This is an unofficial translation. In the event of any discrepancy between the original
Japanese text and this English translation, the Japanese text shall prevail.

April 26, 2024
To whom it may concern
Company Name: AVANT GROUP CORPORATIONName of Representative: Tetsuji Morikawa,
President and Group CEO(Code: 3836, TSE Prime Market)
Inquiries: Naoyoshi Kasuga, Director and Group CFO(TEL: 03-6388-6739)

Notice of Establishment of Joint Venture Company (Consolidated Subsidiary)
We hereby announce that our Board of Directors has resolved at a meeting held today to establisha joint venture company with Cygnet Infotech Private Limited. The joint venture will become aconsolidated subsidiary of the Company.
１．Background of the Joint Venture
In order to obtain software development capabilities on a global level, we have outsourced thedevelopment of our software products to Cygnet Infotech Private Limited(https://www.cygnet.one), a globally operating company based in India. Their aim is to ‘Empower
lives globally with technology-enabled & data-driven solution.’ While developing the Group'ssoftware products through our collaboration with the Cygnet, we discovered the growth potential ofthe Indian software market and the sales potential of our group's software products in India, and as
a result of discussions between the two companies, we decided to establish a joint venturecompany through joint investment.
２．Joint Venture Business and Objectives
Through this joint venture, we will strengthen our position in the Indian market by conducting
research and business development for our group's software sales in the Indian market.
３．Outline of Joint Venture Company
(1)

Name

DivaCygnet Private Limited (Tentative Name)(2)

Location

Bandra Kurla Complex, Mumbai, Maharashtra

(3)
(4)

Title

andnamerepresentative
Businessof

CEO: Surendra Sharma
Research and business development of the Group's software sales
in the Indian market

(5)Capital Stock

60 million Indian rupees(6)

Date of Establishment

July 1, 2024 (scheduled date)(7)

Accounting PeriodMarch(8)

Net Assets

60 million Indian rupees(9)

Total Assets

60 million Indian rupees(10)

Investment Ratio

Avant Group Corporation: 80%.
Cygnet Infotech Private Limited: 20%.

４．Outline of Joint Venture Partner
(1)

Name

Cygnet Infotech Private Limited(2)

Location

16-Swastik Society, near Amco Bank, Stadium Circle, Opposite
Diamond Plaza, Navrangpura, Ahmedabad - 380009, Gujarat, India(3)

Title and name ofManaging Director, Founder & CEO: Niraj Hutheesing

representative(4)

Business

Contracted development of software and development and salesof in-house software(5)

Capital Stock

52 million Indian rupees(6)

Date of Establishment

August 2000

(7)

Major Shareholders

Niraj Hutheesing: 87.77%.

and Shareholding
Ratio
Listed companies and(8)Relationship with theCompany

Capital ties

Not applicable.

Personal relations

Not applicable.

Business relations

The Company outsources software productdevelopment to this company.

５．Upcoming dates(1)

Date of resolution by theApril 26, 2024

Board of Directors(2)

Date of conclusion of joint

May 31, 2024 (Estimated Scheduled date)venture agreement(3)

Establishment of joint venture July 1, 2024 (Estimated Scheduled date)(4)

Business start dateJuly 1, 2024 (Estimated Scheduled date)

６．Future Outlook
The Company currently believes that the impact of this matter on its consolidated businessresults for the fiscal year ending June 30, 2024, is negligible, but will promptly announce anymatters that should be disclosed in the future.
Ends