Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 302

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 302
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 the Facility Agreement, (i) the Warrant shall not be capable of exercise of any kind, and shall remain
un-exercisable; and (ii) OCBC will have no rights to Piggyback Registration (as defined in the Warrant). Under the Amendment, the Company
will have six months from the date the full amount of SGD5,000,000 is disbursed to file a registration statement for the public resale
of all of the Warrant Shares (as defined in the Warrant). As of the date of issuance of the consolidated financial statements, no fund
has been disbursed under the Facility Agreement.

<div align='center'>F-58

Company Registration No. 199303898C

Ban Leong Technologies Limited

Consolidated Financial Statements

March 31, 2025 and 2024

F-59

BAN LEONG TECHNOLOGIES LIMITED

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</div>

|                                                            | Pages |
| Report of Independent Auditors                             | F-61  |
| Consolidated Balance Sheets                                | F-63  |
| Consolidated Statements of Comprehensive Income            | F-64  |
| Consolidated Statements of Changes in Shareholders’ Equity | F-65  |
| Consolidated Statements of Cash Flows                      | F-66  |
| Notes to the Consolidated Financial Statements             | F-67  |

<div align='center'>F-60

BAN LEONG TECHNOLOGIES LIMITED

Report of Independent Auditors</div>

To the Shareholders and the Board of Directors
of Ban Leong Technologies Limited

Opinion

We have audited the consolidated financial statements of Ban Leong
Technologies Limited (the "Company"), which comprise the consolidated balance sheets as of March 31, 2025 and 2024, and the
related consolidated statements of comprehensive income, changes in shareholders’ equity and cash flows for the years then ended,
and the related notes (collectively referred to as the “financial statements”).

In our opinion, the accompanying financial statements
present fairly, in all material respects, the financial position of the Company at March 31, 2025 and 2024, and the results of its operations
and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing
standards generally accepted in United States of America (GAAS). Our responsibilities under those