Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 71

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 71
---
,088, the payment of total consideration of      
 US$48,338,143 for the acquisition, and the payment of US$115,284 structuring fee in according 
 to the HSBC term loan facility agreement;                                                     |

| b. | Reflects                                                                                 
 adjustments to record the capitalization of structuring fee of US$580,141   associated   
 with the HSBC term loan facility. Of this amount, US$115,284   is                        
 payable upon the signing of the loan agreement, while the remaining US$464,857 is due on 
 or before February 26, 2026.                                                             |

| c. | Reflects adjustments to record the fair value of identifiable intangible,                                                                      
 specifically customer relationships, assets totaling US$4,462,626, the recognition of a corresponding deferred tax liability of US$803,273     
 arising from the difference between the tax base and the accounting basis of the intangible assets, and the resulting goodwill of US$7,810,460 
 recognized upon completion of the acquisition.                                                                                                 |

| d. | Reflects the adjustments to record the                                            
 elimination of GCL’s long-term investment of Ban Leong and Ban Leong’s net asset. |

| e. | Reflects the adjustments                                                                        
 to record the amortization of the intangible assets of  US$72,522. According to ASC350-30-35-6, 
 the method of amortization shall reflect the pattern in which the economic benefits of the      
 intangible assets are consumed or otherwise used up. The Company amortized the intangible       
 assets based on the respective cashflow that the consumer relationships will contribute each    
 year.                                                                                           |

| f. | Reflects the adjustments to record the                                   
 interest expense of US$1,660,967 related to the HSBC term loan facility. |

<div align='center'>39

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a general
discussion of certain material U.S. federal income tax consequences of the ownership and disposition of Ordinary Shares for a U.S. Holder
(as defined below). This discussion address only U.S. Holders that acquire Ordinary Shares in this offering. This discussion is for general
information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax consequences
that may apply to a U.S. holder as a result of the ownership and disposition of Ordinary Shares. In addition, this