Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 72

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 72
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 discussion does not
address all aspects of U.S. federal income taxation that may be relevant to particular holders nor does it take into account the individual
facts and circumstances of any particular holder that may affect the U.S. federal income tax consequences to such holder, and accordingly,
is not intended to be, and should not be construed as, tax advice.

This discussion is based
on provisions of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the U.S. Treasury Regulations promulgated
thereunder (whether final, temporary, or proposed) (the “Treasury Regulations”), published administrative rulings of the
IRS, and judicial decisions, all as in effect on the date hereof. Any of the authorities on which this summary is based could be changed
in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could
affect the U.S. federal income tax considerations described in this summary. This discussion does not address the U.S. federal 3.8% Medicare
tax imposed on certain net investment income or any aspects of U.S. federal taxation other than those pertaining to the income tax, nor
does it address any tax consequences arising under any U.S. state and local, or non-U.S. tax laws. U.S. Holders should consult their
own tax advisors regarding such tax consequences in light of their particular circumstances.

The Company has not sought
any rulings from the IRS with respect to the statements made and the positions or conclusions described in this summary; thus, there
can be no assurance that the IRS will not challenge the U.S. federal income tax treatment described below or that, if challenged, such
treatment will be sustained by a court.

This summary is limited
to considerations relevant to U.S. Holders that hold Ordinary Shares as “capital assets” within the meaning of section 1221
of the Code (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that
may be important to holders in light of their individual circumstances, including holders subject to special treatment under the U.S.
tax laws, such as, for example:

| ● | banks                                                                  
 or other financial institutions, underwriters, or insurance companies; |

| ● | brokers                                                                                    
 or dealers in securities or currencies or holders that are traders in securities who elect 
 to apply a mark-to-market method of accounting;                                            |

| ● | real