GHY to bring soccer tournament featuring Christiano Ronaldo into China

1.1 The Board of Directors (the "Board") of G.H.Y Culture & Media Holding Co., Limited (the "Company" and together with its subsidiaries and associated companies, the "Group”) wishes to announce that G.Yue Culture & Media Limited ("G.Yue Culture & Media"), a subsidiary of the Company, has, on 7 November 2023, received the fully executed collaboration agreement (the "Collaboration Agreement") with Al Nassr Club Company ("Al Nassr").

The parties will collaborate to organise a soccer tournament titled "China Tournament January 2024", which will take place between 21 January 2024 and 29 January 2024. The soccer tournament will be held in at least two cities (to be chosen from Shenzhen, Xiamen or Haikou in the People's Republic of China ("China") or in Hong Kong), whereupon two friendly matches will be held between Al Nassr and other teams to be designated by G.Yue Culture & Media.

Al Nassr Football Club is a Saudi Arabian professional club based in Riyadh, Saudi Arabia.

Christiano Ronaldo is a registered first team player of Al Nassr in the 2023 – 2024 season, and is expected to play during the China Tournament January 2024.

Pursuant to the Collaboration Agreement, G.Yue Culture & Media will be entitled to organiser rights on an exclusive basis, being any and all rights regarding sponsorship, licensing, broadcasting, ticketing, advertisement, endorsement, certification operation, promotion and any other rights related to the soccer tournament, and such rights will be sub-licensable to any third party with the approval of Al Nassr.

The collaboration fee payable by the Group to Al Nassr in respect of the Collaboration Agreement is USD 10 million.