Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 220

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 220
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 the Company is United States Dollars (“US$”) and the accompanying
financial statements have been expressed in US$. The Company’s subsidiaries in Singapore,
Hong Kong, Malaysia, China, Brazil, the United Kingdom, and Dubai conduct their businesses
and maintain their books and records in US$, or local currencies of Singapore Dollars (“SGD”),
Hong Kong Dollar (“HKD”), Malaysian Ringgit (“MYR”), Chinese Yuan
(“RMB”), Brazil Real (“BRL”), and United Arab Emirates Dirham (“AED”)
as their respective functional currencies.

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 period. The gains and losses resulting from translation of financial statements
of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of
change in shareholders’ equity. Cash flows are also translated at average translation rates for the periods. Therefore, amounts
reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance
sheets. Exchange rate presented below were quoted by the Federal Reserve of the United States.

<div align='center'>F-10

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Translation of foreign currencies into US$ 1
have been made at the following exchange rates for the respective periods:

|                                        |     | As of and for the years ended March 31, |        |     |      |        |     |      |        |
|                                        |     |                                    2025 |        |     | 2024 |        |     | 2023 |        |
| Period-end SGD: US$1 exchange rate     |     |                                         | 1.3445 |     |      | 1.3475 |     |      | 1.3294 |
| Period-end HKD: US$1 exchange rate     |     |                                         | 7.7799 |     |      | 7.8259 |     |      | 7.8499 |
| Period-end MYR: US$1 exchange rate     |     |                                         | 4.4365 |     |      | 4.722