March 8, 2024
For Immediate Release
Company name: EXEO Group, Inc.
Representative: Tetsuya Funabashi, President & CEO(Code: 1951, Prime Market of the Tokyo Stock Exchange)
Contact: Shigeki Hayashi, Director and Operating Officer
General Manager of Accounts & Finance Division
Chief Financial Officer(TEL. +81-3-5778-1105)

Notice of Transfer of a Specified Subsidiary
EXEO Group, Inc. (the “Company”) hereby announces that the Company resolved at ameeting of its Board of Directors held on March 8, 2024 to reclassify vCargo Cloud Pte. Ltd.
(“VCC”) from the previous category of affiliated company of the Company back into aconsolidated subsidiary and a specified subsidiary because the Company had obtained theconsent of a shareholder to exercise voting rights that accord with the Companyʼs intention.
Details are as follows.
1. Reason for transfer
VCC was classified as an affiliated company as of January 1, 2024 because effective
control over VCC no longer existed due to the expiration of the period of the voting
agreement concluded with a shareholder (3RD SPACE Pte. Ltd.). However, the Company
recently obtained consent from another shareholder (HARBOUR LAUNCH Pte. Ltd.) toexercise voting rights that accord with the Companyʼs intention. With the addition of thevoting rights of the shareholder who is in accord with the Company, effective control
will be reestablished, and VCC will be reclassified as a consolidated subsidiary and a
specified subsidiary of the Company.
2. Overview of new subsidiary(1) NamevCargo Cloud Pte. Ltd.

(2) Address

2 TANJONG KATONG ROAD, #05-01 PLQ3, SINGAPORE (437161)(3) Name and title ofrepresentative

CEO TAY KOONG PHONG(4) Business description

IT consulting service(5) Capital stock20,433 thousand Singaporean dollars(6) EstablishedFebruary 2013

(7) Major shareholders andtheir interests(8) Relationships between
the listed company andVCC

DeClout Pte. Ltd.

36.00%HARBOUR LAUNCH Pte. Ltd.

22.19%HEXATON CAPITAL Pte. Ltd.

16.72%

3RD SPACE Pte. Ltd.

14.04%VANADIUM SERVICES Pte. Ltd.

11.05%

CapitalA subsidiary of the Company holds 36.00% ofrelationshipthe shares of VCC.

Personal

One officer of the Company will concurrently

relationshipserve as an officer of VCC.

Business

Loan of funds, underwriting of capital increase,relationshipetc.

(9) The financial results and financial position for the last three years of VCC(thousand Singaporean dollars)
Fiscal year-end

Fiscal year ended

Fiscal year ended

Fiscal year ended

December 31,

December 31,

December 31,

2020

2021

2022

Net assets(3,083)(10,904)(18,358)

Total assets

28,167

79,467

103,438(0.28)(0.87)(1.44)Net sales

48,299159,281245,145

Operating income (loss)(6,053)(3,440)(1,967)

Profit (loss)(6,837)(12,169)(7,274)(0.61)(0.97)(0.57)－－－Net assets per share(Singaporean dollars)Profit (loss) per share(Singaporean dollars)
Dividend per share
3. Date of transfer of specified subsidiary
March 8, 2024
4. Outlook

The impact of this matter on consolidated financial results for the fiscal year underreview is minor. However, if there is any impact on its financial results forecasts, theCompany will make proper disclosure according to the Tokyo Stock Exchangeʼs timely
disclosure rules.