Through our Technology Platform, Events
and content and distribution properties, we seek to foster value creation, for us and both the artists and influencers that use our Technology
Platform.
Invest in Adjacent High Growth Industry
Segments
Our global Technology Platform has enabled us
to enter new, fast-growing industry segments where we are able to leverage long-standing business partnerships and relevant commercial
insights to accelerate scale. Our Technology Platform allows us to identify areas of growth early and benefit from constant technological
disruption. Our existing footprint helps to facilitate organic investment in new adjacent industry segments. We plan to execute upon these
opportunities as they emerge in the future.
Emphasize Strategic Growth Through Mergers
and Acquisitions on Our Technology Platform
Our mergers and acquisitions strategy has been
focused on investing in intellectual property and acquiring capabilities for our Technology Platform. We will continue to invest in mergers
and acquisitions to complement our internal capabilities and enhance the value of our Technology Platform. We believe that owning a highly
curated intellectual property asset base and global capabilities set further enhance the ecosystem connectivity that makes our Technology
Platform the ideal home for numerous future acquisition targets that fit the profile of our investment strategy. We also will opportunistically
seek to monetize and or dispose of certain assets, if needed. We also believe that the insights that we have gained from our position
in the content ecosystem, social media landscape and e-commerce business give us access to a vast amount of information that informs our
investment activities and has the potential to provide access to proprietary acquisition and investment opportunities.
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Our management team also has the combined experience
of executing more than $50 billion in transactional value in content and technology mergers and acquisitions. Collectively, we believe
these insights and experience position us well to evaluate targets and identify synergies and growth potential. We seek to leverage the
experience and relationships of our management team, creative incentive structures to our partners and our portfolio of assets to attract
Brands and Creators to our Technology Platform. This experience, together with learnings from our acquisitions to date and insights gained
from our position in the content ecosystem, give us access to a vast amount of information that can help us assess acquisition targets.
Overall Market Opportunities in the Greater
Bay Area
The Greater Bay Area comprises the major urban
centers of Guangdong, Hong Kong, and Macau and is one of the world's largest financial services markets, with an overall economy
size of US$1.7 trillion. The GBA is an area of vast scale and wealth, with the following defining characteristics according to 2021
Hong Kong Trade Development Council research:
●
Largest GDP in China, comprising 11% of China's total economy;
●
US$1.67 trillion economy, compared with US$1.99 trillion for Tokyo and US$1.81 trillion for New York;
●
Per capita GDP of US$22,300; and
●
Population of 86 million, compared with 44 million in Tokyo and 19 million in the New York Metropolitan Area.
Hong Kong is a major financial services hub, and according to
the June 2021 Hong Kong Stock Exchange monthly market highlights, it has:
●
Over 1,300 mainland China listed enterprises, with a total market capitalization of more than US$5 trillion (80% of total market capitalization);
●
A global hub for RMB trading and business transactions, with over US$1 trillion per day in RMB financial settlements; and
●
Capital markets connectivity with RMB 52 billion in daily investment quotas.
According to the 2021 China Private Wealth Report
published by China Merchants Bank, China's individual investable assets reached RMB241 trillion (US$37 trillion) in 2020,
a compound annual growth of 13% from 2018 to 2020, and is expected to reach RMB268 trillion (US$42 trillion) by 2021. Meanwhile,
China's high-net-worth population is estimated to reach 3 million by year end, with the scale of investable assets exceeding
RMB90 trillion (US$37 trillion).
A structural change to China's high-net-worth population
has geared towards the younger generation, whose investment objectives are shifting from wealth preservation to wealth creation and asset
diversification. According to the 2021 China Private Wealth Report, almost 50% of respondents considered Hong Kong as their offshore
asset destination or entrepôt (a port destination where assets and goods are traded, imported, and exported).
Cross-Border Wealth Management Connect
On June 29, 2020, the People's Bank of China, the Hong Kong
Monetary Authority (HKMA) and the Monetary Authority of Macau jointly announced the introduction of the cross-boundary wealth management
connect pilot scheme (Wealth Management Connect scheme) in the GBA, which will allow residents in the GBA to invest in wealth management
products distributed by banks across the region. The scheme helps promote investment diversification and facilitate capital flow within
the GBA, promote RMB internationalization and strengthen Hong Kong's status as an offshore RMB hub.
According to the implementation rules of the Wealth
Management Connect scheme published by The People's Bank of China in September 2021, there will be an aggregate investment
quota of RMB150 billion in each of the "northbound Connect" and "southbound Connect" schemes, with an individual
investment quota up to RMB1 million. Recognized investment products under the "Northbound Scheme" include fixed income
(primarily bonds and deposits) and equity wealth management products, along with public securities investment funds with low or medium
risk rating. Complex investment products with high volatility or leverage are currently excluded. The scheme is expected to facilitate
a total fund flow of RMB300 billion (US$47 billion) in the sale of investment products.
The Wealth Management Connect scheme officially
launched in September 2021, and banks may start offering cross-boundary wealth management connect services upon completion of
the relevant preparatory work, and subject to regulatory approval.
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Future expansion plan to China
With the business opportunities brought by the Wealth Management Connect
scheme introduced by The People's Bank of China, and the upcoming Insurance Connect introduced by the China Insurance Regulatory
Commission, China will be one of AGBA Legacy Group's focus areas with an increasing addressable market and opportunity set.
AGBA Legacy Group intends to leverage the Legacy Group's two
decades of experience operating in China, and is therefore particularly well-positioned to capture the emerging opportunities. Currently,
AGBA Legacy Group does not have any Chinese operating companies and does not plan to use "variable interest entities" in future
to conduct its operations. While AGBA Legacy Group has no operations in China, it is and will continue to be part of AGBA Legacy Group's
strategy to market and sell its products and services to Chinese customers located in mainland China from its Hong Kong based operating
subsidiaries through partnerships or customer referrals.
AGBA Legacy Group identified four strategic enablers, including (1) partnership
development; (2) establishing a lead management platform; (3) establishing a service center for GBA customers; and (4) digital
marketing. Multiple collaboration models have been designed, with potential partners identified for implementation. AGBA Legacy Group
intends for these initiatives to drive business growth through customer acquisition and cross-selling combined with increased use
of data analytics.
Strategic Enablers to Capture GBA Opportunities
China B2B Partnership for Customer Acquisition
AGBA Legacy Group intends to upsell selected customers simple insurance
products through the Legacy Group's local insurance brokerage channel, by using free insurance protection products to attract customers,
and then conducting customer behavior analysis and product matching. Based on the analysis of social media interaction and digital marketing,
the Legacy Group markets its international and partnership offerings to customers who demonstrate interest and refers them to OPH's
financial advisors in Hong Kong for cross-selling of other financial products and investment portfolio recommendations. AGBA
Legacy Group intends to periodically review its referral mechanisms to ensure continued effectiveness.
AGBA Legacy Group is currently in active discussions to establish a
strategic partnership with a top asset manager (the "Potential Partner") in China to provide offshore insurance solutions
to the Potential Partner's over 20 million nation-wide customers. The Potential Partner serves both individual affluent
and high-net-worth customers as well as institutions. The management of AGBA Legacy Group believes a strategic partnership with the
Potential Partner has the potential to increase AGBA Legacy Group's AUM and competitiveness by expanding the types of local and
overseas investment vehicles available to it and to further penetrate its existing customer database.
Service Centre for Customer and Partner Servicing
Leveraging the Legacy Group's existing China local insurance
brokerage licenses, sales teams and infrastructure, AGBA Legacy Group intends to build a business platform to acquire mainland China customers
through referral and establish new partnerships.
AGBA Legacy Group intends to transform the Legacy Group's existing
shared service center to (i) provide post-sales services to mainland China customers who have purchased Hong Kong insurance
products; and (ii) institutionalize its capabilities to form B2B partnerships in mainland China. AGBA Legacy Group intends to build
a lead management tool to recommend new and personalized insurance products to customers, which AGBA Legacy Group intends to be a key
priority for 2024 and beyond.
Creating an Ecosystem Empowered by Fintech
Hong Kong's Fintech Landscape
In July 2018, the HKMA introduced the "Open API Framework"
to facilitate the development and wider adoption of application programming interfaces or APIs by the banking sector. The Open API functions
include product information, customer acquisition, account information and transactions. The HKMA also launched the Faster Payment System
in September 2018 to facilitate real-time payments and fund transfers between banks and stored value facility operators with
the use of a recipient's mobile number or email address as an account proxy. AGBA Legacy Group believes that, with the on-going business
integration with the GBA, Hong Kong is likely to see further liberalization in the financial services sector in the coming years,
especially in relation to the use of financial technologies.
According to a survey conducted by McKinsey & Company titled
"
McKinsey & Company M&S COVID-19 China Consumer Pulse Survey 3/25-3/30/2020
", there has been a rapid
increase in customers' online engagement and penetration, which is likely to remain even after the COVID-19 pandemic. The pandemic
(i) accelerated customer shift to online channels, (ii) enhanced business partnerships across online and offline channels, and
(iii) illustrated the importance of establishing an "omni-channel" strategy. AGBA Legacy Group believes that more people
now look for digital ways to continue their normal lives, including through digital wealth management.
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Group Synergy to be Realized Leveraging
on Existing Infrastructure and Partners
To provide a seamless customer journey, increase customers' stickiness
and deepen their share wallet, AGBA Legacy Group's future strategic focus intends to create an integrated digital ecosystem by leveraging
existing infrastructure, customers and partners.
AGBA Legacy Group intends to realize synergies across different business
units by:
●
focusing on product portfolio enhancements, including endowment insurance and investment fund savings plans;
●
leveraging the flexibility offered by different financing options, including insurance premium financing, point-of-sale consumer credit, personal credit facility or mortgage financing; and
●
using the IFA sales team as a large distribution channel.
AGBA Legacy Group's digital platform is one of its core customer
acquisition engines which AGBA Legacy Group intends to further equip with functionalities including a cash management tool for customers,
and a transaction platform that encompasses insurance and investment products, retail consumption, medical appointments, content marketing
and social sharing.
By targeting customers' needs at various life stages, AGBA Legacy
Group intends to provide a one-stop service to customers while enhancing its cross-selling business opportunities. Further collaboration
will also be sought in the future with its local partners and overseas fintech investments. Fintech will continue to invest in fintech
developments to improve its capabilities and attract local and global business partners.
Our Corporate Information
We were originally incorporated on October 8,
2018 in the British Virgin Islands as a special purpose acquisition company under the former name of AGBA Acquisition Limited ("AAL").
In connection with the consummation of the Business Combination (as defined below), we changed our name from "AGBA Acquisition Limited"
to "Triller Group Inc.". Our principal executive office is located at AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong.
Intellectual Property
We own domain names and trademarks. We are currently
in the process of re-branding our business and as part of this exercise, AGBA is in the process of obtaining domain names and trademark
registrations for its new brands, such as "TAG," "OnePlatform,", "AGBA Focus", "AGBA Perform"
and "AGBA Group," among others. To protect its existing and potential, future intellectual property, we have entered into
confidentiality and proprietary rights agreements with employees, consultants, contractors and business partners; employees and contractors
are also subject to invention assignment provisions. As part of its contracting process with third parties, we use contract terms such
as limited licenses, restrictions on use, and confidentiality, as additional measures to protect its intellectual property.
Facilities
Our headquarters in Hong Kong is located
at AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong, which is situated in one of Hong Kong's prime central business districts.
The lease agreement for the building, between Viewbest Investments Limited (Viewbest), as landlord, and Legacy Group, was executed on
June 14, 2019.
The term of the AGBA Tower lease is six years,
with a tentative expiry date of February 28, 2026.
While we are not the party to the AGBA Tower lease
agreement, we are currently occupying space in the building.
We also owned an office premises located at One Island South, No. 2
Heung Yip Road, Hong Kong for rental purpose.
Employees
As of September 30, 2024, we had 120 full-time and full-time equivalent
employees. None of the employees are represented by a labor union, and we consider our employee relations to be good.
Platform Business
The Platform business, through B2B and its subsidiaries,
is a one-stop financial supermarket with a breadth of products and services that is unrivaled in Hong Kong sourced from leading global
product providers.
The Platform Business was set up to take advantage
of the decades-long experience we built up in supporting the largest financial advisors salesforce in Hong Kong. We were already
servicing a large pool of customers and in the process, built up a wide library of world class financial products and constructed a state-of-the-art
technological and operational infrastructure.
138
The Platform Business now operates this full-service
platform under its "OnePlatform" brand and has opened it up to banks, other financial institutions, family offices, brokers,
and individual independent financial advisors that are looking for support in advising and serving their retail clients.
Our technology-enabled Platform Business offers
a wide range of financial products, covering life insurance, pensions, property-casualty insurance, stock brokerage, mutual funds, money
lending and real estate agency.
In addition to its unrivaled product-shelf, the
Platform Business offers digital-enabled sales management and support solutions, business operations support, comprehensive customer services,
and training support.
Currently, our platform financial services and
investment products mainly comprise mutual fund distributions, portfolio management, money lending, insurance and Mandatory Provident
Fund (MPF) products, and international real estate referral and brokerage services.
The OnePlatform brand currently covers 80 insurance providers selling
1,183 products, and 53 asset management fund houses with over 1,141 products.
Fintech Business
The Fintech Business has collected an ensemble
of valuable fintech assets in its investment portfolio. Fintech Business' management team has strived to establish the business
as a leading name in the fintech investment sector.
Core Fintech investments held under the Fintech Business as of September
30, 2024 include:
1.
An investment in Tandem Money Limited, a UK digital bank;
2.
An investment in CurrencyFair Limited, a B2B and B2C payments
company;
3.
An investment in Oscar Health Inc., a US direct-to-consumer digital
health insurer;
4.
An investment in Goxip Inc., a fashion media platform based
in Hong Kong; and
Carrying amount in
US$ thousands
(1)
September 30,
2024
December 31,
2023
Tandem Money Limited
17,751
16,880
CurrencyFair Limited
5,887
5,827
Oscar Health Inc.
(2)
—
—
Goxip Inc.
306
342
LC Healthcare Fund I, L.P.
(3)
—
2,152
Notes:
(1)
Carrying amount represents Fintech's attributable interest
in the investment portfolio asset.
(2)
The Company partially sold 993,108 shares of Oscar Health Inc. on Nasdaq Stock Exchange with an average current market price of $4.01 per share in 2023.
(3)
On February 5, 2024, the Company sold all its equity interest in LC Healthcare Fund I, L.P. to an independent third party for a consideration of $2.15 million.
The Fintech Business previous investments include an investment in
Nutmeg, a UK-based digital wealth manager, focused on robo-advisory and digital wealth management services. In June 2021, JPMorgan
Chase completed its 100% acquisition of Nutmeg.
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Healthcare Business
We currently hold a 4% equity stake in HCMPS,
one of the leading healthcare management organizations in Hong Kong.
Founded in 1979 and currently operating under
the Dr. Jones Fok & Associates Medical Scheme Management Limited ("JFA") brand, JFA is one of the most reputed
healthcare brands in Hong Kong. It has four self-operated medical centres and a network of over 700 healthcare service providers — providing
healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA's clients include blue chip companies
from various industry and leading insurers. Apart from Hong Kong, JFA is the largest operator in Macau with around 70 clinics.
JFA operates a city-wide medical network that
includes 340 general practitioners ("GP"), 11 laboratories and imaging centers, 273 specialist doctors, 25 physiotherapy centers,
12 Chinese medicine practitioner clinics, all based in Hong Kong, and 69 GP clinics in Macau. Over 380,000 out-patient and in-patient
visits are recorded annually through HCMPS's medical network. JFA offers its patients a full range of medical services, including
general services, specialist services, physiotherapy, Chinese medicine, dental, vaccination, X-ray, laboratories and imaging services.
We believe that the future of healthcare is
in "Smart Health"–technology that offers improved patient-care management and leverages data as the new tool for
solving complex healthcare challenges with reduced operating costs. We will focus on technology/digitalization and consumerization
of healthcare to create an ecosystem empowering customers to proactively manage their health and well-being and to improve their
access to healthcare at a lower cost — with connectivity across the care continuum. We believe that JFA has the
captive customer base, infrastructure and product/service offerings to optimize customer experience to further grab market
share.
We are currently working to transform JFA into
the best medical care institution in Asia by 2025, redefining industry standards in the Greater Bay Area and offering market-leading customer
care and best-in-class infrastructure empowered by data analytics.
Competitive landscape
Competition in the markets in which B2B operates
is intense. B2B competes for clients, customers, and personnel directly with other financial advisory firms, securities firms, and other
businesses that offer financial services, such as banks and insurance companies. The financial technology services industry in Hong Kong
is highly competitive and rapidly evolving. New competitors, including affiliates of financial institutions, traditional IT companies,
and internet companies, are entering this market.
Although AGBA Legacy Group's competitors
may have greater brand recognition, larger customer bases or greater financial, technological, or marketing resources, the management
of AGBA Legacy Group believes that AGBA Legacy Group's competitive advantages are its full suite of financial products covering
insurance, investments and credit, coupled with a captive customer base and well-established infrastructures, including operational
capabilities and technology. As a result, the management of AGBA Legacy Group believes that it can respond more quickly and effectively
to new or changing opportunities, technologies or customer requirements, and adapt to significant changes in regulatory and industry environments.
Currently, AGBA Legacy Group's principal methods to maintain
competitive advantage of its B2B business are by (i) relying on its highly knowledgeable and professional personnel and its large
distribution channel of independent financial advisors, (ii) leveraging extensive cross-selling opportunities across its business
units, (iii) investing in its platforms and infrastructure to keep up to date with the latest technology, and (iv) exploring
and implementing solutions on the cutting edge of financial technologies. Despite the high level of market competition and the rapidly
changing industry dynamics, the management of AGBA Legacy Group believes that the significant accumulated experience of its executive
management as well as its understanding of market preferences and conditions will enable AGBA Legacy Group to compete effectively.
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Expanding the B2B Platform Business through
Existing Infrastructure
AGBA Legacy Group believes that platform business models facilitate
global reach and economic efficiencies, and that leading global platform players build integrated capabilities outside their core business
activities and across industry borders, to cross-sell their products and services and satisfy customers' multiple product needs.
The Legacy Group developed infrastructures in
(1) product intelligence; (2) transaction operations; and (3) technology support, which initially supported the Legacy
Group's independent financial advisors business. Leveraging on the know-how and existing resources of the Legacy Group, OnePlatform
deployed and further developed this infrastructure at a low incremental cost to offer technology infrastructure solutions to a wider array
of corporate customers in Hong Kong, thus aiming to drive revenue, cash flow and profits. In addition to these three core infrastructures,
OnePlatform provides training and people development modules. OnePlatform also intends to offer regular market and regulatory updates
to its clients and investors, such as targeted client seminars and investor education sessions.
OnePlatform primarily targets corporate
clients and charges them service fees based on the scope of infrastructure support provided. OnePlatform intends to pilot a few
support modules with business partners to build the business cases for future business expansion and marketing. The pricing model
will be on pay-per-use basis, such as "platform as a service".
Insurance Brokerage Business: OnePlatform
Wealth Management Limited
OnePlatform Wealth Management Limited ("OWM"
or the "Insurance Brokerage Business"), is a licensed insurance broker and a registered MPF intermediary in Hong Kong
established in 2003, providing financial planning and wealth management services to institutional and individual customers. It also distributes
insurance products through, and provides supporting services to, the sales channel of "Perform," which is the Legacy Group's
independent financial advisor business, and to Tandem Hong Kong, the digital platform. The Insurance Brokerage Business is regulated
by the Insurance Authority and the MPFA.
The Insurance Brokerage Business's main
sources of income are sales commission and service fee income from its infrastructure support platform. It recognizes commission income
from the insurance providers based on the sale of insurance products at predetermined rates by insurance premium according to the types
of products.
The independent financial advisors and the Perform
sales channel are the distribution channels for the Insurance Brokerage Business. These channels are positioned to match individual financial
needs with an appropriate choice of insurance products. They target to bring additional revenue for the Insurance Brokerage Business by
serving as a "matching platform" between insurance companies and consumers. Marketing activities of the Insurance Brokerage
Business include sales campaigns and invitations to corporate events, at which new customers are mainly solicited through direct conversation
or meetings between financial advisors and retail customers.
As of September 30, 2024, AGBA Legacy Group has 562 independent financial
advisors.
Asset Management Business: OnePlatform
Asset Management Limited
OPH's asset management business was established
in 1999 and is now conducted by OnePlatform Asset Management Limited ("OAM" or the "Asset Management Business").
OAM offers financial products and provides discretionary asset management services to retail customers in Hong Kong. It primarily
distributes mutual funds denominated in HK$, US$, and other currencies. Its subsidiary, Kerberos (Nominee) Limited, is an entity designated
to hold client cash and assets in segregated client accounts.
The Asset Management Business engages in asset
management, distributes HKSFC-authorized funds and offers discretionary portfolio management services. It is regulated by the HKSFC
and holds a Type 1 (dealing in securities) license, a Type 4 (advising on securities) license, and a Type 9 (asset management) license.
Its main sources of income are subscription fee income from fund distributions, trailer fee income from its assets under management (AUM),
and management fee income from portfolio management. Asset management service fees are charged on predetermined rates based on the respective
portfolio asset values invested by the customers.
141
OAM's major target markets are Hong Kong
and the Greater Bay Area. Marketing activities of the Asset Management Business include investor seminars conducted by fund houses and
publication of insights or research analysis based on market trends or fund sales data.
In 2019 the Asset Management Business partnered
with Wilshire Associates ("Wilshire"), a global, independent investment consulting, investment management, and services firm.
This relationship enables OAM to leverage Wilshire's decades of institutional consulting excellence in the areas of asset allocation,
manager research, and risk management to provide its clients with access to world-class asset management services to meet the increasingly
complex needs of its growing client base.
OAM works with Wilshire to enhance its fund due diligence process,
investment monitoring services and risk classification methodology, along with the product offerings of proprietary model portfolios.
As one of the first broker-dealers in Hong Kong to leverage an institutional approach to its investing process, AGBA Legacy
Group intends for OAM's collaboration with Wilshire to be an important step in the evolution of the firm's investment solutions.
In partnership with Wilshire, AGBA Legacy Group has established a risk classification methodology and investment scorecard, and Wilshire
provides timely recommendations on asset allocation and portfolio construction methodology. OAM will continue to partner with Wilshire
and intends to broaden its product and service offering including portfolio selection to drive future business growth.
Along with the independent financial advisors
and the Perform sales channel as distribution channels of the Asset Management Business, Tandem Hong Kong is a newly established
digital channel that also offers fund products and investment portfolios for customer acquisition.
International Property Agency Business:
OnePlatform International Property Limited
OPH's international property agency business
is a real estate agency based in Hong Kong and operated by OnePlatform International Property Limited ("OIP" or the "International
Property Agency Business"), which sells properties mainly in the United Kingdom, Australia, Japan, Malaysia, Thailand and Cambodia.
Its main source of income is sales commissions. Established in 2014, the International Property Agency Business provides one-stop sales,
leasing, agency and advisory services for international real estate. It primarily sources international properties and expands its customer
base and connects with purchasers by organizing seminars and marketing events in Hong Kong and through the resulting interactions
between financial advisors and customers. Historically, around 30-40 sale and purchase contracts have been signed annually,
with a 2-8% commission on the price of the property sold. The commission is shared with consultants and the sales team. Upon relocating
to a new office in July 2020, the International Property Agency Business drove sales growth by better utilizing the new office space
to organize more sales exhibitions and seminars and by hiring additional salespersons to support the business.
Money Lending Business: Hong Kong
Credit Corporation Limited
Established in 2016, Hong Kong Credit Corporation
Limited ("HKCC" or the "Money Lending Business"), holds a money lender's license and mainly offers mortgages
and consumer credit. It is regulated by the Hong Kong Money Lenders Ordinance and its main source of income is interest. HKCC predominantly
engages in the provision and arrangement of credit facilities for clients, and offers first mortgages over residential, commercial and
industrial properties in Hong Kong. The majority of its loans are mortgage loans that are secured by collateral in the pledge of
the underlying real estate properties owned by the borrowers. All loans are made to either business or individual customers in Hong Kong
for a period of 12 months to 30 years. The Money Lending Business conducts its business through its own sales team and does
not engage in any significant additional marketing activities.
The Money Lending Business is currently subject to a low asset quality
cycle in the credit market, thus resulting in a decline in its loan portfolio. Management of AGBA Legacy Group intends to grow the money
lending business when the global and Hong Kong economies revive and asset quality improves.
OnePlatform Credit Limited is a money lending
platform which grants credit facilities and currently has minimal operating activities.
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Other Corporate Solutions: AGBA Innovation
Limited
AGBA Innovation Limited is a company established for future business
which AGBA intends will include customized non-licensed corporate solutions to various distribution channels, small and medium enterprise,
banks and/or other licensed representatives. Potential service offerings include training and development, office space rental and company
secretarial services.
Employees
As of September 30, 2024, we had 120 full-time and full-time equivalent
employees. None of the employees are represented by a labor union, and we consider our employee relations to be good.
Human Capital
Our experienced employees and management team
are our most valuable resources. Attracting, training, and retaining key personnel has been and will remain critical to our success. We
are committed to attracting, motivating, and retaining top professionals. To achieve our human capital goals, we intend to stay focused
on providing our personnel with entrepreneurial opportunities to expand our business within their areas of expertise. We will also continue
to provide our personnel with personal and professional growth opportunities, including additional training, performance-based incentives
such as opportunities for stock ownership, and other competitive benefits.
We work to ensure that we provide a safe, inclusive,
and positive employee environment for all our employees. As of December 31, 2023, Triller employed and engaged the services of 206 employees and
service providers across our enterprise. None of our employees are represented by a union or covered by a collective bargaining agreement.
We have not experienced any work stoppages, and we consider our relationship with our employees to be good.
Intellectual Property
AGBA Legacy Group owns domain names and trademarks. AGBA Legacy Group
is currently in the process of re-branding its business and as part of this exercise, AGBA Legacy Group is in the process of obtaining
domain names and trademark registrations for its new brands, such as "TAG," "OnePlatform," and "AGBA Group."
To protect its existing and potential, future intellectual property, AGBA Legacy Group enters into confidentiality and proprietary rights
agreements with employees, consultants, contractors and business partners; employees and contractors are also subject to invention assignment
provisions. As part of its contracting process with third parties, AGBA Legacy Group uses contract terms such as limited licenses, restrictions
on use, and confidentiality, as additional measures to protect its intellectual property.
We consider intellectual property to be very
important to the operation of our business and to driving growth in our revenues, particularly with respect to professional engagements,
sponsorships, licensing rights, and media distribution agreements. Our intellectual property includes the "Triller," "Triller
Fight Club," "TrillerFest," "TrillerTV," "FITE," "Cliqz", "Fangage",
"Julius" and "Thuzio" Brands in addition to the trademarks and copyrights associated with our content, Events,
and the rights to use the intellectual property of our commercial partners. Substantially all of our IP and owned assets that we acquire
are protected by trademarks and copyright, whether registered or unregistered.
Properties
AGBA Legacy Group's headquarters in Hong Kong is located
at AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong, which cover approximately 40,000 square feet pursuant to an operating lease
in a term of 6 years that will expire in 2026.
The lease agreement for the building, between Viewbest Investments
Limited (Viewbest), as landlord, and Legacy Group, was executed on June 14, 2019. While we are not the party to the AGBA Tower lease
agreement, we are currently occupying space in the building. We believe our current facility is suitable and adequate to meet our current
needs. AGBA Legacy Group also owns an office premise located at One Island South, No. 2 Heung Yip Road, Hong Kong for rental purpose.
The majority of our employees and service providers
work remotely. Our registered corporate headquarters address is located in Los Angeles, California. We have leased offices in Broomall,
Pennsylvania, where we currently lease approximately 725 square feet pursuant to a lease agreement that expires in October 2025. We have
a regional presence through our employees and service providers in New York, New York; Palo Alto, California; Winter Park, Florida; New
Delhi (Noida) (India); Sofia (Bulgaria); Amsterdam (Netherlands); and Toronto (Ontario, Canada). We also have a presence through service
provider relationships in other international markets, such as France, Romania and the United Kingdom.
143
Legal Proceedings
From time to time, the Company may be subject
to various legal proceedings, investigations, or claims that arise in the ordinary course of our business activities. Except for the proceeding
below, the Company is not currently a party to any other legal proceedings the outcome of which, if determined adversely to the Company,
would individually or in the aggregate have a material adverse effect on its business, financial condition, and results of operations.
Action Case: HCA702/2018
On March 27, 2018, the writ of summons was
issued against AGBA and seven related companies of the former stockholder by the Plaintiff. This action alleged the infringement of certain
registered trademarks currently registered under the Plaintiff. In February 2023, the Court granted leave for this action be set
down for trial of 13 days. This trial will take place from November 25, 2024 to December 11, 2024. Legal counsel of the Company will
continue to handle in this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter
or the range of reasonably possible loss, if any.
Action Case: HCA765/2019
On April 30, 2019, the writ of summons was issued against the
Company's subsidiary, three related companies and the former directors, stockholders and financial consultant by the Plaintiff.
This action alleged the deceit and misrepresentation from an inducement of the fund subscription and claimed for compensatory damage of
approximately $2 million (equal to HK$17.1million). On April 18, 2024, the court made an order that the plaintiff shall set the case
down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial judge
on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the case
down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management
conference. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle in this
matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably
possible loss, if any.
HCA 2097/2020 and HCA 2098/2020
On December 15, 2020, the writs of summons were issued against
the Company and the former consultant by the Plaintiff. This action alleged the misrepresentation and conspiracy causing the loss from
the investment in corporate bond and claimed for compensatory damage of approximately $1.67 million (equal to HK$13 million).
The Company previously made $0.84 million as contingency loss for the year ended December 31, 2021. In March 2022, parties participated
in a mediation but no settlement reached. A case management summons will be held on February 5, 2024. Legal counsel of the Company will
continue to handle this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter
or any further potential loss, if any.
Sony Music Entertainment
On August 29, 2022, Sony Music Entertainment,
Sony Music Entertainment U.S. Latin LLC, Arista Records LLC, Records Label, LLC and Zomba Recording LLC, or collectively, the Plaintiffs,
filed a complaint in the United States District Court for the Southern District of New York captioned Sony Music Entertainment, et al.
v. Triller, Inc., Case No. 1:22-cv-07380-PKC. On September 22, 2022, Plaintiffs filed a First Amended Complaint or the Complaint, against
we alleging claims for breach of contract, copyright infringement pursuant to 17 U.S.C. § 1401, contributory copyright infringement,
and vicarious copyright infringement. On May 16, 2023, the court entered partial final judgment in favor of Plaintiffs on Plaintiffs'
breach of contract claim and ordered the Company to pay Plaintiffs $4.6 million. Thereafter, the Company and the Plaintiffs entered into
a Confidential Settlement Agreement dated July 21, 2023 to resolve Plaintiffs' remaining claims and provide for an agreed plan for
payment of the judgment, pursuant to which we agreed to pay an additional sum of money to Plaintiffs and, upon receipt by Plaintiffs of
certain payments under the Agreement, Plaintiffs agreed to release claims arising under the Content Distribution Agreement, effective
September 1, 2016, between the parties and this action. On May 22, 2024, Plaintiff filed a lawsuit against Triller Platform Co., Triller
Corp., and Triller Hold Co LLC in New York for breach of settlement agreement. Though we have not fulfilled all of our payment obligations
under the Agreement to date, we maintain an ongoing dialogue with Plaintiffs and make periodic progress payments when available. See Note
16, Subsequent Events. Within fifteen days of a direct listing, we will be obligated to pay the Plaintiffs pursuant to the Confidential
Settlement Agreement.
Music Licensing
We have outstanding contractual obligations to
various record labels, music publishers and performing rights organizations (collectively, "
Rightsholders
") who have
licensed to us the right to use sound recordings and musical compositions in connection with the operation of the Triller app and other
aspects of our business. As of December 31, 2023, we have recorded liabilities in the amount of $27.3 million for unpaid amounts owed
under its music licenses. We are also involved in various legal proceedings and has received threats of litigation from Rightsholders.
We believe it may be or become liable to Rightsholders for additional amounts such as interest, penalty fees, attorneys' fees, copyright
infringement damages and other amounts, but is currently unable to estimate the probability of loss associated with these actions or the
range or reasonably possible losses, if any, or the impact such losses may have on our results of operations, financial condition or cash
flows.
144
Fox Plaza Lease
On August 29, 2023, Fox Plaza, LLC initiated an
action against Proxima Media, LLC and Triller Platform Co. (erroneously sued as Triller, Inc.) in Los Angeles Superior Court alleging
breach of lease against Proxima Media, LLC and breach of guaranty against Triller Platform Co. as a result of defendants' alleged
failure to pay rents owed under a commercial office lease. The plaintiff seeks damages in excess of $3.5 million, plus attorney's
fees, costs of suit, and additional damages to be proven at trial. We intend to vigorously defend ourselves in this matter. A mediation
has been set for August 27, 2024. We have accrued a liability for this loss contingency in the amount of $1.0 million. It is reasonably
possible that the potential loss may exceed our accrued liability.
Former Employee Claims
On September 27, 2022, a former employee, filed
a complaint against us, our former Chief Executive Officer, Mahi de Silva, and our former Chief Financial Officer, Paul Kahn, in the Superior
Court of California, County of Los Angeles alleging breach of employment contract and various claims under the California Labor Code arising
out of the termination of the Plaintiff's employment with us in July 2022. On December 5, 2022, we filed a motion to compel arbitration,
and, on June 5, 2023, the court ruled in our favor. Plaintiff filed a demand for arbitration on June 6, 2023, seeking approximately $0.9
million in damages. We filed an answer on June 20, 2023. Discovery has not commenced. We intend to vigorously defend ourselves in this
matter and believe we will ultimately prevail.
On April 24, 2023, a former employee filed a complaint
against us and Proxima Media, LLC in the Superior Court of California, County of Los Angeles, alleging breach of employment contract and
various claims under the California Labor Code arising out of the termination of plaintiff's employment on July 31, 2022. The case
is proceeding in arbitration and an evidentiary hearing is scheduled for February 29, 2024. Plaintiff is seeking to exercise approximately
$2.87 million in warrants. We intend to vigorously defend ourselves in this matter.
Music Licensing Dispute
On January 5, 2023, Universal Music Publishing,
Inc. filed a complaint against Triller Platform Co. f/k/a Triller, Inc. in the Superior Court of California, County of Los Angeles alleging
breach of contract seeking outstanding amounts owed under various licensing agreements. On February 28, 2023, Triller Platform Co. filed
an answer in which it conceded liability under such agreements but contested the claimed damages. On August 31, 2023, the plaintiff filed
a motion for summary judgment seeking damages in the amount of $2.9 million, reflecting the sum of unpaid amounts under the agreements
and interest at a rate of 10 percent per annum commencing on January 5, 2023. On December 19, 2023, judgment was entered in plaintiff's
favor, and plaintiff was awarded $2.1 million in damages, plus interest at the rate of 10% per annum accruing from November 21, 2023 until
the judgment is paid in full. Plaintiff was additionally awarded its litigation costs in an amount that has not been determined. A judgment
lien in the amount of $2,233,945.37 has been perfected in the State of California against all property of Triller Platform Co. f/k/a Triller,
Inc. that may attach under Section 697.530 of the California Code of Civil Procedure. An additional judgment lien in the amount of $2,187,959.45
has been perfected in the State of California against all property of Triller Corp. that may attach under Section 697.530 of the California
Code of Civil Procedure.
Samsung Arbitration Award
On July 1, 2022, Samsung Electronics Co., Ltd.
filed a request for arbitration with the secretariat of the International Chamber of Commerce alleging that Triller Platform Co. f/k/a
Triller, Inc. had breached a commercial agreement between the two parties by failing to pay $1.8 million of the amounts owed under the
contract. As a result of the arbitration, the arbitrator issued a final award on July 1, 2023, awarding $2.4 million in damages to the
plaintiff, plus interest at a rate of 1% per month until repaid. On May 2, 2024, Samsung filed its Motion to Confirm Arbitration Award
in United States District for the Central District of California.
On May 31, 2024, the Court granted the motion
and entered judgment against Triller Platform Co. The judgment is immediately enforceable. We have included these liabilities in its accounts
payable and legal contingencies. A petition to confirm the judgment was filed in the state of California on January 11, 2024. It continues
to accrue interest until paid. A judgment lien in the amount of $2,601,097.97 has been perfected in the State of California against all
property of Triller Platform Co. f/k/a Triller, Inc. that may attach under Section 697.530 of the California Code of Civil Procedure.
We have included these liabilities in its accounts payable and legal contingencies.
145
Wixen Music Publishing
In 2020, Wixen Music Publishing, Inc. ("
Wixen
")
sued us for copyright infringement. In September 2022, we entered into a Settlement Agreement with Wixen whereby we are obligated to pay
Wixen a total of $10.0 million in scheduled payments through September 2024. We have paid Wixen approximately $4.5 million, but have recently
missed a payment which has triggered penalties under this Settlement Agreement. We maintain an ongoing dialogue with Wixen and make periodic
payments when able.
Concentrix Daksh Services Private India Limited
v. Triller, Inc.
, JAMS Arbitration Ref. No. 5220004848; (5209.80)
Concentrix commenced arbitration against Triller
on or around March 19, 2024 for breach of contract and seeks damages for future service fees under the contract for thirteen (13) months
at a rate of $150,000.00 per month based on its allegation that Triller wrongfully and prematurely terminated the contract before its
term expired.
The parties have briefed JAMS on the issue of
jurisdiction. Triller argues that JAMS has no jurisdiction per the parties' choice of law and venue clause, and that this case must
be adjudicated in India along with Concentrix's other action that is currently pending there against Triller for past due service
fees under the same agreement. JAMS has indicated that it has jurisdiction to determine the threshold issue of whether this matter can
be adjudicated at JAMs or whether it must be adjudicated in a court in New Delhi, India.
Triller estimates a settlement or judgment would
result in approximately $2.0 million.
Epic Promotions v. Triller Fight Club
,
United States District Court for the Southern District of Florida Case No. 9:24-cv-80409; (5209.74)
This is a contract dispute between Triller Fight
Club LLC and fighters and their manager, Epic Promotions. Triller owes fighters over $1,000,000.00 per settlement agreement related to
Triller's earlier nonpayment. Epic desires to work with Triller to produce future fights, and understands Triller is not currently
able to contribute any cash to a fight. Triller might partner with Epic and the fighters on distribution of a March 2024 fight, but that
fight will not have any effect on money due and owing under settlement agreement.
On April 5, 2024, Epic commenced litigation in
the District Court for the Southern District of Florida against Triller for breach of the settlement agreement praying for $1,760.000.00
in damages plus it's attorney's fees which shall be awarded to the prevailing party per the settlement agreement. Triller
has retained local Florida counsel and will file a motion to dismiss the complaint for lack of personal jurisdiction and improper venue.
If the motion is successful, the case will be dismissed. However, Epic could refile it in California.
Concentrix Daksh Services India Pvt. Ltd.
v. Triller Inc.
(India)
On or about January 12, 2023, Concentrix Daksh
Services India filed a complaint against Triller Inc. in Gurugram District and Sessions Courts alleging failure to pay service fees in
the sum of $777,585. We have opposed such action based on lack of proper jurisdiction in the subject court and shall continue to vigorously
the subject litigation.
Sony Music Publishing Europe Limited v.
Triller Platform Co.
(England)
On or about February 23, 2024, Sony Music Publishing
Europe Limited filed a Particulars of Claim in the High Court of Justice for the Business and Property Courts of England and Wales. The
subject claim alleges past due license fees and other dues payable in the sum of $3,807,500 plus interest. We intend to vigorously defend
this matter.
Verzuz Settlement
Effective February 16, 2024, Triller Hold Co LLC
and Triller Platform Co. f/k/a Triller, Inc. (collectively, the "
Company
") entered into an Amended and Restated Settlement
and Release Agreement with the founders of Verzuz LLC (the "
Settlement Agreement
") whereby the parties agreed among
other items to mutually release each other from certain liabilities and (i) the Company agreed to pay, as reimbursement for attorneys'
fees incurred in connection with Settlement Agreement and prior settlement agreements, the founders of Verzuz the sum of $0.4 million; 
(ii) the Company agreed to relinquish and assign certain Verzuz intellectual property including trademarks to the founders of Verzuz;
(iii) the Verzuz founders agreed to terminate convertible notes having an aggregate principal amount of $10.0 million and extinguish accrued
interest payable on these notes through the Settlement Agreement date; (iv) the Verzuz founders agreed to amend and thereby reduce two
(2) of the Verzuz convertible notes having an aggregate principal amount of $27.0 million reduced to an aggregate balance of $17.0 million
and extinguish accrued interest payable on the amended convertible notes through the Settlement Agreement date and amend such notes such
that said amended convertible notes would convert automatically upon certain events including a reorganization of Triller Hold Co LLC.
Immediately prior to Triller Hold Co's Reorganization, the Verzuz founders' aggregate $17.0 million notes and note balances
were automatically converted into Class B units of Triller Hold Co. LLC. Upon consummation of the Triller Hold Co Reorganization, the
Triller Hold Co LLC Class B units issued to the Verzuz founders were exchanged into shares of the Company's Series A common stock
and subject to customary lockup agreement terms and carry registration rights
.
146
AMENDED AND RESTATED SEPA
On April 25, 2024, AGBA and Triller entered into
the Amended and Restated Standby Equity Purchase Agreement ("
A&R SEPA
") with YA II PN, LTD, a Cayman Islands exempt
limited partnership ("
Yorkville
"). The A&R SEPA amended and restated certain Standby Equity Purchase Agreement
entered by Yorkville and Triller dated October 23, 2023. Pursuant to the A&R SEPA, Triller, or AGBA after the transactions contemplated
by the Merger Agreement (the "
Merger
") are closed (for purposes of this subsection only, Triller before the Closing,
and AGBA after the Closing, are referred to as the "
Company
"), has the right to sell to Yorkville up to $500 million
of ordinary shares, par value $0.001 per share, of the Company, ("
Common Shares
"), subject to certain limitations and
conditions set forth in the SEPA, from time to time during the term of the SEPA. Sales of the shares of Common Shares to Yorkville under
the SEPA, and the timing of any such sales, are at the Company's option, and the Company is under no obligation to sell any shares
of Common Shares to Yorkville under the SEPA except in connection with notices that may be submitted by Yorkville, in certain circumstances
as described below.
Upon the satisfaction of the conditions to Yorkville's
purchase obligation set forth in the SEPA, including having a registration statement registering the resale of the Common Shares issuable
under the SEPA declared effective by the Securities and Exchange Commission after the Merger is closed, the Company will have the right,
but not the obligation, from time to time at its discretion until the SEPA is terminated to direct Yorkville to purchase a specified number
of Common Shares ("
Advance
") by delivering written notice to Yorkville ("
Advance Notice
"). While
there is no mandatory minimum amount for any Advance, it may not exceed the greater of the aggregate daily traded amount over the three
trading days immediately preceding an Advance Notice.
The Common Shares purchased pursuant to an Advance
delivered by the Company will be purchased at a price equal to (a) 95% of the lowest daily VWAP of the Common Shares during the period
of the delivery date of the Advance Notice (the "
Advance Notice Date
") commencing (i) if submitted prior to the open
of trading, the open of trading on such day, or (ii) if submitted after the open of trading, upon receipt by confirmed by the Company,
ending at 4:00 pm ET on the Advance Notice Date; or (b) 97% of the lowest daily VWAP of the Common Shares on the three consecutive trading
days commencing on the date of the Advance Notice Date, other than the daily VWAP on a day in which the daily VWAP is less than a minimum
acceptable price as stated by the Company in the Advance Notice or there is no VWAP on the subject trading day. The Company may establish
a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. "VWAP"
is defined as the daily volume weighted average price of the shares of common stock for such trading day on the Nasdaq Stock Market during
regular trading hours as reported by Bloomberg L.P.
In connection with the SEPA, and subject to
the conditions set forth therein, Yorkville has agreed to advance to the Company in the form of convertible promissory notes (the
"
Convertible Notes
") an aggregate principal amount of up to $8.51 million (the "
Pre-Paid
Advance
"). The purchase price for the Pre-Paid Advance is 94.0% of the principal amount of the Pre-Paid Advance. Interest
shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 5%, subject to an increase to 18% upon an
event of default as described in the Convertible Notes. The maturity date of the Convertible Note issue in connection with each
Pre-Paid Advance will be 12 months after the issuance date of such Convertible Note. Yorkville may convert the Convertible Notes
into shares of the Common Shares at any time after the Merger at a fixed conversion price (the "
Conversion
Price
") equal to (i) the principal mount and interests, divided by (ii) the determination of the lower of (a) 100% of the
VWAP during the ten trading days preceding the closing date of the Merger (the "
Fixed Price
"), or (b) 92.5% of
the lowest daily VWAP during the 10 consecutive trading days immediately preceding the conversion date or other date of
determination (the "
Variable Price
"), provided that the Variable Price shall not be lower than the Floor Price.
The "
Floor Price
", solely with respect to the Variable Price, shall be equal to (i) a price equal to 20% of the
average of the daily VWAPs during the ten (10) trading days immediately preceding the closing date of the Merger, and (ii) from and
after the date of effectiveness of the initial registration statement, 20% of the VWAP of the trading day immediately prior to the
date of effectiveness of the initial registration statement, if such price is lower than the price in part (i) of this sentence.
Notwithstanding the foregoing, the Company may reduce the Floor Price to any amounts set forth in a written notice to the holder;
provided that such reduction shall be irrevocable and shall not be subject to increase thereafter.
Beginning on the seventh (7th) day after a Trigger
Event occurs, the Company shall repay a portion of the outstanding balance of the Pre-Paid Advance in an amount equal to (i) $1,750,000
(the "
Triggered Principal Amount
"), plus (ii) the a payment premium of 7.5% of such Triggered Principal Amount, and
(iii) accrued and unpaid interest hereunder as of each payment date. At any time or times on or after the Merger, Yorkville shall be entitled
to convert any portion of any due and unpaid outstanding amount under the Convertible Note at the Conversion Price. In addition, upon
the occurrence and during the continuation of an event of default, the Convertible Notes shall become immediately due and payable. In
no event shall Yorkville be allowed to effect a conversion if such conversion, along with all other Common Shares beneficially owned by
Yorkville and its affiliates would exceed 4.99% of the outstanding shares of the common stock of the Company. "
Trigger Event
"
shall mean (i) from and after the consummation of the Merger, if and when the daily VWAP is less than the Floor Price for any five (5)
of seven (7) consecutive trading days, (ii) unless the Company has obtained the approval from its stockholders in accordance with the
rules of Nasdaq for the issuance of Common Shares pursuant to the transactions contemplated in Convertible Notes and the A&R SEPA
in excess of the 20% of the issued and outstanding Common Shares(the "
Exchange Cap
"), the Company has issued in excess
of 99% of the Common Shares available under the Exchange Cap (an "
Exchange Cap Trigger
"), or (iii) the Company is in
material breach of the Registration Rights Agreement, and such breach remains uncured for a period of 20 trading days, or the occurrence
of a registration event as set forth in the Registration Rights Agreement (the last such day of each such occurrence, a "
Trigger
Date
").
147
Yorkville, in its sole discretion and providing
that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the A&R SEPA requiring the issuance
and sale of Common Shares to Yorkville at the Conversion Price in consideration of an offset of the Convertible Notes ("
Yorkville
Advance
"). Yorkville, in its sole discretion, may select the amount of any Yorkville Advance, provided that the number of shares
issued does not cause Yorkville to exceed the 4.99% ownership limitation, does not exceed the Exchange Cap or the amount of shares of
common stock that are registered. As a result of a Yorkville Advance, the amounts payable under the Convertible Notes will be offset by
such amount subject to each Yorkville Advance.
Under the applicable Nasdaq rules, in no event
may the Company issue to Yorkville under the Purchase Agreement more than 14,870,832 Common Shares, which number of shares is equal to
19.99% of the Common Shares outstanding immediately prior to the execution of the Purchase Agreement (the "
Exchange Cap
"),
unless (i) the Company obtains stockholder approval to issue Common Shares in excess of the Exchange Cap in accordance with applicable
Nasdaq rules, or (ii) the average price per share paid by Yorkville for all of the Common Shares that the Company directs Yorkville to
purchase from the Company pursuant to the Purchase Agreement, if any, equals or exceeds the lower of (a) the official closing price of
the Common Shares on Nasdaq immediately preceding the execution of the Purchase Agreement and (b) the average official closing price of
the Common Shares on Nasdaq for the five consecutive trading days immediately preceding the execution of the Purchase Agreement, adjusted
as required by Nasdaq so that the Exchange Cap limitation will not apply to issuances and sales of Common Shares pursuant to the A&R
SEPA. Moreover, the Company may not issue or sell any Common Shares to Yorkville under the A&R SEPA which, when aggregated with all
other Common Shares then beneficially owned by Yorkville and its affiliates (as calculated pursuant to Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "
Exchange Act
"), and Rule 13d-3 thereunder), would result in Yorkville beneficially
owning more than 4.99% of the outstanding shares of Common Shares.
The SEPA will automatically terminate on the earliest
to occur of (i) the 36-month anniversary of the date of the SEPA or (ii) the date on which the Company shall have made full payment of
Advances pursuant to the A&R SEPA. The Company has the right to terminate the SEPA at no cost or penalty upon five (5) trading days'
prior written notice to Yorkville, provided that there are no outstanding Advance Notices for which shares of common stock need to be
issued and the Company has paid all amounts owed to Yorkville pursuant to the Convertible Notes. The Company and Yorkville may also agree
to terminate the SEPA by mutual written consent. Neither the Company nor Yorkville may assign or transfer our respective rights and obligations
under the SEPA, and no provision of the SEPA may be modified or waived by us or Yorkville other than by an instrument in writing signed
by both parties.
As consideration for Yorkville's commitment
to purchase the shares of common stock pursuant to the A&R SEPA, Triller has paid Yorkville, (i) structuring fee in the amount of
$25,000 and shall pay (ii) a commitment fee equal to 0.35% of $500 million of Common Shares to be paid by Triller on the six month anniversary
of the date of the A&R SEPA in cash, or (ii) if earlier, by the Company by the fifth trading day following the Merger by the issuance
to Yorkville of such number of Common Shares that is equal to $500 million of Common Shares divided by the average of the daily VWAP of
the Common Shares for the first three trading days immediately following the consummation of the Merger (collectively, the "
Commitment
Shares
").
Pursuant to the A&R SEPA, at the Merger, AGBA
shall also issue a warrant (the "
Common Warrant
") to Yorkville to purchase up to a number of shares of Class A common
stock, par value $0.0001 per share of Triller Corp. equal to 25% of the principal amount of the Pre-Paid Advance divided by a price equal
to the Fixed Price, each such Common Warrant with an exercise price equal to the Fixed Price (subject to adjust therein).
The A&R SEPA contains customary representations,
warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such
agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such
agreements and may be subject to limitations agreed upon by the contracting parties.
The parties to the A&R SEPA also entered into
a registration rights agreement (the "
RRA
") to file with the Securities and Exchange Commission a registration statement
covering the resale of all of the registrable securities under the RRA.
Triller Hold Co LLC executed a Guarantee and a
Pledge Agreement, each dated April 25, 2024, regarding the obligations of the Company under the A&R SEPA.
148
SELLING SECURITYHOLDER
This prospectus relates to the possible resale from time to time by
the Selling Securityholder of up to 33,510,000 shares of Common Stock that have been and may be issued by us to the Selling Securityholder
under the SEPA. For additional information regarding the shares of Common Stock included in this prospectus, see the section titled "The
Standby Equity Purchase Agreement" above.
We are registering the shares of Common Stock included
in this prospectus pursuant to the provisions of the SEPA we entered into with the Selling Securityholder, in order to permit the Selling
Securityholder to offer the shares included in this prospectus for resale from time to time. Except for the transactions contemplated
by the SEPA, and as set forth in the section titled "Plan of Distribution" in this prospectus, the Selling Securityholder
has not had any material relationship with us within the past three years.
The table below presents information regarding
the Selling Securityholder and the shares of Common Stock that may be resold by the Selling Securityholder from time to time under this
prospectus. This table is prepared based on information supplied to us by the Selling Securityholder and reflects holdings as of November
15, 2024. The number of shares in the column "Maximum Number of Shares of Common Stock to be Offered" represents all of the
shares of Common Stock being offered for resale by the Selling Securityholder under this prospectus. The Selling Securityholder may sell
some, all or none of the shares being offered for resale in this offering. We do not know how long the Selling Securityholder will hold
the shares before selling them, and we are not aware of any existing arrangements between the Selling Securityholder and any other stockholder,
broker, dealer, underwriter or agent relating to the sale or distribution of the shares of our Common Stock being offered for resale by
this prospectus.
Beneficial ownership is determined in accordance with Rule 13d-3(d)
promulgated by the SEC under the Exchange Act, and includes shares of Common Stock with respect to which the Selling Securityholder has
sole or shared voting and investment power. The percentage of shares of Common Stock beneficially owned by the Selling Securityholder
prior to the offering shown in the table below is based on an aggregate of 155,159,817 shares of  our Common Stock outstanding on
November 15, 2024. Because the purchase price to be paid by the Selling Securityholder for shares of Common Stock, if any, that we may
elect to sell to the Selling Securityholder in one or more advances from time to time under the SEPA will fluctuate based on the market
prices of our Common Stock during the applicable Pricing Period, the actual number of shares of Common Stock that we may sell to the Selling
Securityholder under the SEPA may be fewer than the number of shares being offered for resale under this prospectus. The fourth column
assumes the resale by the Selling Securityholder of all of the shares of Common Stock being offered for resale pursuant to this prospectus.
We have determined beneficial ownership in accordance
with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the
Selling Securityholder has sole voting and investment power with respect to all shares of Common Stock that they beneficially own, subject
to applicable community property laws. Except as otherwise described below, based on the information provided to us by the Selling Securityholder,
the Selling Securityholder is not a broker-dealer or an affiliate of a broker-dealer.
Number of Shares of
Common Stock
Beneficially Owned
Maximum
Number of
Shares of
Common
Stock
Being
Shares of Common Stock Beneficially
Owned After the Offered Shares of
Common Stock are Sold
Name of Selling Securityholder
Number
(1)
Percent
Offered
(2)
Number
Percent
YA II PN, LTD.
(3)
7,742,474
4.99
%
34,741,700
-
-
(1)
Shares reported herein do not include 26,999,226 shares of common stock
issuable upon the conversion of the Promissory Notes because the Selling Securityholder is prohibited from acquiring shares of our Common
Stock pursuant to the Second A&R SEPA or upon conversion of the Promissory Notes to the extent such shares, when aggregated with all
other shares of our Common Stock then beneficially owned by the Selling Securityholder, would cause the Selling Securityholder's
beneficial ownership of our Common Stock to exceed the 4.99% Beneficial Ownership Limitation.
(2)
Assumes the sale of all shares being offered pursuant to this prospectus.
(3)
The Selling Securityholder is a fund managed by Yorkville Advisors Global, LP (the "IM"). Yorkville Advisors Global II, LLC is the General Partner of the IM. Investment decisions for the Selling Securityholder are made by Mr. Mark Angelo. The business address of the Selling Securityholder is 1012 Springfield Avenue, Mountainside, NJ 07092.
149
PLAN OF DISTRIBUTION
The shares of Common Stock
offered by this prospectus are being offered by the Selling Securityholder. The shares of Common Stock may be sold or distributed from
time to time by the Selling Securityholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act
solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices,
or at fixed prices, which may be changed. The sale of the shares of Common Stock offered by this prospectus could be effected in one or
more of the following methods:
●
ordinary brokers' transactions;
●
transactions involving cross or block trades;
●
through brokers, dealers, or underwriters who may act solely as agents;
●
"at-the-market" into an existing market for the shares of our Common Stock;
●
in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents;
●
in privately negotiated transactions;
●
through any combination of the foregoing; or
●
any other method permitted pursuant to applicable law.
In order to comply with the
securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition,
in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from
the state's registration or qualification requirement is available and complied with.
The Selling Securityholder
is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.
Except as set forth above,
we know of no existing arrangements between the Selling Securityholder and any other stockholder, broker, dealer, underwriter or agent
relating to the sale or distribution of the shares of our Common Stock offered by this prospectus.
Brokers, dealers, underwriters
or agents participating in the distribution of the shares of our Common Stock offered by this prospectus may receive compensation in the
form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares sold by
the Selling Securityholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers
of shares of our Common Stock sold by the Selling Securityholder may be less than or in excess of customary commissions. Neither we nor
the Selling Securityholder can presently estimate the amount of compensation that any agent will receive from any purchasers of shares
of our Common Stock sold by the Selling Securityholder.
We may from time to time file
with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part
to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to
disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Securityholder, including
with respect to any compensation paid or payable by the Selling Securityholder to any brokers, dealers, underwriters or agents that participate
in the distribution of such shares by the Selling Securityholder, and any other related information required to be disclosed under the
Securities Act.
150
We will pay the expenses incident
to the registration under the Securities Act of the offer and sale of the shares of our Common Stock covered by this prospectus by the
Selling Securityholder.
We also have agreed to indemnify
the Selling Securityholder and certain other persons against certain liabilities in connection with the offering of shares of our Common
Stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts
required to be paid in respect of such liabilities. The Selling Securityholder has agreed to indemnify us against liabilities under the
Securities Act that may arise from certain written information furnished to us by the Selling Securityholder specifically for use in
this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons,
we have been advised that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act
and is therefore, unenforceable.
The Selling Securityholder
has represented to us that at no time prior to the date of the SEPA has the Selling Securityholder, its sole member, any of their respective
officers, or any entity managed or controlled by the Selling Securityholder or its sole member, engaged in or effected, in any manner
whatsoever, directly or indirectly, for its own account or for the account of any of its affiliates, any short sale (as such term is defined
in Rule 200 of Regulation SHO of the Exchange Act) of our Common Stock or any hedging transaction, which establishes a net short position
with respect to our Common Stock.
The Selling Securityholder
has agreed that during the term of the SEPA, none of the Selling Securityholder, its sole member, any of their respective officers, or
any entity managed or controlled by the Selling Securityholder or its sole member, will enter into or effect, directly or indirectly,
any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our Common Stock or any hedging transaction,
which establishes a net short position with respect to our Common Stock, for its own account or for the account of any other such person
or entity.
We have advised the Selling
Securityholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation
M precludes the Selling Securityholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution
from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.
This offering will terminate
on the date that all shares of our Common Stock offered by this prospectus have been sold by the Selling Securityholder.
151
EXECUTIVE
COMPENSATION
This section provides an overview of our executive
compensation programs.
We are considered an "emerging growth company"
within the meaning of the Securities Act for purposes of the SEC's executive compensation disclosure rules. Accordingly, our reporting
obligations with respect to our "named executive officers" extend only to the individuals who serve as the principal executive
officer and the next two most highly compensated executive officers as of the end of the prior fiscal year, as well as up to two additional
individuals for whom disclosure would have been provided based on their compensation levels but for the fact that the individual was not
serving as an executive officer at the end of the prior fiscal year.
The Named Executive Officers for 2023 fiscal year are Mr. Ng Wing Fai
(Group Chief Executive Officer and Executive Director), Mr. Shu Pei Huang Desmond (Acting Group Chief Financial Officer), Ms. Wong Suet
Fai Almond (Group Chief Operating Officer), Mr. Jeroen Nieuwkoop (Group Chief Strategy Officer), Mr. Richard Kong (Deputy Group Chief
Financial Officer and Company Secretary).
Summary Compensation Table
The following table summarizes information concerning
the compensation awarded to, earned by and paid to the named executive officers and directors for services rendered to us for the years
ended December 31, 2023 and 2022.
Name and Principal Position
Fiscal
Year
Salary
($)
Bonus
($)
Equity
Awards
($)
(2)
All Other
Compensation
($)
Total
($)
Robert E. Diamond, Jr.
2023
286,110
-
-
-
286,110
Chairman of the Board
2022
-
-
-
-
-
NG Wing Fai
2023
1,367,305
-
268,323
-
1,635,628
Group Chief Executive Officer and Executive Director
2022
1,316,076
-
988,000
2,304,076
SHU Pei Huang, Desmond
2023
351,455
-
139,734
-
491,189
Acting Group Chief Financial Officer
2022
338,477
-
382,000
720,477
WONG Suet Fai, Almond
2023
479,624
-
139,734
321
619,679
Group Chief Operating Officer
2022
462,137
-
382,000
-
844,137
Jeroen Nieuwkoop
2023
457,433
-
139,734
-
597,167
Group Chief Strategy Officer
2022
440,755
-
-
-
440,755
Richard Kong
2023
309,949
-
27,218
641
337,808
Deputy Group Chief Financial Officer and Company Secretary
2022
294,352
-
17,190
-
311,542
Brian Chan
(3)
2023
46,154
-
-
-
46,154
Independent Director
2022
5,897
-
-
-
5,897
Thomas Ng
(3)
2023
46,154
-
-
-
46,154
Independent Director
2022
5,897
-
-
-
5,897
Felix Yun Pun Wong
(3)
2023
46,154
-
-
-
46,154
Independent Director
2022
5,897
-
-
-
5,897
(1)
Represents all amounts earned as salary during the applicable fiscal year. For fiscal year 2023, the salary amounts have been converted to U.S. Dollars (USD) from Hong Kong Dollars (HKD) using the exchange rate of USD1 to HKD7.8 as of December 31, 2023.
(2)
For the fiscal year of 2023, these share awards were granted in December 2022 and vested in December 2023.
(3)
Directors began receiving cash fees under our director compensation program following the Closing.
152
Executive Compensation
We have deployed an executive compensation program
that is consistent with our existing compensation policies and philosophies, which are designed to align compensation with business objectives
and the creation of stockholder value, while enabling us to attract, motivate, and retain individuals who contribute to long-term success.
We also note that decisions on the executive compensation program will be made by the Remuneration Committee. The following discussion
is based on the present expectations as to the executive compensation program to be adopted by the Remuneration Committee. The executive
compensation program actually adopted will depend on the judgment of the members of the Remuneration Committee and may differ from that
set forth in the following discussion. We anticipate, however, that compensation for the Named Executive Officers will reflect their current
compensation in both form and amount.
Employment Agreements
We entered into employment agreements with each
of the Named Executive Officers and directors.
The Named Executive Officers' base salaries
is set pursuant to the employment agreements. We anticipate that the salaries of the Named Executive Officers will be reviewed annually
by the Remuneration Committee based upon advice and counsel of its advisors.
Equity-Based Awards
We have granted the equity-based awards to reward
past or long-term performance of the Named Executive Officers and other high-performing employees. We believe that providing a meaningful
portion of the total compensation package in the form of equity-based awards will align the incentives of our executive officers with
the interests of our stockholder and serve to motivate and retain the individual executives.
Other Compensation
We continue to maintain various employee benefit
plans, including health and retirement plans, comparable to those already in place in which the Named Executive Officers will participate.
153
PRINCIPAL
STOCKHOLDERS
The following table sets forth certain
information regarding the actual ownership of the Company's common stock as of November 13, 2024. Unless otherwise indicated
in the footnotes to this table and subject to community property laws where applicable, the Company believes that each of the
stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned.
Subject to the paragraph above, the percentage ownership of issued shares is based on 508,633,797 shares of common stock of Triller
Group. Except as disclosed otherwise, the business address for each of the following entities or individuals is c/o Triller Group
Inc., 7119 West Sunset Boulevard, Suite 782, Los Angeles, CA 90046.
Common Stock
Series A-1 Preferred Stock
Series B Preferred Stock
Name of Beneficial Owner
Number of
Shares
Beneficially
Owned
%
Number of
Shares
Beneficially
Owned
%
Number of
Shares
Beneficially
Owned
%
Percentage of
Voting Power
Greater than 5% stockholders:
TAG Holdings Limited
(1)
26,868,938
17.3
%
-
-
5.7
%
Eagle Legacy Limited
(2)
4,028,840
2.6
%
-
-
*
Oceana Glory Limited
(3)
4,028,840
2.6
%
-
-
*
Tsai Ming Hsing, Richard
(4)
1,572,696
1.0
%
11,801,804
100
%
-
2.8
%
Green Nature Limited
(5)
-
-
30,851
100
%
64.9
%
Ryan Kavanaugh
(6)
9,253,130
6.0
%
-
2.0
%
Named Executive Officers and Directors:
Robert E. Diamond, Jr.
(7)
1,214,144
*
-
-
*
Ng Wing Fai
(8)
2,882,615
1.9
%
-
-
*
Shu Pei Huang, Desmond
(9)
529,684
*
-
-
*
Bobby Sarnevesht
(10)
11,724,329
7.6
%
-
-
2.5
%
Mark Carbeck
-
-
-
-
James McCann
-
-
-
-
Brian Chan
8,714
*
-
-
*
Thomas Ng
77,460
*
-
-
-
Felix Yun Pun Wong
19,265
*
-
-
*
All current executive officers and directors as a group (9 persons)
16,456,211
10.6
%
-
-
3.5
%
*
Less than 1%
(1)
TAG Holdings Limited ("TAG") has undertaken not to make any such distribution to its ultimate beneficial shareholders. Nothing in this undertaking, however, shall prevent TAG, subject to compliance with applicable law, from pledging or encumbering its Triller Group Common Stock or selling or otherwise disposing of any or all of the Triller Group Common Stock to any other person or persons for value consideration. TAG's mailing address is AGBA Tower, 68 Johnston Road, Wan Chai, Hong Kong.
154
(2)
Eagle Legacy Limited is an ultimate beneficial shareholder of TAG. Shares held by Eagle Legacy Limited are beneficially owned and controlled by Mr. Tsai Ming Hsing, Richard. The Tsai family is the lead shareholder of the Fubon Group of Taiwan, a leading conglomerate with diverse businesses including Asia-wide banking operations, insurance business, multimedia technology and telecommunications.
(3)
Oceana Glory Limited is an ultimate beneficial shareholder of TAG. Shares held by Oceana Glory Limited are beneficially owned and controlled by Mr. Tsai Ming Hsing, Richard. The Tsai family is the lead shareholder of the Fubon Group of Taiwan, a leading conglomerate with diverse businesses including Asia-wide banking operations, insurance business, multimedia technology and telecommunications.
(4)
1,572,696 shares of Triller Group Common Stock are held by Total Formation Inc. 11,801,804 shares of Triller Group Series A-1 Preferred Stock are convertible into 11,801,804 shares of Triller Group Common Stock. The 11,801,804  shares of Triller Group Series A-1 Preferred Stock are held as follows: 8,109,015 shares held by Total Formation Inc., 2,584,952 shares held by Castle Lion Investments Limited, and 1,107,837 shares held by Fubon Financial Holding Venture Capital Co. Mr. Tsai Ming Hsing, Richard controls Total Formation Inc., Castle Lion Investments Limited and Fubon Financial Holding Venture Capital Co.
(5)
Green Nature Limited ("GNL") is a British Virgin Islands company. Each share of Triller Group Series B Preferred Stock is entitled to 10,000 votes. GNL has voting power over such securities but disclaims any pecuniary interest therein. GNL has agreed to vote all such shares in favor of Mr. Sarnevesht as a director of Triller Group at all Triller Group stockholder meetings held through and including December 31, 2025. Mr. Tsai Ming Hsing, Richard controls GNL and may be deemed a beneficial owner of such securities with voting and dispositive control over such securities. Mr. Tsai disclaims any beneficial ownership of such securities (including voting and dispositive control over such securities).
(6)
Consists of 3,497,635 shares of Triller Group Common Stock owned of record by Ms. Peterson in her capacity as trustee of the R. Kavanaugh trust, 2,035,395 shares of Triller Group Common Stock owned of record by Share Loan Holding Vehicle LLC, and 3,720,100 shares of Triller Group Common Stock owned of record by Proxima Media LLC. Ms. Kristine Peterson, as the trustee of the aforementioned trust and managing member of the aforementioned limited liability companies, may be deemed to exercise investment control over such shares. Ms. Peterson disclaims beneficial ownership of such shares except to the extent of her pecuniary interest therein.
(7)
The 1,214,144 shares of Triller Group Common Stock are held by Atlas Merchant Capital LLC, and Mr. Diamond is the Chief Executive Officer and majority owner of Atlas Merchant Capital LLC.
(8)
Consists of (i) 2,495,405 shares of Triller Group Common Stock and (ii) 387,210 shares of Triller Group Common Stock underlying 774,420 Triller Group Warrants excisable within 60 days.
(9)
Consists of (i) 513,774 shares of Triller Group Common Stock and (ii) 15,910 shares of Triller Group Common Stock underlying 38,210 Triller Group Warrants excisable within 60 days.
(10)
Mr. Sarnevesht is the trustee of BAS Living Trust and therefore may be deemed to exercise investment control over such shares. Julia Hashemieh, the mother of Bobby Sarnevesht, is the trustee of the AS Trust and therefore may be deemed to exercise control over such shares.
155
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
Related Party Transaction Policy
On November 10, 2022, our Board adopted a written
policy regarding the review and approval or disapproval by our Audit Committee of transactions between us, or any of our subsidiaries,
and any related person (defined to include our executive officers, directors or director nominees, any stockholder beneficially owning
in excess of 5% of our ordinary shares or securities exchangeable for our ordinary share, and any immediate family member of any of the
foregoing persons) (the "
Related Person Transaction Policy
"). In reviewing related person transactions, our Audit Committee
considers all relevant facts and circumstances, including the extent of the related person's direct or indirect interest in the
transaction. Any member of the Audit Committee who is a related person with respect to a transaction under review will not be permitted
to participate in the deliberations or to vote on the transaction.
Certain related person transactions described
below were consummated prior to our adoption of the formal, written policy described above, and, accordingly, the foregoing policies and
procedures were not followed with respect to these transactions. However, we believe that the terms obtained and consideration that we
paid or received, as applicable, in connection with the transactions described below were comparable to terms available or amounts that
would be paid or received, as applicable, in arm's-length transactions at such time.
Administrative Services Agreements
TAG Financial Holdings Service Agreements
On June 24, 2021, each of OnePlatform Wealth Management
Limited ("OWM"), OnePlatform International Property Limited ("OIP"), OnePlatform Asset Management Limited ("OAM"),
and Hong Kong Credit Corporation Limited ("HKCC") entered into separate, but substantially similar, Service Agreements
with TAG Financial Holdings Limited ("TAG Financial Holdings"), a member of the Legacy Group. As the members of the Legacy
Group presently share office space in the AGBA Tower, TAG Financial Holdings, pursuant to these four agreements, agreed to provide certain
premises and administrative services to each of OWM, OIP, OAM, and HKCC. With respect to premises services, TAG Financial Holdings
agreed to pay for, among other things, building management fees, government rates and rent, office rent, and lease-related interest
and depreciation for OWM, OIP, OAM, and HKCC, subject to reimbursement. With respect to administrative services, TAG Financial Holdings
agreed to pay for, among other things, office consumables, cleaning fees, A/C, electricity, and water for OWM, OIP, OAM, and HKCC, subject
to reimbursement. The service fees are charged in accordance with a standard formula included in each of the contracts, corresponding
to their office space occupancy and employee headcount respectively.
Pursuant to these service agreements and their
predecessor arrangements, we paid TAG Financial Holdings US$6,039,520 and US$3,190,064 for the years ended December 31, 2023 and
2022, respectively, for premises and administrative expenses.
These Service Agreements will continue until either
party thereto provides one month written notice of termination, to ensure continued smooth operation on a stand-alone basis.
OnePlatform Asset Management Limited
Fund Asset Management Service
JFA Capital is a closed-ended investment
vehicle incorporated in the Cayman Islands and a member of the Legacy Group. Upon its incorporation JFA Capital engaged a third-party fund
manager who, in turn, engaged OnePlatform Asset Management ("OAM") as a sub-manager. On May 7, 2018, JFA Capital and
OAM agreed for JFA Capital to terminate its existing management arrangement and appoint OAM as its sole manager. OAM is licensed by the
Hong Kong Securities and Futures Commission under type 1 (Dealing in securities), type 4 (Advising on securities), and type 9 (asset
management). OAM is also a "professional investor" as defined under the Securities and Futures Ordinance of Hong Kong.
OAM, accordingly, provides management of JFA Capital's
portfolio assets for a management fee and a performance fee, as dictated by the management agreement. For the years ended December
31, 2023 and 2022, JFA Capital paid OAM US$900,993 and US$900,778, respectively. The arrangement is non-exclusive, and OAM is permitted
to invest in or advise other investment funds. OAM is also permitted to delegate its functions, powers, and duties to any person, subject
to remaining liable for the actions of its delegate.
In addition to JFA Capital, OAM also provides
management services for other funds, including NSD Capital, a third-party Cayman-incorporated fund. For the years ended
December 31, 2023 and 2022, NSD Capital paid OAM US$69,150 and US$69,134, respectively, for management services.
156
DESCRIPTION OF SHARE CAPITAL
Common
Stock
There are 155,159,817 shares
of Triller Common Stock outstanding. All shares of Triller Common Stock are fully paid and non-assessable.
Voting rights
.
Except as otherwise required by law, as provided in the Company's Certificate of Incorporation, and as otherwise provided in the resolution
or resolutions, if any, adopted by the Triller Board with respect to any series of the Triller Preferred Stock, the holders of the Triller
Common Stock shall exclusively possess all voting power. Each holder of shares of Triller Common Stock shall be entitled to one vote for
each share it holds.
Dividend rights and
rights upon liquidation
. Subject to the rights of holders of any series of outstanding Triller Preferred Stock, holders of shares
of Triller Common Stock shall have equal rights of participation in the dividends and other distributions in cash, stock, or property
of Triller when, as and if declared thereon by the Triller Board from time to time out of assets or funds of Triller legally available
therefor and shall have equal rights to receive the assets and funds of Triller available for distribution to stockholders in the event
of any liquidation, dissolution, or winding up of the affairs of Triller, whether voluntary or involuntary. Under Delaware law, Triller
can only pay dividends either out of "surplus" or out of the current or the immediately preceding year's net profits.
Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory
capital. The value of a corporation's assets can be measured in a number of ways and may not necessarily equal their book value.
Dividends
The payment of future
dividends on the shares of Triller Common Stock will depend on the financial condition of the Company after the completion of the Merger
subject to the discretion of Triller Board. There can be no guarantee that cash dividends will be declared. The ability of Triller to
declare dividends may be limited by the terms and conditions of other financing and other agreements entered into by Triller or any of
its subsidiaries from time to time.
Triller Preferred
Stock
There are 11,803,398 shares of Triller Preferred Stock outstanding. All of such shares shall be designated
Triller Series A-1 Preferred Stock.
The Triller Board is
authorized to provide, out of the unissued shares of Triller Preferred Stock, for one or more series of Triller Preferred Stock and,
with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting
powers, if any, of the shares of such series, and the preferences and relative, participating, optional, or other special rights, if
any, and any qualifications, limitations, or restrictions thereof, of the shares of such series, as shall be stated in the resolution
or resolutions providing for the issuance of such series adopted by the Triller Board. The authority of the Triller Board with respect
to each series of Triller Preferred Stock shall include, but not be limited to, determination of the following: (a) the designation of
the series; (b) the number of shares of the series; (c) the dividend rate or rates on the shares of that series, whether dividends will
be cumulative, and if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of
that series; (d) whether the series will have voting rights, generally or upon specified events, in addition to the voting rights provided
by law, and, if so, the terms of such voting rights; (e) whether the series will have conversion privileges, and, if so, the terms and
conditions of such conversion, including provision for adjustment of the conversion rate in such events as the Triller Board shall determine;
(f) whether or not the shares of that series shall be redeemable, in whole or in part, at the option of Triller or the holder thereof,
and if made subject to such redemption, the terms and conditions of such redemption, including the date or dates upon or after which
they shall be redeemable, and the amount per share payable in case of redemptions, which amount may vary under different conditions and
at different redemption rates; (g) the terms and amount of any sinking fund provided for the purchase or redemption of the shares of
such series; (h) the rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution, or winding
up of Triller, and the relative rights of priority, if any, of payment of shares of that series; (i) the restrictions, if any, on the
issue or reissue of any additional Triller Preferred Stock; and (j) any other relative rights, preferences, and limitations of that series.
157
Triller Series A-1
Preferred Stock
The Triller Series A-l
Preferred Stock shall have the following rights, preferences, powers, privileges and restrictions, qualifications and limitations:
Dividends
. The
holders of Triller Preferred Stock shall be entitled to receive dividends, only when, as and if declared by the Board of Directors, out
of any funds and assets of the Corporation legally available therefor. No dividend shall be paid on Triller Common Stock unless the holders
of Triller Series A-1 Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding
share of Triller Series A-1 Preferred Stock. The right to receive dividends shall not be cumulative.
Liquidation Event
.
Upon a "Deemed Liquidation Event" (as defined in the Triller Certificate of Incorporation and which includes a liquidation
or sale of Triller), holders of Triller Series A-1 Preferred Stock shall receive, before any payment shall be made to the holders of Triller
Common Stock by reason of their ownership thereof, ratably to the holders of Series A-1 Preferred Stock, an amount per share equal to
(i) the Original Issue Price (as defined in the Triller Certificate of Incorporation, plus (ii) any dividends declared but unpaid thereon.
Voting
. On any matter presented to the
Triller stockholders for their action or consideration at any meeting of stockholders (or by written consent of stockholders in lieu of
meeting), each holder of Triller Series A-1 Preferred Stock shall be entitled to cast the number of votes equal to the number of whole
shares of Triller Common Stock into which the shares of Triller Series A-1 Preferred Stock held by such holder are convertible as of the
record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the
Triller Certificate of Incorporation, holders of Triller Series A-1 Preferred Stock shall vote together with the holders of Triller Common
Stock as a single class and on an as-converted to Common Stock basis.
Conversion
. Each share of Triller Series
A-1 Preferred Stock shall be convertible, at the option of the holder thereof, into such number of fully paid and non-assessable shares
of Series A Common Stock as is determined by dividing the Original Issue Price by the Conversion Price (as such terms are defined in the
Triller Certificate of Incorporation) in effect at the time of conversion,
provided, that
a holder of Triller Series
A Preferred Stock shall not, within any thirty period, convert more than two percent of the number of shares of Triller Series A-1 Preferred
Stock originally issued to such holder. For clarity, a holder of Triller Series A-1 Preferred Stock who desires to convert the maximum
number of such shares permissible pursuant to the preceding sentence will have converted all of such holder's shares of Preferred
Stock in approximately fifty (50) months.
Anti-Takeover Effects
of the Triller Certificate of Incorporation, the Triller Bylaws and Certain Provisions of Delaware Law
The Triller
Certificate of Incorporation, the Triller Bylaws and the DGCL contain provisions, which are summarized in the following
paragraphs, which are intended to enhance the likelihood of continuity and stability in the composition of Triller Board and to
discourage certain types of transactions that may involve an actual or threatened acquisition of Triller. These provisions are
intended to avoid costly takeover battles, reduce Triller's vulnerability to a hostile change of control or other unsolicited
acquisition proposal, and enhance the ability of Triller Board to maximize stockholder value in connection with any unsolicited
offer to acquire Triller. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition
of Triller by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best
interest, including attempts that might result in a premium over the prevailing market price for the shares of Triller Common
Stock.
158
The Triller Certificate of Incorporation will
provide that any action required or permitted to be taken by Triller's stockholders must be effected at a duly called annual or
special meeting of such stockholders and may not be effected by any consent in writing by such holders. However, the affirmative vote
of at least 75% in voting power of the then outstanding voting stock of Triller, voting together as a single class, shall be required
to amend, repeal, or adopt any provision inconsistent with the foregoing.
Supermajority Provisions
.
The Triller Certificate of Incorporation will provide that the matters set forth below shall require, except as otherwise prohibited by
applicable law, the affirmative vote of the holders of at least 75% of the voting power of the then outstanding voting stock, voting together
as a single class, including the affirmative vote of the holders of at least 75% of the voting power of the then outstanding voting stock
not owned directly or indirectly by any interested stockholder or any affiliate of an interested stockholder. Such affirmative vote shall
be required notwithstanding the fact that no vote may be required, or that a lesser percentage may be permitted, by applicable law or
in any agreement with any national securities exchange or otherwise:
(a)
any merger or consolidation of Triller or any of its subsidiaries with any interested stockholder or any other corporation (whether or not an interested stockholder) which is, or after such merger or consolidation would be, an affiliate of an interested stockholder;
(b)
any sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions) to or with any Interested Stockholder or any Affiliate of an interested stockholder, of any assets of Triller or any of its subsidiaries having an aggregate fair market value of $10,000,000 or more;
(c)
the issuance or transfer by Triller or any of its subsidiaries (in one transaction or a series of transactions) of any securities of Triller or any of its subsidiaries to any interested stockholder or any affiliate of an interested stockholder, in exchange for cash, securities or other property (or a combination thereof) having an aggregate fair market value of $10,000,000 or more;
(d)
the adoption of any plan or proposal for the liquidation or dissolution of Triller proposed by or on behalf of an interested stockholder or any affiliate of an interested stockholder;
(e)
any reclassification of securities (including any reverse stock split), recapitalization of Triller or any merger or consolidation of Triller with any of its subsidiaries or any other transaction (whether or not an interested stockholder is a party thereto) which has the effect, directly or indirectly, of increasing the proportionate share of the outstanding shares of any class of equity or convertible securities of Triller or any of its subsidiaries which are directly or indirectly owned by any interested stockholder or any affiliate of an interested stockholder; or
(f)
any agreement, contract, or other arrangement providing for any one or more of the actions specified in the foregoing (a) to (e).
Authorized but
Unissued Capital Stock
Delaware law does not
require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply if
and so long as the Triller Common Stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding
20% of the then outstanding voting power or then outstanding number of shares of Triller Common Stock. Additional shares that may be issued
in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate
acquisitions.
One of the effects of
the existence of unissued and unreserved Triller Common Stock may be to enable Triller Board to issue shares to persons friendly to current
management, which issuance could render more difficult or discourage an attempt to obtain control of Triller by means of a merger, tender
offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities
to sell their shares of Triller Common Stock at prices higher than prevailing market prices.
Election of Directors
and Vacancies
The business and
affairs of Triller shall be managed by or under the direction of the Triller Board except as otherwise provided herein or required
by law. Subject to the rights, if any, of the holders of one or more series of Triller Preferred Stock then outstanding as provided
for or fixed pursuant to the provisions of the Triller Certificate of Incorporation, the total number of directors constituting the
entire Triller Board shall not be less than five nor more than nine, with the then-authorized number of directors fixed from time to
time by the Triller Board.
159
Subject to the rights
of the holders of one or more series of Triller Preferred Stock then outstanding as provided for or fixed pursuant to the provisions of
the Triller Certificate of Incorporation, vacancies on the Triller Board by reason of death, resignation, retirement, disqualification,
removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors shall
be solely filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and shall
not be filled by the stockholders. A director elected to fill a vacancy or a newly created directorship shall hold office until the next
election of directors, subject to the election and qualification of a successor and to such director's earlier death, resignation or removal.
Except for such additional directors, if any,
as elected by the holders of any series of Triller Preferred Stock as provided for or fixed pursuant to the provisions of the Triller
Certificate of Incorporation, any director or the entire Triller Board may be removed from office only for cause and only by the affirmative
vote of at least a majority of the total voting power of the outstanding shares of the capital stock of Triller entitled to vote in any
annual election of directors, voting together as a single class.
Two-thirds of the directors
then in office shall constitute a quorum for the transaction of business. If a quorum is present, the affirmative vote of a majority of
the members of the Board of Directors will be required for any action. Any action required or permitted to be taken at a meeting of the
directors may be taken without a meeting if a consent in writing or by electronic transmission, setting forth the action so taken, shall
be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Quorum
The Triller Bylaws will
provide that the holders of a majority of the shares of capital stock issued and outstanding and entitled to vote, represented in person
or by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business.
No Cumulative Voting
Under Delaware law, the
right to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. The Triller
Certificate of Incorporation does not authorize cumulative voting.
Stockholder Meetings
The annual meeting of the stockholders shall be
held wholly or partially by means of remote communication or at such place, within or without the State of Delaware, on such date and
at such time as may be determined by the board of directors and as shall be designated in the notice of said meeting.
The Triller Certificate
of Incorporation will provide that except as otherwise required by law and subject to the rights of the holders of any series of Triller
Preferred Stock, special meetings of the stockholders of Triller shall be called only by: (i) the Triller Board or the Chair of the Triller
Board; or (ii) the Secretary of Triller, following receipt of one or more written demands to call a special meeting of the stockholders
from stockholders of record who own, in the aggregate, at least 25% of the voting power of the outstanding shares of Triller then entitled
to vote on the matter or matters to be brought before the proposed special meeting that complies with the procedures for calling a special
meeting of the stockholders as may be set forth in the Triller Bylaws.
Requirements for
Advance Notification of Stockholder Meetings
Written or printed notice
of the stockholders meeting stating the place, day and hour of the meeting and, in case of a special meeting, stating the purpose or purposes
for which the meeting is called, and in case of a meeting held by remote communication stating such means, shall be delivered not less
than ten nor more than sixty days before the date of the meeting, either personally, or by telegram, facsimile or cable or other electronic
means, by or at the direction of the Chief Executive Officer, the President, the Secretary, or the persons calling the meeting, to each
stockholder of record entitled to vote at such meeting.
160
Amendment of Bylaws
and Certificate of Incorporation
Except as otherwise provided
by law, the Triller Board is expressly authorized and empowered to adopt, amend, alter, or repeal the Triller Bylaws without any action
on the part of the stockholders. The stockholders shall also have the power to adopt, amend, alter, or repeal the Triller Bylaws; provided
that, in addition to any affirmative vote of the holders of any particular class or series of capital stock of Triller required by applicable
law or the Triller Certificate of Incorporation, such adoption, amendment, alteration, or repeal shall be approved by the affirmative
vote of the holders of at least 66 2/3% of the voting power of the shares of the then outstanding voting stock of Triller entitled to
vote generally in the election of directors, voting together as a single class.
The DGCL provides generally
that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required
to amend a corporation's certificate of incorporation, unless the certificate of incorporation requires a greater percentage. However,
the Triller Certificate of Incorporation will provide that notwithstanding any other provision of the Triller Certificate of Incorporation
or applicable law that might permit a lesser vote or no vote and in addition to any affirmative vote of the holders of any particular
class or series of capital stock of Triller required by applicable law or the Triller Certificate of Incorporation, the affirmative vote
of the holders of at least 66 2/3% of the voting power of the shares of the then outstanding voting stock of Triller entitled to vote
generally in the election of directors, voting together as a single class, shall be required to amend, alter, repeal, or adopt any provisions
inconsistent with the foregoing.
Conflicts of Interest
Delaware law permits
corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation
or its officers, directors or stockholders.
Limitations on
Liability
The DGCL authorizes corporations
to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of
directors' fiduciary duties, subject to certain exceptions. The Triller Certificate of Incorporation includes a provision that eliminates
the personal liability of directors or officers for monetary damages for any breach of fiduciary duty as a director or officer. The effect
of these provisions is to eliminate the rights of Triller and its stockholders, through stockholders' derivative suits on Triller's
behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches
resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has acted in bad faith,
knowingly or intentionally violated the law, authorized illegal dividends or Redemptions or derived an improper benefit from his or her
actions as a director.
The limitation of liability
provisions in the Triller Certificate of Incorporation and may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit Triller and its stockholders. In addition,
your investment may be adversely affected to the extent Triller pays the costs of settlement and damage awards against directors and officers
pursuant to these indemnification provisions. Triller believes that these provisions, liability insurance and any indemnity agreements
that may be entered into are necessary to attract and retain talented and experienced directors and officers.
Stock Exchange Listing
Our ordinary shares trade on The Nasdaq Capital
Market under the symbol "ILLR."
Transfer Agent and Registrar
The transfer agent and registrar for our ordinary
shares is Continental Stock Transfer & Trust Company. The address of our transfer agent is 1 State St 30
th
floor,
New York, NY 10004.
161
LEGAL MATTERS
The validity of the securities
offered by this prospectus will be passed upon for us by Loeb & Loeb LLP.
EXPERTS
The consolidated financial
statements of the Company as of December 31, 2023 and December 31, 2022, and for each of the two years then ended, incorporated by reference
in this prospectus have been so incorporated in reliance upon the report of WWC, P.C., an independent registered public accounting firm,
given on the authority of said firm as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-1 under the Securities Act, with respect to the securities being offered by this prospectus. This prospectus, which constitutes
part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further
information with respect to the Company and the securities offered by this prospectus, we refer you to the registration statement and
its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily
complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement.
Each of these statements is qualified in all respects by this reference. You can read our SEC filings, including the registration statement,
over the internet at the SEC's website at
www.sec.gov
.
We are subject to the information reporting requirements of the Exchange Act,
and we file reports, registration statements and other information with the SEC. These reports, registration statements and other
information will be available for review at the SEC's website at
www.sec.gov
. We also maintain a website at
https://www.trillercorp.com/
,
at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or
furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of this prospectus.
162
INDEX TO FINANCIAL STATEMENTS
TRILLER GROUP INC.
(Formerly AGBA Group Holding Limited)
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
Page
Condensed Consolidated Balance Sheets
F-2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
F-3
Unaudited Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity
F-4
Unaudited Condensed Consolidated Statements of Cash Flows
F-5
Notes to Unaudited Condensed Consolidated Financial Statements
F-6 – F-44
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 1171)
F-45
Consolidated Balance Sheets
F-46
Consolidated Statements of Operations and Comprehensive Loss
F-47
Consolidated Statements of Changes in Shareholders' Equity
F-48
Consolidated Statements of Cash Flows
F-49
Notes to Consolidated Financial Statements
F-50 – F-92
F-
1
TRILLER GROUP INC.
(Formerly AGBA Group Holding Limited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars
("US$"), except for number of shares)
As of
September 30,
2024
December 31,
2023
ASSETS
(Unaudited)
(Audited)
Current assets:
Cash and cash equivalents
$
5,092,776
$
1,861,223
Restricted cash
13,657,974
16,816,842
Accounts receivable, net
1,688,408
2,970,636
Accounts receivable, net, related parties
898,703
1,094,225
Loans receivable, net
628,160
549,461
Notes receivable, net
—
557,003
Promissory notes receivable from Triller LLC
28,344,339
—
Deposit, prepayments, and other receivables, net
1,762,855
1,769,582
Total current assets
52,073,215
25,618,972
Non-current assets:
Rental deposit, net
975,539
961,253
Loans receivable, net
1,041,958
1,054,841
Property and equipment, net
1,660,660
1,721,284
Right-of-use assets, net
10,171,083
11,508,153
Long-term investments, net
29,973,941
25,201,933
Long-term investments, net, related party
525,097
522,531
Total non-current assets
44,348,278
40,969,995
TOTAL ASSETS
$
96,421,493
$
66,588,967
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
16,077,742
$
19,754,041
Escrow liabilities
13,657,974
16,816,842
Borrowings
1,066,160
1,804,950
Borrowings, related party
5,000,000
5,000,000
Amount due to the holding company
18,469,331
2,906,261
Convertible promissory notes payable, net
32,511,904
—
Income tax payable
201,125
328,720
Operating lease liabilities, current
1,295,842
1,229,329
Warrant liabilities
4,281,454
—
Total current liabilities
92,561,532
47,840,143
Non-current liabilities:
Operating lease liabilities, non-current
9,718,742
10,646,053
Total non-current liabilities
9,718,742
10,646,053
TOTAL LIABILITIES
102,280,274
58,486,196
Commitments and contingencies
Stockholders' (deficit) equity:
Preferred stock, $
0.001
par value;
100,000,000
shares authorized
Series A-1 preferred stock, $
0.001
par value;
11,803,398
shares designated,
nil
shares issued and outstanding as of September 30, 2024 and December 31, 2023
—
—
Series B preferred stock, $
0.001
par value;
35,000
shares designated,
nil
shares issued and outstanding as of September 30, 2024 and December 31, 2023
—
—
Common stock, $
0.001
par value;
1,400,000,000
shares authorized,
47,317,308
and
33,240,991
shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
#
47,317
33,241
Common stock to be issued
—
2,350
Subscription receivable
(
2,051,280
)
—
Additional paid-in capital
90,997,538
74,141,419
Accumulated other comprehensive loss
(
402,178
)
(
473,087
)
Accumulated deficit
(
94,450,178
)
(
65,601,152
)
Total stockholders' (deficit) equity
(
5,858,781
)
8,102,771
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
$
96,421,493
$
66,588,967
#
Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).
See accompanying
notes to unaudited condensed consolidated financial statements.
F-
2
TRILLER
GROUP INC.
(Formerly AGBA Group Holding Limited)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
AND COMPREHENSIVE LOSS
(Currency expressed in United States Dollars
("US$"), except for number of shares)
For the three months ended
September 30,
For the nine months ended
September 30,
2024
2023
2024
2023
Revenues:
Loans interest income
$
60,282
$
41,472
$
123,468
$
117,805
Non-interest income:
Commissions
4,784,825
12,168,777
15,661,048
38,507,460
Recurring asset management service fees
349,363
751,727
1,502,656
2,300,703
Recurring asset management service fees, related party
245,456
244,525
729,806
725,146
Total non-interest income
5,379,644
13,165,029
17,893,510
41,533,309
Total revenues
5,439,926
13,206,501
18,016,978
41,651,114
Operating expenses:
Interest expense
(
1,147,912
)
(
393,013
)
(
1,723,179
)
(
805,789
)
Commission expense
(
1,934,131
)
(
8,915,811
)
(
7,696,943
)
(
28,195,740
)
Sales and marketing expense
(
93,165
)
(
753,545
)
(
605,682
)
(
3,125,432
)
Research and development expense
(
401,167
)
(
740,847
)
(
1,354,567
)
(
2,678,645
)
Personnel and benefit expense
(
6,826,869
)
(
7,764,353
)
(
18,364,075
)
(
22,671,813
)
Legal and professional fee
(
2,593,600
)
(
3,452,808
)
(
4,706,696
)
(
12,422,810
)
Legal and professional fee, related party
(
249,999
)
(
77,777
)
(
749,997
)
(
77,777
)
Office and operating fee, related party
(
1,088,453
)
(
1,317,065
)
(
3,280,695
)
(
5,089,110
)
Provision for allowance for expected credit losses
(
135,092
)
(
328,012
)
(
1,877,786
)
(
661,288
)
Other general and administrative expenses
(
1,152,530
)
(
805,785
)
(
3,440,851
)
(
2,242,167
)
Total operating expenses
(
15,622,918
)
(
24,549,016
)
(
43,800,471
)
(
77,970,571
)
Loss from operations
(
10,182,992
)
(
11,342,515
)
(
25,783,493
)
(
36,319,457
)
Other income (expense):
Interest income
302,438
16,875
389,651
384,656
Foreign exchange gain (loss), net
1,104,515
(
864,383
)
826,464
41,467
Investment income (loss), net
404
(
792,907
)
(
36,900
)
488,589
Change in fair value of warrant liabilities
(
632,050
)
1,106
(
4,281,454
)
3,481
Change in fair value of forward share purchase liability
—
—
—
(
82,182
)
Loss on settlement of forward share purchase agreement
—
—
—
(
378,895
)
Rental income
12
78,820
14,078
217,091
Sundry income
25,826
38,061
120,719
122,128
Total other income (expense), net
801,145
(
1,522,428
)
(
2,967,442
)
796,335
Loss before income taxes
(
9,381,847
)
(
12,864,943
)
(
28,750,935
)
(
35,523,122
)
Income tax expense
(
37,335
)
(
55,886
)
(
98,091
)
(
55,606
)
NET LOSS
$
(
9,419,182
)
$
(
12,920,829
)
$
(
28,849,026
)
$
(
35,578,728
)
Other comprehensive income (loss):
Foreign currency translation adjustment
(
86,739
)
15,555
70,909
(
84,414
)
COMPREHENSIVE LOSS
$
(
9,505,921
)
$
(
12,905,274
)
$
(
28,778,117
)
$
(
35,663,142
)
Weighted average number of common stocks outstanding – basic and diluted
#
32,478,203
32,681,089
37,892,520
31,178,299
Net loss per share – basic and diluted
$
(
0.29
)
$
(
0.40
)
$
(
0.76
)
$
(
1.14
)
#
Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).
See accompanying
notes to unaudited condensed consolidated financial statements.
F-
3
TRILLER GROUP INC.
(Formerly AGBA Group Holding Limited)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY
(Currency expressed in United States Dollars
("US$"), except for number of shares)
For
    the nine months ended September 30, 2024
Common
    stock
Common
    stock to be issued
Additional
Accumulated
other
Total
stockholders'
Note
No.
    of
share
#
Amount
No.
    of
share
#
Amount
Subscription
receivable
paid-in
capital
comprehensive
(loss) income
Accumulated
deficit
equity
(deficit)
Balance
    as of January 1, 2024
33,240,991
$
33,241
2,350,081
$
2,350
$
—
$
74,141,419
$
(
473,087
)
$
(
65,601,152
)
$
8,102,771
Issuance
    of common stocks to settle finder fee
(14)(iv)
484,125
484
—
—
—
402,516
—
—
403,000
Issuance
    of common stocks for private placement
(14)(v)
3,557,932
3,558
(
2,139,252
)
(
2,139
)
(
2,051,280
)
2,049,861
—
—
—
Issuance
    of common stocks to independent directors under 2024 Equity Incentive Plan
(14)
                                            (viii)
58,095
58
—
—
—
286,982
—
—
287,040
Share-based
    compensation to consultants
(14)
                                            (iii), (ix)
3,157,068
3,157
—
—
—
1,646,726
—
—
1,649,883
Share-based
    compensation to directors, officers, and employees
(14)
                                            (i), (ii), (vii), (x), (xi)
3,259,933
3,260
(
210,829
)
(
211
)
—
5,925,493
—
—
5,928,542
Shares
    issued for service rendered and purchase option
(14)(vi)
3,558,319
3,558
—
—
—
6,544,542
—
—
6,548,100
Fractional
    shares from forward and reverse splits
(14)
                                            (xii)
845
1
—
—
—
(
1
)
—
—
—
Foreign
    currency translation adjustment
—
—
—
—
—
—
70,909
—
70,909
Net
    loss for the period
—
—
—
—
—
—
—
(
28,849,026
)
(
28,849,026
)
Balance
    as of September 30, 2024
47,317,308
$
47,317
—
$
—
$
(
2,051,280
)
$
90,997,538
$
(
402,178
)
$
(
94,450,178
)
$
(
5,858,781
)
For
    the nine months ended September 30, 2023
Common
    stock
Common
    stock to be issued
Additional
Accumulated
other
Total
No.
    of shares
#
Amount
No.
    of Shares
#
Amount
paid-in
capital
comprehensive
loss
Accumulated
deficit
stockholders'
equity
Balance
    as of January 1, 2023
28,261,757
$
28,262
806,068
$
806
$
43,901,282
$
(
384,938
)
$
(
16,395,133
)
$
27,150,279
Issuance
    of common stocks to settle finder fee
1,052,446
1,052
—
—
3,998,948
—
—
4,000,000
Issuance
    of holdback shares
806,068
806
(
806,068
)
(
806
)
—
—
—
—
Share-based
    compensation
2,588,182
2,588
—
—
11,976,612
—
—
11,979,200
Forgiveness
    of amount due to the holding company
—
—
—
—
12,593,384
—
—
12,593,384
Foreign
    currency translation adjustment
—
—
—
—
—
(
84,414
)
—
(
84,414
)
Net
    loss for the period
—
—
—
—
—
—
(
35,578,728
)
(
35,578,728
)
Balance
    as of September 30, 2023
32,708,453
$
32,708
—
$
—
$
72,470,226
$
(
469,352
)
$
(
51,973,861
)
$
20,059,721
#
Giving
retroactive effect to the forward stock split and reverse stock split (see Note 14).
See accompanying
notes to unaudited condensed consolidated financial statements.
F-
4
TRILLER GROUP INC.
(Formerly AGBA Group Holding Limited)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Currency expressed in United States Dollars
("US$"))
For the nine months ended
September 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(
28,849,026
)
$
(
35,578,728
)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense
6,359,906
11,979,200
Non-cash lease expense
1,927,851
854,470
Depreciation on property and equipment, net
68,705
238,315
Interest income on loans receivable, net
(
123,468
)
(
117,805
)
Interest income on notes receivable, net
—
(
23,217
)
Interest income on promissory notes receivable from Triller LLC
(
369,339
)
—
Interest expense on convertible promissory notes payable, net
1,123,273
—
Interest expense on borrowings
599,906
—
Foreign exchange gain, net
(
826,464
)
(
41,467
)
Investment loss (income), net
36,900
(
488,589
)
Gain on disposal of property and equipment, net
(
15,345
)
—
Provision for allowance for expected credit losses
1,877,786
661,288
Change in fair value of warrant liabilities
4,281,454
(
3,481
)
Change in fair value of forward share purchase liability
—
82,182
Loss on settlement of forward share purchase agreement
—
378,895
Reversal of annual bonus accrued in prior year
—
(
3,763,847
)
Change in operating assets and liabilities:
Accounts receivable
669,476
(
575,266
)
Loans receivable
48,615
121,801
Deposits, prepayments, and other receivables
(
553,891
)
(
2,938,425
)
Accounts payable and accrued liabilities
(
2,256,333
)
5,546,602
Escrow liabilities
(
3,158,868
)
(
8,934,670
)
Lease liabilities
(
1,455,929
)
(
645,303
)
Income tax payable
(
127,595
)
(
116,617
)
Net cash used in operating activities
(
20,742,386
)
(
33,364,662
)
Cash flows from investing activities:
Proceeds from sale of long-term investments, net
2,152,251
3,976,657
Purchase of notes receivable, net
—
(
589,086
)
Dividends received from long-term investments, net
—
1,404,303
Proceeds from sale of notes receivable, net
412,360
—
Proceeds from disposal of property and equipment, net
15,345
—
Purchase of property and equipment
—
(
104,778
)
Net cash provided by investing activities
2,579,956
4,687,096
Cash flows from financing activities:
Advances from the holding company
15,612,799
6,303,641
Repayment of borrowings
(
772,202
)
—
Issue of promissory notes to Triller LLC
(
19,975,000
)
—
Proceeds from convertible promissory note payable, net
23,388,631
—
Settlement of forward share purchase agreement
—
(
13,952,683
)
Proceeds from borrowings
—
7,234,391
Net cash provided by (used in) financing activities
18,254,228
(
414,651
)
Effect on exchange rate change on cash, cash equivalents and restricted cash
(
19,113
)
(
26,484
)
Net change in cash, cash equivalent and restricted cash
72,685
(
29,118,701
)
Beginning of period
18,678,065
51,294,072
End of period
$
18,750,750
$
22,175,371
Supplementary cash flow information:
Cash paid for income taxes
$
227,348
$
172.223
Cash paid for interest
$
152,011
$
774,249
Cash received for interest
$
57,076
$
361,439
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock to settle payables
$
2,022,438
$
4,000,000
Forgiveness of amount due to the holding company
$
—
$
12,593,384
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
$
—
$
12,512,585
As of September 30,
2024
2023
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents
$
5,092,776
$
1,622,425
Restricted cash
13,657,974
20,552,946
Total cash, cash equivalents and restricted cash
$
18,750,750
$
22,175,371
See accompanying
notes to unaudited condensed consolidated financial statements.
F-
5
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 1—
DESCRIPTION OF BUSINESS
Organization
Triller Group Inc. ("ILLR", "Triller
Group", or the "Company") (formerly AGBA Group Holding Limited ("AGBA")) is formed in the State of Delaware,
on October 15, 2024, which was established to domicile its legal jurisdiction from British Virgin Islands to the State of Delaware.
The Company, through its subsidiaries, currently
operates a wealth and health platform, and offers a wide range of financial service and products, covering life insurance, pensions, property-casualty
insurance, stock brokerage, mutual funds and lending businesses in Hong Kong. ILLR is also engaged in financial technology business and
financial investments, managing an ensemble of fintech investments and healthcare investment and operating a health and wealth management
platform with a broad spectrum of services and value-added information in health, insurance, investments and social sharing.
Merger Transaction
On October 15, 2024, the Company consummated the merger transaction
with Triller Corp., a Delaware corporation ("Triller"), pursuant to that certain Amended and Restated Agreement and Plan of
Merger, dated as of August 30, 2024, (as further amended, the "Merger Agreement"), by and between AGBA, its wholly owned subsidiary
AGBA Social Inc. ("Merger Sub"), Triller and Bobby Sarnevesht, as sole representative of the Triller stockholders. Details
are described in note 4.
The accompanying unaudited condensed consolidated
financial statements reflected the operating results of AGBA for the three and nine months ended September 30, 2024 before the completion
of the merger transaction.
NOTE 2 —
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These accompanying unaudited condensed consolidated
financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the
accompanying unaudited condensed consolidated financial statements and notes.
●
Basis
of Presentation
The accompanying unaudited condensed consolidated
financial statements of the Company are presented in United State dollars ("US$" or "$") and have been prepared
in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial
information and with the instructions to Form 10-Q and Regulation S-X of the Securities Exchange Commission. Certain information and footnote
disclosures normally included in consolidated financial statements have been omitted pursuant to such rules and regulations. The consolidated
balance sheet as of December 31, 2023 derived from the audited consolidated financial statements at that date, but does not include all
the information and footnotes required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the
year ended December 31, 2023, as filed on March 28, 2024.
F-
6
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
The unaudited condensed consolidated financial
statements as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023, in the
opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of
the Company's financial condition, results of operations and cash flows. The results of operations for the three and nine months
ended September 30, 2024 and 2023 are not necessarily indicative of the results to be expected for any other interim period or for the
entire year.
Certain prior period amounts have been reclassified
for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.
●
Principal
of Consolidation
The accompanying unaudited condensed consolidated
financial statements include the unaudited financial statements of ILLR and its subsidiaries. A subsidiary is an entity (including a structured
entity), directly or indirectly, controlled by the Company. The unaudited financial statements of the subsidiaries are prepared for the
same reporting period as the Company, using consistent accounting policies. All intercompany transactions and balances between ILLR and
its subsidiaries are eliminated upon consolidation.
●
Use
of Estimates and Assumptions
The preparation of unaudited condensed consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the unaudited condensed consolidated
financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates
reflected in the Company's unaudited condensed consolidated financial statements include the useful lives of property and equipment,
impairment of long-lived assets, allowance for expected credit losses, notes receivables, promissory notes receivable, share-based compensation,
convertible promissory notes payable, warrant liabilities, provision for contingent liabilities, revenue recognition, income tax provision,
deferred taxes and uncertain tax position, and allocation of expenses from the holding company.
The inputs into the management's judgments
and estimates consider the geopolitical tension, inflationary and high interest rate environment and other macroeconomic factors on the
Company's critical and significant accounting estimates. Actual results could differ from these estimates.
●
Foreign
Currency Translation and Transaction
Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the unaudited condensed
consolidated statements of operations and comprehensive loss.
F-
7
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
The reporting currency of the Company is US$ and
the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In addition, the Company and subsidiaries
are operating in Hong Kong maintain their books and record in their local currency, Hong Kong dollars ("HK$"), which is a
functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for
consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance
with ASC Topic 830-30, "
Translation of Financial Statement"
, using the exchange rate on the balance sheet date. Revenues
and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of unaudited
financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive loss within the unaudited
condensed consolidated statements of changes in stockholders' (deficit) equity.
Translation of amounts from HK$ into US$ has been
made at the following exchange rates for the nine months ended September 30, 2024 and 2023:
September 30,
2024
September 30,
2023
Period-end HK$:US$ exchange rate
0.12870
0.12771
Period average HK$:US$ exchange rate
0.12801
0.12766
●
Cash
and Cash Equivalents
Cash and cash equivalents consist primarily of
cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash
and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments. The Company maintains most of its bank accounts in Hong Kong and Hong Kong is not protected by Federal Deposit Insurance
Corporation ("FDIC") insurance. However, management does not believe there is a significant risk of loss.
●
Restricted
Cash
Restricted cash consists of funds held in escrow
accounts reflecting the restricted cash and cash equivalents maintained in certain bank accounts that are held for the exclusive interest
of the Company's customers. The Company currently acts as a custodian to manage the assets and investment portfolio on behalf of
its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes, other
than managing the portfolio.
The Company
restricts the use of the assets underlying the funds held in escrow to meet with regulatory or contractual requirements and classifies
the assets as current based on their purpose and availability to fulfill its direct obligation under current liabilities.
●
Accounts
Receivable, net
Accounts receivable, net include trade accounts
due from customers in insurance brokerage and asset management businesses, less the allowance for expected credit losses.
Accounts receivable, net are recorded at the invoiced
amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable from
insurance companies in the provision of brokerage agency services are within 30 days upon the execution of the insurance policies. Credit
terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually
agreed between the contracting parties. The Company seeks to maintain strict control over its outstanding receivables to minimize credit
risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine
if the allowance for expected credit losses is adequate, and provides allowance when necessary.
The Company does not hold any collateral or other
credit enhancements over its accounts receivable balances.
F-
8
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
●
Loans
Receivable, net
Loans receivable, net are related to residential
mortgage loan that are carried at unpaid principal and interest balances, less the allowance for expected credit losses on loans receivable
and charge-offs.
Loans are placed on nonaccrual status when they
are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When
a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on
a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending
on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments
have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months).
If the Company determines that a loan is impaired,
the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within
the given fiscal quarter. Generally, the amount of the loan and negative escrow in excess of the appraised value less estimated selling
costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below
in "Allowance for Expected Credit Losses on Financial Instruments".
●
Allowance
for Expected Credit Losses on Financial Instruments
In accordance with ASC Topic 326, "
Credit
Losses – Measurement of Credit Losses on Financial Instruments
" (ASC 326), the Company utilizes the current expected credit
losses ("CECL") model to determine an allowance that reflects its best estimate of the expected credit losses on accounts
receivable, loans receivable, notes receivable, and deposits and others receivable which is recorded as a liability to offset the receivables.
The CECL model is prepared after considering historical experience, current conditions, and reasonable and supportable economic forecasts
to estimate expected credit losses. Accounts receivable, loans receivable, notes receivable, and deposits and others receivable are written
off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction of bad debt expense.
For the three months ended September 30, 2024
and 2023, the aggregated provision for allowance for expected credit losses on accounts receivable, loans receivable, notes receivable,
and other receivables was $
135,092
and $
328,012
, respectively.
For the nine months ended September 30, 2024 and
2023, the aggregated provision for allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and
other receivables was $
1,877,786
and $
661,288
, respectively.
●
Promissory
Notes Receivable from Triller LLC
Promissory notes receivable from Triller LLC is
stated at carrying value and receivable in the next twelve months. Interest income is recognized at a fixed interest rate over the prevailing
periods on the unaudited condensed consolidated statements of operations and comprehensive loss (see Note 5).
●
Long-Term
Investments, net
The Company invests in equity securities with
readily determinable fair values, equity securities that do not have readily determinable fair values, and warrant with purchase option.
F-
9
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.
Equity securities that do not have readily determinable
fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.
Warrant with a purchase option of equity securities
was recorded as an investment in non-marketable equity securities and measured at the fair value.
At each reporting period, the Company makes a
qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.
●
Property
and Equipment, net
Property and equipment, net are stated at cost
less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the
following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual
values, if any:
Expected useful life
Land and building
Shorter of 50 years or lease term
Furniture, fixtures and equipment
5
years
Computer equipment
3
years
Motor vehicle
3
years
Expenditure for repairs and maintenance is expensed
as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting
gain or loss is recognized in the results of operations.
●
Impairment
of Long-Lived Assets
In accordance with the provisions of ASC Topic
360, "
Impairment or Disposal of Long-Lived Assets"
, all long-lived assets such as property and equipment owned and
held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to
its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.
No
impairment losses were recognized for the three and nine months ended September 30, 2024 and 2023.
●
Borrowings
Borrowings are recognized at fair value and repayable
in the next twelve months. Interest expense is recognized on a fixed interest rate on the unaudited condensed consolidated statements
of operations and comprehensive loss.
●
Convertible
Promissory Notes Payable, net
The Company accounts for its convertible promissory
notes payable, net in accordance with ASC Topic 470-20, "
Debt with Conversion and Other Options"
("ASC 470-20"),
whereby the convertible instrument is initially accounted for as a single unit of account, unless it contains a derivative that must be
bifurcated from the host contract in accordance with ASC Topic 815-15, "
Derivatives and Hedging – Embedded Derivatives"
or the substantial premium model in ASC 470-20 applies. Where the substantial premium model applies, the premium is recorded in additional
paid-in capital. The resulting debt discount is amortized over the period during which the convertible promissory notes payable are expected
to be outstanding as additional non-cash interest expenses.
F-
10
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
●
Warrant
Liabilities
The Company accounts for warrants as either equity-classified
or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance
in ASC Topic 480, "
Distinguishing Liabilities from Equity"
("ASC 480") and ASC Topic 815, "
Derivatives
and Hedging"
("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant
to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification
under ASC 815, including whether the warrants are indexed to the Company's own common stock and whether the warrant holders could
potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions
for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity
classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants
that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial
fair value on the date of issuance, and each balance sheet date thereafter. Changes in the fair value are recognized as a non-cash gain
or loss on the unaudited condensed consolidated statements of operations and comprehensive loss. The Company accounts for its Public Warrants
as equity and the (i) SPAC Private Warrants, (ii) Warrants – Class A, and (iii) Common Warrants as liabilities.
Warrants classified as liabilities are recorded
at fair value and are remeasured at each reporting date until settlement. Changes in fair value is recognized as a component of change
in fair value of warrant liability in the unaudited condensed consolidated statements of operations and comprehensive loss. Transaction
costs allocated to warrants that are presented as a liability are immediately expensed in the unaudited condensed consolidated statements
of operations and comprehensive loss. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently
remeasured.
●
Revenue
Recognition
The Company receives certain portion of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09,
"
Revenue from Contracts with Customers (Topic 606)"
("ASC 606").
ASC 606 provided the following overview of how
revenue is recognized from the Company's contracts with customers. The Company recognizes revenue to depict the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for
those goods or services.
Step 1: Identify the contract(s) with a customer.
Step 2: Identify the performance obligations in
the contract.
Step 3: Determine the transaction price –
The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring
promised goods or services to a customer.
Step 4: Allocate the transaction price to the
performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on
the basis of the relative standalone selling prices of each distinct good or service promised in the contract.
Step 5: Recognize revenue when (or as) the entity
satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring
a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).
F-
11
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Certain portion of the Company's income
is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its
customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company's
revenue recognition policies are in compliance with ASC 606, as follows:
Commissions
The Company earns commissions from the sale of
investment products to customers. The Company enters into commission agreements with customers which specify the key terms and conditions
of the arrangement. Commissions are separately negotiated for each transaction and generally do not include rights of return, credits
or discounts, rebates, price protection or other similar privileges, and typically paid on or shortly after the transaction is completed.
Upon the purchase of an investment product, the Company earns a commission from customers, calculated as a fixed percentage of the investment
products acquired by its customers. The Company defines the "purchase of an investment product" for its revenue recognition
purpose as the time when the customers referred by the Company has entered into a subscription contract with the relevant product provider
and, if required, the customer has transferred a deposit to an escrow account designated by the Company to complete the purchase of the
investment products. After the contract is established, there are no significant judgments made when determining the one-time commission
price. Therefore, commissions are recorded at a point in time when the investment product is purchased.
The Company also facilitates the arrangement between
insurance providers and individuals or businesses by providing insurance placement services to the insureds, and is compensated in the
form of one-time commissions from the respective insurance providers. The Company primarily facilitates the placement of life, general
and MPF insurance products. The Company determines that insurance providers are the customers.
The Company primarily earns commission income
arising from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance
obligation has been satisfied upon execution of the insurance policy as the Company has no future or ongoing obligation with respect to
such policies. The commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract
which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission
earned is equal to a percentage of the premium paid to the insurance provider. Commission from renewed policies is variable consideration
and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer
renews the policy).
In accordance with ASC Topic 606, "
Revenue
Recognition: Principal Agent Considerations"
, the Company evaluates the terms in the agreements with its channels and independent
contractors to determine whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively.
The determination of whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services
prior to transferring it. Control is demonstrated by the Company which is primarily responsible for fulfilling the provision of placement
services through the Company's licensed insurance brokers to provide agency services. The commissions from insurance providers are
recorded on a gross basis and commission paid to independent contractors or channel costs are recorded as commission expense in the unaudited
condensed consolidated statements of operations and comprehensive loss.
The Company also offers the sale solicitation
of real estate property to the final customers and is compensated in the form of commissions from the corresponding property developers
pursuant to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property
is signed and executed.
F-
12
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Recurring
Asset Management Service Fees
The Company provides asset management services
to investment funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management
service fees are determined based on the types of investment products the Company distributes and are calculated as a fixed percentage
of the fair value of the total investment of the investment products, calculated daily. These customer contracts require the Company to
provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract
is established, there are no significant judgments made when determining the transaction price. As the Company provides these services
throughout the contract term, for the method of calculating recurring service fees, revenue is calculated on a daily basis over the contract
term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or discounts, rebates, price
protection, performance component or other similar privileges and the circumstances under which the fixed percentage fees, before determined,
could be not subject to clawback. Payment of recurring asset management service fees are normally on a regular basis (typically monthly
or quarterly).
Interest Income
The Company offers money lending services from
loan origination in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms
and recorded as interest income in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company does
not charge prepayment penalties from its customers. Interest income on mortgage and personal loans is recognized as it accrued using the
effective interest method. Accrual of interest income on mortgage loans is suspended at the earlier of the time at which collection of
an account becomes doubtful or the account becomes 180 days delinquent.
Disaggregation
of Revenue
The Company has disaggregated its revenue from
contracts with customers into categories based on the nature of the revenue. The following table presents the revenue streams by segments,
with the presentation revenue categories presented on the unaudited condensed consolidated statements of operations and comprehensive
loss for the periods indicated:
For the three months ended September 30, 2024
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
60,282
$
—
$
60,282
Non-interest income:
Commissions
4,701,151
83,674
—
—
4,784,825
Recurring asset management service fees
—
594,819
—
—
594,819
Total
$
4,701,151
$
678,493
$
60,282
$
—
$
5,439,926
F-
13
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
For the three months ended September 30, 2023
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
41,472
$
—
$
41,472
Non-interest income:
Commissions
11,875,830
292,933
—
14
12,168,777
Recurring asset management service fees
—
996,252
—
—
996,252
Total
$
11,875,830
$
1,289,185
$
41,472
$
14
$
13,206,501
For the nine months ended September 30, 2024
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
123,468
$
—
$
123,468
Non-interest income:
Commissions
15,211,065
449,983
—
—
15,661,048
Recurring asset management service fees
—
2,232,462
—
—
2,232,462
Total
$
15,211,065
$
2,682,445
$
123,468
$
—
$
18,016,978
For the nine months ended September 30, 2023
Distribution
Business
Platform Business
Insurance
brokerage
service
Asset
management
service
Money
lending
service
Real estate
agency
service
Total
Interest income:
Loans
$
—
$
—
$
117,805
$
—
$
117,805
Non-interest income:
Commissions
37,569,257
894,655
—
43,548
38,507,460
Recurring asset management service fees
—
3,025,849
—
—
3,025,849
Total
$
37,569,257
$
3,920,504
$
117,805
$
43,548
$
41,651,114
F-
14
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
●
Rental
Income
Rental income represents monthly rental received
from the Company's tenants. The Company recognizes rental income on a straight-line basis over the lease term in accordance with
the lease agreement.
●
Comprehensive
Loss
ASC Topic 220, "
Comprehensive Income"
,
establishes standards for reporting and display of comprehensive income (loss), its components and accumulated balances. Comprehensive
income (loss) as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive loss,
as presented in the accompanying unaudited condensed consolidated statements of stockholders' (deficit) equity, consists of changes
in unrealized gains and losses on foreign currency translation. This comprehensive loss is not included in the computation of income tax
expense or benefit.
●
Employee
Benefits
Full time employees of the Hong Kong subsidiaries
participate in a defined contribution Mandatory Provident Fund retirement benefit scheme under the Hong Kong Mandatory Provident Fund
Schemes Ordinance.
●
Income
Taxes
Income taxes are determined in accordance with
the provisions of ASC Topic 740, "
Income Taxes"
("ASC 740"). Under this method, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences between the unaudited condensed consolidated financial
statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are
measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how
companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to
be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the unaudited condensed consolidated financial
statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions
must initially and subsequently be measured as the largest amount of tax benefit that has a greater than
50
% likelihood of being realized
upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
For the three and nine months ended September
30, 2024 and 2023, the Company did not have any interest and penalties associated with tax positions. As of September 30, 2024 and December
31, 2023, the Company did not have any significant unrecognized uncertain tax positions.
The Company is subject to tax in local and foreign
jurisdictions. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax
authorities.
●
Share-Based
Compensation
The Company accounts for share-based compensation
in accordance with the fair value recognition provision of ASC Topic 718, "
Stock Compensation"
. The Company grants
share awards, including common stocks and restricted share units, to eligible participants. Share-based compensation expense for share
awards is measured at fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with
the combination of service and performance requirements is based on the closing fair market value of the common stocks on the date of
grant. Share-based compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are
subject only to a service condition, the expense is recognized on a straight-line basis over the service period for the entire award.
F-
15
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
●
Net
Loss Per Share
The Company computes earnings per share ("EPS")
in accordance with ASC Topic 260, "
Earnings per Share"
("ASC 260"). ASC 260 requires companies to present
basic and diluted EPS. Basic EPS is measured as net (loss) income divided by the weighted average shares outstanding for the period. Diluted
EPS presents the dilutive effect on a per share basis of the potential common stocks (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stocks that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
EPS.
●
Segment
Reporting
ASC Topic 280, "
Segment Reporting"
,
establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational
structure as well as information about geographical areas, business segments and major customers in the unaudited condensed consolidated
financial statements for details on the Company's business segments.
The Company uses the management approach to determine
reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief
operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's
CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Company. Based on management's assessment, the Company determined that it has the following operating segments:
Segments
Scope of Service
Business Activities
Distribution Business
Insurance Brokerage
Business
-
Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
Platform Business
-
Asset Management Business
-
Providing access to financial products and services to licensed brokers.
-
Providing operational support for the submission and processing of product applications.
-
Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
-
Providing training resources and materials.
-
Facilitating the placement of investment products for the fund and/or product provider, in exchange for the fund management services.
-
Money Lending Service
-
Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers.
-
Real Estate Agency Service
-
Solicitation of real estate sales for the developers, in exchange for commissions.
Fintech Business
Investment Holding
Managing an ensemble of fintech investments.
Healthcare Business
Investment Holding
Managing an ensemble of healthcare-related investments.
F-
16
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
All of the Company's revenues were generated
in Hong Kong for the three and nine months ended September 30, 2024 and 2023 and all of the Company's long-lived assets were located
in Hong Kong as of September 30, 2024 and December 31, 2023.
●
Leases
Under ASU 2016-02,
Leases
(Topic 842) ("Topic
842"), leases are categorized as operating or financing lease at inception. Lease assets represent the right to use an underlying
asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease terms include
options to renew or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company has recognized
right of use ("ROU") assets and corresponding lease liabilities on the Company's condensed consolidated balance sheets
for its operating lease agreements with contractual terms greater than 12 months. Lease liabilities are based on the present value of
remaining lease payments over the lease term. As the discount rate implied in the Company's leases is not readily determinable,
the present value is calculated using the Company's incremental borrowing rate, which is estimated to approximate the interest rate
on a collateralized basis with similar terms.
Leases with a term of twelve months or less upon
the commencement date are considered short-term leases, are not included on the condensed consolidated balance sheets and are expensed
on a straight-line basis over the lease term.
●
Related
Parties
The Company follows the ASC Topic 850-10, "
Related
Party"
("ASC 850") for the identification of related parties and disclosure of related party transactions.
Pursuant to ASC 850, the related parties include:
a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the
fair value option under the Fair Value Option Subsection of ASC Topic 825–10–15, to be accounted for by the equity method
by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under
the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly
influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting
parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully
pursuing its own separate interests.
The unaudited condensed consolidated financial
statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances,
and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation
of unaudited condensed consolidated financial statements is not required in those statements. The disclosures shall include: a) the nature
of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were
ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding
of the effects of the transactions on the unaudited condensed consolidated financial statements; c) the dollar amounts of transactions
for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms
from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and,
if not otherwise apparent, the terms and manner of settlement.
F-
17
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
●
Commitments
and Contingencies
The Company follows the ASC Topic 450, "
Contingencies"
to report accounting for contingencies. Certain conditions may exist as of the date the unaudited condensed consolidated financial statements
are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to
occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing
loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings,
the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought therein.
If the assessment of a contingency indicates that
it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company's unaudited condensed consolidated financial statements. If the assessment indicates that a potentially
material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time that these matters will have a material adverse effect on the Company's financial position, results
of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's
business, financial position, and results of operations or cash flows.
●
Fair
Value Measurement
The Company follows the guidance of the ASC Topic
820-10, "
Fair Value Measurements and Disclosures"
("ASC 820-10"), with respect to financial assets and liabilities
that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:
●
Level
1
: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
●
Level
2 :
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments
in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and
●
Level
3 : Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would
use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing
models and discounted cash flow models.
The carrying value of the Company's financial
instruments: cash and cash equivalents, restricted cash, accounts receivable, loans receivable, notes receivable, deposits, prepayments
and other receivables, amount due to the holding company, accounts payable, escrow liabilities, borrowings and accrued liabilities approximate
at their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. The Company
accounts for loans receivable at cost, subject to expected credit losses assessment.
F-
18
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
The following table presents information about
the Company's financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and
December 31, 2023 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
As of
September 30,
Quoted
Prices In
Active
Markets
Significant
Other
Observable
Inputs
Significant
Other
Unobservable
Inputs
Description
2024
(Level 1)
(Level 2)
(Level 3)
Assets:
Marketable equity securities
$
1,380
$
1,380
$
—
$
—
Investments under purchase option
6,028,100
—
—
6,028,100
$
6,029,480
$
1,380
$
—
$
6,028,100
Liabilities:
Warrant liabilities
$
4,281,454
$
—
$
—
$
4,281,454
As of December 31,
Quoted
Prices In
Active
Markets
Significant
Other
Observable
Inputs
Significant
Other
Unobservable
Inputs
Description
2023
(Level 1)
(Level 2)
(Level 3)
Assets:
Marketable equity securities
$
595
$
595
$
—
$
—
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
●
Recently
Issued Accounting Pronouncements
As of September
30, 2024, the Company has implemented all applicable new accounting standards and updates issued by the Financial Accounting Standards
Board ("FASB") that were in effect. There were no new standards or updates during the nine months ended September 30, 2024
that had a material impact on the unaudited condensed consolidated financial statements.
Recently
Accounting Pronouncements Not Yet Adopted
In November
2023, the FASB amended guidance in ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
The
revised guidance requires that a public entity disclose significant segment expenses regularly reviewed by the chief operating decision
maker (CODM), including public entities with a single reportable segment. The amended guidance is effective for fiscal years beginning
in January 2024 and interim periods beginning January 2025 on a retrospective basis. Early adoption is permitted. The Company is currently
evaluating the impact on its unaudited condensed consolidated financial statements.
In December
2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures.
The ASU requires
the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation,
and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company's annual reporting periods beginning
in January 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted.
The Company is currently evaluating the impact on its unaudited condensed consolidated financial statements.
F-
19
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 3 —
LIQUIDITY AND GOING CONCERN
The accompanying unaudited condensed consolidated
financial statements were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business. They do not include any adjustments that might
be necessary should the Company be unable to continue as a going concern.
For the nine months ended September 30, 2024, the Company reported
net loss of $
28,849,026
and net cash outflows from operating activities of $
20,742,386
. As of September 30, 2024, the Company had a working
capital deficit of $
40,488,317
and a stockholders' deficit of $
5,858,781
.
The Company has determined that the prevailing
conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern
for at least one year following the date these unaudited condensed consolidated financial statements are issued. The ability to continue
as a going concern is dependent on the Company's ability to successfully implement its current operating plan and fund-raising exercises.
The Company believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its
capital structure and operating plans and search for potential funding alternatives in order to finance the development activities and
operating expenses. The Company is continuing its plan to further grow and expand operations and seek sources of capital to pay the contractual
obligations as they come due. To access capital to fund operations or provide growth capital, the Company will need to raise capital in
one or more debt and/or equity offerings.
However, the Company cannot predict the exact
amount or timing of the alternatives or guarantee those alternatives will be favorable to its stockholders. Any failure to obtain financing
when required will have a material adverse impact on the Company's business, operation and financial result. Please refer to the
Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed on March 28, 2024, for further information about the
liquidity and going concern.
NOTE 4 —
COMPLETION OF MERGER TRANSACTION
The Merger Transactions
In April 2024, the Company entered into a certain Agreement and Plan
of Merger (the "Original Merger Agreement"). On August 30, 2024, the Company entered into an Amended and Restated Agreement
and Plan of Merger (as further amended, the "Merger Agreement") by and between the Merger Sub, Triller, and Bobby Sarnevesht.
The Merger Agreement has amended, restated and superseded the Original Merger Agreement accordingly (the "Merger Transactions").
Pursuant to the Merger Agreement, (a) Triller will complete its reorganization (the "Triller Reorganization") with Triller
Hold Co LLC ("Triller LLC"), (b) the Company will domesticate to the United States as a Delaware corporation (the "AGBA
Domestication"), pursuant to which, among other things, all AGBA ordinary shares, par value $
0.001
per share will automatically
convert into the same number of shares Delaware Parent Common Stock, as defined below (AGBA, when domesticated as a Delaware corporation,
is sometimes referred to as "Delaware Parent") and (c) after giving effect to the Triller Reorganization and the AGBA Domestication,
Merger Sub will merge into Triller, with Triller as the surviving corporation and a wholly owned subsidiary of Delaware Parent.
Stockholders' Approval
On September 19, 2024, the Merger Transaction
and other related proposals were approved by the stockholders of the Company at the extraordinary general meeting of stockholders (the
"EGM").
Merger Closing
On October 15, 2024, the Company consummated the
Merger Agreement and completed the AGBA Domestication by changing its jurisdiction of incorporation from the British Virgin Islands to
the State of Delaware and changed its company name to "Triller Group Inc." ("Triller Group" or "ILLR").
Pursuant to the Certificate of Incorporation of the Company, the par value of the common stock and preferred stock of the Company is $
0.001
per share.
F-
20
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
In connection with the consummation of the Merger
Transaction, on the closing date, the Company acquired
100
% of the outstanding capital stock and exercised the conversion of all restricted
stock units of Triller, in exchange for the following:
(i)
issued
83,468,631
shares of common stock of ILLR to the Triller stockholders;
(ii)
24,206,246
shares of common stock of ILLR to escrow agent;
(iii)
issued
11,801,804
shares of Series A-1 preferred stock of ILLR to the holders of Triller preferred stock, that are affiliated with the Company's
majority stockholder,
(iv)
issued
30,851
shares of Series B preferred stock of ILLR to Green Nature Limited, a British Virgin Islands company that is affiliated with the
Company's majority stockholder;
(v)
converted
all existing Triller restricted stock units into
16,908,829
shares of restricted stock units of ILLR (the "Triller Group RSUs"),
and reserved an aggregate of
16,908,829
shares of common stock of ILLR for future issuance upon the vesting of the Triller Group RSUs,
and
(vi)
adjusted
an aggregate of
53,147,335
Triller warrants which are to be reissued as Triller Group warrants in replacement thereof pursuant to an
independent valuation.
Following the closing, the Company issued an aggregate
of
107,674,877
shares of its common stock,
11,801,804
shares of its Series A-1 preferred stock, and
30,851
shares of its Series B preferred
stock.
At the closing date and following the completion
of the Merger Transaction and after giving effect to the Forward Split effected on October 1, 2024 and Reverse Split effected on October
15, 2024, the Company had approximately
155,159,817
shares of common stock issued and outstanding.
To date, the common stocks of ILLR were listed
and traded on the Nasdaq Stock Market under the symbol "ILLR".
NOTE 5 —
PROMISSORY NOTES RECEIVABLE AND PAYABLE
Financing Arrangements with Triller and Yorkville
On April 25, 2024, the Company entered into the
A&R SEPA with YA II PN, LTD, a Cayman Islands exempt limited partnership ("Yorkville"), and Triller. Pursuant to the A&R
SEPA, Triller, or the Company after the transactions contemplated by the Merger Agreement are closed, has the right to sell to Yorkville
up to $
500
million shares of common stock, par value $
0.001
per share, of the Company ("Common Stock"), subject to certain
limitations and conditions set forth in the A&R SEPA, from time to time during the term of the SEPA. Sales of the shares of Common
Stock to Yorkville under the A&R SEPA, and the timing of any such sales, are at the Company's option, and the Company
is under no obligation to sell any shares of Common Stock to Yorkville under the A&R SEPA except in connection with notices that may
be submitted by Yorkville.
In connection with the A&R SEPA, Yorkville
agreed to an advance to the Triller in the form of convertible promissory notes in a principal amount up to $
8.51
million (the "First
Pre-Paid Advance"). The First Pre-Paid Advance is amounted to
94.0
% of the principal amount to be drawn down. Interest shall accrue
on the outstanding balance of First Pre-Paid Advance at an annual rate of
5
%, subject to an increase to
18
% upon an event of default as
described in the definitive agreement. The maturity date of the First Pre-Paid Advance will be 12 months after its issuance date. Yorkville may
convert the First Pre-Paid Advance into shares of the Common Shares at any time after the Merger at a fixed conversion price equal to
(i) the principal mount and interests, divided by (ii) the determination of the lower of (a)
100
% of the VWAP during the ten trading days
preceding the closing date of the Merger (the "Fixed Price"), or (b)
92.5
% of the lowest daily VWAP during the 10 consecutive
trading days immediately preceding the conversion date or other date of determination (the "Variable Price"), provided that
the Variable Price shall not be lower than the Floor Price. The "Floor Price", solely with respect to the Variable Price,
shall be equal to (i) a price equal to
20
% of the average of the daily VWAPs during the ten (10) trading days immediately preceding the
closing date of the Merger, and (ii) from and after the date of effectiveness of the initial registration statement,
20
% of the VWAP of
the trading day immediately prior to the date of effectiveness of the initial registration statement, if such price is lower than the
price in part (i) of this sentence.
F-
21
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Second Pre-Paid Advance
On June 28, 2024, the Company, Triller and Yorkville
entered into the Second A&R SEPA to modify the A&R SEPA dated April 25, 2024. Pursuant to the Second A&R SEPA, Yorkville will
(i) provide for the assignment by Triller and assumption by the Company of the rights and obligations of Triller under the A&R SEPA
and the promissory note of the First Pre-Paid Advance of $
8.51
million from Triller dated April 25, 2024 and (ii) provide to the Company
financing in the principal amount of $
25
million (the "Second Pre-Paid Advance") in the form of an additional convertible
promissory note, subject to the same terms in interest charge and maturity under the First Pre-Paid Advance.
In connection with the Second A&R SEPA, the
Company issued convertible promissory notes in an aggregate of $
33.51
million to Yorkville. On July 2, 2024, the Company received $
23.35
million, net of $
150,000
direct legal fee incurred in arranging the Second A&R SEPA, from Yorkville.
Common Warrants to Yorkville
Also, pursuant to the Second A&R SEPA, the Company issued a warrant
(the "Common Warrant") to Yorkville to purchase up to a number of shares of common stock of the Company equal to
25
% of the
principal amount of the aggregated pre-paid advances divided by a price equal to the Fixed Price, each such Common Warrant with an exercise
price equal to the Fixed Price. On June 28, 2024, the Company issued
1,431,561
shares of common warrants to Yorkville (representing $
8,377,500
or
25
% of the $
33,510,000
the aggregated principal amount of the First Pre-Paid Advance and the Second Pre-Paid Advance) at a fixed price
of $
5.67
per share.
Promissory Notes Receivable from Triller
In connection with the First and Second Pre-Paid Advances issued by
Yorkville under A&R SEPA and the Second A&R SEPA, Yorkville advanced $
8.0
million and $
20.3
million, respectively to Triller and
Triller issued promissory note to the Company in April and August 2024. The promissory notes receivable from Triller included interest
receivables from Triller.
As of
September 30, 2024
, the promissory note
receivable from Triller was $
28,344,339
, including an interest receivable of $
369,339
, with the maturity date on June 28, 2025.
Convertible Promissory Notes Payable, net
As of September 30, 2024, the aggregate principal amount of the First
and Second Pre-Paid Advances are $
33.51
million and the convertible promissory notes payable to Yorkville are recorded at $
32.51
million,
net of discount, as current liabilities on the condensed consolidated balance sheets. The convertible promissory notes payable will be
repayable within 12 months after the issuance date. Also, Yorkville has the right to convert the convertible promissory notes payable
into the Company's common stock at any time after the Merger Transaction at a fixed conversion price. The Company analyzed the conversion
feature of the agreement for derivative accounting consideration under ASC 815 and determined that the embedded conversion features should
be classified as a derivative because the exercise price of these convertible notes are subject to a variable conversion rate. The Company
has determined that the conversion feature is not considered to be solely indexed to the Company's own shares and is therefore not
afforded equity treatment.
The Company recorded amortization of debt discount
of convertible promissory notes payable as interest expense in the unaudited condensed consolidated statements of operations and comprehensive
loss of $
518,959
and $
612,575
for the three and nine months ended September 30, 2024, respectively.
The Company recorded accrued interest of convertible
promissory notes payable in interest expense in the unaudited condensed consolidated statements of operations and comprehensive loss of
$
432,592
and $
510,698
for the three and nine months ended September 30, 2024, respectively.
F-
22
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 6 —
RESTRICTED CASH
As of September 30, 2024 and December 31, 2023,
the Company has $
13,657,974
and $
16,816,842
fund held in escrow, respectively. Fund held in escrow primarily comprised of escrow funds
held in bank accounts on behalf of the Company's customers. The Company is currently acted as a custodian to manage the assets and
investment portfolio on behalf of its customers under the terms of certain contractual agreements, which the Company does not have the
right to use for any purposes, other than managing the portfolio. Upon receiving escrow funds, the Company records a corresponding escrow
liability.
NOTE 7 —
ACCOUNTS RECEIVABLE, NET
Accounts receivable,
net consisted of the following:
As of
September 30,
2024
December 31,
2023
Accounts receivable
$
1,880,421
$
3,283,118
Accounts receivable – related parties
1,833,343
1,094,225
Less: allowance for expected credit losses
(
1,126,653
)
(
312,482
)
Accounts receivable, net
$
2,587,111
$
4,064,861
The accounts receivable due from related parties
represented the management service rendered to the portfolio assets of a related companies, which are controlled by the holding company,
for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values
invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.
The following table presents the activity in the
allowance for expected credit losses:
As of
September 30,
2024
December 31,
2023
Balance at beginning of period/year
$
312,482
$
94,447
Additions
808,274
217,475
Foreign translation adjustment
5,897
560
Balance at end of period/year
$
1,126,653
$
312,482
The Company generally conducts its business with
creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses
determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and
market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off
after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on
an ongoing basis and its exposure to bad debts is not significant.
For the three and nine months ended September 30, 2024, the Company
has evaluated the probable losses on the accounts receivable and made a provision for allowance for expected credit losses of $
214,416
and $
808,274
, respectively.
For the three and nine months ended September
30, 2023, the Company has evaluated the probable losses on the accounts receivable and made a provision for allowance for expected credit
losses of $
143,101
and $
211,050
, respectively.
F-
23
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 8 —
LOANS RECEIVABLE, NET
The Company's
loans receivable, net was as follows:
As of
September 30,
2024
December 31,
2023
Residential mortgage loans
$
1,680,436
$
1,605,531
Less: allowance for expected credit losses
(
10,318
)
(
1,229
)
Loans receivable, net
$
1,670,118
$
1,604,302
Classifying as:
Current portion
$
628,160
$
549,461
Non-current portion
1,041,958
1,054,841
Loans receivable, net
$
1,670,118
$
1,604,302
The interest rates on loans issued ranged between
9.00
% and
10.50
% (for the nine months ended September 30, 2023:
9.00
% to
10.50
%) per annum for the nine months ended September 30, 2024.
Mortgage loans are secured by collateral in the pledge of the underlying real estate properties owned by the borrowers. As of September
30, 2024, the net carrying amount of the loans receivable was $
1,670,118
, which included an interest receivable of $
114,616
.
Mortgage loans are made to either business or
individual customers in Hong Kong for a period of
1
to
25
years, which are fully collateralized and closely monitored for counterparty
creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of September 30, 2024 and
December 31, 2023.
Estimated allowance for expected credit losses
is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied
on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic
conditions. If there is an unexpected deterioration of a customer's financial condition or an unexpected change in economic conditions,
including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting
adjustments would affect earnings in the period that adjustments are made.
For the three and nine months ended September 30, 2024, the Company
has evaluated the probable losses on loans receivable and made a provision for allowance for expected credit losses of $
5,482
and $
9,037
,
respectively.
For the three and nine months ended September
30, 2023, the Company has evaluated the probable losses on loans receivable and made a provision for allowance for expected credit losses
of $
1,414
and $
1,414
, respectively.
NOTE 9 —
NOTES RECEIVABLE, NET
On February 24, 2023, the Company entered into
a subscription agreement and a convertible loan note instrument (collectively the "Agreements") with Investment A. Pursuant
to the Agreements, the Company agrees to subscribe an aggregate amount of $
1,673,525
notes, in batches, which are payable on or before
January 31, 2024 and bears a fixed interest rate of
8
% per annum. On April 30, 2024, the Company entered into a purchase and sale agreement
with an independent third party to sell all its convertible loan notes on Investment A for a purchase price of $
412,360
. The transaction
was completed on April 30, 2024. For the three and nine months ended September 30, 2024, the Company has evaluated the probable losses
on notes receivable and made a provision for allowance for expected credit losses of
nil
and $
155,187
, respectively.
F-
24
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 10
— LONG-TERM INVESTMENTS, NET
Long-term investments, net consisted of the following:
As of
Ownership
interest
September 30,
2024
Ownership
interest
December 31,
2023
Marketable equity securities:
Investment C
0.00
%*
$
1,380
0.00
%*
$
595
Non-marketable equity securities:
Investment A
8.37
%
5,887,322
8.37
%
5,826,703
Investment B
3.63
%
306,123
3.63
%
342,000
Investment D
4.47
%
17,751,016
4.47
%
16,880,384
Investment E, related party
4.00
%
525,097
4.00
%
522,531
Investment F
—
—
4.00
%
2,152,251
24,469,558
25,723,869
Investment G under purchase option
6,028,100
—
Net carrying value
$
30,499,038
$
25,724,464
*
Less
than 0.001%
Investments
in Marketable Equity Securities
Investments in equity securities, such as, marketable
securities, are accounted for at its current market value with the changes in fair value recognized in net gain (loss). Investment C was
listed and publicly traded on Nasdaq Stock Exchange.
As of September 30, 2024 and December 31, 2023,
Investment C was recorded at fair value of $
1,380
and $
595
, which were traded at a closing price of $
21.21
and $
9.15
per share, respectively.
Investments
in Non-Marketable Equity Securities
Investments in non-marketable equity securities
consist of investments in limited liability companies in which the Company's interests are deemed minor and long-term, strategic
investments in companies that are in various stages of development, and investments in close-ended partnership funds which concentrated
in the healthcare sector. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment,
if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment
of the same issuer.
F-
25
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Management assesses each of these investments
on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee's
financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions
subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company
is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the
investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net.
Fair value is estimated using the best information available, which may include cash flow projections or other available market data.
On February 5, 2024, the Company entered into
a purchase and sale agreement with an independent third party to sell all its equity interest in Investment F for a purchase price of
$
2.15
million and the transaction was completed on February 19, 2024.
Investments Under Purchase Option
On September 6, 2024, the Company received the warrant containing a
purchase option to acquire
285,353
units of Class C of the consultant, equal to
4.11
% of its equity interest, at an exercise price of
$
0.001
per unit, over a period of
5
years (see Note 14). This warrant containing a purchase option of equity securities was recorded as
an investment in non-marketable equity securities and measured at the fair value of $
6,028,100
under ASC Topic 321, as of September 30,
2024.
Under ASC Topic 820-10, the warrant was classified
as Level 3 due to the use of unobservable inputs. The fair value of the warrant is valued by an independent valuer using a Binominal pricing
model with the following key inputs at the measurement date:
As of
September 30,
2024
Input
Share price
$
52.57
Risk-free interest rate
2.54
%
Volatility
43.00
%
Exercise price
$
0.001
Warrant remaining life
5
years
F-
26
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
The following table presents the movement of non-marketable
equity securities as of September 30, 2024 and December 31, 2023:
As of
September 30,
2024
December 31,
2023
Balance at beginning of period/year
$
25,723,869
$
34,589,767
Additions
—
288,581
Disposal
(
2,152,251
)
—
Adjustments:
Downward adjustments
(
37,678
)
(
10,092,729
)
Foreign exchange adjustment
935,618
938,250
Balance at end of period/year
$
24,469,558
$
25,723,869
Cumulative unrealized gains and losses, included in the carrying value
of the Company's non-marketable equity securities:
As of
September 30,
2024
December 31,
2023
Downward adjustments (including impairment)
$
(
37,385,007
)
$
(
37,347,329
)
Upward adjustments
6,209,357
6,209,357
$
(
31,175,650
)
$
(
31,137,972
)
Investment income (loss), net is recorded as other
income (expense) in the Company's unaudited condensed consolidated statements of operations and comprehensive loss, and consisted
of the following:
For the three months ended
September 30,
2024
2023
Marketable equity securities:
Unrealized gain (loss) from the changes in fair value – Investment C
$
404
$
(
11
)
Non-marketable equity securities:
Unrealized loss (including impairment) – Investment F
—
(
1,029,766
)
Dividend income
—
236,870
Investment income (loss), net
$
404
$
(
792,907
)
For the nine months ended
September 30,
2024
2023
Marketable equity securities:
Unrealized gain from the changes in fair value – Investment C
$
778
$
87
Realized gain from sale of Investment C
—
1,541,736
Non-marketable equity securities:
Unrealized loss (including impairment) – Investment B
(
37,678
)
—
Unrealized loss (including impairment) – Investment F
—
(
2,457,537
)
Dividend income
—
1,404,303
Investment (loss) income, net
$
(
36,900
)
$
488,589
F-
27
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 11
— BORROWINGS
As of
September 30,
2024
December 31,
2023
Mortgage borrowings
$
1,066,160
$
1,804,950
Short-term borrowings, related party
5,000,000
5,000,000
Total
$
6,066,160
$
6,804,950
Mortgage Borrowings
In February 2023, the Company obtained a mortgage
loan of $
1,793,001
(equivalent to HK$
14,000,000
) from a finance company in Hong Kong, which bears an average interest rate at
13.75
% per
annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premises owned by the Company. As of
September 30, 2024, the carrying value of the loan is $
1,066,160
. On October 31, 2024, the Company entered into a preliminary sales and
purchase agreement with an independent third party to sell the office premises with a cash consideration of approximately $
1.6
million.
The transaction will be completed in February 2025.
In July 2024, the Company partially settled $
787,157
,
including $
18,678
interest expense (equivalent to principal and interest of HK$
6,000,000
and HK$
145,833
, respectively). The remaining
principal and accrued interest is expected to settle in November 2024.
Short-term Borrowings
In September 2023, the Company obtained a short-term
borrowing of $
5,000,000
from the Company's major stockholder's ultimate holding company, which bears interest at a fixed rate
of
12.00
% per annum, repayable in October 2023. The borrowing is secured by a lien on the partial equity interest in Investment D owned
by the Company. The Company entered into certain supplementary agreements to renew and extend the maturity to the end of November 2024.
NOTE 12
— OPERATING LEASES
The Company has entered into commercial operating lease with an independent
third party for the use of an office in Hong Kong. The lease has original terms exceeding
1
year, but not more than
3
years with an option
to renew for a further term of 3 years. The operating lease is included in "Right-of-use assets, net" on the condensed consolidated
balance sheets and represented the Company's right to use the underlying assets during the lease term. The Company's obligation
to make lease payments are included in "Operating lease liabilities" on the condensed consolidated balance sheets.
Supplemental balance sheet information related
to operating leases was as follows:
As of
September 30,
2024
December 31,
2023
Operating lease:
Right-of-use asset
$
12,618,789
$
12,512,585
Less: accumulated amortization
(
2,447,706
)
(
1,004,432
)
Right-of-use asset, net
$
10,171,083
$
11,508,153
Lease liabilities:
Current lease liabilities
$
1,295,842
$
1,229,329
Non-current lease liabilities
9,718,742
10,646,053
Total lease liabilities:
$
11,014,584
$
11,875,382
F-
28
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Operating lease expense for the three months ended
September 30, 2024 and 2023 was $
643,708
and $
640,920
, respectively, is included in other general and administrative expenses in the unaudited
condensed consolidated statements of operations and comprehensive loss.
Operating lease expense for the nine months ended
September 30, 2024 and 2023 was $
1,927,851
and $
854,470
, respectively, is included in other general and administrative expenses in the
unaudited condensed consolidated statements of operations and comprehensive loss.
Other supplemental information about the Company's
operating lease as of September 30, 2024 and December 31, 2023 are as follow:
As of
September 30,
2024
December 31,
2023
Weighted average discount rate
6.58
%
6.58
%
Weighted average remaining lease term (years)
4.67
5.42
Maturities of operating lease liabilities as of
September 30, 2024 were as follows:
For the year ending September 30,
Operating
lease
2025
$
1,951,717
2026
2,373,467
2027
3,216,968
2028
3,216,968
2029
2,144,645
Total minimum lease payments
12,903,765
Less: imputed interest
(
1,889,181
)
Future minimum lease payments
$
11,014,584
NOTE 13
— WARRANTS
In connection with the Merger Transaction aforementioned
in note 4, the exercise prices for, and the shares underlying, all previously outstanding public warrants ("AGBA Public Warrants"),
private warrants issued in AGBA's SPAC IPO ("AGBA SPAC Private Warrants"), Class A warrants ("AGBA Class A Warrants"),
and common warrants ("AGBA Common Warrants," together with AGBA Class A Warrants and AGBA SPAC Private Warrants, "AGBA
Private Warrants," together with AGBA Public Warrants, "AGBA Warrants") issued by AGBA were adjusted in accordance with
the terms of such warrant instruments to reflect the previously announced and implemented 1.9365-to-1 Forward Split and 1-for-4 Reverse
Split.
An equitable adjustment with a combined ratio of 0.5:1 applied
to the number of AGBA Ordinary Shares issuable on the exercise of
each AGBA Warrants and the warrant price. Upon the Closing, all warrants issued by AGBA and Triller were assigned to and assumed by Triller
Group ("Triller Group Warrants"). Accordingly, as of the close of business on October 15, 2024, each AGBA Public Warrant and
each AGBA SPAC Private Warrant became one Triller Group Warrant which entitles the holder thereof to purchase
0.25
shares of Triller Group
Common Stock at an adjusted exercise price of $
23.00
per whole share (provided, however, warrants are not exercisable for fractional shares,
only whole shares; thereby a warrant holder would need to hold four warrants to yield one share). Each AGBA Class A Warrant and each AGBA
Common Warrant became one Triller Group Warrant which entitles the holder thereof to purchase
0.5
shares of Triller Group Common Stock
at an adjusted exercise price of two times of the original exercise price per whole share (provided, however, warrants are not exercisable
for fractional shares, only whole shares; thereby a warrant holder would need to hold two warrants to yield one share). AGBA Public Warrants
started trading on a post-adjustment basis as Triller Group Warrants on October 16, 2024 under the new ticker symbol "ILLRW".
All the warrants and their exercise prices are retroactively restated in effect to the forward stock split and reverse stock split (see
Note 14).
The Company has
issued the different classes of warrants, as follows:
Public Warrants
Each public warrant entitles the holder thereof
to purchase one-quarter (1/4) of one share of common stock at a price of $
23.00
per full share, subject to adjustment as discussed herein.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only
an even number of warrants may be exercised at any given time by a warrant holder.
F-
29
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Once the public warrants become exercisable, the
Company may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued
to Maxim Group LLC) for redemption:
●
in
whole and not in part;
●
at
a price of $
0.01
per warrant;
●
upon
a minimum of
30
days' prior written notice of redemption,
●
if,
and only if, the last sales price of the common stock equals or exceeds $
33.00
per share for any
20
trading days within a
30
trading
day period ending three business days before the Company send the notice of redemption, and
●
if,
and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the time
of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.
If the Company calls the warrants for redemption
as described above, the management of the Company will have the option to require all holders that wish to exercise warrants to do so
on a "cashless basis." In such event, each holder would pay the exercise price by surrendering the whole warrants for that
number of common stocks equal to the quotient obtained by dividing (x) the product of the number of common stock underlying the warrants,
multiplied by the difference between the exercise price of the warrants and the "fair market value" (defined below) by (y)
the fair market value. The "fair market value" shall mean the average reported last sale price of the common stock for the
10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
Whether the Company will exercise our option to require all holders to exercise their warrants on a "cashless basis" will
depend on a variety of factors including the price of the common stock at the time the warrants are called for redemption, the Company's
cash needs at such time and concerns regarding dilutive share issuances.
The public warrants qualify for the derivative
scope exception under ASC 815 and are therefore presented as a component of Stockholders' Equity Section on the condensed consolidated
balance sheets without subsequent fair value re-measurement.
As of September 30, 2024 and December 31, 2023, there were
4,600,000
public warrants outstanding.
Other than the public warrants, the Company has
accounted for and presented certain warrants as liabilities on the condensed consolidated balance sheets, in accordance with ASC 480.
The fair value of the warrant liabilities is valued by an independent valuer using a Binominal pricing model. The warrant liabilities
were classified as Level 3 due to the use of unobservable inputs.
SPAC Private Warrants
The SPAC private warrants are identical to the public warrants, except
that the SPAC private warrants and the common stocks issuable upon the exercise of the SPAC private warrants were not transferable, assignable
or salable until after the completion of the business combination on November 14, 2022, subject to certain limited exceptions. Additionally,
the SPAC private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the SPAC private warrants are held by someone other than the initial purchasers or their permitted
transferees, the SPAC private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public
warrants at a price of $
23.00
per full share.
As of September 30, 2024 and December 31, 2023, there were
225,000
SPAC private warrants outstanding, with aggregate value of $
8,102
and
nil
, respectively.
The changes in fair value for the three and nine
months ended September 30, 2024 were $(
981
) and $
8,102
, respectively.
The changes in fair value for the three and nine
months ended September 30, 2023 were $
1,106
and $
3,481
, respectively.
F-
30
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Warrants – Class A
On May 2, 2024, the Company issued
3,557,932
shares of common stock
and the associated warrants to purchase up to
734,920
shares of common stock at a purchase price of $
1.40
per share under the private
placement, to an institutional investor, a director and officers of the Company. The subscribers in private placement will receive one
warrant – class A for every five shares of common stock subscribed. Each warrant – class A entitles the holder to purchase
0.5 share of common stock at an exercise price of $
2.00
per share and shall be exercised with more than $
500,000
per tranche. The warrants
will be exercisable six months after the issuance date for a period of
five years
after the exercise date.
As of September 30, 2024 and December 31, 2023, there were
1,469,840
and
nil
warrants - class A outstanding, respectively, with aggregate value of $
1,896,657
and
nil
, respectively.
The changes in fair value for the three and nine
months ended September 30, 2024 were $
156,864
and $
1,896,657
respectively.
Common Warrants
One June 28, 2024, the Company issued
2,957,008
common warrants to
Yorkville, in connection with the Second A&R SEPA, representing $
8,377,500
or
25
% of the $
33,510,000
the aggregate principal amount
of the First Pre-Paid Advance and the Second Pre-Paid Advance (see Note 5). Each common warrant entitles the holder to purchase 0.5 share
of common stock with an exercise price of $
5.67
per share.
As of September 30, 2024 and December 31, 2023, there were
2,957,008
and
nil
common warrants outstanding, respectively, with aggregate value of $
2,376,695
and
nil
, respectively.
The changes in fair value for the three and nine
months ended September 30, 2024 were $
476,167
and $
2,376,695
, respectively.
The key inputs into the Binominal pricing model
were as follows at their measurement dates:
As of
As of September 30, 2024
December 31,
2023
Common
Warrants
Warrants –
Class A
SPAC Private
Warrants
SPAC Private
Warrants
Input
Share price
$
3.32
$
3.32
$
3.32
$
0.49
Risk-free interest rate
3.56
%
3.56
%
3.56
%
4.04
%
Volatility
51.68
%
51.72
%
50.80
%
48.66
%
Exercise price
$
5.67
$
2.00
$
23.00
$
23.00
Warrant remaining life
4.74
years
5.09
years
1.88
years
2.63
years
F-
31
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 14
— STOCKHOLDERS' (DEFICIT) EQUITY
To date, the Company's common stock is currently
traded on the Nasdaq Capital Market under the symbol "ILLR", which was previously traded under the symbol "AGBA."
On October 15, 2024, the Company changed its domicile
from British Virgin Islands to the State of Delaware.
Preferred
Stock
On October
15, 2024, the Company filed its articles of incorporation with the Secretary of State of Delaware, to
authorize shares of preferred
stock and provide that shares of preferred stock may be issued from time to time in one or more series. The Company's board of directors
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other
special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.
To date, the Company has authorized a total of
100,000,000
shares of preferred stock. Of this amount the Company has designated
11,803,398
shares and
35,000
shares to two classes of
preferred stock, Series A-1 Preferred Stock and Series B Preferred Stock, respectively.
A description of each class of preferred stock
is listed below:
Series A-1 Preferred Stock
The Company designated up to
11,803,398
shares
as Series A-1 Preferred Stock, with a par value of $
0.001
per share. Each share of Series A-1 Preferred Stock shall be convertible, at
the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder
thereof, into such number of fully paid and non-assessable shares of common stock.
There were
nil
shares of Series A-1 Preferred
Stock issued and outstanding as of September 30, 2024 and December 31, 2023.
Series B Preferred Stock
The Company designated up to
35,000
shares of
Series B Preferred Stock, with a par value of $
0.001
per share.
Each share of Series B Preferred Stock shall be entitled to 10,000 votes
for each share of Series B Preferred Stock held by such holder.
There were
nil
shares of Series B Preferred Stock
issued and outstanding as of September 30, 2024 and December 31, 2023.
F-
32
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Common Stock
(or equivalent to ordinary shares)
Forward and Reverse Stock Splits
On October 1, 2024, the Company effected a 1.9365-to-1
forward stock split (the "Forward Split"), resulting increase in the total number of authorized ordinary shares from
1,500,000,000
to
2,904,753,145
, increase in the outstanding ordinary shares from
97,736,035
shares to
189,265,804
shares and reduction of par value
from $
0.001
to $
0.000516395
per share.
Further,
on October 15, 2024, immediately prior
to the completion of the redomiciliation and merger transaction, the Company effected a 1-for-4 reverse stock split (the "Reverse
Split"), resulting in the proportional adjustments to the par value of the ordinary shares, the authorized number of ordinary shares,
and the number of outstanding ordinary shares.
Proportional adjustments were also made to all outstanding stock options, warrants, and
common warrants in accordance with their respective terms. The Reverse Split did not change the par value of the Company's common
stock or the authorized number of shares. All fractional shares were rounded up to the nearest whole share with respect to outstanding
shares of common stock. All share and warrant numbers and per share amounts are retroactively presented in this Form 10-Q to reflect the
impact of the Forward Split and the Reverse Split as if they had taken effect on January 1, 2023.
To date, the Company has
1,400,000,000
authorized
shares of common stock, with a par value of $
0.001
per share.
During the nine months ended September 30, 2024,
the Company issued
14,076,317
shares of common stock as follows:
(i)
167,586
shares of common stock to the directors and officers of the Company under the Share Award Scheme (the "Scheme"), whose shares were vested in 2023.
(ii)
1,325,458
shares of common stock to the employees of the Company to compensate for the contributions of their services and performance.
(iii)
2,520,169
shares of common stock to certain consultants to compensate their services rendered. As of September 30, 2024, the unrecognized deferred equity compensation amounting to $
7,994,977
was recorded in the additional paid-in capital and will be amortized over the remaining service period.
(iv)
484,125
shares of common stock to Apex Twinkle Limited to partially settle the finder fee payable.
(v)
3,557,932
shares of common stock and the associated warrants to purchase
711,586
shares of common stock at a purchase price of $
1.45
per share under the private placement, to an institutional investor, a director and officers of the Company, on May 2, 2024. Among
3,557,932
shares of common stock, in December 2023, the Company received gross proceeds of $
1,850,314
from an institutional investor in exchange of
1,279,688
shares of common stock and settled the accrued salaries of $
1,242,850
with an aggregate of
859,564
shares of common stock to a director and officers of the Company. The remaining
1,418,680
shares of common stock were issued to a director of the Company.
(vi)
3,558,319
shares of common stock to a consultant to compensate services for a period of two years commenced in September 2024 and to receive the
warrant containing a purchase option to acquire the equity interest of the consultant, with the aggregate fair value of $
18,456,585
,
at the current market value of $
2.51
per share. Under the consulting agreement, the Company received the warrant to purchase
285,353
units of Class C of the consultant, equal to
4.11
% of its equity interest, at an exercise price of $
0.001
per unit, over a period of
5
years. During the three and nine months ended September 30, 2024, the Company recorded $
520,000
and $
520,000
of consultancy service
fee, respectively in the unaudited condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024,
the unrecognized deferred equity compensation amounting to $
11,908,485
was recorded in the additional paid-in capital and will be amortized
over the remaining service period and $
6,028,100
of long-term investments, net in the condensed consolidated balance sheets.
(vii)
702,726
shares of common stock for the settlement of the accrued salaries to the directors and officers.
(viii)
58,095
shares of common stock to the independent directors of the Company under the 2024 Equity Incentive Plan.
(ix)
636,899
shares of common stock to a related company which owned by the Chairman of the Company to compensate for the advisory services rendered.
(x)
604,244
shares of common stock for the settlement of the accrued director's fee to the Chairman of the Company.
(xi)
459,919
shares of common stock to the employees and officers of the Company to compensate for their services and performance.
(xii)
845
fractional shares of common stock resulting from rounding up to whole shares upon the effectiveness of Reverse Split.
F-
33
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
There were
47,317,308
and
33,240,991
shares of
common stock issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively.
During the three months ended September 30, 2024
and 2023, the Company recorded $
2,564
and $
2,150,680
share-based compensation expense, respectively which is included in the legal and
professional fee in the unaudited condensed consolidated statements of operations and comprehensive loss.
During the nine months ended September 30, 2024
and 2023, the Company recorded $
218,012
and $
8,026,400
share-based compensation expense, respectively which is included in the legal and
professional fee in the unaudited condensed consolidated statements of operations and comprehensive loss.
Common Stock
To Be Issued
There were
nil
and
2,350,081
shares of common
stock to be issued, as of September 30, 2024 and December 31, 2023, respectively.
Subscription Receivable
Subscription receivable is related to the private
placement commenced in November 2023, whose common stocks were issued to a director of the Company on May 2, 2024. The gross proceed of
$
2,051,280
in relation to the corresponding
1,418,680
shares of common stock is expected to be settled by the director of the Company
on or before December 31, 2024.
Forgiveness of Amount Due to the Holding
Company
During the nine months ended September 30, 2024
and 2023, the holding company of the Company agreed to forgive a debt of
nil
and $
12,593,384
, in aggregate, respectively, representing
certain amount due to it and treat as additional paid-in capital.
2023 Share Award Scheme
Pursuant to the Share Award Scheme, the Company
filed S-8 registration statement to register up to
5,652,352
shares of common stock on February 24, 2023.
The fair value of the common stock granted during
the period is measured based on the closing price of the Company's common stocks as reported by Nasdaq Exchange on the date of grant.
For those vested immediately on the date of grant, the fair value is recognized as share-based compensation expense in the unaudited condensed
consolidated statements of operations and comprehensive loss.
As of September 30, 2024,
491,797
shares of common
stock are available to issue under this plan.
During the three months ended September 30, 2024
and 2023, the Company recorded
nil
and
nil
share-based compensation expense, respectively which is included in the personnel and benefit
expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
During the nine months ended September 30, 2024
and 2023, the Company recorded $
1,565,880
and
nil
share-based compensation expense, respectively which is included in the personnel and
benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
F-
34
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Restricted Share Units ("RSUs")
In December 2022, the Company approved and granted
2,420,625
shares of common stock as RSUs to employees and consultants as additional compensation under the Scheme. These RSUs typically
will be vested over
one
to
four
years
period from 2023 to 2026.
For the RSUs, the fair value is recognized over
the period based on the derived service period (usually the vesting period), on a straight-line basis. The valuations assume no dividends
will be paid. The Company has assumed
10
% forfeitures.
On January 22, 2024 and June 18, 2024, the Company
issued
161,775
and
5,811
shares of common stock, respectively, to the directors and officers of the Company under the Scheme, whose shares
were vested in 2023.
During the three months ended September 30, 2024
and 2023, the Company recorded $
250,567
and $
1,317,600
share-based compensation expense, respectively which is included in the personal
and benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
During the nine months ended September 30, 2024
and 2023, the Company recorded $
751,701
and $
3,952,800
share-based compensation expense, respectively which is included in the personal
and benefit expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
As of September 30, 2024 and December 31, 2023,
total unrecognized compensation remaining to be recognized in future periods for RSUs totaled $
1.2
million and $
1.9
million, respectively.
They are expected to be recognized over the weighted average period of
1.08
years.
A summary of the activities for the Company's
RSUs as of September 30, 2024 and December 31, 2023 is as follow:
As of
September 30, 2024
December 31, 2023
Number of
RSUs
Weighted
Average
Grant Price
Number of
RSUs
Weighted
Average
Grant Price
Outstanding, beginning of period/year
634,072
$
2.47
2,420,625
$
2.47
Vested
—
$
—
(
167,770
)
$
2.47
Forfeited
(
142,275
)
$
(
2.47
)
(
1,618,783
)
$
(
2.47
)
Outstanding, end of period/year
491,797
$
2.47
634,072
$
2.47
2024 Equity
Incentive Plan
Pursuant to the 2024 Equity Incentive Plan (the
"2024 Plan"), the Company filed S-8 registration statement to register
7,746,000
shares of common stock on August 29, 2024.
The fair value of the common stock granted during
the period is measured based on the closing price of the Company's common stock as reported by Nasdaq Exchange on the date of grant.
For those vested immediately on the date of grant, the fair value is recognized as share-based compensation expense in the unaudited condensed
consolidated statements of operations and comprehensive loss.
As of September 30, 2024,
36,016
shares of common
stock are available to issue under this plan.
During the three months ended September 30, 2024,
the Company recorded $
3,059,390
and $
764,923
share-based compensation expense, respectively which is included in the personal and benefit
expenses and legal and professional fee, respectively in the unaudited condensed consolidated statements of operations and comprehensive
loss.
During the nine months ended September 30, 2024, the Company recorded
$
3,059,390
and $
764,923
share-based compensation expense, respectively which is included in the personal and benefit expenses in the unaudited
condensed consolidated statements of operations and comprehensive loss.
F-
35
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 15
— OPERATING EXPENSES
Commission
Expense
Pursuant to the terms of respective contracts,
commission expense represents certain premiums from insurance or investment products paid to agents. Commission rates vary by market due
to local practice, competition, and regulations. The Company charged commission expense on a systematic basis that is consistent with
the revenue recognition.
During the three months ended September 30, 2024
and 2023, the Company recorded $
1,934,131
and $
8,915,811
commission expenses, respectively.
During the nine months ended September 30, 2024
and 2023, the Company recorded $
7,696,943
and $
28,195,740
commission expenses, respectively.
Personnel and Benefit Expense
Personnel and benefit expense mainly consisted
of salaries and bonus paid and payable to the employees of the Company.
During the three months ended September 30, 2024 and 2023, the Company
recorded $
6,826,869
and $
7,764,353
personnel and benefit expense, respectively.
During the nine months ended September 30, 2024 and 2023, the Company
recorded $
18,364,075
and $
22,671,813
personnel and benefit expense, respectively.
Legal and Professional Fees
Legal and professional fees mainly consisted of
certain professional consulting services in legal, audit, accounting and taxation, and others.
During the three months ended September 30, 2024 and 2023, the Company
recorded $
2,843,599
and $
3,530,585
legal and professional fees, respectively.
During the nine months ended September 30, 2024 and 2023, the Company
recorded $
5,456,693
and $
12,500,587
legal and professional fees, respectively.
Other General and Administrative Expenses
The Company incurred different types of expenditures
under other general and administrative expenses. They primarily consist of depreciation of property and equipment and management fee expenses
which are allocated for certain corporate office expenses.
During the three months ended September 30, 2024
and 2023, the Company recorded $
1,152,530
and $
805,785
other general and administrative expenses, respectively.
During the nine months ended September 30, 2024
and 2023, the Company recorded $
3,440,851
and $
2,242,167
other general and administrative expenses, respectively.
F-
36
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
NOTE 16
— INCOME TAXES
The provision
for income taxes consisted of the following:
For the three months ended
September 30,
For the nine months ended
September 30,
2024
2023
2024
2023
Income tax expense
$
37,335
$
55,886
$
98,091
$
55,606
The Company's subsidiaries mainly operate
in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:
United States of America
Upon the redomiciliation from the British Virgin
Islands to the State of Delaware, the Company is subjected to the federal income tax rate of
21
%.
British Virgin
Islands
The Company's subsidiaries incorporated
in the British Virgin Islands are not subject to taxation. In addition, upon payments of dividends by these entities to their stockholder,
no British Virgin Islands withholding tax will be imposed.
Hong Kong
The Company's subsidiaries operating in
Hong Kong is subject to the Hong Kong Profits Tax at the income tax rates ranging from
8.25
% to
16.5
% on the assessable income arising
in Hong Kong during its tax year.
The following
table sets forth the significant components of the deferred tax assets of the Company as of September 30, 2024 and December 31, 2023:
As of
September 30,
2024
December 31,
2023
Deferred tax assets, net:
Net operating loss carryforwards
$
12,861,058
$
8,909,692
Less: valuation allowance
(
12,861,058
)
(
8,909,692
)
Deferred tax assets, net
$
—
$
—
The movement of valuation allowance is as follows:
As of
September 30,
2024
December 31,
2023
Balance as of beginning of the period/year
$
(
8,909,692
)
$
(
5,461,370
)
Addition
(
3,951,366
)
(
3,448,322
)
Balance as of end of the period/year
$
(
12,861,058
)
$
(
8,909,692
)
F-
37
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
As of September 30, 2024 and December 31, 2023,
the operations incurred $
78.0
million and $
54.0
million, respectively of cumulative net operating losses which can be carried forward
to offset future taxable income. Net operating loss can be carried forward indefinitely but cannot be carried back to prior years. There
are no group relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is
taxed as a separate entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future
tax benefits from the net operating loss carryforwards as the management believes that it is more likely than not that these assets will
not be realized in the future. The valuation allowance is reviewed annually.
Uncertain
tax positions
The Company evaluates the uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of September 30, 2024 and December 31, 2023, the Company did not have any significant unrecognized uncertain
tax positions. The Company incurred and settled minimal interest related to potential underpaid income tax expenses for the nine months
ended September 30, 2024 and did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months
from September 30, 2024.
NOTE 17
— SEGMENT INFORMATION
The following tables present the summary information
by segment for the three and nine months ended September 30, 2024 and 2023:
For the three months ended September 30, 2024
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
60,282
$
—
$
—
$
60,282
- Non-interest income
4,701,151
678,493
—
—
5,379,644
4,701,151
738,775
—
—
5,439,926
Commission expense
1,843,490
90,641
—
—
1,934,131
Depreciation
266
15,444
7,231
—
22,941
Income (loss) from operations
1,528,282
(
7,275,168
)
(
4,436,106
)
—
(
10,182,992
)
Investment income, net
—
—
404
—
404
Total assets
$
13,923,909
$
54,396,750
$
27,575,737
$
525,097
$
96,421,493
F-
38
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
For the three months ended September 30, 2023
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
41,472
$
—
$
—
$
41,472
- Non-interest income
11,875,830
1,289,199
—
—
13,165,029
11,875,830
1,330,671
—
—
13,206,501
Commission expense
8,592,596
323,215
—
—
8,915,811
Depreciation
261
15,439
7,121
—
22,821
Income (loss) from operations
1,890,079
(
5,666,668
)
(
7,565,926
)
—
(
11,342,515
)
Investment loss, net
—
—
(
792,907
)
—
(
792,907
)
Total assets
$
16,283,632
$
33,054,207
$
32,722,269
$
521,041
$
82,581,149
For the nine months ended September 30, 2024
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
123,468
$
—
$
—
$
123,468
- Non-interest income
15,211,065
2,682,445
—
—
17,893,510
15,211,065
2,805,913
—
—
18,016,978
Commission expense
7,124,313
572,630
—
—
7,696,943
Depreciation
789
46,254
21,662
—
68,705
Income (loss) from operations
3,330,885
(
12,375,689
)
(
16,738,689
)
—
(
25,783,493
)
Investment loss, net
—
—
(
36,900
)
—
(
36,900
)
Total assets
$
13,923,909
$
54,396,750
$
27,575,737
$
525,097
$
96,421,493
F-
39
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
For the nine months ended September 30, 2023
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
117,805
$
—
$
—
$
117,805
- Non-interest income
37,569,257
3,964,052
—
—
41,533,309
37,569,257
4,081,857
—
—
41,651,114
Commission expense
27,133,073
1,062,667
—
—
28,195,740
Depreciation
783
216,953
20,579
—
238,315
Income (loss) from operations
5,077,269
(
10,068,524
)
(
31,328,202
)
—
(
36,319,457
)
Investment income, net
—
—
488,589
—
488,589
Total assets
$
16,283,632
$
33,054,207
$
32,722,269
$
521,041
$
82,581,149
All of the Company's
customers and operations are based in Hong Kong.
NOTE
18 — RELATED PARTY BALANCES AND TRANSACTIONS
In support of the Company's efforts and
cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by the holding company. Amounts represent advances or amounts paid in satisfaction of liabilities.
Related party balances consisted of the following:
As of
September 30,
2024
December 31,
2023
Balance with related parties:
Accounts receivable
(a)
$
898,703
$
1,094,225
Borrowings
(b)
$
5,000,000
$
5,000,000
Amount due to the holding company
(c)
$
18,469,331
$
2,906,261
Long-term investment – Investment E
(d)
$
525,097
$
522,531
Subscription receivable
(e)
$
2,051,280
$
—
(a)
Accounts
receivable due from related parties represented the management service rendered to two individual close-ended investment private funds
registered in the Cayman Islands, which is controlled by the holding company.
(b)
Borrowing
is obtained from the Company's major stockholder of ultimate holding company. The amount was secured, interest-bearing and repayable
by the end of November 2024, as extended (see Note 11).
(c)
Amounts
due to the holding company are those nontrade payables arising from transactions between the Company and the holding company, such as
advances made by the holding company on behalf of the Company, advances made by the Company on behalf of the holding company, and allocated
shared expenses paid by the holding company. During the nine months ended September 30, 2024 and 2023, amounts due to the holding company
of
nil
and $
12,593,384
, respectively, were forgiven (see Note 14).
(d)
The
Company purchased
4
% equity interest in Investment E from a related party in May 2021, based on historical cost. The Company has a common
director with Investment E.
(e)
Subscription
receivable is related to the private placement commenced in November 2023, whose common stocks were issued to a director of the Company
on May 2, 2024. The gross proceed of $
2,051,280
in relation to the corresponding
1,418,680
shares of common stock is expected to be settled
by the director of the Company on or before December 31, 2024.
F-
40
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
In the ordinary course of business, during the
three and nine months ended September 30, 2024 and 2023, the Company involved with transactions, either at cost or current market prices
and on the normal commercial terms among related parties.
The following table provides the transactions with these parties for the periods
as presented (for the portion of such period that they were considered related):
For the three months ended
September 30,
For the nine months ended
September 30,
2024
2023
2024
2023
Nature of transactions
Asset management service income
(f)
$
245,456
$
244,525
$
729,806
$
725,146
Office and operating fee charge
(g)
$
1,088,453
$
1,317,065
$
3,280,695
$
5,089,110
General and administrative expense allocated
(h)
$
—
$
—
$
—
$
1,722
Legal and professional fees
(i)
$
249,999
$
77,777
$
749,997
$
77,777
(f)
Under
the management agreement, the Company shall provide management service to the portfolio assets held by two individual close-ended investment
private funds in the Cayman Islands, which is controlled by the holding company, for a compensation of asset management service fee income
at the predetermined rate based on the respective portfolio of asset values invested by the final customers.
(g)
Pursuant
to the service agreement, the Company agreed to pay the office and administrative expenses to the holding company for the use of office
premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest
and depreciation that were actually incurred by the holding company.
(h)
Certain
amounts of general and administrative expenses were allocated by the holding company.
(i)
On
September 19, 2023, the Company entered into an advisory services agreement with a related company, which owned by the Chairman of the
Company, for a monthly fee of $
83,333
. The service will be terminated by either party upon 90 days prior written notice.
Apart from the transactions and balances detailed
elsewhere in these accompanying unaudited condensed consolidated financial statements, the Company has no other significant or material
related party transactions during the periods presented.
NOTE 19
— RISK AND UNCERTAINTIES
The Company is
exposed to the following risk and uncertainties:
(a)
Concentration
risk
For the three and nine months ended September
30, 2024 and 2023, the customers who accounted for 10% or more of the Company's revenues are presented as follows:
For the three months ended September 30,
2024
2023
Customer
Revenues
Percentage
of revenues
Revenues
Percentage
of revenues
Customer A
$
982,137
18
%
$
4,286,883
32
%
Customer B
$
*
*
%
$
*
*
%
Customer C
$
*
*
%
$
1,503,454
11
%
Customer D
$
1,063,350
20
%
$
1,581,322
12
%
F-
41
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
For the nine months ended September 30,
2024
2023
Customer
Revenues
Percentage
of revenues
Revenues
Percentage
of revenues
Customer A
$
4,714,969
26
%
$
10,852,942
26
%
Customer B
$
*
*
%
$
5,561,429
13
%
Customer C
$
*
*
%
$
4,609,083
11
%
Customer D
$
3,426,311
19
%
$
4,633,225
11
%
Customer E
$
1,920,088
11
%
$
*
*
%
*
Customer
who accounted for less than 10% of the total revenue during the periods.
As of September 30, 2024 and December
31, 2023, the customers who accounted for 10% or more of the Company's outstanding receivable balances are presented as follows:
As of
Customer
September 30,
2024
December 31,
2023
Customer A
$
*
$
1,092,414
Customer C
$
*
61,455
Customer D
$
*
$
1,634
*
Customer
who accounted for less than 10% of the total accounts receivable as of period end.
(b)
Credit
risk
Financial instruments that potentially subject
the Company to credit risk consist of cash equivalents, restricted cash, accounts receivable, loans receivable, and notes receivables.
Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored
by management. Effective from October 1, 2024, the Hong Kong Deposit Protection Board pays compensation up to a limit of HK$
800,000
(approximately
$
102,564
) if the bank with which an individual/a company hold its eligible deposit fails. As of September 30, 2024, cash balance of $
5,092,776
and fund held in escrow of $
13,657,974
were maintained at financial institutions in Hong Kong, of which approximately $
18,265,597
was
subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors
their credit worthiness.
For accounts receivable, loans receivable, and
notes receivables, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses
based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits
and monitoring procedures.
The Company uses internally-assigned risk grades
to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company's
internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as,
credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal
risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. To minimize credit
risk, the Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness
of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances.
F-
42
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
The Company's third-party customers that
represent more than 10% of total loans receivable, and their related net loans receivable balance as a percentage of total loans receivable,
as of September 30, 2024 and December 31, 2023 were as follows:
As of
September 30,
2024
December 31,
2023
Customer F
37.3
%
37.3
%
Customer G
29.7
%
30.9
%
Customer H
33.0
%
31.8
%
(c)
Economic
and political risk
The Company's major operations are conducted
in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's
economy may influence the Company's business, financial condition, and results of operations.
(d)
Exchange
rate risk
The Company cannot guarantee that the current
exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable
periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted
to US$ and Sterling on that date. The exchange rate could fluctuate depending on changes in political and economic environments without
notice.
(e)
Liquidity
risk
Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash
to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company's reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.
If future cash flows are fairly uncertain, the liquidity risk increases.
NOTE 20
— COMMITMENTS AND CONTINGENCIES
Litigation
— From time to time, the
Company is involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of
any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business,
financial condition, operating results, or cash flows.
As of September 30, 2024, the Company involved
with various legal proceedings:
Action Case: HCA702/2018
On March 27, 2018,
the writ of summons was issued against the Company and seven related companies of the former stockholder by the Plaintiff. This action
alleged the infringement of certain registered trademarks currently registered under the Plaintiff. On February 23, 2023, the Court granted
leave for this action be set down for trial of 13 days, and the trial will commence on November 25, 2024. Legal counsel of the Company
will continue to handle in this matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of
the matter or the range of reasonably possible loss, if any.
F-
43
TRILLER GROUP INC.
(Formerly AGBA Group Holding
Limited)
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2024 AND 2023
(Currency expressed in United States Dollars ("US$"),
except for number of shares)
Action Case: HCA765/2019
On April 30, 2019,
the writ of summons was issued against the Company's subsidiary, three related companies and the former directors, stockholders
and financial consultant by the Plaintiff. This action alleged the deceit and misrepresentation from an inducement of the fund subscription
and claimed for compensatory damage of approximately $
2
million. On April 18, 2024, the court made an order that the plaintiff shall set
the case down for trial on or before July 6, 2024 for a 7 days trial before a judge and there shall be a pre-trial review before the trial
judge on a date 12 weeks before the trial. The plaintiff and the defendants agreed on a time extension until August 8, 2024 to set the
case down for trial. On August 9, 2024, the Court made an order that the case be adjourned to January 14, 2025 for another case management
conference. The case is on-going and parties have yet to attempt mediation. Legal counsel of the Company will continue to handle this
matter. At this stage in the proceedings, it is unable to determine the probability of the outcome of the matter or the range of reasonably
possible loss, if any.
Action Case:
HCA2097 and 2098/2020
On December
15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged misrepresentation
and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $
1.67
million.
The Company previously made $
0.84
million as contingency loss for the year ended December 31, 2021. Parties participated in a mediation
held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement was reached. The case is
on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings, it is unable to determine
the probability of the outcome of the matter or the range of reasonably possible loss, if any.
The Company makes a provision for a liability
relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimate settlements,
legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in
the period in which they are incurred.
Sale and Purchase Agreement
— Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. ("SLS"), an independent third party, the
Company is committed to purchase
100
% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of
SGD2,500,000
(equivalent to $
1,882,000
). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024. On March 29, 2024, the Company and SLS entered into a third supplementary
agreement to extend the closing date of the transaction from March 31, 2024 to May 9, 2024. Pursuant to the third supplementary agreement,
the Company paid SGD250,
000
(equivalent to $
188,200
) to SLS as the partial payment to cash consideration on April 12, 2024. On May 9,
2024, the Company and SLS entered into a fourth supplementary agreement to extend the closing date of the transaction from May 9, 2024
to May 20, 2024. On June 18, 2024, the Company and SLS entered into a fifth supplementary agreement to extend the closing date of the
transaction from May 20, 2024 to July 31, 2024. Pursuant to the fifth supplementary agreement, the Company paid an aggregate of
SGD150,000
(equivalent to $
112,920
) as the extension fee and indemnification fee in July 2024. On September 25, 2024, the Company and SLS entered
into a sixth supplementary agreement to extend the closing date of the transaction from July 31, 2024 to October 31, 2024. Up to the date
of the unaudited condensed consolidated financial statements available to be issued, further extension on the closing date of the transaction
is under negotiation between SLS and the Company.
Nasdaq Compliance
— On March 20,
2024, Nasdaq granted an additional 180 calendar days period or until September 16, 2024, to the Company to regain the compliance. On May
3, 2024, the closing bid price of the common stocks of the Company has been over $
1.00
per share for a minimum of 10 consecutive trading
days. Accordingly, Nasdaq confirmed that the Company regained compliance with Rule 5550(a)(2) and that this matter is now closed.
NOTE 21
— SUBSEQUENT EVENTS
In accordance with ASC Topic 855, "
Subsequent Events
",
which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the
unaudited condensed consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after
September 30, 2024, up to November 14, 2024 that the unaudited condensed consolidated financial statements were available to be issued.
On October 1, 2024 and October 14, 2024, the Company
effected a Forward Split and a Reverse Split, respectively. Details are described in Note 1.
On October 15, 2024, the Company consummated the
Merger Transaction and the details are described in Note 4.
On October 31, 2024, the Company entered into
a preliminary sales and purchase agreement with an independent third party to sell an office premises with a cash consideration of approximately
$
1.6
million. The transaction will be completed in February 2025. As of September 30, 2024, the carrying value of the office premises
was approximately $
1.5
million.
F-
44
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To:
The Board of Directors and Shareholders of
AGBA Group Holding Limited
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated
balance sheets of AGBA Group Holding Limited and subsidiaries (collectively the "Company") as of December 31, 2023, and 2022,
and the related consolidated statements of operations and comprehensive loss, cash flows, shareholders' equity, and the related
notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of
its operations and its cash flows in each of the years for the two-year period ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.
Substantial Doubt about the Company's
Ability to Continue as a Going Concern
The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the consolidated financial statements,
the Company incurred substantial losses during the year ended December 31, 2023. As of December 31, 2023, the Company had a working capital
deficit and net cash outflows from operating activities. These conditions raise substantial doubt about the Company's ability to
continue as a going concern. Management's plans in regard to these matters are also described in Note 4. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Restatement of Previously Issued Consolidated
Financial Statements
As discussed in Note 2 to the consolidated financial
statements, the Company has restated its consolidated financial statements as of December 31, 2022 to correct certain misstatements.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/ WWC, P.C.
WWC, P.C.
Certified Public Accountants
PCAOB ID No. 1171
We have served as the Company's auditor
since 2022.
San Mateo, California
March 28, 2024
F-
45
AGBA GROUP HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars
("US$"))
As of December 31,
2023
2022
(restated)
ASSETS
Current assets:
Cash and cash equivalents
$
1,861,223
$
6,449,876
Restricted cash
16,816,842
44,844,196
Accounts receivable, net
2,970,636
2,822,162
Accounts receivable, net, related parties
1,094,225
272,546
Loans receivable, net
549,461
517,479
Notes receivable, net
557,003
—
Income tax recoverable
—
260,120
Deposit, prepayments, and other receivables, net
1,769,582
589,786
Total current assets
25,618,972
55,756,165
Non-current assets:
Rental deposit, net
961,253
—
Loans receivable, net
1,054,841
1,072,392
Property and equipment, net
1,721,284
7,359,416
Right-of-use asset, net
11,508,153
—
Long-term investments, net
25,201,933
36,510,803
Long-term investments, net, related party
522,531
522,557
Total non-current assets
40,969,995
45,465,168
TOTAL ASSETS
$
66,588,967
$
101,221,333
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
19,754,041
$
20,274,429
Escrow liabilities
16,816,842
29,487,616
Borrowings
1,804,950
4,477,254
Borrowings, related party
5,000,000
—
Amounts due to the holding company
2,906,261
6,289,743
Income tax payable
328,720
—
Lease liabilities
1,229,329
—
Forward share purchase liability
—
13,491,606
Total current liabilities
47,840,143
74,020,648
Long-term liabilities:
Lease liabilities
10,646,053
—
Warrant liabilities
—
4,548
Deferred tax liabilities
—
45,858
Total long-term liabilities
10,646,053
50,406
TOTAL LIABILITIES
58,486,196
74,071,054
Commitments and contingencies (Note 24)
Shareholders' equity:
Ordinary shares, $
0.001
par value;
200,000,000
shares authorized,
68,661,998
and
58,376,985
shares issued and outstanding as of December 31, 2023 and 2022, respectively
68,662
58,377
Ordinary shares to be issued
4,854
1,665
Additional paid-in capital
74,103,494
43,870,308
Accumulated other comprehensive loss
(
473,087
)
(
384,938
)
Accumulated deficit
(
65,601,152
)
(
16,395,133
)
Total shareholders' equity
8,102,771
27,150,279
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
66,588,967
$
101,221,333
See accompanying notes to the consolidated financial
statements.
F-
46
AGBA GROUP HOLDING LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(Currency expressed in United States Dollars
("US$"))
For the years ended
December 31,
2023
2022
Revenues:
Interest income:
Loans
$
157,190
$
176,175
Total interest income
157,190
176,175
Non-interest income:
Commissions
50,068,936
26,561,691
Recurring asset management service fees
2,992,918
3,372,449
Recurring asset management service fees, related party
970,143
969,912
Total non-interest income
54,031,997
30,904,052
Total revenues from others
54,189,187
31,080,227
Operating expenses:
Interest expense
(
784,479
)
(
140,644
)
Commission expense
(
37,287,519
)
(
18,823,458
)
Sales and marketing expense
(
3,708,557
)
(
11,141,672
)
Research and development expense
(
4,557,196
)
(
1,209,035
)
Personal and benefit expense
(
27,217,822
)
(
21,928,504
)
Legal and professional fees
(
13,601,274
)
(
1,265,866
)
Legal and professional fees, related party
(
333,332
)
—
Allowance for expected credit losses on financial instruments
(
1,077,184
)
(
16,509
)
Other general and administrative expenses
(
9,467,146
)
(
4,905,636
)
Total operating expenses
(
98,034,509
)
(
59,431,324
)
Loss from operations
(
43,845,322
)
(
28,351,097
)
Other income (expense):
Interest income
383,720
99,132
Foreign exchange gain (loss), net
909,227
(
2,643,261
)
Investment loss, net
(
6,878,869
)
(
8,937,431
)
Change in fair value of warrant liabilities
4,548
8,952
Change in fair value of forward share purchase liability
(
82,182
)
(
5,392,293
)
Loss on settlement of forward share purchase agreement
(
378,895
)
—
Gain on disposal of property and equipment
664,816
—
Rental income
239,239
315,233
Sundry income
64,237
504,735
Total other expense, net
(
5,074,159
)
(
16,044,933
)
Loss before income taxes
(
48,919,481
)
(
44,396,030
)
Income tax expense
(
286,538
)
(
124,605
)
NET LOSS
$
(
49,206,019
)
$
(
44,520,635
)
Other comprehensive loss:
Foreign currency translation adjustment
(
88,149
)
(
205,477
)
COMPREHENSIVE LOSS
$
(
49,294,168
)
$
(
44,726,112
)
Weighted average number of ordinary shares outstanding
Basic and diluted
65,265,397
56,084,858
Net loss per ordinary share
Basic and diluted
$
(
0.75
)
$
(
0.79
)
See accompanying notes to the consolidated financial
statements.
F-
47
AGBA GROUP HOLDING LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
(Currency expressed in United States Dollars
("US$"), except for number of shares)
For the years ended December 31, 2023 and 2022
Ordinary shares
Ordinary shares
to be issued
Additional
paid-in
Receivable
from the
holding
Accumulated
other
comprehensive
(Accumulated deficit)
retained
Total
shareholders'
Note
No. of share
Amount
No. of share
Amount
capital
company
(loss) income
earnings
equity
Balance as of January 1, 2022
53,835,000
$
53,835
1,665,000
$
1,665
$
38,706,226
$
(
29,562,195
)
$
(
179,461
)
$
52,125,502
$
61,145,572
Restatement
(2)
—
—
—
—
—
—
—
23,000,000
23,000,000
Balance as of January 1, 2022 (restated)
(17) (i)
53,835,000
$
53,835
1,665,000
$
1,665
$
38,706,226
$
(
29,562,195
)
$
(
179,461
)
$
75,125,502
$
84,145,572
Automatic conversion of public and private rights into ordinary shares
(17) (i)
482,500
483
—
—
(
483
)
—
—
—
—
Issuance of ordinary shares to settle payables
(17) (i)
792,334
792
—
—
7,202,278
—
—
—
7,203,070
Issuance of ordinary shares to settle finder fee
(17) (i)
555,000
555
—
—
(
555
)
—
—
—
—
Transaction costs in related to Business Combination
—
—
—
—
(
8,308,754
)
—
—
—
(
8,308,754
)
Shares and warrants from reverse recapitalization with AGBA Acquisition Limited, net of redemption
2,712,151
2,712
—
—
6,282,184
—
—
—
6,284,896
Special dividend to the holding company
—
—
—
—
—
29,562,195
—
(
47,000,000
)
(
17,437,805
)
Share-based compensation
—
—
—
—
2,088,725
—
—
—
2,088,725
Initial measurement of forward share purchase liability
—
—
—
—
(
8,099,313
)
—
—
—
(
8,099,313
)
Forgiveness of amounts due to the holding company
—
—
—
—
6,000,000
—
—
—
6,000,000
Net loss for the year
—
—
—
—
—
—
—
(
44,520,635
)
(
44,520,635
)
Foreign currency translation adjustment
—
—
—
—
—
—
(
205,477
)
—
(
205,477
)
Balance as of December 31, 2022 (restated)
58,376,985
58,377
1,665,000
1,665
43,870,308
—
(
384,938
)
(
16,395,133
)
27,150,279
Issuance of ordinary shares to settle finder fee
(17) (ii)
2,173,913
2,174
—
—
3,997,826
—
—
—
4,000,000
Issuance of holdback shares
(17) (iv)
1,665,000
1,665
(
1,665,000
)
(
1,665
)
—
—
—
—
—
Issuance of ordinary shares for private placement
(17) (vii)
—
—
2,643,300
2,643
1,847,667
—
—
—
1,850,310
Issuance of ordinary shares for commitment fee
(17) (v)
600,000
600
—
—
275,400
—
—
—
276,000
Share-based compensation
(17) (iii),
(vi),
(viii)
5,846,100
5,846
2,210,984
2,211
11,518,909
—
—
—
11,526,966
Forgiveness of amounts due to the holding company
—
—
—
—
12,593,384
—
—
—
12,593,384
Foreign currency translation adjustment
—
—
—
—
—
—
(
88,149
)
—
(
88,149
)
Net loss for the year
—
—
—
—
—
—
—
(
49,206,019
)
(
49,206,019
)
Balance as of December 31, 2023
68,661,998
$
68,662
4,854,284
$
4,854
$
74,103,494
$
—
$
(
473,087
)
$
(
65,601,152
)
$
8,102,771
See accompanying notes to the consolidated financial
statements.
F-
48
AGBA GROUP HOLDING LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Currency expressed in United States Dollars
("US$"))
For the years ended
December 31,
2023
2022
Cash flows from operating activities:
Net loss
$
(
49,206,019
)
$
(
44,520,635
)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense
11,235,026
2,088,725
Non-cash lease expense
1,496,286
—
Depreciation of property and equipment
261,323
392,873
Interest income on notes receivable
(
34,665
)
—
Interest expense on borrowings
784,479
—
Foreign exchange (gain) loss, net
(
909,227
)
2,643,261
Investment loss, net
6,878,869
8,937,431
Allowance for expected credit losses on financial instruments
1,077,184
—
Change in fair value of warrant liabilities
(
4,548
)
(
8,952
)
Change in fair value of forward share purchase liability
82,182
5,392,293
Gain on disposal of property and equipment
(
664,816
)
—
Loss on settlement of forward share purchase agreement
378,895
—
Reversal of over-accruals staff bonus
(
3,595,028
)
—
Change in operating assets and liabilities:
Accounts receivable
(
1,187,628
)
(
1,947,089
)
Loans receivable
(
15,656
)
2,319,054
Deposits, prepayments, and other receivables
(
2,495,082
)
(
198,512
)
Accounts payable and accrued liabilities
6,894,066
10,877,792
Escrow liabilities
(
12,670,774
)
(
4,998,181
)
Lease liabilities
(
1,130,008
)
—
Income tax payable
542,982
(
282,459
)
Net cash used in operating activities
(
42,282,159
)
(
19,304,399
)
Cash flows from investing activities:
Proceeds from sale of investments
3,976,657
1,853,473
Purchase of notes receivable
(
589,086
)
—
Purchase of long-term investments
(
288,581
)
—
Addition in long-term investments, related party
—
(
16,228,690
)
Dividend received from long-term investments
1,670,045
1,154,749
Proceeds from sale of property and equipment
6,127,576
—
Purchase of property and equipment
(
104,846
)
(
968,367
)
Net cash provided by (used in) investing activities
10,791,765
(
14,188,835
)
Cash flows from financing activities:
Advances from the holding company
9,342,972
9,752,275
Settlement of forward share purchase agreement
(
13,952,683
)
—
Proceeds from borrowings
7,746,414
4,464,391
Repayments of borrowings
(
6,026,937
)
—
Proceeds from private placement
1,850,310
—
Dividend paid to the holding company
—
(
17,437,805
)
Cash proceeds from reverse recapitalization, net of redemption
—
15,356,580
Net cash (used in) provided by financing activities
(
1,039,924
)
12,135,441
Effect on exchange rate change on cash, cash equivalents and restricted cash
(
85,689
)
(
429,542
)
Net change in cash, cash equivalent and restricted cash
(
32,616,007
)
(
21,787,335
)
BEGINNING OF YEAR
51,294,072
73,081,407
END OF YEAR
$
18,678,065
$
51,294,072
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash received from income tax refund
$
427,363
$
125,353
Cash paid for income taxes
$
172,334
$
531,592
Cash received from interest
$
349,055
$
99,132
Cash paid for interest
$
784,479
$
140,644
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Initial recognition of operating lease liabilities related to right-of-use asset
$
12,512,585
$
—
Forgiveness of amounts due to the holding company
$
12,593,384
$
6,000,000
Issuance of ordinary shares to settle finder fee
$
4,000,000
$
—
Issuance of ordinary shares to settle payables
$
—
$
7,203,070
Purchase of property and equipment, through earnest deposit
$
—
$
7,182,131
Special dividend to the holding company offset with amount due from the holding company
$
—
$
29,562,195
Transaction costs in related to Business Combination
$
—
$
8,308,754
Liability assumed related to forward share purchase agreement
$
—
$
13,491,606
As of December 31,
2023
2022
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents
$
1,861,223
$
6,449,876
Restricted cash
16,816,842
44,844,196
Total cash, cash equivalents and restricted cash
$
18,678,065
$
51,294,072
See accompanying notes to the consolidated financial
statements.
F-
49
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — NATURE OF BUSINESS AND BASIS
OF PRESENTATION
AGBA Group Holding Limited ("AGBA"
or the "Company") was incorporated on October 8, 2018 in British Virgin Islands.
The Company, through its subsidiaries, is operating
a wealth and health platform, offering a wide range of financial service and products, covering life insurance, pensions, property-casualty
insurance, stock brokerage, mutual funds, lending, and real estate in overseas. AGBA is also engaged in financial technology business
and financial investments, managing an ensemble of fintech investments and healthcare investment and operating a health and wealth management
platform with a broad spectrum of services and value-added information in health, insurance, investments and social sharing.
On November 14, 2022 ("Closing Date"),
AGBA, AGBA Merger Sub I Limited, AGBA Merger Sub II Limited, TAG International Limited, TAG Asset Partners Limited, OnePlatform International
Limited, OnePlatform Holdings Limited, TAG Asia Capital Holdings Limited, and TAG Holdings Limited ("TAG") completed the business
combination transaction and AGBA became the
100
% beneficial owner of all of the issued and outstanding shares and other equity interest
of TAG International Limited and TAG Asia Capital Holdings Limited. The transaction was accounted for as a "reverse recapitalization"
and AGBA was treated as the "acquired" company for accounting purposes (see Note 5).
The accompanying consolidated financial statements
are presented in United States dollars ("US$" or "$") and have been prepared in accordance with accounting principles
generally accepted in the United States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations
of the U.S. Securities and Exchange Commission (the "SEC").
Certain prior period amounts have been reclassified
for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.
The accompanying consolidated financial statements
reflect the activities of AGBA and each of the subsidiaries as of December 31, 2023 and 2022:
Name
Background
Ownership
TAG International Limited ("TIL")
●
●
●
●
British Virgin Islands company
Incorporated on October 25, 2021
Issued and outstanding 1 ordinary share at $1 par value
Investment holding
100% owned by AGBA
TAG Asset Partners Limited ("TAP")
●
●
●
●
British Virgin Islands company
Incorporated on October 25, 2021
Issued and outstanding 1 ordinary share at $1 par value
Investment holding
100% owned by TIL
OnePlatform International Limited ("OIL")
●
●
●
●
Hong Kong company
Incorporated on November 2, 2021
Issued and outstanding 100 ordinary shares for HK$100 ($13)
Investment holding
100% owned by TAP
TAG Asia Capital Holdings Limited ("TAC")
●
●
●
●
British Virgin Islands company
Incorporated on October 26, 2015
Issued and outstanding 50,000 ordinary shares at $1 par value
Investment holding
100% owned by AGBA
F-
50
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
OnePlatform Wealth Management Limited ("OWM")
●
●
●
●
Hong Kong company
Incorporated on February 5, 2003
Issued and outstanding 240,764,705 ordinary shares for HK$120,851,790 ($15,493,819)
Provision of insurance and mandatory provident fund schemes brokerage services
99.89% owned by OIL
OnePlatform International Property Limited ("OIP")
●
●
●
●
Hong Kong company
Incorporated on May 21, 2014
Issued and outstanding 30,001,200 ordinary shares for HK$30,001,200 ($3,846,308)
Provision of overseas real estate brokerage services
100% owned by OIL
OnePlatform Asset Management Limited ("OAM")
●
●
●
●
●
Hong Kong company
Incorporated on November 24, 1999
Issued and outstanding 264,160,000 ordinary shares for HK$272,000,000 ($34,871,795)
Licensed by the Securities and Futures Commission of Hong Kong
Provision of investment advisory, funds dealing, introducing broker, and asset management services
100% owned by OIL
Kerberos (Nominee) Limited ("KNL")
●
●
●
●
Hong Kong company
Incorporated on April 20, 2007
Issued and outstanding 1 ordinary share for HK$1
Provision of escrow services
100% owned by OAM
Maxthree Limited ("Maxthree")
●
●
●
●
British Virgin Islands company
Incorporated on April 12, 2006
Issued and outstanding 1 ordinary share at $1 par value
Investment holding
100% owned by OIL
OnePlatform Credit Limited ("OCL")
●
●
●
●
●
Hong Kong company
Incorporated on August 6, 1982
Issued and outstanding 169,107,379 ordinary shares for HK$169,107,379 ($21,680,433)
Registered under the Hong Kong Money Lenders Ordinance
Provision of money lending services
100% owned by Maxthree
Hong Kong Credit Corporation Limited ("HKCC")
●
●
●
●
●
Hong Kong company
Incorporated on March 16, 1982
Issued and outstanding 139,007,381 ordinary shares for HK$139,007,381 ($17,821,459)
Registered under the Hong Kong Money Lenders Ordinance
Provision of money lending services
100% owned by OCL
F-
51
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Trendy Reach Holdings Limited ("TRHL")
●
●
●
●
British Virgin Islands company
Incorporated on October 5, 2015
Issued and outstanding 1 ordinary share at HK$1
Investment holding
100% owned by Maxthree
Profit Vision Limited ("PVL")
●
●
●
●
Hong Kong company
Incorporated on October 9, 2015
Issued and outstanding 1 ordinary share for HK$1
Property investment holding
100% owned by TRHL
TAG Technologies Limited ("TAGTL")
●
●
●
●
British Virgin Islands company
Incorporated on October 23, 2015
Issued and outstanding 1 ordinary share at $1 par value
Investment in financial technology business
100% owned by TAC
AGBA Group Limited ("AGL")
●
●
●
●
Hong Kong company
Incorporated on November 28, 2019
Issued and outstanding 10,000 ordinary shares for HK$10,000 ($1,282)
Operating as cost center for the Company
100% owned by TAGTL
Tandem Fintech Limited ("TFL")
●
●
●
●
Hong Kong company
Incorporated on October 6, 2017
Issued and outstanding 9,000,000 ordinary shares for HK$9,000,000 ($1,153,846)
Operating an online insurance comparison platform
100% owned by TAC
AGBA Innovation Limited ("AGBA Innovation")
●
●
●
●
Hong Kong company
Incorporated on February 26, 2016
Issued and outstanding 1 ordinary share for HK$1
No operations since inception
100% owned by OIL
FinLiving Limited ("FLL")
●
●
●
●
Hong Kong company
Incorporated on September 14, 2021
Issued and outstanding 100 ordinary shares for HK$100 ($13)
No operations since inception
100% owned by AGBA Innovation
AGBA and its subsidiaries are hereinafter referred
to as the "Company".
F-
52
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED
CONSOLIDATED FINANCIAL STATEMENTS
The Company has restated the accompanying consolidated
financial statements and related disclosure for the year ended December 31, 2022 that were previously included in the Form 10-K filed
with the SEC on April 3, 2023.
Restatement Background
In June 2021, the Company received the offer from
JP Morgan Chase Holdings LLC to purchase all its equity interest in Nutmeg Saving and Investment Limited ("Nutmeg"). Nutmeg
is incorporated in the United Kingdom and engaged in the provision of online discretionary investment management services. The cash consideration
was approximately $
187
million (equivalent to approximately GBP
135
million) and fully received in September 2021, resulting in a realized
gain of approximately $
139
million (equivalent to approximately GBP
101
million). As of December 31, 2021, the Company recorded an income
tax payable of $
23
million based on the Hong Kong profit tax rate of
16.5
%.
The Company corrected its previous conclusion
of provision of income tax liabilities of $
23
million related to the disposal of Nutmeg. The Company had previously believed that the
gain from the sale of Nutmeg should have been taxed at the
16.5
% profit tax rate in Hong Kong during the year of disposal, resulting in
a recorded income tax liability of $
23
million. After reassessing whether income tax should be provided, the Company reviewed that there
was an error resulting from the improper application of US tax law and Hong Kong tax law due to the mistaken omission of the consideration
of Hong Kong tax law, and came to the conclusion that there should be no income tax applied when selling a long-term investment in Hong
Kong.
The impact of restatement
The impact of the accounting errors was a cumulative
reduction in the income tax provision of $
23
million and a cumulative decrease in the accumulated deficit of $
23
million, and it had no
impact on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows for the year
ended December 31, 2022.
The following table summarized the effect of the
restatement on each financial statement line items as of and for the year ended December 31, 2022, as indicated:
Summary of restatement – consolidated
balance sheet
As of December 31, 2022
As
Previously
Reported
Adjustment
As
Restated
Income tax payable
$
23,000,000
$
(
23,000,000
)
$
—
Total current liabilities
$
97,020,648
$
(
23,000,000
)
$
74,020,648
Total liabilities
$
97,071,054
$
(
23,000,000
)
$
74,071,054
Accumulated deficit
$
(
39,395,133
)
$
23,000,000
$
(
16,395,133
)
Total shareholders' equity
$
4,150,279
$
23,000,000
$
27,150,279
Summary of restatement – consolidated
statement of changes in shareholders' equity
For the year December 31, 2022
As
Previously
Reported
Adjustment
As Restated
Balance as of January 1, 2022
Accumulated (deficit) retained earnings
$
52,125,502
$
23,000,000
$
75,125,502
Balance as of December 31, 2022
Accumulated (deficit) retained earnings
$
(
39,395,133
)
$
23,000,000
$
(
16,395,133
)
F-
53
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
These accompanying consolidated financial statements
reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated
financial statements and notes.
●
Principles
of Consolidation
The accompanying consolidated financial statements
include the financial statements of AGBA and its subsidiaries. A subsidiary is an entity (including a structured entity), directly or
indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the
Company, using consistent accounting policies. All intercompany transactions and balances between AGBA and its subsidiaries are eliminated
upon consolidation.
●
Emerging
Growth Company
The Company is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company
can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but
any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that
when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison
of the Company's consolidated financial statements with another public company, which is neither an emerging growth company nor
an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential
differences in accounting standards used.
●
Use
of Estimates and Assumptions
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company's consolidated financial
statements include the useful lives of property and equipment, impairment of long-lived assets, allowance for expected credit losses,
notes receivable, share-based compensation, warrant liabilities, forward share purchase liability, provision for contingent liabilities,
revenue recognition, leases, income tax provision, deferred taxes and uncertain tax position, and allocation of expenses from the holding
company.
The inputs into the management's judgments
and estimates consider the geopolitical tension, inflationary and high interest rate environment and other macroeconomic factors on the
Company's critical and significant accounting estimates. Actual results could differ from these estimates.
●
Foreign
Currency Translation and Transaction
Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations
and comprehensive loss.
F-
54
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The reporting currency of the Company is US$ and
the accompanying consolidated financial statements have been expressed in US$. In addition, the Company and subsidiaries are operating
in Hong Kong maintain their books and record in their local currency, Hong Kong dollars ("HK$"), which is a functional currency
as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes,
assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with the Financial
Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 830-30, Translation of Financial
Statement, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during
the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component
of accumulated other comprehensive loss within the statements of changes in shareholders' equity.
Translation of amounts from HK$ into US$ has been
made at the following exchange rates for the years ended December 31, 2023 and 2022:
December 31,
2023
December 31,
2022
Year-end HK$:US$ exchange rate
0.1281
0.1281
Annual average HK$:US$ exchange rate
0.1277
0.1277
●
Cash
and Cash Equivalents
Cash and cash equivalents consist primarily of
cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash
and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments. The Company maintains most of its bank accounts in Hong Kong and Hong Kong is not protected by Federal Deposit Insurance
Corporation ("FDIC") insurance. However, management does not believe there is a significant risk of loss.
●
Restricted
Cash
Restricted cash consist of funds held in escrow
accounts reflecting (i) the restricted cash and cash equivalents maintained in certain bank accounts that are held for the exclusive interest
of the Company's customers and (ii) the full obligation to an investor in connection with the Meteora Backstop Agreement (see Note
5 for the details of the Meteora Backstop Agreement).
The Company restricts the use of the assets underlying
the funds held in escrow to meet with regulatory or contractual requirements and classifies the assets as current based on their purpose
and availability to fulfill its direct obligation under current liabilities.
●
Accounts
Receivable, net
Accounts receivable, net include trade accounts
due from customers in insurance brokerage and asset management businesses, less the allowance for expected credit losses.
Accounts receivable, net are recorded at the invoiced
amount and do not bear interest, which are due within contractual payment terms. The normal settlement terms of accounts receivable from
insurance companies in the provision of brokerage agency services are within 30 days upon the execution of the insurance policies. Credit
terms with the products providers of investment, unit and mutual funds and asset portfolio are mainly 90 days or a credit period mutually
agreed between the contracting parties. The Company seeks to maintain strict control over its outstanding receivables to minimize credit
risk. Overdue balances are reviewed regularly by senior management. Management reviews its receivables on a regular basis to determine
if the allowance for expected credit losses is adequate and provides allowance when necessary.
The Company does not hold any collateral or other
credit enhancements over its accounts receivable balances.
F-
55
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
●
Loans
Receivable, net
Loans receivable, net are related to residential
mortgage loans that are carried at unpaid principal and interest balances, less the allowance for expected credit losses on loans receivable
and charge-offs.
Loans are placed on nonaccrual status when they
are past due 180 days or more as to contractual obligations or when other circumstances indicate that collection is not probable. When
a loan is placed on nonaccrual status, any interest accrued but not received is reversed against interest income. Payments received on
a nonaccrual loan are either applied to protective advances, the outstanding principal balance or recorded as interest income, depending
on an assessment of the ability to collect the loan. A nonaccrual loan may be restored to accrual status when principal and interest payments
have been brought current and the loan has performed in accordance with its contractual terms for a reasonable period (generally six months).
If the Company determines that a loan is impaired,
the Company next determines the amount of the impairment. The amount of impairment on collateral dependent loans is charged off within
the given fiscal quarter. Generally the amount of the loan and negative escrow in excess of the appraised value less estimated selling
costs, for the fair value of collateral valuation method, is charged off. For all other loans, impairment is measured as described below
in "Allowance for Expected Credit Losses on Financial Instruments".
●
Allowance
for Expected Credit Losses on Financial Instruments
In accordance with ASC Topic 326 "Credit
Losses – Measurement of Credit Losses on Financial Instruments" (ASC Topic 326), the Company utilizes the current expected
credit losses ("CECL") model to determine an allowance that reflects its best estimate of the expected credit losses on accounts
receivable, loans receivable, notes receivable, and deposits, prepayments and others receivable which is recorded as a liability to offset
the receivables. The CECL model is prepared after considering historical experience, current conditions, and reasonable and supportable
economic forecasts to estimate expected credit losses. Accounts receivable, loans receivable, notes receivable, and deposits, prepayments,
and others receivable are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded as a reduction
of bad debt expense.
For the years ended December 31, 2023 and 2022,
the aggregated allowance for expected credit losses on accounts receivable, loans receivable, notes receivable, and other receivables
was $
1,077,184
and $
16,509
, respectively.
●
Deposit,
prepayments, and other receivables, net
Deposit, prepayments, and other receivables, net
represented the deposit paid for technology systems and services, prepayments for various consultancy services and other operating expenses
such as insurance premium less the allowance for expected credit losses. It is presented under the current assets of the consolidated
balance sheets based on the expected collection date.
●
Rental
deposit, net
Rental deposit, net represented the deposit paid
for the long-term office leases, less the allowance for expected credit losses. It is presented under the non-current assets of the consolidated
balance sheet based on the expected collection date.
For the years ended December 31, 2023 and 2022,
the Company has evaluated the probable losses on the rental deposits and made an allowance for expected credit losses of $
14,833
and
nil
,
respectively.
●
Long-Term
Investments, net
The Company invests in equity securities with
readily determinable fair values and equity securities that do not have readily determinable fair values.
Equity securities with readily determinable fair
values are carried at fair value with any unrealized gains or losses reported in earnings.
F-
56
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Equity securities that do not have readily determinable
fair values mainly consist of investments in privately-held companies. They are accounted for, at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.
At each reporting period, the Company makes a
qualitative assessment considering impairment indicators to evaluate whether the investment is impaired.
●
Property
and Equipment, net
Property and equipment, net are stated at cost
less accumulated depreciation and accumulated impairment losses, if any.
Depreciation is calculated on the straight-line basis over the
following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual
values, if any:
Expected useful life
Land and building
Shorter of 50 years or lease term
Furniture, fixtures and equipment
5
years
Computer equipment
3
years
Motor vehicle
3
years
Expenditure for repairs and maintenance is expensed
as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting
gain or loss is recognized in the results of operations.
●
Impairment
of Long-Lived Assets
In accordance with the provisions of ASC Topic
360, Impairment or Disposal of Long-Lived Assets, all long-lived assets such as property and equipment owned and held by the Company are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted
cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amounts of the assets exceed the fair value of the assets.
No
impairment losses were recognized for
the years ended December 31, 2023 and 2022.
●
Accounts
Payable
Accounts payable represent commission payable
to the Company's financial advisors for the sale of investment funds, investment products, or insurance products. The carrying amount
approximates fair value because of the short-term maturity.
●
Borrowings
Borrowings are recognized at fair value and repayable
in the next twelve months. Interest expense is recognized on a fixed interest rate on the consolidated statements of operations
.
●
Warrants
Liabilities
The Company accounts for warrants as either equity-classified
or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance
in ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480") and ASC Topic 815, Derivatives and Hedging ("ASC
815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition
of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including
whether the warrants are indexed to the Company's own ordinary shares and whether the warrant holders could potentially require
"net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all
of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance.
For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded
as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair
value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations. The Company accounts for
its Public Warrants as equity and the Private Warrants as liabilities.
F-
57
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
●
Revenue
Recognition
The Company earns and receives most of its non-interest
income from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09,
Revenue from Contracts with Customers (Topic 606) ("ASC Topic 606").
ASC Topic 606 provided the following overview
of how revenue is recognized from the Company's contracts with customers: The Company recognizes revenue to depict the transfer
of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services.
Step 1: Identify the contract(s) with a customer.
Step 2: Identify the performance obligations in
the contract.
Step 3: Determine the transaction price –
The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring
promised goods or services to a customer.
Step 4: Allocate the transaction price to the
performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on
the basis of the relative standalone selling prices of each distinct good or service promised in the contract.
Step 5: Recognize revenue when (or as) the entity
satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring
a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized
is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically
for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).
Certain portion of the Company's income
is derived from contracts with customers, and as such, the revenue recognized depicts the transfer of promised goods or services to its
customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company's
revenue recognition policies are in compliance with ASC Topic 606, as follows:
Commissions
The Company earns commissions from the sale of
investment products to customers, who are insurance companies and fund houses. The Company enters into commission agreements with customers
which specify the key terms and conditions of the arrangement. Commissions are separately negotiated for each transaction and generally
do not include rights of return, credits or discounts, rebates, price protection or other similar privileges, and typically paid on or
shortly after the transaction is completed. Upon the purchase of an investment product by customer, the Company earns a commission from
customers, calculated as a fixed percentage of the investment products acquired by its customers. The Company defines the "purchase
of an investment product" for its revenue recognition purpose as the time when the customers referred by the Company has entered
into a subscription contract with the relevant product provider and, if required, the customer has transferred a deposit to an escrow
account designated by the Company to complete the purchase of the investment products. After the contract is established, there are no
significant judgments made when determining the commission price. Therefore, commissions are recorded at point in time when the investment
product is purchased.
F-
58
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company also facilitates the arrangement between
insurance providers and individuals or businesses by providing insurance placement services to the insured and is compensated in the form
of commission from the respective insurance providers. The Company primarily facilitates the placement of life, general and MPF insurance
products. The Company determines that insurance providers are the customers.
The Company primarily earns commission income
arising from the facilitation of the placement of an effective insurance policy, which is recognized at a point in time when the performance
obligation has been satisfied upon execution of the insurance policy as the Company has no future or ongoing obligation with respect to
such policies. The commission fee rate, which is paid by the insurance providers, based on the terms specified in the service contract
which are agreed between the Company and insurance providers for each insurance product being facilitated through the Company. The commission
earned is equal to a percentage of the premium paid to the insurance provider. Commission from renewed policies is variable consideration
and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (e.g., when customer
renews the policy).
In accordance with ASC Topic 606, Revenue Recognition:
Principal Agent Considerations, the Company evaluates the terms in the agreements with its channels and independent contractors to determine
whether or not the Company acts as the principal or as an agent in the arrangement with each party respectively. The determination of
whether to record the revenue in a gross or net basis depends upon whether the Company has control over the services prior to transferring
it. Control is demonstrated by the Company which is primarily responsible for fulfilling the provision of placement services through the
Company's licensed insurance brokers to provide agency services. The commissions from insurance providers are recorded on a gross
basis and commission paid to independent contractors or channel costs are recorded as commission expense in the consolidated statements
of operations and comprehensive loss.
The Company also offers the sale solicitation
of real estate property to the final customers and is compensated in the form of commissions from the corresponding property developers
pursuant to the service contracts. Commission income is recognized at a point of time upon the sale contracts of real estate property
is signed and executed.
Recurring Asset Management Service Fees
The Company provides asset management services
to investment funds or investment product providers in exchange for recurring asset management service fees. Recurring asset management
service fees are determined based on the types of investment products the Company distributes and are calculated as a fixed percentage
of the fair value of the total investment of the investment products, calculated daily. These customer contracts require the Company to
provide investment management services, which represents a performance obligation that the Company satisfies over time. After the contract
is established, there are no significant judgments made when determining the transaction price. As the Company provides these services
throughout the contract term, for the method of calculating recurring asset management service fees, revenue is calculated on a daily
basis over the contract term, quarterly billed and recognized. Recurring service agreements do not include rights of return, credits or
discounts, rebates, price protection, performance component or other similar privileges and the circumstances under which the fixed percentage
fees, before determined, could be not subject to clawback. Payment of recurring asset management service fees are normally on a regular
basis (typically monthly or quarterly).
Interest Income
The Company offers money lending services from
loan origination in form of mortgage and personal loans. Interest income is recognized monthly in accordance with their contractual terms
and recorded as interest income in the consolidated statement of operations. The Company does not charge prepayment penalties from its
customers. Interest income on mortgage and personal loans is recognized as it accrued using the effective interest method. Accrual of
interest income on mortgage loans is suspended at the earlier of the time at which collection of an account becomes doubtful or the account
becomes 180 days delinquent.
F-
59
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Disaggregation of Revenue
The Company has disaggregated its revenue from
contracts with customers into categories based on the nature of the revenue.
The following table presents the revenue streams by segments,
with the presentation of revenue categories presented on the consolidated statements of operations and comprehensive loss for the years
indicated:
For the year ended December 31, 2023
Distribution Business
Platform Business
Insurance brokerage service
Asset management service
Money
lending
service
Real estate agency
service
Total
Interest income:
Loans
$
—
$
—
$
157,190
$
—
$
157,190
Non-interest income:
Commissions
48,886,928
1,138,432
—
43,576
50,068,936
Recurring asset management service fees
—
3,963,061
—
—
3,963,061
$
48,886,928
$
5,101,493
$
157,190
$
43,576
$
54,189,187
For the year ended December 31, 2022
Distribution Business
Platform Business
Insurance brokerage service
Asset management service
Money
lending
service
Real estate agency
service
Total
Interest income:
Loans
$
—
$
—
$
176,175
$
—
$
176,175
Non-interest income:
Commissions
24,610,309
1,764,310
—
187,072
26,561,691
Recurring asset management service fees
—
4,342,361
—
—
4,342,361
$
24,610,309
$
6,106,671
$
176,175
$
187,072
$
31,080,227
●
Rental
Income
Rental income represents monthly rental received
from the Company's tenants. The Company recognizes rental income on a straight-line basis over the lease term in accordance with
the lease agreement.
●
Cost
Allocation
Cost allocation includes allocation of certain
general and administrative, sales and marketing expenses and other operating costs paid by the holding company. General and administrative
expenses consist primarily of payroll and related expenses of senior management and the Company's employees, shared management expenses,
including accounting, consulting, legal support services, rent, and other expenses to provide operating support to the related businesses.
Allocated sales and marketing expense was mainly marketing expenses. These allocations are made using a proportional cost allocation method
by considering the proportion of revenues, headcounts as well as estimates of time spent on the provision of services attributable to
the Company.
●
Sales
and Marketing
Sales and marketing expenses include the costs
of advertising, promotions, seminars, and other programs. In accordance with ASC Topic 720-35, Advertising Costs, advertising costs are
expensed as incurred.
●
Research
and Development
Research and development expenses include the
costs of developing software for business purpose and costs to improve the business operation flow. All research and development costs
are expensed as incurred.
F-
60
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
●
Comprehensive
Loss
ASC Topic 220, Comprehensive Income, establishes
standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive (loss) income as defined
includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive (loss) income, as presented in
the accompanying consolidated statements of changes in shareholders' equity, consists of changes in unrealized gains and losses
on foreign currency translation. This comprehensive (loss) income is not included in the computation of income tax expense or benefit.
●
Employee
Benefits
Full time employees of the Hong Kong subsidiaries
participate in a defined contribution Mandatory Provident Fund retirement benefit scheme under the Hong Kong Mandatory Provident Fund
Schemes Ordinance. Contributions are made by both the employer and the employee at the rate of
5
% on the employee's relevant salary,
subject to a salary cap of $
3,846
(HK$
30,000
).
●
Income
Taxes
Income taxes are determined in accordance with
the provisions of ASC Topic 740, Income Taxes ("ASC Topic 740"). Under this method, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC Topic 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC Topic 740, tax positions must initially be recognized in the financial statements when it is more
likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently
be measured as the largest amount of tax benefit that has a greater than
50
% likelihood of being realized upon ultimate settlement with
the tax authority assuming full knowledge of the position and relevant facts.
For the years ended December 31, 2023 and 2022,
the Company did not have any interest and penalties associated with tax positions. As of December 31, 2023 and 2022, the Company did not
have any significant unrecognized uncertain tax positions.
The Company is subject to tax in local and foreign
jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax
authorities.
●
Share-Based
Compensation
The Company accounts for share-based compensation
in accordance with the fair value recognition provision of ASC Topic 718, Stock Compensation. The Company grants share awards, including
ordinary shares and restricted share units, to eligible participants. Share-based compensation expense for share awards is measured at
fair value on the grant date. The fair value of restricted stock with either solely a service requirement or with the combination of service
and performance requirements is based on the closing fair market value of the ordinary shares on the date of grant.  Share-based
compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are subject only to a
service condition, the expense is recognized on a straight-line basis over the service period for the entire award.
●
Net
Loss Per Share
The Company computes earnings per share ("EPS")
in accordance with ASC Topic 260, Earnings per Share ("ASC Topic 260"). ASC Topic 260 requires companies to present basic
and diluted EPS. Basic EPS is measured as net loss divided by the weighted average ordinary share outstanding for the year. Diluted EPS
presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants)
as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have
an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted
EPS. For the years ended December 31, 2023 and 2022, there were no dilution impact.
●
Segment
Reporting
ASC Topic 280, Segment Reporting, establishes
standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure
as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's
business segments.
F-
61
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company uses the management approach to determine
reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief
operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's
CODM has been identified as the CEO, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Company.
Based on management's assessment, the Company determined that it has the following operating segments:
Segments
Scope of Service
Business Activities
Distribution Business
Insurance Brokerage Service
Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
Platform Business
-
Asset Management Service
-
Providing access to financial products and services to licensed brokers.
-
Providing operational support for the submission and processing of product applications.
-
Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
-
Providing training resources and materials.
-
Facilitating the placement of investment products for the fund and/or product provider, in exchange for the fund management services
-
Money Lending Service
Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers
-
Real Estate Agency Service
Solicitation of real estate sales for the developers, in exchange for commissions
Fintech Business
Investment Holding
Managing an ensemble of fintech investments
Healthcare Business
Investment Holding
Managing an ensemble of healthcare-related investments
All of the Company's revenues were generated
in Hong Kong for the years ended December 31, 2023 and 2022 and all of the Company's non-current assets were located in Hong Kong
as of December 31, 2023 and 2022.
●
Leases
The Company follows ASC Topic 842, Leases ("ASC
Topic 842"), utilizing the modified retrospective transition method with no adjustments to comparative periods presented. On February
25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (ASC Topic 842), to increase transparency and comparability
among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing
transactions. ASC Topic 842 requires that lessees recognize right-of-use asset and lease liabilities calculated based on the present value
of lease payments for all lease agreements with terms that are greater than twelve months. It requires for leases longer than one year,
a lessee to recognize in the statement of financial condition a right-of-use asset, representing the right to use the underlying asset
for the lease term, and a lease liability, representing the liability to make lease payments. ASC Topic 842 distinguishes leases as either
a finance lease or an operating lease that affects how the leases are measured and presented in the consolidated statements of operations
and comprehensive loss and statements of cash flows. ASC Topic 842 supersedes nearly all existing lease accounting guidance under GAAP
issued by the FASB including ASC Topic 840, Leases.
F-
62
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
When determining the lease term, the Company includes
options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's
leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement
date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction
with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that
is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to
apply the package of practical expedients for existing arrangements entered into prior to January 1, 2021 to not reassess (a) whether
an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs. The Company
has not entered any lease agreements with lease terms of 12 months or less during the years ended December 31, 2023 and 2022. The Company
elected not to separate non-lease components from lease components; therefore, it will account for lease component and the non-lease components
as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments are fixed.
The accounting update also requires that for operating
leases, a lessee recognize interest expense on the lease liability and the amortization of the right-of-use asset as a combined expense.
In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements.
●
Related
Parties
The Company follows the ASC Topic 850-10, Related
Party for the identification of related parties and disclosure of related party transactions.
Pursuant to section 850-10-20, the related parties
include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election
of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method
by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing trusts that are managed by or under
the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one
of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly
influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting
parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully
pursuing its own separate interests.
The consolidated financial statements shall include
disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items
in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated financial
statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description
of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements
of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the
consolidated financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are
presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount
due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of
settlement.
F-
63
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
●
Commitments
and Contingencies
The Company follows the ASC Topic 450-20, Commitments
to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued,
which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company
assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies
related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company
evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief
sought or expected to be sought therein.
If the assessment of a contingency indicates that
it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would
be accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an
estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally
not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon
information available at this time that these matters will have a material adverse effect on the Company's financial position, results
of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's
business, financial position, and results of operations or cash flows.
●
Fair
Value Measurement
The Company follows the guidance of the ASC Topic
820-10, Fair Value Measurements and Disclosures ("ASC Topic 820-10"), with respect to financial assets and liabilities that
are measured at fair value. ASC Topic 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring
fair value as follows:
●
Level
1 :
Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;
●
Level
2 :
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments
in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant
inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or
liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based
observable inputs; and
●
Level
3 :
Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants
would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option
pricing models and discounted cash flow models.
The carrying value of the Company's financial
instruments: cash and cash equivalents, restricted cash, accounts receivable, loans and notes receivable, deposits, prepayments and other
receivables, accounts payable and accrued liabilities, escrow liabilities, borrowings and amounts due to the holding company approximate
at their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market
prices or interest rates for similar debt instruments, the fair value of loans receivable approximates the carrying amount. The Company
accounts for loans receivable at cost, subject to expected credit losses assessment.
F-
64
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following table presents information about
the Company's financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2023 and
2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
As of
December 31,
Quoted Prices
in Active Markets
Significant
Other
Observable
Inputs
Significant
Other
Unobservable
Inputs
Description
2023
(Level 1)
(Level 2)
(Level 3)
Assets:
Marketable equity securities
$
595
$
595
$
—
$
—
As of December 31,
Quoted Prices
in Active Markets
Significant Other
Observable
Inputs
Significant Other
Unobservable
Inputs
Description
2022
(Level 1)
(Level 2)
(Level 3)
Assets:
Marketable equity securities
$
2,443,593
$
2,443,593
$
—
$
—
Liabilities:
Forward share purchase liability
$
13,491,606
$
—
$
—
$
13,491,606
Warrant liabilities
4,548
—
—
4,548
Total
$
13,496,154
$
—
$
—
$
13,496,154
Fair value estimates are made at a specific point
in time based on relevant market information about the financial instruments. These estimates are subjective in nature and involve uncertainties
and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect
the estimates.
●
Recently
Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise
discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact
on its financial position or results of operations upon adoption.
Recently adopted accounting standards
In June 2016, the FASB issued Accounting Standards
Update No. 2016 - 13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU
2016 - 13"). ASU 2016 - 13 added a new impairment model (known as the CECL model) that is based on expected losses rather than incurred
losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to
most debt instruments, accounts receivables, notes receivables, loans receivable, financial guarantee contracts, and other loan commitments.
The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit
losses on assets that have a low risk of loss. As an emerging growth company, the Company was permitted to adopt the new standard
for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has adopted the new
standard effective January 1, 2023, which didn't have a material impact on the consolidated financial statements.
New accounting standards not yet adopted
In November 2023, the FASB issued Accounting Standards
Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose
of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim
basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective
for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early
adoption permitted and requires retrospective application to all periods presented in the consolidated financial statements. Management
is evaluating the impact on the Company's consolidated financial statements.
F-
65
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information
within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective
for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company's management does not believe the adoption
of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.
Except for the above-mentioned pronouncements,
there are no new recent issued accounting standards that will have a material impact on the consolidated balance sheets, statements of
operations and comprehensive loss and cash flows.
NOTE 4 — LIQUIDITY AND GOING CONCERN
CONSIDERATION
The accompanying consolidated financial statements
were prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets,
and liquidation of liabilities in the normal course of business. They do not include any adjustments that might be necessary should the
Company be unable to continue as a going concern.
For the year ended December 31, 2023, the Company
reported net loss of $
49,206,019
and net cash outflows from operating activities of $
42,282,159
. As of December 31, 2023, the Company
had a working capital deficit of $
22,221,171
, an accumulated deficit of $
65,601,152
and cash and cash equivalents of $
1,861,223
.
The Company has determined that the prevailing
conditions and ongoing liquidity risks encountered by the Company raise substantial doubt about the ability to continue as a going concern
for at least one year following the date these consolidated financial statements are issued. The ability to continue as a going concern
is dependent on the Company's ability to successfully implement its current operating plan and fund-raising exercises. The Company
believes that it will be able to grow its revenue base and control expenditures. In parallel, the Company will monitor its capital structure
and operating plans and search for potential funding alternatives in order to finance the development activities and operating expenses.
These alternatives may include borrowings, raising funds through public equity or debt markets. However, the Company cannot predict the
exact amount or timing of the alternatives, or guarantee those alternatives will be favorable to its shareholders. Any failure to obtain
financing when required will have a material adverse impact on the Company's business, operation and financial result.
Certain funding alternatives have been carried
by the Company, as follows:
1.
On
September 7, 2023, the Company entered into an equity purchase agreement with Williamsburg Venture Holdings, LLC ("Williamsburg"),
an independent third party to agree to invest up to $
50
million over a 36-month period (see Note 17).
2.
On
November 7, 2023, the Company entered into private placement binding term sheets with an institutional investor, the Company's
Chief Executive Officer, Mr. Ng Wing Fai, and the Company's management team pursuant to which the Company will receive gross proceeds
of approximately $
5,128,960
, in consideration of (i)
7,349,200
ordinary shares of the Company, and (ii) warrants to purchase up to
1,469,840
Ordinary Shares at a purchase price of $
0.70
per ordinary share and associated warrants. As of December 31, 2023, the Company received
the proceeds of $
1,850,310
(see Note 17).
The above funding alternatives were not enforceable
and were subject to being exercised the rights by the counterparties. With these funding initiatives, the Company believes that it would
be able to strengthen its financial position, improve its liquidity, and enhance its ability to navigate the challenging market conditions.
F-
66
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 — REVERSE RECAPITALIZATION WITH
AGBA ACQUISITION LIMITED
On the Closing Date, pursuant to the Business
Combination Agreement, the following share transactions were completed:
●
4,825,000
public and private rights were automatically converted to
482,500
ordinary shares of AGBA.
●
792,334
ordinary shares of AGBA were issued to settle the outstanding payables.
●
555,000
ordinary shares of AGBA were issued to Apex Twinkle Limited as the finder fee in connection with the Business Combination.
●
53,835,000
ordinary shares of AGBA were issued to TAG as consideration for the Business Combination and
1,665,000
ordinary shares, representing
as
3
% holdback shares for indemnification purpose were reserved. All the holdback shares will be released to TAG in six months following
the Closing.
Immediately after giving effect to the Business
Combination, AGBA has
58,376,985
ordinary shares issued and outstanding, and
4,825,000
warrants outstanding. TAG became a major shareholder
of the Company.
Preceding to the Closing, on November 9, 2022,
AGBA entered into the Forward Share Purchase Agreement (the "Meteora Backstop Agreement") with Meteora Special Opportunity
Fund I, L.P., a Delaware limited partnership, Meteora Select Trading Opportunities Master, L.P., a Cayman Islands limited partnership,
and Meteora Capital Partners, L.P., a Delaware limited partnership (collectively "Meteora"). Pursuant to the Meteora Backstop
Agreement, Meteora has agreed to purchase up to
2,500,000
AGBA ordinary shares in the open market at prices no higher than the redemption
price, including from other AGBA shareholders that elected to redeem and subsequently revoked their prior elections to redeem their shares,
following the expiration of AGBA's redemption offer. AGBA has agreed to purchase those shares from Meteora on a forward basis, up
to the lessor of (i) that number of AGBA shares then held by Meteora, and (ii) the difference of (x) the number of shares held by Meteora
at Closing (which shall be no more than
2,500,000
Ordinary Shares in the aggregate) minus (y) that number of shares equal to (I) the product
of (A) $
0.12
, multiplied by (B) the number of shares held by the Meteora at Closing (such product, the "Commitment Share Value"),
divided by (II) the value weighted average price for the preceding 30 trading days ending on the day that is 30 days following the Closing
(the number of shares derived in (y), the "Commitment Shares", and the lesser of (1) and (2), the "Puttable Shares"),
unless otherwise agreed to in writing by all parties, at a price per Share equal to the sum of (i) the redemption price as contemplated
by the Definitive Proxy Statement (the "Redemption Price"), plus (ii) $
0.45
(the sum of (i) and (ii), the "Base Price"),
plus (iii) the result of (X) the Base Price, multiplied by (Y) the number of Commitment Shares, divided by (Z) the number of Puttable
Shares (such sum of (i), (ii) and (iii), the "Shares Purchase Price"); provided that the Shares Purchase Price will be reduced
by $
0.15
for the first full calendar quarter after 90 days following the Closing sooner than the Put Date that the Put occurs if the Put
does so occur, plus an additional reduction of $
0.10
if the Put occurs before 90 days following the Closing. The purchase price payable
by AGBA will be escrowed in the amount of the redemption price per share. At the election of AGBA, $
0.45
of the Shares Purchase Price
can be paid using Ordinary Shares rather than cash. The Meteora Backstop Agreement matures nine months after the closing of the Business
Combination.
The transaction was accounted for as a "reverse
recapitalization" in accordance with U.S. GAAP because the primary assets of AGBA would be nominal following the close of the Business
Combination. Under this method of accounting, AGBA was treated as the "acquired" company for financial reporting purposes
and both of TIL and TAC were determined to be the accounting acquirer based on the terms of the Business Combination and other factors
including: (i) TIL and TAC's shareholders have a majority of the voting power of the combined company, (ii) TIL and TAC comprises
a majority of the governing body of the combined company, and TIL and TAC's senior management comprises all of the senior management
of the combined company, and (iii) TIL and TAC comprises all of the ongoing operations of the combined entity. Accordingly, for accounting
purposes, this transaction was treated as the equivalent of the Company issuing shares for the net assets of AGBA, accompanied by a recapitalization.
The shares and net loss per ordinary share, prior to the Reverse Recapitalization, have been retroactively restated. The net assets of
AGBA were recorded at historical carrying amount, with no goodwill or other intangible assets recorded. Operations prior to the Reverse
Recapitalization are those of TIL and TAC.
F-
67
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 — RESTRICTED CASH
Pursuant to the Meteora Backstop Agreement dated
November 9, 2022, the fund held in the escrow account for the forward share purchase is restricted to the Company for the nine months
following the consummation of the Business Combination in November 2022, unless the investors ("Meteora") sell the shares
in the market or redeems the shares. Notwithstanding the sale of shares by Meteora, the restricted cash will be used to settle any of
the Company's repurchase obligations.
On June 29, 2023, the Company and Meteora entered
into an agreement to early terminate the Meteora Backstop Agreement. Prior to the termination, Meteora sold
1,191,016
shares in the open
market at a price ranging from $
1.51
to $
1.61
per share.
Pursuant to the early termination clauses of Meteora
Backstop Agreement, the Company released $
14.0
million from restricted cash to settle the obligation to Meteora.
Pursuant to the termination agreement, the Company
is not obligated to purchase the remaining
124,949
shares (the "Shares") from Meteora and they shall have no obligation to
sell the Shares to the Company. In addition, they may dispose the Shares at its discretion in the open market not less than $
2
per share
before September 29, 2023 and no conditions or restrictions thereafter. As a result, the Company released the remaining $
1.5
million from
restricted cash to settle the obligation to Meteora.
With the early termination and sale of shares
by Meteora, the forward share purchase liability ("FSP liability") was fully settled and a loss on settlement of $
378,895
was recorded in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.
As of December 31, 2023, restricted cash included
the funds held on behalf of the customers, the Company is acted as a custodian to manage the assets and investment portfolio on behalf
of its customers under the terms of certain contractual agreements, which the Company does not have the right to use for any purposes,
other than managing the portfolio. Upon receiving escrow funds, the Company records a corresponding escrow liability.
NOTE 7 — ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following:
As of December 31,
2023
2022
Accounts receivable
$
3,283,118
$
2,916,609
Accounts receivable – related parties
1,094,225
272,546
Less: allowance for expected credit losses
(
312,482
)
(
94,447
)
Accounts receivable, net
$
4,064,861
$
3,094,708
The accounts receivable due from related parties
represented the management service rendered to the portfolio assets of related companies, which are controlled by the holding company,
for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values
invested by the final customers. The amount is unsecured, interest-free and with a credit term mutually agreed.
F-
68
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the activity in the
allowance for expected credit losses:
As of December 31,
2023
2022
Balance at beginning of year
$
94,447
$
94,576
Allowance for expected credit losses
217,475
—
Foreign translation adjustment
560
(
129
)
Balance at end of year
$
312,482
$
94,447
The Company generally conducts its business with
creditworthy third parties. The Company determines, on a quarterly basis, the probable losses and an allowance for expected credit losses
determined in accordance with the CECL model, based on historical losses, current economic conditions, forecasted future economic and
market considerations, and in some cases, evaluating specific customer accounts for risk of loss. Accounts receivable are written off
after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on
an ongoing basis and its exposure to bad debts is not significant.
For the years ended December 31, 2023 and 2022,
the Company has assessed the probable loss and made an allowance for expected credit losses of $
217,475
and
nil
on accounts receivable,
respectively.
NOTE 8 — LOANS RECEIVABLE, NET
The Company's loans receivable, net was
as follows:
As of December 31,
2023
2022
Residential mortgage loans
$
1,605,531
$
1,589,871
Less: allowance for expected credit losses
(
1,229
)
—
Loans receivable, net
$
1,604,302
$
1,589,871
Classifying as:
Current portion
$
549,461
$
517,479
Non-current portion
1,054,841
1,072,392
Loans receivable, net
$
1,604,302
$
1,589,871
F-
69
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The interest rates on loans issued ranged between
9.00
% and
10.50
% (2022:
9.00
% to
10.00
%) per annum for the year ended December 31, 2023. Mortgage loans are secured by collateral in the
pledge of the underlying residential properties owned by the borrowers. As of December 31, 2023, the net carrying amount of the loans
receivable was $
1,604,302
, which included an interest receivable of $
40,100
.
Mortgage loans are made to either business or
individual customers in Hong Kong for a period of
1
to
25
years, which are fully collateralized and closely monitored for counterparty
creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of December 31, 2023 and 2022.
The following table presents the activity in the
allowance for expected credit losses:
As of December 31,
2023
2022
Balance at beginning of year
$
—
$
76,799
Allowance for expected credit losses
1,225
—
Written-off
—
(
76,799
)
Foreign translation adjustment
4
—
Balance at end of year
$
1,229
$
—
Estimated allowance for expected credit losses
is determined on quarterly basis, in accordance with the CECL model, for general credit risk of the overall portfolio, which is relied
on an assessment of specific evidence indicating doubtful collection, historical loss experience, loan balance aging and prevailing economic
conditions. If there is an unexpected deterioration of a customer's financial condition or an unexpected change in economic conditions,
including macroeconomic events, the Company will assess the need to adjust the allowance for expected credit losses. Any such resulting
adjustments would affect earnings in the period that adjustments are made.
For the years ended December 31, 2023 and 2022,
the Company has assessed the probable loss and made an allowance for expected credit losses of $
1,225
and
nil
on loans receivable, respectively.
NOTE 9 — NOTES RECEIVABLE, NET
On February 24, 2023, the Company entered into
a subscription agreement and a convertible loan note instrument (collectively the "Agreements") with Investment A. Pursuant
to the Agreements, the Company agrees to subscribe an aggregate amount of $
1,673,525
notes, in batches, which are payable on or before
January 31, 2024 and bears a fixed interest rate of
8
% per annum. The maturity date of the notes receivable is April 30, 2024. As of December
31, 2023, the Company subscribed $
589,086
notes.
As of December 31, 2023, the net carrying amount
of the notes receivable was $
557,003
, which including an interest receivable of $
34,665
.
F-
70
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the activity in the
allowance for expected credit losses:
As of
December 31,
2023
Balance at beginning of year
$
—
Allowance for expected credit losses
69,581
Foreign translation adjustment
180
Balance at end of year
$
69,761
In accordance with ASC Topic 326, the Company
accounts for its allowance for expected credit losses on notes receivable using the CECL model. Periodic changes to the allowance for
expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the year ended December
31, 2023, the Company has evaluated the probable losses on the notes receivable and made an allowance for expected credit losses of $
69,581
.
NOTE 10 — DEPOSIT, PREPAYMENTS AND OTHER
RECEIVABLES, NET
Deposit, prepayment and other receivables, net
consisted of the following:
As of December 31,
2023
2022
Deposits
$
710,702
$
364,490
Prepayments
1,026,767
104,262
Other receivables
850,361
163,207
2,587,830
631,959
Less: allowance for expected credit losses
(
818,248
)
(
42,173
)
Deposit, prepayment and other receivables, net
$
1,769,582
$
589,786
The following table presents the activity in the
allowance for expected credit losses:
As of December 31,
2023
2022
Balance at beginning of year
$
42,173
$
25,650
Allowance for expected credit losses
774,070
16,509
Foreign translation adjustment
2,005
14
Balance at end of year
$
818,248
$
42,173
In accordance with ASC Topic 326, the Company
accounts for its allowance for expected credit losses on deposit and other receivables using the CECL model. Periodic changes to the allowance
for expected credit losses are recognized in the consolidated statements of operations and comprehensive loss. For the years ended December
31, 2023 and 2022, the Company has evaluated the probable losses on the deposit and other receivables and made an allowance for expected
credit losses of $
774,070
and $
16,509
.
F-
71
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 11 — LONG-TERM INVESTMENTS, NET
Long-term investments, net consisted of the following:
As of December 31,
Ownership
interest
2023
Ownership
interest
2022
Marketable equity securities:
Investment C
0.00
%*
$
595
0.46
%
$
2,443,593
Non-marketable equity securities:
Investment A
8.37
%
5,826,703
8.37
%
5,717,678
Investment B
3.63
%
342,000
3.63
%
513,000
Investment D
4.47
%#
16,880,384
4.92
%
16,030,943
Investment E, related party
4.00
%
522,531
4.00
%
522,557
Investment F
4.00
%
2,152,251
4.00
%
11,805,589
Total
25,723,869
34,589,767
Net carrying value
$
25,724,464
$
37,033,360
*
Less than
0.001
%
#
Decrease in percentage due to share dilution
Investments in Marketable Equity Securities
Investments in marketable equity securities are
accounted for at their current market value with changes in fair value recognized in net loss. Investment C was listed and publicly traded
on Nasdaq Stock Exchange.
During the year ended December 31, 2023, the Company
sold
993,108
shares of Investment C at the average market price of $
4.01
per share, resulting with a realized gain of $
1,543,543
.
As of December 31, 2023 and 2022, Investment C
was recorded at fair value of $
595
and $
2,443,593
, which were traded at a closing price of $
9.15
and $
2.46
per share, respectively.
Investments in Non-Marketable Equity Securities
Investments in non-marketable equity securities
consist of investments in limited liability companies in which the Company's interests are deemed minor and long-term, strategic
investments in companies that are in various stages of development, and investments in a close-ended partnership funds which concentrated
in the healthcare sector. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment,
if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment
of the same issuer.
Management assesses each of these investments
on an individual basis, subject to a periodic impairment review and considers qualitative and quantitative factors including the investee's
financial condition, the business outlook for its products and technology, its projected results and cash flow, financing transactions
subsequent to the acquisition of the investment, the likelihood of obtaining subsequent rounds of financing and cash usage. The Company
is not required to determine the fair value of these investments unless impairment indicators existed. When an impairment exists, the
investment will be written down to its fair value by recording the corresponding charge as a component of other income (expense), net.
Fair value is estimated using the best information available, which may include cash flow projections or other available market data.
Subsequently on February 5, 2024, the Company
entered into a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a purchase
price of $
2.15
million and the transaction was completed on February 19, 2024.
F-
72
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the movement of non-marketable
equity securities as of December 31, 2023 and 2022:
As of December 31,
2023
2022
Balance at beginning of year
$
34,589,767
$
25,496,534
Additions
288,581
16,228,690
Adjustments:
Upward adjustments
—
2,137,021
Downward adjustments (note)
(
10,092,729
)
(
6,898,549
)
Foreign exchange adjustment
938,250
(
2,373,929
)
Balance at end of year
$
25,723,869
$
34,589,767
Cumulative unrealized gains and losses, included in the carrying value
of the Company's non-marketable equity securities:
As of December 31,
2023
2022
Downward adjustments (including impairment)
$
(
37,347,329
)
$
(
27,254,600
)
Upward adjustments
6,209,357
6,209,357
Total
$
(
31,137,972
)
$
(
21,045,243
)
Investment loss, net is recorded as other expense
in the Company's consolidated statements of operations and comprehensive loss, and consisted of the following:
For the years ended
December 31,
2023
2022
Marketable equity securities:
Unrealized gain (loss) from the changes in fair value – Investment C
$
272
$
(
5,330,652
)
Realized gain from sale of Investment C
1,543,543
—
Non-marketable equity securities:
Unrealized (loss)/gains (including impairment) – Investment F
(
9,922,184
)
2,137,021
Unrealized (loss) (including impairment) – Investment B
(
170,545
)
(
756,478
)
Unrealized (loss) (including impairment) – Investment A
—
(
6,142,071
)
Dividend income
1,670,045
1,154,749
Investment loss, net
$
(
6,878,869
)
$
(
8,937,431
)
Note:
Downward adjustments represent unrealized loss
(including impairment) of Investment B and F of $
170,545
and $
9,922,184
for the year ended December 31, 2023, respectively (2022: unrealized
loss (including impairment) of Investment A and B of $
6,142,071
, and $
756,478
respectively).
F-
73
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 12 — PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following:
As of December 31,
2023
2022
As cost:
Land and building
$
1,885,786
$
7,881,202
Furniture, fixtures and equipment
39,743
13,412
Computer equipment
243,314
164,536
Motor vehicles
108,989
108,994
2,277,832
8,168,144
Less: accumulated depreciation
(
556,548
)
(
808,728
)
Property and equipment, net
$
1,721,284
$
7,359,416
Depreciation expense for the years ended December
31, 2023 and 2022 were $
261,323
and $
392,873
, respectively.
For the year ended December 31, 2023, the Company
sold one of its office premises to an independent third party for a consideration of $
6.13
million and a gain on disposal of $
664,816
was recognized. The office premise was pledged for a mortgage loan (see Note 13).
NOTE 13 — BORROWINGS
As of December 31,
2023
2022
Mortgage borrowings
$
1,804,950
$
4,477,254
Short-term borrowings, related party
5,000,000
—
Total
$
6,804,950
$
4,477,254
Mortgage Borrowings
In September 2022, the Company obtained a mortgage
loan of $
4,457,104
(equivalent to HK$
34,800,000
) from a finance company in Hong Kong, which bears interest at a fixed rate of
10.85
% per
annum, was repayable in October 2023. The loan was pledged by a fixed charge on an office premises owned by the Company. In October 2023,
the loan was fully settled with the completion of the sale of the office premises (see Note 12).
In February 2023, the Company obtained a mortgage
loan of $
1,793,001
(equivalent to HK$
14,000,000
) from a finance company in Hong Kong, which bears an average interest rate at
13.75
% per
annum and becomes repayable in February 2024. The loan was pledged by a fixed charge on an office premises owned by the Company.
Short-term Borrowings
In September 2023, the Company obtained
a short-term borrowing of $
5,000,000
from the Company's major shareholder's ultimate holding company, which bears interest
at a fixed rate of
12.00
% per annum, repayable in October 2023. The borrowing is secured by a lien on the partial equity interest in Investment
D owned by the Company. In October 2023, November 2023, December 2023 and February 2024, the Company entered into certain supplementary
agreements to renew and extend the maturity to November 2023, December 2023, January 2024 and March 2024, respectively.
F-
74
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14 — FORWARD SHARE PURCHASE LIABILITY
("FSP Liability")
During the year ended December 31, 2023, pursuant
to the sale of shares by investors and early termination of the Meteora Backshop Agreement (see Note 5), FSP liability was fully settled
with a loss of $
378,895
recorded in the consolidated statements of operations and comprehensive loss.
The FSP liability as of December 31, 2022 under
the Meteora Backstop Agreement is valued by an independent valuer using a Black-Scholes model, which is considered to be Level 3 fair
value measurement.
The following table present the quantitative information regarding Level 3 fair value measurement of the FSP liability:
As of
December 31,
2022
Input
Share price
$
1.54
Risk-free interest rate
4.16
%
Volatility
52.19
%
Exercise price
$
12.34
Term
0.61
years
For the year ended December 31, 2023, the change
in fair value of FSP liability of $
82,182
was charged to the consolidated statements of operations and comprehensive loss.
NOTE 15 — LEASE
Operating lease right-of-use ("ROU")
asset and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU asset
represents the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's
obligation to make lease payments arising from the lease. Generally, the implicit rate of interest ("discount rate") in arrangements
is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments.
The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The
operating lease ROU asset includes any lease payments made and excludes lease incentives.
During the year ended December 31, 2023, the Company
has entered into a commercial operating lease with an independent third party for the use of an office in Hong Kong. The lease has an
original term exceeding
1
year, but not more than
3
years with an option to renew a further term of
3
years. At lease inception, after
consideration, the Company was certain that the renewal option would be exercised, after the original term. The operating lease is included
in "Right-of-use asset, net" on the consolidated balance sheets and represents the Company's right to use the underlying
asset during the lease term. The Company's obligation to make lease payments are included in "Lease liabilities" on
the consolidated balance sheets.
Supplemental balance sheet information related
to the operating lease was as follows:
As of December 31,
2023
Operating lease:
Right-of-use asset
12,512,585
Less: accumulated depreciation
(
1,004,432
)
Right-of-use asset, net
$
11,508,153
Lease liabilities:
Current lease liabilities
1,229,329
Non-current lease liabilities
10,646,053
Total lease liabilities
$
11,875,382
Operating lease expense for the years
ended December 31, 2023 and 2022 was $
1,496,286
and
nil
, respectively, is included in other general and administrative expenses in the
consolidated statements of operations and comprehensive loss.
F-
75
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Other supplemental information about the Company's
operating lease as of December 31, 2023 are as follow:
Weighted average discount rate
6.58
%
Weighted average remaining lease term (years)
5.42
Maturities of operating lease liabilities as of December
31, 2023 were as follows:
For the year ended December 31,
Operating
lease
2024
$
1,942,181
2025
1,942,181
2026
2,676,638
2027
3,201,250
2028
3,201,250
Thereafter
1,333,854
Total minimum lease payments
14,297,354
Less: imputed interest
(
2,421,972
)
Total operating lease liabilities
$
11,875,382
NOTE 16 — WARRANT LIABILITIES
Private warrants
The private warrants are accounted for as liabilities
in accordance with ASC 480 and are presented as liabilities on the consolidated balance sheets. As of December 31, 2023 and 2022, there
were
225,000
private warrants outstanding.
The fair value of the private warrants is valued
by an independent valuer using a Binominal pricing model. The warrants were classified as Level 3 due to the use of unobservable inputs.
The key inputs into the Binominal pricing model
were as follows at their measurement dates:
As of December 31,
2023
2022
Input
Share price
$
0.49
$
1.54
Risk-free interest rate
4.04
%
4.16
%
Volatility
48.66
%
52.19
%
Exercise price
$
11.50
$
11.50
Warrant remaining life
3.9
years
4.9
years
As of December 31, 2023 and 2022, the aggregate
value of the private warrants was
nil
and $
4,548
, respectively. The changes in fair value for the years ended December 31, 2023 and 2022
were $
4,548
and $
8,952
, respectively.
Warrants – Class A
In December 2023, the Company consummated the
private placement and received cash proceeds in exchange of
2,643,300
ordinary shares and
528,660
warrants to be issued. These warrants
have an exercise price of $
1.00
per share and shall be exercised with more than $
500,000
per tranche (see Note 17).
F-
76
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17 — SHAREHOLDERS' EQUITY
Ordinary Shares
As of December 31, 2023 and 2022, the Company
has authorized shares of
200,000,000
ordinary shares with a par value $
0.001
.
Ordinary Shares transactions for the year ended
December 31, 2022
(i)
On November 14, 2022, pursuant to the Business Combination (as described in Note 5), the following share transactions were completed:
●
4,825,000
public and private rights were automatically converted to
482,500
ordinary shares of AGBA.
●
792,334
ordinary shares of AGBA were issued to settle the outstanding payables.
●
555,000
ordinary shares of AGBA were issued to Apex Twinkle Limited as the finder fee in connection with the Business Combination.
●
53,835,000
ordinary shares of AGBA were issued to TAG as consideration for the Business Combination and
1,665,000
ordinary shares, representing as
3
% holdback shares were reserved.
Ordinary Shares transactions for the year ended
December 31, 2023
(ii)
On
March 21, 2023, the Company issued
2,173,913
ordinary shares to Apex Twinkle Limited to partially settle the finder fee payable.
(iii)
On
May 22, 2023, the Company issued
946,100
ordinary shares to the directors and officers of the Company under the Share Award Scheme (the
"Scheme") for compensating the contributions of prior services and performance. These shares were approved and granted previously
in December 2022.
(iv)
On
June 6, 2023, the holdback shares of
1,665,000
ordinary shares were fully released and issued.
(v)
On
December 5, 2023, the Company issued
600,000
ordinary shares to Williamsburg, an independent third party, as a commitment fee under the
equity purchase agreement dated September 7, 2023.
(vi)
During
the year ended December 31, 2023, the Company issued
4,900,000
ordinary shares to certain consultants to compensate their services rendered.
As of December 31, 2023 and 2022, there were
68,661,998
and
58,376,985
ordinary shares issued and outstanding, respectively.
Ordinary Shares To Be Issued
(vii)
On
November 7, 2023, the Company entered into certain term sheets among an institutional investor, the Company's Chief Executive Officer,
Mr. Ng Wing Fai, and the Company's management team for the private placement with an offering price at $
0.70
per ordinary share.
In December 2023, the Company consummated the
private placement with an independent institutional investor and received gross proceeds of $
1,850,310
in exchange of (i)
2,643,300
ordinary
shares, and (ii) warrants purchase up to
528,660
ordinary shares at a purchase price of $
0.70
per ordinary share. The warrants have an
exercise price of $
1.00
per share and shall be exercised with more than $
500,000
per tranche.
(viii)
In
December 2023, the Company settled the accrued salary of $
1.43
million with an aggregate of
2,210,984
ordinary shares to the directors
and officers of the Company at the current market price ranging from $
0.442
to $
0.70
per share.
Subsequently in February 2024, the Company issued
435,484
shares for the settlement of the accrued salary.
Public Warrants
Each public warrant entitles the holder thereof
to purchase one-half (1/2) of
one
ordinary share at a price of $
11.50
per full share, subject to adjustment as discussed herein. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number
of warrants may be exercised at any given time by a warrant holder.
F-
77
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Once the warrants become exercisable, the Company
may call the outstanding warrants (including any outstanding warrants issued upon exercise of the unit purchase option issued to Maxim
Group LLC) for redemption:
●
in
whole and not in part;
●
at
a price of $
0.01
per warrant;
●
upon
a minimum of
30
days' prior written notice of redemption,
●
if,
and only if, the last sales price of the ordinary shares equals or exceeds $
16.50
per share for any
20
trading days within a
30
trading
day period ending three business days before the Company send the notice of redemption, and
●
if,
and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at the
time of redemption and for the entire
30
-day trading period referred to above and continuing each day thereafter until the date of redemption.
If the Company calls the warrants for redemption
as described above, the management of the Company will have the option to require all holders that wish to exercise warrants to do so
on a "cashless basis." In such event, each holder would pay the exercise price by surrendering the whole warrants for that
number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants,
multiplied by the difference between the exercise price of the warrants and the "fair market value" (defined below) by (y)
the fair market value. The "fair market value" shall mean the average reported last sale price of the ordinary shares for
the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
Whether the Company will exercise our option to require all holders to exercise their warrants on a "cashless basis" will
depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption, the Company's
cash needs at such time and concerns regarding dilutive share issuances.
Private Warrants
The private warrants are identical to the public
warrants, except that the private warrants and the ordinary shares issuable upon the exercise of the private warrants were not transferable,
assignable or salable until after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the
private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the private warrants are held by someone other than the initial purchasers or their permitted transferees,
the private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.
The private warrants are accounted as liabilities
and remeasured to fair value on a recurring basis, with changes in fair value recorded in the consolidated statements of operations (see
Note 16).
As of December 31, 2023 and 2022, there were
4,600,000
public warrants and
225,000
private warrants outstanding.
Warrant - Class A
Each warrant entitles the holder to purchase one-fifth
(1/5) of one ordinary share at a price of $
0.70
per full share. The warrants will be exercisable six months after the issuance date for
a period of five years after the exercise date. The warrants have an exercise price of $
1.00
per share and shall be exercised with more
than $
500,000
per tranche.
As of December 31, 2023,
528,660
warrants are
to be issued under Warrant - Class A, in connection with the private placement.
Forgiveness of Amounts Due to the Holding
Company
During the years ended December 31, 2023 and 2022,
the holding company of the Company agreed to forgive a debt of $
12,593,384
and $
6,000,000
, in aggregate, respectively, representing certain
amounts due to it and treat as additional paid-in capital.
F-
78
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Share Award Scheme
Immediately following the consummation of Business
Combination, the Company's shareholders approved the Scheme, which became effective on September 14, 2022. Subsequently, on February
24, 2023, the Company registered
11,675,397
ordinary shares to be issued under the Scheme.
The fair value of the ordinary shares granted
under the scheme is measured based on the closing price of the Company's ordinary shares as reported by Nasdaq Exchange on the date
of grant. For those ordinary shares vested immediately on the date of grant, the fair value is recognized as share-based compensation
expense in the consolidated statements of operations and comprehensive loss.
Share-based compensation
On May 22, 2023, the Company issued
946,100
ordinary
shares to compensate the contributions of prior services and performance of the eligible employees, directors and officers, which was
approved and granted previously in December 2022.
Restricted Share Units ("RSUs")
In December 2022, the Company approved and granted
5,000,000
ordinary shares as RSUs to employees and consultants as additional compensation under the Scheme. These RSUs typically will
be vested over
one
to
four
years
period from 2023 to 2026.
For the RSUs, the fair value is recognized over
the period based on the derived service period (usually the vesting period), on a straight-line basis. The valuations assume no dividends
will be paid. The Company has assumed
10
% forfeitures.
During the year ended December 31, 2023, the Company
recorded $
1,856,732
share-based compensation expense, which is included in the personal and benefit expenses in the consolidated statements
of operations and comprehensive loss.
As of December 31, 2023, total unrecognized compensation
remaining to be recognized in future periods for RSUs totaled $
1.9
million. They are expected to be recognized over the weighted average
period of
1.67
years.
A summary of the activities for the Company's
RSUs as of December 31, 2023 and 2022 is as follow:
As of December 31,
2023
2022
Number of
RSUs
Weighted
Average
Grant Price
Number of
RSUs
Weighted
Average
Grant Price
Outstanding, beginning of year
5,000,000
$
2.47
—
$
—
Granted
—
$
—
5,000,000
$
2.47
Vested
(
346,542
)
$
2.47
—
$
—
Forfeited
(
3,343,730
)
$
(
2.47
)
—
$
—
Outstanding, end of year
1,309,728
$
2.47
5,000,000
$
2.47
F-
79
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18 — OPERATING EXPENSES
Commission Expense
Pursuant to the terms of respective contracts,
commission expense represents certain premiums from insurance or investment products paid to agents. Commission rates vary by market due
to local practice, competition, and regulations. The Company charged commission expense on a systematic basis that is consistent with
the revenue recognition.
During the years ended December 31, 2023 and 2022,
the Company recorded $
37,287,519
and $
18,823,458
commission expenses, respectively.
Personnel and Benefit Expense
Personnel and benefit expense mainly consisted
of salaries and bonus paid and payable to the employees of the Company. During the year ended December 31, 2023, the Company reversed
the annual bonus of $
3.6
million that was already accrued for the year ended December 31, 2022.
During the years ended December 31, 2023 and 2022,
the Company recorded $
27,217,822
and $
21,928,504
personnel and benefit expense, respectively.
Legal and Professional Fees
Legal and professional fees mainly consisted of
certain professional consulting services in legal, audit, accounting and taxation, and others.
During the years ended December 31, 2023 and 2022,
the Company recorded $
13,601,274
and $
1,265,866
legal and professional fees, respectively.
During the years ended December 31, 2023 and 2022,
the Company recorded $
333,332
and
nil
legal and professional fees, related party, respectively.
Other General and Administrative Expenses
The Company incurred different types of expenditures
under other general and administrative expenses. They primarily consist of depreciation of property and equipment and management fee expenses
which are allocated for certain corporate office expenses.
During the years ended December 31, 2023 and 2022,
the Company recorded $
9,467,146
and $
4,905,636
other general and administrative expenses, respectively.
F-
80
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 19 — NET LOSS PER SHARE
As the Company reported a net loss for the years
ended December 31, 2023 and 2022, it was required by ASC 260 to use basic weighted-average shares outstanding when calculating diluted
net loss per share for the years ended December 31, 2023 and 2022, as the potential dilutive securities are anti-dilutive.
For the years ended
December 31,
2023
2022
Numerator:
Net loss attributable to the Company's shareholders
$
(
49,206,019
)
$
(
44,520,635
)
Denominator:
Weighted average shares outstanding
- Basic and diluted
65,265,397
56,084,858
Net loss per share
- Basic and diluted
$
(
0.75
)
$
(
0.79
)
For the years ended December 31, 2023 and 2022,
diluted weighted average ordinary shares outstanding is equal to basic weighted average ordinary shares, due to the Company's net
loss position. Hence, no ordinary shares equivalents were included in the computation of diluted net loss per share since such inclusion
would have been antidilutive.
The following potentially dilutive securities
outstanding have been excluded from the computation of diluted weighted average shares outstanding, because such securities had an antidilutive
impact:
As of December 31,
2023
2022
Shares to be issued (Note 17):
-
3
% Holdback shares
—
1,665,000
- Private placement
2,643,300
—
- Settlement of accrued salary
2,210,984
—
Public and private warrants (Note 17)
4,825,000
4,825,000
Warrant – Class A (Note 17)
528,660
—
Shares award outstanding (Note 17)
1,309,728
5,946,100
Total
11,517,672
12,436,100
NOTE 20 — INCOME TAX EXPENSE
The provision for income tax expense consisted
of the following:
For the years ended
December 31,
2023
2022
Current tax
$
332,275
$
118,073
Deferred tax
(
45,737
)
6,532
Income tax expense
$
286,538
$
124,605
The effective tax rate in the periods presented
is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company's
subsidiaries mainly operate in Hong Kong that are subject to taxes in the jurisdictions in which they operate, as follows:
British Virgin Islands
The Company is incorporated in the British Virgin
Islands and is not subject to taxation. In addition, upon payments of dividends by these entities to their shareholder, no British Virgin
Islands withholding tax will be imposed.
Hong Kong
The Company's subsidiaries operating in
Hong Kong are subject to the Hong Kong Profits Tax at the income tax rates ranging from
8.25
% to
16.5
% on the assessable income arising
in Hong Kong during its tax year.
For the years ended December 31, 2023 and 2022,
Hong Kong profits tax is calculated in accordance with the two-tiered profits tax rates regime. The applicable tax rate for the first
HK$
2
million of assessable profits is
8.25
% and assessable profits above HK$
2
million will continue to be subject to the rate of
16.5
%
for corporations in Hong Kong, effective from the year of assessment 2018/2019.
F-
81
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The reconciliation of income tax rate to the effective
income tax rate based on loss before income tax expense for the years ended December 31, 2023 and 2022 are as follows:
For the years ended
December 31,
2023
2022
Loss before income taxes
$
(
48,919,481
)
$
(
44,396,030
)
Statutory income tax rate
16.5
%
16.5
%
Income tax expense at statutory rate
(
8,071,714
)
(
7,325,345
)
Income not subject to taxes
(
2,563,028
)
(
71,468
)
Non-deductible items:
- Share based compensation
1,853,779
344,640
- Investment loss
1,135,013
1,474,676
- Change in fair values
—
888,251
Under provision of prior years
220,570
31,284
Change in valuation allowance
7,732,994
4,822,582
Tax holiday
(
21,076
)
(
21,838
)
Other
—
(
18,177
)
Income tax expense
$
286,538
$
124,605
The following table sets forth the significant
components of the deferred tax liabilities and assets of the Company as of December 31, 2023 and 2022:
As of December 31,
2023
2022
Deferred tax liabilities:
Accelerated depreciation
$
—
$
45,858
Deferred tax liabilities
$
—
$
45,858
As of December 31,
2023
2022
Deferred tax assets, net:
Net operating loss carryforwards
$
8,909,692
$
5,461,370
Less: valuation allowance
(
8,909,692
)
(
5,461,370
)
Deferred tax assets, net:
$
—
$
—
The movement of valuation allowance is as follows:
For the years ended
December 31,
2023
2022
Balance as of beginning of the year
$
(
5,461,370
)
$
(
2,483,436
)
Additions
(
3,448,322
)
(
2,977,934
)
Balance as of end of the year
$
(
8,909,692
)
$
(
5,461,370
)
As of December 31, 2023 and 2022, the operations
incurred $
54.0
million and $
33.1
million, respectively of cumulative net operating losses, which can be carried forward to offset future
taxable income. Net operating loss can be carried forward indefinitely, but cannot be carried back to prior years. There are no group
relief provisions for losses or transfers of assets under Hong Kong tax regime. Each company within a corporate group is taxed as a separate
entity. The Company has provided for a full valuation allowance against the deferred tax assets on the expected future tax benefits from
the net operating loss carryforwards as the management believes that it is more likely that not all of these assets will be realized in
the future. The valuation allowance is reviewed annually.
Uncertain tax positions
The Company evaluates the uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated
with the tax positions. As of December 31, 2023 and 2022, the Company did not have any significant unrecognized uncertain tax positions.
The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31,
2023 and 2022 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from
December 31, 2023.
F-
82
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 21 — SEGMENT INFORMATION
ASC Topic 280,
Segment Reporting
, establishes
standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure
as well as information about geographical areas, business segments and major customers in financial statements for detailing the Company's
business segments.
Currently, the Company has
four
business segments
comprised of the following products and services:
Segments
Scope of Business Activities
Distribution Business
Facilitating the placement of insurance, investment, real estate and other financial products and services to our customers, through licensed brokers, in exchange for initial and ongoing commissions received from product providers, including insurance companies, fund houses and other product specialists.
Platform Business
-
Providing access to financial products and services to licensed brokers.
-
Providing operational support for the submission and processing of product applications.
-
Providing supporting tools for commission calculations, customer engagement, sales team management, customer conversion, etc.
-
Providing training resources and materials.
-
Facilitating the placement of investment products for the fund and/or unsecured loans to creditworthy customers.
-
Providing the lending services whereby the Company makes secured and/or unsecured loans to creditworthy customers.
-
Solicitation of real estate sales for the developer, in exchange for commissions.
Fintech Business
Managing an ensemble of fintech investments
Healthcare Business
Managing an ensemble of healthcare-related investments
The four business segments were determined based
primarily on how the chief operating decision maker views and evaluates the operations. Operating results are regularly reviewed by the
chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. Other factors,
including market separation and customer specific applications, go-to-market channels, products and services are considered in determining
the formation of these operating segments.
F-
83
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the summary information
by segment for the years ended December 31, 2023 and 2022:
For the year ended December 31, 2023
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
157,190
$
—
$
—
$
157,190
- Non-interest income
48,886,928
5,145,069
—
—
54,031,997
Total revenue, net
48,886,928
5,302,259
—
—
54,189,187
Commission expense
35,884,443
1,403,076
—
—
37,287,519
Depreciation
1,045
232,479
27,799
—
261,323
Income (loss) from operations
5,886,741
(
10,531,655
)
(
39,200,408
)
—
(
43,845,322
)
Investment loss, net
—
—
(
6,878,869
)
—
(
6,878,869
)
Total assets as of December 31, 2023
$
16,301,055
$
23,546,029
$
26,219,352
$
522,531
$
66,588,967
For the year ended December 31, 2022
Distribution
Business
Platform
Business
Fintech
Business
Healthcare
Business
Total
Revenue, net
- Interest income
$
—
$
176,175
$
—
$
—
$
176,175
- Non-interest income
24,610,309
6,293,743
4,896
—
30,908,948
Less: inter-segment
—
—
(
4,896
)
—
(
4,896
)
Total revenue, net
24,610,309
6,469,918
—
—
31,080,227
Commission expense
16,839,870
1,983,588
—
—
18,823,458
Depreciation
884
391,104
885
—
392,873
Loss from operations
(
4,960,505
)
(
10,767,796
)
(
12,622,796
)
—
(
28,351,097
)
Investment loss, net
—
—
(
8,937,431
)
—
(
8,937,431
)
Total assets as of December 31, 2022
$
3,556,198
$
59,001,756
$
38,140,822
$
522,557
$
101,221,333
All of the Company's customers and operations
are based in Hong Kong.
F-
84
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 22 — RELATED PARTY BALANCES AND
TRANSACTIONS
In support of the Company's efforts and
cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by the shareholder. Amounts represent advances or amounts paid in satisfaction of liabilities.
Related party balances consisted of the following:
As of December 31,
2023
2022
Balance with related parties:
Accounts receivable
(a)
$
1,094,225
$
272,546
Borrowings
(b)
$
5,000,000
$
—
Amounts due to the holding company
(c)
$
2,906,261
$
6,289,743
Long-term investment – Investment E
(d)
$
522,531
$
522,557
(a)
Accounts receivable due from related parties represented the management service rendered to two individual close-ended investment private funds registered in the Cayman Islands, which is controlled by the holding company.
(b)
Borrowing is obtained from the Company's major shareholder of ultimate holding company. The amount was secured, interest-bearing and repayable by the end of March 2024 (see Note 13).
(c)
Amounts due to the holding company are those nontrade payables arising from transactions between the Company and the holding company, such as advances made by the holding company on behalf of the Company, advances made by the Company on behalf of the holding company, and allocated shared expenses paid by the holding company. During the years ended December 31, 2023 and 2022, amounts due to the holding company of $
12.6
million and $
6.0
million, respectively, were forgiven (see Note 17).
(d)
The
Company purchased
4
% equity interest in Investment E from a related party in May 2021, based on historical cost. The Company has a common
director with Investment E.
F-
85
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In the ordinary course of business, during the
years ended December 31, 2023 and 2022, the Company involved with transactions, either at cost or current market prices and on the normal
commercial terms among related parties. The following table provides the transactions with these parties for the years as presented (for
the portion of such period that they were considered related):
For the years ended
December 31,
2023
2022
Asset management service income
(e)
$
970,143
$
969,912
Commission expense
(f)
—
48,398
Purchase of non-marketable equity security – Investment F
(g)
—
9,668,568
Office rental and operating fees
(h)
6,039,520
3,190,064
General and administrative expense allocated
(i)
1,724
2,645,731
Legal and professional fees
(j)
333,332
—
Purchase of investment from the holding company
(k)
—
6,560,122
Purchase of office building from the holding company
(l)
—
5,995,249
Declaration of special dividends to the holding company
(m)
$
—
$
47,000,000
(e)
Under the management agreements, the Company shall provide management service to the portfolio assets held by two individual close-ended investment private funds in the Cayman Islands, which is controlled by the holding company, for a compensation of asset management service fee income at the predetermined rate based on the respective portfolio of asset values invested by the final customers.
(f)
Commission fee on insurance brokerage and asset management referral at the predetermined rate based on the service fee.
(g)
The Company purchased
4
% equity interest in Investment F from a related party in October 2022, based on its historical carrying amount.
(h)
Pursuant to the service agreement, the Company agreed to pay the office and administrative expenses to the holding company for the use of office premises, including, among other things, building management fees, government rates and rent, office rent, and lease-related interest and depreciation that were actually incurred by the holding company. Also, the holding company charged back the reimbursement of legal fee and debt collection fee in the ordinary course of business.
(i)
Certain amounts of general and administrative expenses were allocated by the holding company.
(j)
On September 19, 2023, the Company entered into an advisory services agreement with a related company, which owned by the Chairman of the Company, for a monthly fee of $
83,333
. The service will be terminated by either party upon 90 days prior written notice.
(k)
The Company purchased
4,158,963
shares of Investment A from the holding company and the transaction was completed on April 20, 2022 based on the historical cost to the holding company.
(l)
The Company purchased an office building from the holding company in January 2022, based on its historical carrying amount.
(m)
On January 18, 2022, TAC approved to declare and distribute a special dividend of $
47
million to TAG Holdings Limited, the shareholder who represented
1
ordinary share of TAC. The dividends were paid by offsetting the receivable due from the shareholder and the remaining balance was paid by cash. The special dividend distribution was made due to the investment income from the sale of Nutmeg in September 2021.
Apart from the transactions and balances detailed
above and elsewhere in these accompanying consolidated financial statements, the Company had no other significant or material related
party transactions during the years presented.
F-
86
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 23 — RISK AND UNCERTAINTIES
The Company is exposed to the following risk and
uncertainties:
(a)
Concentration
risk
For the years ended December 31, 2023 and 2022,
the customers who accounted for
10
% or more of the Company's revenues and its outstanding receivable balances at year-end dates,
are presented as follows:
For the year ended
December 31,
    2023
As of December 31,
2023
Customer
Revenues
Percentage
of revenues
Accounts
receivable
Customer A
$
14,451,772
27
%
$
1,092,414
Customer B
$
5,960,681
11
%
$
61,455
Customer C
$
5,923,008
11
%
$
1,634
For the year ended
December 31,
    2022
As of December 31,
2022
Customer
Revenues
Percentage
of revenues
Accounts
receivable
Customer D
$
6,816,652
22
%
$
305,841
Customer A
$
5,823,065
19
%
$
432,858
All of the Company's major customers are
located in Hong Kong.
(b)
Credit
risk
Financial instruments that potentially subject
the Company to credit risk consist of cash and cash equivalents, restricted cash, accounts receivable, loans receivable, and notes receivable.
Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored
by management. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$
500,000
(approximately $
64,050
) if the bank
with which an individual/a company hold its eligible deposit fails. As of December 31, 2023, cash and cash equivalents of $
1.9
million
and fund held in escrow of $
16.8
million were maintained at financial institutions in Hong Kong, of which approximately $
18.2
million
was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually
monitors their credit worthiness.
For accounts receivable, loans receivable, and
notes receivable, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses
based on the estimated realizable value. Credit of money lending business is controlled by the application of credit approvals, limits
and monitoring procedures.
F-
87
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The Company uses internally-assigned risk grades
to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company's
internal risk grade system is based on experiences with similarly graded loans and the assessment of borrower credit quality, such as,
credit risk scores, collateral and collection history. Individual credit scores are assessed by credit bureau, such as TransUnion. Internal
risk grade ratings reflect the credit quality of the borrower, as well as the value of collateral held as security. To minimize credit
risk, the Company requires collateral arrangements to all mortgage loans and has policies and procedures for validating the reasonableness
of the collateral valuations on a regular basis. Management believes that these policies effectively manage the credit risk from advances.
The Company's third-party customers that
represent more than
10
% of total combined loans receivable, and their related net loans receivable balance as a percentage of total combined
loans receivable, as of December 31, 2023 and 2022 were as follows:
As of December 31,
2023
2022
Customer E
37.3
%
37.4
%
Customer F
30.9
%
31.6
%
Customer G
31.8
%
31.0
%
(c)
Economic
and political risk
The Company's major operations are conducted
in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's
economy may influence the Company's business, financial condition, and results of operations.
(d)
Exchange
rate risk
The Company cannot guarantee that the current
exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable
periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted
to US$ and Sterling on that date. The exchange rate could fluctuate depending on changes in political and economic environments without
notice.
(e)
Liquidity
risk
Liquidity risk is the risk that the Company will
not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash
to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company's reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections.
If future cash flows are fairly uncertain, the liquidity risk increases.
F-
88
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 24 — COMMITMENTS AND CONTINGENCIES
Litigation
— From time to time, the
Company is involved in various legal proceedings and claims in the ordinary course of business. However, the Company currently is not
aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its
business, financial condition, operating results, or cash flows.
As of December 31, 2023, the Company involved
in the following legal proceedings:
Action Case: HCA702/2018
On March 27, 2018,
the writ of summons was issued against the Company and seven related companies of the former shareholder by the Plaintiff. On February
23, 2023, the Court granted leave for this action be set down for trial of 13 days, and the trial will commence on November 25, 2024.
Legal counsel of the Company will continue to handle in this matter. At this stage in the proceedings, the Company is unable to determine
the probability of the outcome of the matter or the range of reasonably possible loss, if any.
Action Case: HCA765/2019
On April 30, 2019,
the writ of summons was issued against the Company's subsidiary, three related companies and the former directors, shareholders
and financial consultant by the Plaintiff. This action alleged deceit and misrepresentation from an inducement of the fund subscription
and claimed for compensatory damage of approximately $
2
million (equal to HK$
17.1
million). The case is on-going and parties have yet
to attempt mediation. Legal counsel of the Company continues to handle this matter. At this stage in the proceedings, the Company is unable
to determine the probability of the outcome of the matter or the range of reasonably possible loss, if any.
Action Case: HCA2097 and 2098/2020
On December
15, 2020, the writs of summons were issued against the Company and the former consultant by the Plaintiff. This action alleged the misrepresentation
and conspiracy causing the loss from the investment in corporate bond and claimed for compensatory damage of approximately $
1.67
million
(equal to HK$
13
million). The Company previously made $
0.84
million as contingency loss for the year ended December 31, 2021. Parties
participated in a mediation held on March 25, 2022 and negotiated for settlement through without prejudice correspondence, no settlement
was reached. The case is on-going and legal counsel of the Company will continue to handle this matter. At this stage in the proceedings,
the Company is unable to determine the probability of the outcome of the matter or the range of reasonable possible loss, if any.
Action Case: HCA1957/2023
On December 15,
2023, the Company received an order from the High Court of the Hong Kong Special Administrative Region, demanding the Company to pay and
settle the outstanding rent/mesne profit, management fees, air-conditioning charges, additional air-conditioning charges, government rates
and interest in an aggregated amount of $
1,383,424
(equivalent to HK$
10,799,560
) to the landlord of the office premises in four instalments
scheduled from January 15, 2024 to March 31, 2024 together with legal costs of $
6,405
(equivalent to HK$
50,000
).
The Company makes a provision for the liability
relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
These provisions are reviewed at least each fiscal quarter and adjusted to reflect the impacts of negotiations, estimate settlements,
legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Legal fees are expensed in
the period in which they are incurred.
F-
89
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes Receivable Agreement
— Pursuant
to the Agreements, subject to demand, the Company is committed to subscribe the notes of Investment A with an aggregate amount of $
1,673,525
,
in batches, which are payable on or before January 31, 2024. As of December 31, 2023, the remaining committed subscription amount was
$
1,084,439
.
Sale and Purchase Agreement
— Pursuant
to the agreement dated April 5, 2023, entered with Sony Life Singapore Pte. Ltd. ("SLS"), an independent third party, the
Company is committed to purchase
100
% equity interest in Sony Life Financial Advisers Pte. Ltd. for a cash consideration of SGD
2,500,000
(equivalent to $
1,882,000
). On December 28, 2023, the Company and SLS entered into a second supplementary agreement to extend the closing
date of the transaction from December 31, 2023 to March 31, 2024.
Nasdaq Compliance
— On September
20, 2023, the Company received a written notice (the "Notice") from Nasdaq, notifying that the Company had publicly traded
under $
1.00
per share for a period of
30
consecutive trading days or more, which failed to comply with Nasdaq Listing Rule 5550(a)(2)
and Nasdaq Listing Rule 5810(c)(3)(A). The Notice had no immediate effect but, before March 18, 2024, the Company was required to regain
compliance by trading at least $
1.00
per share for a minimum of 10 consecutive trading days. Otherwise, after the date, subject to other
requirements and conditions, the Company may proceed to delisting procedures. As of the date of the consolidated financial statements,
the Company is still consecutively trading under $
1.00
, directors of the Company are investigating actions, where appropriate, to regain
the compliance, by March 18, 2024. On March 20, 2024, Nasdaq has granted an additional 180 calendar days period or until September 16,
2024, to the Company to regain the compliance.
NOTE 25 — SUBSEQUENT EVENTS
On January 3, 2024, the Company received a written
notice from Nasdaq, notifying that the Company had not maintained a minimum Market Value of Listed Securities ("MVLS") of
at least $
35
million, which failed to comply with Nasdaq Listing Rule 5550(b)(2). The Notice had no immediate effect but, before July
1, 2024, the Company was required to regain compliance by having a minimum MVLS of at least $
35
million for
10
consecutive trading days.
Otherwise, after the date, subject to other requirements and conditions, the Company may proceed to delisting procedures. As of the date
of the consolidated financial statements, the Company was granted by Nasdaq with an additional 180 days, by September 16, 2024 to regain
the compliance.
On February 5, 2024, the Company entered into
a purchase and sale agreement with an independent third party to sell all of its equity interest in Investment F for a consideration of
$
2.15
million. This transaction was completed on February 19, 2024.
On February 26, 2024, the Company issued
1,723,744
ordinary shares to the directors and officers of the Company to compensate the services and performance at the current market prices.
On March 12, 2024 and March 22, 2024, the Company
issued
2,000,000
and
105,615
ordinary shares to certain consultants to compensate their services rendered at the current market price,
respectively.
On March 22, 2024, the Company issued
1,900,000
ordinary shares to certain employees and advisor of the Company to compensate the services and performance at the current market price.
In accordance with ASC Topic 855, Subsequent Events,
which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the
consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2023,
up to the date that the audited consolidated financial statements were available to be issued.
F-
90
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26 — PARENT ONLY FINANCIAL INFORMATION
The Company performed a test on the restricted
net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and concluded that
it was applicable for the Company to disclose the financial statements for AGBA Group Holding Limited, the parent company.
The Company did not have significant capital and
other commitments, long-term obligations, or guarantees as of December 31, 2023 and 2022. Certain information and footnote disclosures
generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.
The following presents condensed parent company
only financial information of AGBA Group Holding Limited.
Condensed balance sheets
As of December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
129,660
$
85,955
Restricted cash
—
15,356,580
Amounts due from the holding company
133,070
—
Amounts due from subsidiaries
908,811
—
Deposit, prepayments, and other receivables
453,620
1,715
Total current assets
1,625,161
15,444,250
Non-current assets:
Investments in subsidiaries
13
13
Total non-current assets
13
13
TOTAL ASSETS
$
1,625,174
$
15,444,263
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Other payable and accrued liabilities
$
3,738,639
$
6,577,351
Amounts due to subsidiaries
13
13
Amounts due to the related companies
—
1,327,107
Forward share purchase liability
—
13,491,606
Total current liabilities
3,738,652
21,396,077
Long-term liabilities:
Warrant liabilities
—
4,548
Total long-term liabilities
—
4,548
TOTAL LIABILITIES
3,738,652
21,400,625
Commitments and contingencies (Note 24)
Shareholders' deficit:
Ordinary shares, $
0.001
par value;
200,000,000
shares authorized,
68,661,998
and
58,376,985
shares issued and outstanding as of December 31, 2023 and 2022, respectively
68,662
58,377
Ordinary shares to be issued
4,854
1,665
Additional paid-in capital
19,507,136
1,867,335
Accumulated deficit
(
21,694,130
)
(
7,883,739
)
Total shareholders' deficit
(
2,113,478
)
(
5,956,362
)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
$
1,625,174
$
15,444,263
F-
91
AGBA GROUP HOLDING LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Condensed Statements of Operations
For the years ended
December 31,
2023
2022
Operating cost and expenses:
Share-based compensation expense
$
(
9,932,762
)
$
(
2,088,725
)
Other general and administrative expenses
(
3,764,618
)
(
479,407
)
Total operating cost and expenses
(
13,697,380
)
(
2,568,132
)
Loss from operations
(
13,697,380
)
(
2,568,132
)
Other income (expense):
Change in fair value of warrant liabilities
4,548
8,952
Change in fair value of forward share purchase liability
(
82,182
)
(
5,392,293
)
Loss on settlement of forward share purchase agreement
(
378,895
)
—
Sundry income
343,518
67,734
Total other expense, net
(
113,011
)
(
5,315,607
)
Loss before income taxes
(
13,810,391
)
(
7,883,739
)
Income tax expense
—
—
NET LOSS
$
(
13,810,391
)
$
(
7,883,739
)
Condensed Statement of Cash Flows
For the years ended
December 31,
2023
2022
Cash flows from operating activities:
Net loss
$
(
13,810,391
)
$
(
7,883,739
)
Adjustments to reconcile net loss to net cash used in operating activities
Share-based compensation expense
9,932,762
2,088,725
Change in fair value of warrant liabilities
(
4,548
)
(
8,952
)
Change in fair value of forward share purchase liability
82,182
5,392,293
Loss on settlement of forward share purchase agreement
378,895
—
Change in operating assets and liabilities:
Deposits, prepayments, and other receivables
(
17,035
)
(
1,715
)
Other payables and accrued liabilities
1,161,288
(
839,181
)
Net cash used in operating activities
(
2,276,847
)
(
1,252,569
)
Cash flows from financing activities:
(Repayment to) advances from related companies
(
933,655
)
1,338,524
Settlement of forward share purchase agreement
(
13,952,683
)
—
Proceeds from private placement
1,850,310
—
Cash proceeds from reverse recapitalization, net of redemption
—
15,356,580
Net cash (used in) provided by financing activities
(
13,036,028
)
16,695,104
Net change in cash, cash equivalent and restricted cash
(
15,312,875
)
15,442,535
BEGINNING OF YEAR
15,442,535
—
END OF YEAR
$
129,660
$
15,442,535
As of December 31,
2023
2022
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents
$
129,660
$
85,955
Restricted cash
—
15,356,580
Total cash, cash equivalents and restricted cash
$
129,660
$
15,442,535
F-
92
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses
of Issuance and Distribution.
The following table sets forth
all costs and expenses, other than underwriting discounts and commissions, we expect to incur in connection with the sale of the securities
being registered. All amounts shown are estimates except for the SEC registration fee.
Amount
SEC Registration Fee
$
Legal Fees and Expenses
Accounting Fees and Expenses
Miscellaneous Expenses
Total
$
Item 14. Indemnification of Directors and Officers.
Section 102 of the General
Corporation Law of the State of Delaware permits a corporation to eliminate the personal liability of directors of a corporation to the
corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except for breaches of the director's
duty of loyalty to the corporation or its stockholders, acts or omissions not in good faith or which involve intentional misconduct or
a knowing violation of a law, authorizations of the payments of a dividend or approval of a stock repurchase or redemption in violation
of Delaware corporate law or for any transactions from which the director derived an improper personal benefit. Our amended and restated
certificate of incorporation provides that no director will be liable to us or our stockholders for monetary damages for breach of fiduciary
duties as a director, subject to the same exceptions as described above.
Section 145 of the General
Corporation Law of the State of Delaware provides that a corporation has the power to indemnify a director, officer, employee, or agent
of the corporation and certain other persons serving at the request of the corporation in related capacities against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection
with a threatened, pending, or completed action, suit or proceeding to which he or she is or is threatened to be made a party by reason
of such position, if such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful,
except that, in the case of actions brought by or in the right of the corporation, indemnification is limited to expenses (including attorneys'
fees) actually and reasonably incurred by the person in connection with defense or settlement of such action or suit and no indemnification
shall be made with respect to any claim, issue, or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability
but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which
the Court of Chancery or such other court shall deem proper. In addition, to the extent that a present or former director or officer of
a corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding described above (or claim,
issue, or matter therein), such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably
incurred by such person in connection therewith. Expenses (including attorneys' fees) incurred by an officer or director in defending
any civil, criminal, administrative, or investigative action, suit, or proceeding may be advanced by the corporation upon receipt of an
undertaking by such person to repay such amount if it is ultimately determined that such person is not entitled to indemnification by
the corporation under Section 145 of the General Corporation Law of the State of Delaware.
II-
1
Our amended and restated
certificate of incorporation provides that we will, to the fullest extent permitted by law, indemnify any person made or threatened
to be made a party to an action or proceeding by reason of the fact that he or she (or his or her testators or intestate) is or was
our director or officer or serves or served at any other corporation, partnership, joint venture, trust or other enterprise in a
similar capacity or as an employee or agent at our request, including service with respect to employee benefit plans maintained or
sponsored by us, against expenses (including attorneys'), judgments, fines, penalties and amounts paid in settlement incurred
in connection with the investigation, preparation to defend, or defense of such action, suit, proceeding, or claim. However, we are
not required to indemnify or advance expenses in connection with any action, suit, proceeding, claim, or counterclaim initiated by
us or on behalf of us. Our amended and restated bylaws provide that we will indemnify and hold harmless each person who was or is a
party or threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was our
director or officer, or is or was serving at our request in a similar capacity of another corporation, partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans (whether the basis of such action, suit, or
proceeding is an action in an official capacity as a director or officer or in any other capacity while serving as a director of
officer) to the fullest extent authorized by the DGCL against all expense, liability and loss (including attorneys' fees,
judgments, fines, ERISA excise taxes, or penalties and amounts paid in settlement) reasonably incurred or suffered by such person in
connection with such action, suit or proceeding, and this indemnification continues after such person has ceased to be an officer or
director and inures to the benefit of such person's heirs, executors and administrators. The indemnification rights also
include the right generally to be advanced expenses, subject to any undertaking required under DGCL, and the right generally to
recover expenses to enforce an indemnification claim or to defend specified suits with respect to advances of indemnification
expenses.
We have entered into indemnification
agreements with each of our executive officers and directors, which may, in some cases, be broader than specific indemnification provisions
contained in Delaware law. These agreements provide that, subject to limited exceptions and among other things, we will indemnify each
of our executive officers and directors to the fullest extent permitted by law and advance expenses to each indemnitee in connection with
any proceeding in which a right to indemnification is available.
We also expect to maintain
general liability insurance that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions
in their capacities as directors or officers, including liabilities under the Securities Act. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers, or persons who control us, we have been informed that in the
opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Item 15. Recent Sales of Unregistered Securities.
Set forth below is information
regarding securities sold and issued by us within the last three years that were not registered under the Securities Act, as well as the
consideration received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under
which exemption from registration was claimed.
On November 14, 2022, AGBA Acquisition Limited,
a British Virgin Islands' company, consummated a series of transactions contemplated by the previously announced business combination
agreement, dated as of November 3, 2021 (as amended on November 18, 2021, January 4, 2022, May 4, 2022, and October 21, 2022) (the "Business
Combination Agreement") by and among AGBA Group Holding Limited ("AGBA"), AGBA Merger Sub I Limited, AGBA Merger Sub
II Limited, TAG International Limited, TAG Asset Partners Limited, OnePlatform International Limited, OnePlatform Holdings Limited, TAG
Asia Capital Holdings Limited, and TAG Holdings Limited ("TAG") (the "Business Combination").
Upon the Closing: (i) AGBA became, through an acquisition
merger, the 100% owner of the issued and outstanding securities of each of TAG International Limited and TAG Asia Capital Holdings Limited,
in exchange for 53,835,000 ordinary shares of AGBA, par value US$0.001 per share, ("AGBA Shares") and (ii) each of AGBA's
issued and outstanding convertible notes and related party balances to its sponsor, AGBA Holding Limited, automatically converted into
792,334 AGBA Shares.
Subsequent to December 31, 2022, AGBA and Apex Twinkle
Limited entered into an amendment to referral agreement, pursuant to which AGBA agreed to pay $4,000,000 payable in the form of 2,173,913
ordinary shares of AGBA that assumes a share price of $1.84 per AGBA Ordinary Share, based on a 5-day weighted-average price of the AGBA
Ordinary Shares. AGBA, accordingly issued 2,173,913 ordinary shares to Apex Twinkle Limited.
On November 8, 2023, AGBA commenced a private placement
(the "PIPE") of ordinary shares of AGBA and warrants and entered into certain term sheets with certain investors. On February
15, 2024, AGBA completed the execution of the term sheets and received the full gross proceeds of approximately $5,128,960 at the closing
of PIPE, in consideration of (i) 7,349,200 ordinary shares, and (ii) warrants to purchase up to 1,469,840 ordinary shares at a purchase
price of $0.70 per ordinary share and associated warrant. On May 2, 2024, the PIPE closed.
On October 15, 2024, Triller Group Inc. consummated
the merger, pursuant to that certain amended and restated agreement and plan of merger, dated as of August 30, 2024, as amended, by and
between AGBA, its wholly owned subsidiary AGBA Social Inc. At closing, the Company issued (i) 83,468,631 shares of common stock to the
Triller stockholders, (ii) 24,206,246 shares of common stock to Triller Group Inc. as escrow agent, (iii) 11,801,804 shares of Triller
Group Series A-1 Preferred Stock to the holders of Triller preferred stock, that are affiliated with the Triller's majority shareholder
and (iv) 30,851 shares of Triller Group Series B Preferred Stock to Green Nature Limited, a British Virgin Islands company that is affiliated
with the Company's majority shareholder
No underwriters were used in the foregoing transactions,
and no underwriting discounts or commissions were paid for the transactions described above. Such issuances of shares of Common Stock
and warrants, as applicable, were made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities
Act.
II-
2
Item 16.
Exhibits and Financial Statement Schedules.
The following documents are filed as exhibits
to this registration statement, including those exhibits incorporated herein by reference to one of our prior filings under the Securities
Act or the Exchange Act.
Exhibit No.
Description
2.1
Amended and Restated Merger Agreement dated August 30, 2024 by, among others, AGBA Group Holding Limited and Triller Corp. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by AGBA on September 3, 2024)
2.2
Amendment No. 1 to Amended and Restated Merger Agreement (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed by Triller on October 21, 2024)
3.1
Certificate of Domestication of AGBA Group Holding Limited (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by Triller on October 21, 2024)
3.2
Certificate of Incorporation of Triller Group Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by Triller on October 21, 2024)
3.3
Bylaws of Triller Group Inc. (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed by Triller on October 21, 2024)
5.1*
Opinion of Loeb & Loeb LLP
10.1
Triller Group Inc. 2024 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Triller Group's 8-K filed with the SEC on October 21, 2024)
21.1
Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 to the Current Report on Form 10-K filed by Triller Group on March 28, 2024)
23.1
Consent of WWC, P.C.
24.1
Power of Attorney (included on signature page)
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
107
Filing Fee Table
*
To be filed.
II-
3
Item 17.
Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than
20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement; and
(iii)
To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;
Provided
,
however
, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
(2)
That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3)
To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining liability under the
Securities Act of 1933 to any purchaser each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on
Rule 430A (§ 230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is
part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use.
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(5)
That, for the purpose of determining liability of the registrant
under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: the undersigned registrant
undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
registrant; and
(iv)
Any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(d)
The undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities
Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon
Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or
497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities
Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.
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SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in California on November 15, 2024.
TRILLER GROUP INC.
By:
/s/ Ng Wing Fai
Ng Wing Fai
Chief Executive Officer and Director
POWER OF ATTORNEY
We, the undersigned directors and officers of
Triller Group Inc., hereby severally constitute and appoint Ng Wing Fai and Shu Pei Huang, Desmond, and each of them, our true and lawful
attorneys-in-fact and agents, with full power of substitution and re-substitution for him or her and in his or her name, place, and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and any
subsequent registration statements pursuant to Rule 462 of the Securities Act of 1933, as amended and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as we might or could do in person, hereby ratifying and confirming all
that each of said attorney-in-fact or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Wing Fai NG
Chief Executive Officer and Director
November 15, 2024
Wing Fai NG
(Principal Executive Officer)
/s/ Shu Pei Huang, Desmond
Acting Chief Financial Officer
November 15, 2024
Shu Pei Huang, Desmond
(Principal Financial Officer and Principal Accounting Officer)
/s/ Bobby Sarnevesht
Vice Chairman and Director
November 15, 2024
Bobby Sarnevesht
/s/ Brian Chan
Director
November 15, 2024
Brian Chan
/s/ Thomas Ng
Director
November 15, 2024
Thomas Ng
/s/ Felix Yun Pun Wong
Director
November 15, 2024
Felix Yun Pun Wong
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