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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; border-bottom: Black 1.5pt solid; font-size: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_90F_edei--DocumentType_c20230101__20231231_zgvlyubrkbwh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000012" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Mark
One)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_903_edei--DocumentRegistrationStatement_c20230101__20231231_zbseA1gMq4t2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000013" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span>
<span style="font-size: 10pt">REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_907_edei--DocumentAnnualReport_c20230101__20231231_zJfsvne10mnl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000014" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span>
<span style="font-size: 10pt">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_90B_edei--DocumentPeriodEndDate_c20230101__20231231_zxAno9DkKrKd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000015" name="dei:DocumentPeriodEndDate"><span id="xdx_90B_edei--CurrentFiscalYearEndDate_c20230101__20231231_z764mYqUT7yb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000016" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_902_edei--DocumentFiscalYearFocus_c20230101__20231231_zy9I3hAflXPj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000017" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_908_edei--DocumentTransitionReport_c20230101__20231231_zEeUNnCJ2E4d"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000018" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<span style="font-size: 10pt">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_903_edei--DocumentShellCompanyReport_c20230101__20231231_zyhGsmvYIeMd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000019" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
<span style="font-size: 10pt">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of event requiring this shell company report&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_901_edei--EntityRegistrantName_c20230101__20231231_zzTzkBz5z6X9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000021" name="dei:EntityRegistrantName">ESGL
HOLDINGS LIMITED</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityAddressAddressLine1_c20230101__20231231_zv803C9NqVJ5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityAddressAddressLine1">101
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityAddressCityOrTown_c20230101__20231231_zz91CzvwrG7"><span id="xdx_908_edei--EntityAddressCountry_c20230101__20231231_zbrNhSnNniJ"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000024" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000025" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></ix:nonNumeric></span></span>
<span id="xdx_908_edei--EntityAddressPostalZipCode_c20230101__20231231_z4FQI2uYklL1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressPostalZipCode">637226</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<b>Address
of Principal Executive Offices</b>)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znBaINHa8n14"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000027" name="dei:ContactPersonnelName">Mr.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zGCNwHm2dyd6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000028" name="dei:EntityAddressAddressLine1">101
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zrtCARp0xqf7"><span id="xdx_909_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXedRJQt9PUf"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000030" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></ix:nonNumeric></span></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    to purchase ordinary shares</ix:nonNumeric></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    <span id="xdx_907_edei--SecurityExchangeName_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsToPurchaseOrdinarySharesMember_zctjMVvxj9H5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsToPurchaseOrdinarySharesMember" format="ixt-sec:exchnameen" id="Fact000040" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report: <span id="xdx_90C_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_zH5JNaaormR1"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000041" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">22,998,039</ix:nonFraction></span> ordinary shares and 9,002,331 warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90D_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zNCufvz0XT8e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_909_edei--EntityVoluntaryFilers_c20230101__20231231_z177X1cmbMqc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_90B_edei--EntityCurrentReportingStatus_c20230101__20231231_zP6fbrIh6qql"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_903_edei--EntityInteractiveDataCurrent_c20230101__20231231_zVwNiLzAjBWa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 33%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--EntityFilerCategory_c20230101__20231231_zp5t20VS35si"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000046" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> &#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company <span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_zcGLIJhVFjpa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000047" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90D_edei--EntityExTransitionPeriod_c20230101__20231231_zKR0ZT1Nk8W9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--DocumentAccountingStandard_c20230101__20231231_zB4wpg0Jsose"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the International Accounting Standards Board &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 &#9744; Item 18 &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_905_edei--DocumentFinStmtErrorCorrectionFlag_dbF_c20230101__20231231_zId1LK1x9MSh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; <span>No</span> <span id="xdx_90F_edei--EntityShellCompany_dbF_c20230101__20231231_zA8xBQ3klvel"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes &#9744; No <span>&#9744;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="width: 0.8in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_001">CAUTIONARY NOTE REGARDING
    FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_002">INTRODUCTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#p_003">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_004">ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_005">ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_006">ITEM
    3. KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_007">ITEM
    4. INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">19</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_008">ITEM
    4A. UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_009">ITEM
    5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_037">ITEM
    6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_036">ITEM
    7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_034">ITEM
    8. FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_033">ITEM
    9. THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_035">ITEM
    10. ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_032">ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_031">ITEM
    12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_030">PART II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_029">ITEM
    13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_028">ITEM
    14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_027">ITEM
    15. CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_026">ITEM
    16. [RESERVED]</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_025">ITEM
    16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_024">ITEM
    16B. CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_023">ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_022">ITEM
    16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_021">ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_020">ITEM
    16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_019">ITEM
    16G. CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_018">ITEM
    16H. MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_017">ITEM
    16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_016">ITEM
    16J. INSIDER TRADING POLICIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_015">ITEM
    16K. CYBERSECURITY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_014">PART III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"/>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_013">ITEM
    17. FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_012">ITEM
    18. FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#p_011">ITEM
    19. EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_001"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F (including information incorporated by reference herein, the &#8220;Report&#8221;) is being filed by ESGL
Holdings Limited, a Cayman Islands business company. Unless otherwise indicated, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221;
&#8220;ESGL,&#8221; the &#8220;Group&#8221; and similar terminology refer to ESGL Holdings Limited and its subsidiaries. References to
&#8220;ESGH&#8221; and &#8220;Environmental Solutions Group Holdings Limited&#8221; refer to Environmental Solutions Group Holdings Limited,
a Cayman Islands exempted company. References to &#8220;S$&#8221; refers to the legal currency of Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements are typically identified by words such as &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;intend,&#8221; &#8220;outlook,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;continue,&#8221;
&#8220;could,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221;
&#8220;should,&#8221; &#8220;would&#8221; and other similar words and expressions, but the absence of these words does not mean that
a statement is not forward- looking. Forward-looking statements in this Report may include, for example, statements about:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    business strategies and outcomes;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    financial performance following the Business Combination (defined below);</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">government
    regulations governing business operations, and in particular those governing the environmental industry;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">macro-economic
    conditions in Singapore;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of the COVID-19 pandemic on our business and the actions we may take in response thereto; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    outcome of any known and unknown litigation and regulatory proceedings.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements are based on information available as of the date of this Report, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not place undue reliance on these forward-looking statements. New risk factors and uncertainties emerge from time to time and
it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained
in any forward-looking statements. As a result of a number of known and unknown risks and uncertainties, our actual results or performance
may be materially different from those expressed or implied by these forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Report also contains statistical data and estimates that we obtained from industry publications and reports generated by third-party
providers of market intelligence. These industry publications and reports generally indicate that the information contained therein was
obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_002"></span>INTRODUCTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company primarily operating in Singapore through our subsidiary, Environmental Solutions (Asia) Pte. Ltd. (&#8220;ESA&#8221;).
Unless otherwise stated or unless the context otherwise requires, the terms &#8220;Company,&#8221; &#8220;the registrant,&#8221; &#8220;our
company,&#8221; &#8220;the company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;ours&#8221; and &#8220;ESGL&#8221;
refer to ESGL Holdings Limited, a Cayman Islands business company, and its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are presented in U.S. dollars. All references in this annual report to &#8220;$,&#8221; &#8220;U.S.
$,&#8221; &#8220;U.S. dollars&#8221; and &#8220;dollars&#8221; mean U.S. dollars, unless otherwise noted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
completed a merger with Genesis Unicorn Capital Corp., a Delaware corporation (&#8220;GUCC&#8221;), on August 2, 2023 and ESGL&#8217;s
ordinary shares and warrants began trading on the Nasdaq Stock Exchange on August 4, 2023. The Company, Genesis Unicorn Capital Corp.,
a Delaware corporation (&#8220;GUCC&#8221;), ESGH Merger Sub Corp, a Cayman Islands exempted company and wholly-owned
subsidiary of the Company (the &#8220;Merger Sub&#8221;), and Environmental Solutions Group Holdings Limited, a Cayman Islands exempted
company (&#8220;Legacy ESGL&#8221;), entered into a Merger Agreement dated as of November 29, 2022 (the &#8220;Merger Agreement&#8221;).
The Merger Agreement provided for a business combination which was effected in two steps: (i) GUCC reincorporated to Cayman Islands by
merging with and into the Company, with the Company remaining as the surviving publicly traded entity (the &#8220;Reincorporation Merger&#8221;);
and (ii) following the Reincorporation Merger, Merger Sub merged with and into Legacy ESGL, resulting in Legacy ESGL being a wholly owned
subsidiary of the Company (the &#8220;Acquisition Merger,&#8221; together with Reincorporation Merger, the &#8220;Business Combination&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;$&#8221;
    or &#8220;US$&#8221; or &#8220;U.S. dollars&#8221; or &#8220;USD&#8221; refers to the legal currency of the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Amended
    and Restated Memorandum and Articles of Association&#8221; means ESGL&#8217;s amended and restated memorandum and articles of association
    adopted by special resolutions dated July 28, 2023 and effective on August 2, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Amended
    and Restated Articles of Association&#8221; means ESGL&#8217;s amended and restated articles of association adopted by special resolutions
    dated July 28, 2023 and effective on August 2, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Amended
    and Restated Memorandum of Association&#8221; means ESGL&#8217;s amended and restated memorandum of association adopted by special
    resolutions dated July 28, 2023 and effective on August 2, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Board&#8221;
    means the board of directors of the Company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business
    Combination&#8221; means the Merger contemplated by the Merger Agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Code&#8221;
    means the Internal Revenue Code of 1986, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Company&#8221;
    means ESGL Holdings Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    means the closing of the Business Combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ESA&#8221;
    means Environmental Solutions (Asia) Pte. Ltd., which was incorporated under the laws of Singapore on May 8, 1999.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ESGH&#8221;
    means Environmental Solutions Group Holdings Limited, a holding company incorporated under the laws of the Cayman Islands as an exempted
    company with limited liability on November 18, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ESGL&#8221;
    means ESGL Holdings Limited, a Cayman Islands exempt company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Exchange
    Act&#8221; means the Securities Exchange Act of 1934, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;founder
    shares&#8221; means the 2,156,250 Ordinary Shares issued to the Initial Stockholders at Closing in exchange for the 2,156,250 shares
    of GUCC Class B common stock issued for an aggregate purchase price of $25,000 in March 2021.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GAAP&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Group&#8221;
    means ESGL and its subsidiaries, including ESGH, ES BVI and ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GUCC&#8221;
    means Genesis Unicorn Capital Corp., a Delaware corporation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GUCC
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GUCC
    Class B common stock&#8221; or &#8220;Class B common stock&#8221; means the Class B common stock, $0.0001 par value per share, of
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GUCC
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IASB&#8221;
    means International Accounting Standards Board.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IFRS&#8221;
    means International Financial Reporting Standards as issued by the IASB.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Initial
    Stockholders&#8221; means the Sponsor and other initial holders of founder shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IPO&#8221;
    refers to the initial public offering of 8,625,000 units (including 1,125,000 units as a result of the underwriters&#8217; exercise
    of its over-allotment option) of GUCC consummated on February 17, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IRS&#8221;
    means the United States Internal Revenue Service.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Merger&#8221;
    means the transactions contemplated by the Merger Agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Merger
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    by and among ESGL, GUCC, ESGH, and the other parties named therein.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Private
    Units&#8221; means the units issued to the Sponsor in a private placement simultaneously with the closing of IPO, with each unit
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Private
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Public
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SEC&#8221;
    means the U.S. Securities and Exchange Commission.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities
    Act&#8221; means the Securities Act of 1933, as amended.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Sellers&#8221;
    means ACM ARRT K LLC and Vellar Opportunities Fund Master, Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Sponsor&#8221;
    means Genesis Unicorn Capital, LLC, a Delaware limited liability company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_003"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_004"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_005"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_006"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved]</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to the Group&#8217;s Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For
the two years ended December 31, 2023 and 2022, the Group has incurred operating losses and may incur significant losses for the foreseeable
future. The Group may not generate sufficient revenue or become profitable or, if it achieves profitability, it may not be able to sustain
it.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the two years ended December 31, 2023 and 2022, the Group&#8217;s net losses were US$94,979,338 and US$2,391,812, respectively. As of
December 31, 2023, the Group had an accumulated deficit of US$99,985,928.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s losses have resulted from approximately US$93.1 million of listing expenses which are
non-operational and non-recurring. In the financial year ended December 31, 2022, the Group incurred approximately US$981,000 of
Listing Expenses. The Group&#8217;s Listing Expenses in the year ended December 31, 2023 mainly arose from the accounting treatment
of its share based consideration for the Business Combination and the revaluation of the Forward Purchase Agreement
&#8220;FPA&#8221;. In the previous financial year, the Listing Expenses were mainly professional fees incurred for the Business
Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
other major contributor to the net loss were expenses incurred in connection with the depreciation of property, plant and equipment,
the purchase of raw materials, employee benefits expenses and its other operating expenses. The Group may continue to incur losses for
the foreseeable future as it continues its research and development activities, pursues potential mergers and acquisitions, seeks product
certification approvals in the territories it has identified, hires additional personnel, obtains and protects its intellectual property
and incurs additional costs for commercialization or to expand its pipeline of waste materials it collects and the circular products
it generates from the recycled waste collected from its customers with respect to its waste collection and disposal services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
become and remain profitable, the Group must increase its operating capacity to treat higher volumes of wastes and succeed in developing
and eventually commercializing circular products that can generate sufficient revenue. In that regard, the Group has commenced sales
of Fluorspar and Kao Lin, materials generated from the wastes the Group collected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group has not yet demonstrated an ability to successfully overcome many of the risks and uncertainties frequently encountered
by companies in new and rapidly evolving fields, particularly in the environmental services industry. Because of these numerous risks
and uncertainties, the Group is unable to accurately predict the timing or amount of increased expenses or when, or if, it will be able
to achieve profitability. Even if the Group achieves profitability, it may not be able to sustain or increase profitability on a quarterly
or annual basis. Its failure to become and remain profitable would depress the value of the Company and could impair the ability of the
Company to raise capital, expand its business, maintain its research and development efforts, diversify its products, or even continue
its operations. A decline in the value of the Company could also cause you to lose all or part of your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
environmental services industry is highly competitive and includes competitors that may have greater financial and operational resources,
flexibility to reduce prices or other competitive advantages that could make it difficult for the Group to compete effectively.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group principally competes with waste management companies who collect and dispose the waste the Group needs for its waste management
and treatment processes. Competition for waste collection is typically based on factors such as geographic location, quality of services,
ease of doing business and/or price. the Group &#8216;s competitors may have greater financial and operational resources than we do.
They could also seek to gain market share by reducing the prices they charge customers, introducing products and solutions that are similar
to the Group&#8217;s or introducing new technology tools. If the Group were to lose market share or if it were to lower prices to address
competitive issues, it could negatively impact the Group&#8217;s consolidated financial condition, results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group requires a significant amount of capital to fund its operations and growth. If the Group cannot obtain sufficient capital on acceptable
terms, its business, financial condition, and prospects may be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group requires a significant amount of capital and resources for its operations and continued growth. The Group expects to make significant
investments to develop new operating capabilities and technology, which are fundamental to the Group&#8217;s business operations and
future growth. However, the Group cannot assure you that these investments will generate the optimal returns, if at all. To date, the
Group has historically funded its cash requirements primarily through the issuance of ordinary shares, cash generated by operations and
borrowings from banks. If these resources are insufficient to satisfy the Group&#8217;s cash requirements, the Group may seek to raise
funds through additional equity offering or debt financing or additional bank facilities. The Group&#8217;s ability to obtain additional
capital in the future, however, is subject to a number of uncertainties, including those relating to its future business development,
financial condition, and results of operations, general market conditions for financing activities by companies in its industry, and
macro-economic and other conditions. If the Group cannot obtain sufficient capital on acceptable terms to meet its capital needs, the
Group may not be able to execute its growth strategies, and the Group&#8217;s business, financial condition, and prospects may be materially
and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group did not meet its original revenue projection for the fiscal year ended 2023.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
projected revenues of the Group for fiscal year 2023 was $11.0 million. The revenues of the Group for the fiscal year ended 2023 was approximately
US$6.2 million. The Group did not meet its original 2023 revenue projection mainly due to a combination of several factors. Firstly,
the merger with Genesis Unicorn Capital Corp, expected to strengthen the Group&#8217;s financial standing, resulted in lower-than-expected
proceeds due to unprecedented high redemptions. This unexpected outcome had a notable impact on the Group&#8217;s revenue trajectory.
Secondly, the Group faced challenges in meeting its funding requirement to enhance technologies and capacity, essential for effectively
serving market needs. This limitation hindered the Group&#8217;s ability to capitalize on growth and innovation opportunities, consequently
affecting revenue generation. Furthermore, geopolitical tensions and market volatility presented additional obstacles to revenue generation
efforts. Lower manufacturing activity, potentially influenced by these external factors, led to reduced waste from customers, impacting
revenue streams. Lastly, unexpected waste management regulatory changes in Singapore posed operational challenges, particularly in the
final quarter of the financial year. Adapting to these regulatory shifts proved to be a complex task, affecting operational efficiency.
Therefore, there can be no assurance that the Group&#8217;s actual financial results would meet the financial projections and there is
a significant likelihood that the Group&#8217;s actual financial results over the time periods and under the scenarios covered by the
projections would be materially different. At this time, the Group&#8217;s management estimates that the impact of the lack of funds
for capital investments may continue in the near future and therefore, the Group may not be able to meet its original revenue projections
for 2024, 2025 and/or 2026. The Group has not updated its projections due to uncertainties surrounding recent developments, their future
outcomes, and their impact on the Group&#8217;s projections.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in prices for recyclable waste materials the Group collects from its customers and the circular products that it sells to local and international
end users, traders or overseas refiners may adversely affect the Group&#8217;s revenue, operating income, and cash flows.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group collects a variety of recyclable waste materials from its customers and processes and transforms them into circular products for
sale to local and international end users, traders or overseas refiners, and the Group may directly or indirectly receive proceeds from
its waste collection services and the sale of circular products. The&#160;&#160; Group&#8217;s results of operations may be affected
by changing prices or market requirements for the recyclable waste materials and the circular products. The resale and purchase prices
of, and market demand for, the circular products can be volatile because of changes in economic conditions and numerous other factors
beyond the Group&#8217;s control. These fluctuations may affect the cost of and demand for the Group&#8217;s services and the Group&#8217;s
future revenue, operating income, and cash flows. For example, a decline in oil prices would have an adverse effect on the Company&#8217;s
revenue.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is also exposed to inflationary pressures and rising interest rates which may adversely affect the selling price of its circular
products. If this causes purchasing demand from the Group&#8217;s customers for its circular products to reduce, the selling price of
certain of the Group&#8217;s circular products such as copper and zinc could drop and reduce its revenue. Inflation has also resulted
in higher costs for the maintenance of the Group&#8217;s equipment, higher electricity and fuel costs and freight and payroll costs,
which had an adverse impact on the Group&#8217;s operating profit and operating profit margin. Moreover, certain suppliers who are affected
by supply chain inflationary pressures may decide to reduce their production and as a result the volume of industrial waste that is generated
and supplied to the Group may be reduced. Similarly, following the general decline in the spending power of consumers, the Group&#8217;s
waste disposal customers which are mainly semi-conductor companies with products that are used in mobile devices to cars may also decide
to reduce their production which in turn would lead to lower volumes of waste being disposed to the Group. Although increasing the selling
price of the Group&#8217;s circular products could mitigate the impact of inflation, competitive pressures may constrain the Group&#8217;s
ability to fully recover any increased costs in this way. In addition, efforts to mitigate the effect of inflation through continuous
investments in waste treatment processes and software developments to automate, streamline and improve the productivity of the Group&#8217;s
business operations may not be sufficient.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group may not be able to enhance its existing recycling, reuse, disposal and waste treatment solutions and develop new solutions in a
timely manner.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s future operating results will depend, to a significant extent, on its ability to continue to provide efficient and innovative
recycling, reuse, disposal and waste treatment services that compare favorably with alternative services on the basis of cost, performance,
and customer preferences. The Group&#8217;s success in maintaining and growing with its existing customers and attracting new customers
depends on various factors, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">efficient
    and cost-effective services; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s inability to enhance its existing services and develop new services on a timely basis could harm its operating results
and impede its growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group&#8217;s revenues, earnings and cash flows will fluctuate based on changes in commodity prices, and commodity prices for circular
products are particularly susceptible to volatility based on regulations and tariffs that affect its ability to export products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement
or implementation of foreign and domestic regulations can affect the Group&#8217;s ability to export its circular products. In 2017,
the Chinese government announced bans on certain scrap materials and begun to enforce extremely restrictive quality and other requirements,
which significantly reduced China&#8217;s import of recyclables. As of January 1, 2021, China ceased importing virtually all recyclables,
including those exported by the Group. Many other markets, both domestic and foreign, have also tightened their quality expectations
and limited or restricted the import of certain circular products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
trade restrictions have disrupted the global trade of recyclables, creating excess supply and decreasing recyclable commodity prices.
The Group has been actively working to identify alternative markets for recycling commodities, but there may not be demand for all of
the circular products it produces. The heightened quality requirements have been difficult for the industry to achieve and have driven
up operating costs. As prices of circular products have fallen and operating costs have increased, the Group and other recyclers are
passing cost increases through to waste collection customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuation
in energy prices also affects the Group&#8217;s business, including recycling of plastics manufactured from petroleum products. Significant
variations in the price of methane gas, electricity and other energy- related products can result in a corresponding significant impact
to the Group&#8217;s revenue from yield from such operations. Any of the commodity prices to which the Group is subject may fluctuate
substantially and without notice in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Acute
and chronic weather events, including those brought about by climate change, may limit the Group&#8217;s operations and increase the
costs of collection, transfer, disposal, and other environmental services it provides.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations could be adversely impacted by extreme weather events, changing weather patterns, and rising mean temperature
and sea levels, some of which the Group is already experiencing. The Intergovernmental Panel on Climate Change (&#8220;IPCC&#8221;),
which includes more than 1,300 scientists from the United States and other countries, forecasts a temperature rise of 2.5&#176; to 10&#176;
Fahrenheit over the next century. Changing weather patterns &#160;&#160;and rising temperatures are expected to result in more severe
heat waves, fires, storms, and other extreme weather events. Any of these extreme weather events such as flash flooding in Singapore
could significantly decrease the volume of waste material the Group collects from its waste disposal customers and suppliers of industrial
waste as they may be required to temporarily cease or suspend their business activities, thereby reducing the volume of waste they generate.
Other than the Group&#8217;s customers and suppliers, such adverse weather conditions may also result in the temporary suspension of
the Group&#8217;s business operations, ability to utilize the Group&#8217;s normal commercial channels and supply chain, and the incursion
of significant costs to repair its fixtures, equipment and property, all of which could significantly affect the Company&#8217;s operating
results during those periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group&#8217;s businesses are subject to operational and safety risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
waste management, treatment and recycling services to the Group&#8217;s customers involves risks such as equipment defects, malfunctions
and failures and natural disasters, which could potentially result in releases of hazardous materials, damage to or total loss of the
Group&#8217;s property or assets, injury or death of the Group&#8217;s employees or a need to shut down or reduce operations of the Group&#8217;s
facilities while remedial actions are undertaken. The Group&#8217;s employees and logistics providers, when necessary, often work under
potentially hazardous conditions. These risks expose the Group to potential liability for pollution and other environmental damages,
personal injury, loss of life, business interruption and property damage or destruction. The Group must also maintain a solid safety
record in order to remain a preferred supplier to its major customers. While the Group seeks to minimize its exposure to such risks primarily
through entering and maintaining various insurance policies in relation to the business, operations, employees and assets of ESA, such
actions and insurance may not be adequate to cover all of the Group&#8217;s potential liabilities which could negatively impact its results
of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group&#8217;s insurance coverage and self-insurance reserves may be inadequate to cover all significant risk exposures, and increasing
costs to maintain adequate coverage may significantly impact the Group&#8217;s financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group carries a range of insurance policies intended to protect its assets and operations, including general liability insurance, property
damage, business interruption and environmental risk insurance. While the Group endeavors to purchase insurance coverage appropriate
to its risk assessment, it is unable to predict with certainty the frequency, nature or magnitude of claims for direct or consequential
damages, and as a result the Group&#8217;s insurance program may not fully cover itself for losses it may incur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of a number of catastrophic weather and other events, insurance companies have incurred substantial losses and in many cases
they have substantially reduced the nature and amount of insurance coverage available to the market, have broadened exclusions and/or
have substantially increased the cost of such coverage. If this trend continues, the Group may not be able to maintain insurance of the
types and coverage it desires at reasonable rates. A partially or completely uninsured claim against the Group (including liabilities
associated with cleanup or remediation), if successful and of sufficient magnitude, could have a material adverse effect on the Group&#8217;s
business, financial condition and results of operations. Any future difficulty in obtaining insurance could also impair the Group&#8217;s
ability to secure future contracts, which may be conditional upon the availability of adequate insurance coverage. In addition, claims
associated with risks for which the Group is to some extent self-insured (property, workers&#8217; compensation, employee medical, comprehensive
general liability and vehicle liability) may exceed the Group&#8217;s recorded reserves, which could negatively impact future earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group may have environmental liabilities that are not covered by its insurance. Changes in insurance markets also may impact its financial
results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may incur environmental liabilities arising from its operations or properties. The Group maintains high deductibles for its environmental
liability insurance coverage. If the Group was to incur substantial liability for environmental damage, its insurance coverage may be
inadequate to cover such liability. This could have a material adverse effect on the Group&#8217;s consolidated financial condition,
results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
due to the variable condition of the insurance market, the Group has experienced, and may experience in the future, increased insurance
retention levels and increased premiums or unavailability of insurance. As the Group assumes more risk for insurance through higher retention
levels, the Group may experience more variability in its insurance reserves and expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group depends on key personnel who would be difficult to replace, and its business will likely be harmed if it loses their services or
cannot hire additional qualified personnel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s success depends, to a significant extent, upon the continued services of its current management team and key personnel.
The loss of one or more of its key executives or employees could have a material adverse effect on its business. The Group does not maintain
&#8220;key person&#8221; insurance policies on the lives of any of its executives or any of its other employees. The Group employs all
of its executives and key employees on an at-will basis, and their employment can be terminated by the Group or them at any time, for
any reason, and without notice, subject, in certain cases, to severance payment rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s success also depends on its ability to attract, retain, and motivate additional skilled management personnel. The Group
plans to continue to expand its work force to continue to enhance its business and operating results. The Group believes that there is
significant competition for qualified personnel with the skills and knowledge that it requires. Many of the other companies with which
the Group competes for qualified personnel have substantially greater financial and other resources than the Group does. They also may
provide more diverse opportunities and better chances for career advancement. Some of these characteristics may be more appealing to
high-quality candidates than those which the Group has to offer. If the Group is not able to retain its current key personnel or attract
the necessary qualified key personnel to accomplish its business objectives, it may experience constraints that will significantly impede
the achievement of its business objectives and its ability to pursue its business strategy. New hires require significant training and,
in most cases, take significant time before they achieve full productivity. New employees may not become as productive as the Group expects,
and the Group may be unable to hire or retain sufficient numbers of qualified individuals. If the Group&#8217;s recruiting, training,
and retention efforts are not successful or do not generate a corresponding increase in revenue, the Group&#8217;s business will be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
economic conditions can directly and adversely affect revenues for environmental services and the Group&#8217;s income from operations
margins.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business is directly affected by changes in national and general economic factors that are outside of the Group&#8217;s
control, including consumer confidence, interest rates and access to global markets. A weak economy generally results in decreases in
volumes of waste generated, which negatively impacts the ability to grow through new business or service upgrades, and may result in
customer turnover and reduction in the waste service needs of the Group&#8217;s customers and the demand for circular products from end
users, traders or overseas refiners. Consumer uncertainty and the loss of consumer confidence may also reduce the number and variety
of services and/or circular products requested by customers. This decrease in demand can negatively impact commodity prices and the Group&#8217;s
operating income and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group could become involved in litigation matters that may be expensive and time consuming, and, if resolved adversely, could harm its
business, financial condition, or results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group is not currently involved in any litigation matters, any such litigation to which it is a party may result in an onerous or
unfavorable judgment that may not be reversed upon appeal, or the Group may decide to settle lawsuits on similarly unfavorable terms.
Any negative outcome could result in payments of substantial monetary damages or fines, or changes to the Group&#8217;s products or business
practices, and accordingly the Group&#8217;s business, financial condition, or results of operations could be materially and adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group could be required to make immediate repayment of certain of its outstanding debt with financial institutions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group has certain borrowings with outstanding balances of approximately US$5.7 million classified as
current liabilities, as the relevant loan agreements the Group entered into with the lenders provide them discretion to demand
immediate repayment of the outstanding balances from us. In addition, as of the date of this annual report, the Group had obtained
waivers from the relevant lenders in relation to certain terms and conditions under the relevant loan agreements in connection with
the closing of the Business Combination, except for Term Loan IV with an outstanding balance of approximately S$499,000 (US$378,000)
as of December 31, 2023 from the relevant bank (the &#8220;Relevant Bank&#8221;). On July 20, 2022, the Group had obtained a written
consent from the Relevant Bank for, among other things, the undertaking of a proposed restructuring of the Group. Subsequently on
January 17, 2023, the Group had requested a waiver from the Relevant Bank for the closing of the Business Combination. As of the
date of this annual report, the Group had not obtained the waiver or any notice from the Relevant Bank objecting, disagreeing to the
matter or demanding any immediate repayment of Term Loan IV in connection with the closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, the lenders could demand immediate repayment of the outstanding balances from the Group for the borrowings classified as current
liabilities and it may be unable to repay, negotiate, extend or refinance the bank borrowings on favorable terms or at all, which may
have a material adverse effect on its business, results of operations and financial position. If the Group fails to repay certain of
the bank borrowings, some lenders could enforce their security interests under the relevant loan agreements and take possession of the
Group&#8217;s leasehold land and buildings where it operates its business, thereby resulting in a material adverse effect on the Group&#8217;s
business, results of operations and financial condition. See Note 17 to the Group&#8217;s financial statements for further information
on the Group&#8217;s outstanding debt with financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group&#8217;s strategy includes an increasing dependence on technology in its operations. If any of its key technology fails, its business
could be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations are increasingly dependent on technology. The Group&#8217;s information technology systems are critical to its
ability to drive profitable growth, implement standardized processes and deliver a consistent customer experience. Problems with the
operation of the information or communication technology systems it uses could adversely affect, or temporarily disable, all or a portion
of the Group&#8217;s operations. Inabilities and delays in implementing new systems can also affect its ability to realize projected
or expected revenue or cost savings. Further, any systems failures could impede its ability to timely collect and report financial results
in accordance with applicable laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
technologies represent risks, as well as opportunities, to the Group&#8217;s current business model. The costs associated with developing
or investing in emerging technologies could require substantial capital and adversely affect the Group&#8217;s results of operations
and cash flows. Delays in the development or implementation of such emerging technologies and difficulties in marketing new products
or services based on emerging technologies could have similar negative impacts. The Group&#8217;s financial results may suffer if it
is not able to develop or license emerging technologies, or if a competitor obtains exclusive rights to an emerging technology that disrupts
the current methods used in the environmental services industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
cyber security incident could negatively impact the Group&#8217;s business and its relationships with customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses information technology, including computer and information networks, in substantially all aspects of its business operations.
The Group also use mobile devices, social networking and other online activities to connect with its employees and its customers. Such
uses give rise to cyber security risks, including security breach, espionage, system disruption, theft and inadvertent release of information.
The Group&#8217;s business involves the storage and transmission of numerous classes of sensitive and/or confidential information and
intellectual property, including customers&#8217; personal information, private information about employees, and financial and strategic
information about the Group and its business partners. In connection with its strategy to grow through acquisitions and to pursue new
initiatives that improve its operations and cost structure, the Group is also expanding and improving its information technologies, resulting
in a larger technological presence and corresponding exposure to cyber security risk. If the Group fails to assess and identify cyber
security risks associated with acquisitions and new initiatives, it may become increasingly vulnerable to such risks. Additionally, while
the Group has implemented measures to prevent security breaches and cyber incidents, its preventive measures and incident response efforts
may not be entirely effective. Also, the regulatory environment surrounding information security and privacy is increasingly demanding,
with the frequent imposition of new and constantly changing requirements. This changing regulatory landscape may cause increasingly complex
compliance challenges, which may increase the Group&#8217;s compliance costs. Any failure to comply with these changing security and
privacy laws and regulations could result in significant penalties, fines, legal challenges and reputational harm. The theft, destruction,
loss, misappropriation, or release of sensitive and/or confidential information or intellectual property, or interference with the Group&#8217;s
information technology systems or the technology systems of third parties on which it relies, could result in business disruption, negative
publicity, brand damage, violation of privacy laws, loss of customers, potential liability and competitive disadvantage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group may be subject to intellectual property claims that create uncertainty about ownership of technology essential to its business
and divert its managerial and other resources.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group can provide no assurance that third parties will not claim infringement by it with respect to its current or future services, trademarks,
or other proprietary rights. The Group&#8217;s success depends, in part, on its ability to protect its intellectual property and to operate
without infringing the intellectual property rights of others in the process. There can be no assurance that any of its intellectual
property will be adequately safeguarded or that it will not be challenged by third parties. The Group may be subject to intellectual
property infringement claims that would be costly to defend, could limit its ability to use certain critical technologies, and may divert
its technical and management personnel from their normal responsibilities. The Group may not prevail in any of these suits. An adverse
determination of any litigation or defense proceedings could cause the Group to pay substantial damages, including treble damages, if
it willfully infringes and also could increase the risk of its patent applications not being issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of the Group&#8217;s confidential information could be compromised by disclosure during this type of litigation. In addition, during
the course of this kind of litigation, there could be public announcements of the results of hearings, motions, or other interim proceedings
or developments in the litigation. If these results are perceived to be negative, it could have an adverse effect on the Group&#8217;s
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in policies imposed by governments may impact on the availability and costs of employing non-Singapore workers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is dependent on non-Singapore workers for its business operations. The Group&#8217;s ability to meet its labor requirements for
operational needs is subject to various factors, including changes in the labor policies of such foreign workers&#8217; countries of
origin or the policies imposed by Ministry of Manpower (&#8220;MOM&#8221;) in Singapore. The Group is therefore vulnerable to any shortage
in the supply of foreign workers and any increase in the cost of foreign labor, the occurrence of which would adversely affect its business
and financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
policies affecting labor costs include, <i>inter alia</i>, the new progressive wage model (&#8220;PWM&#8221;) and foreign worker levies.
Changes in these policies may lead to an increase in the Group&#8217;s labor costs which may result in its business, financial condition
and results of operations being materially and adversely affected. The Group is subject to foreign worker levies for the foreign workers
it hires. The Group paid foreign worker levies in the amount of US$168,137 and US$97,703 for the two fiscal years ended December 31,
2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foreign worker levies applicable to the Group will differ according to the percentage of the Group&#8217;s total workforce comprising
of foreign workers. As of April 16, 2024, approximately 64.7% of the Group&#8217;s&#160; total workforce is comprised of foreign workers
for whom it might have to pay such foreign worker levies. Further, the criteria for applying for certain foreign work permits will be
tightened moving forward and there will be increase in foreign worker levies. There is no assurance that the Singapore Government will
not further increase the levy rates in future, and if they do so, the Group may face a significant increase in labor costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the National Environment Agency (&#8220;NEA&#8221;) and MOM announced a new waste management PWM with a six (6) year schedule
of sustained PWM wage increases from 2023 to 2028 and a mandatory annual PWM bonus for eligible workers from January 2024. Under the
new PWM wage schedule, the monthly baseline wage of an entry-level waste collection crew worker is expected to increase from S$2,210
in 2023 to S$3,260 in 2028 or possibly sooner. The implementation of and revisions to the PWM has increased the Group&#8217;s labor costs
and there is no assurance that the Singapore government will not revise the PWM to further increase the base salaries beyond 2028.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group is exposed to environmental liability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business operations are subject to environmental laws and regulations in Singapore, in particular on the disposal and treatment
of industrial and toxic waste and obligations to protect public health and the environment. While the Group has not had any material
non-compliance with applicable environmental laws and regulations to date, there is no assurance that it will continue to be in compliance
with all the applicable laws and regulations, and the Group may incur additional costs in complying with such laws and regulations. Any
violation of the relevant environmental laws and regulations may lead to substantial fines, costs for implementation of preventive or
corrective measures, clean-up costs or even suspension of operations that could materially and adversely affect the Group&#8217;s business,
operations, financial performance, financial condition, results of operations and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Group is exposed to the risk of non-renewal, non-granting or suspension of its licenses, permits and accreditations that are required
to operate its business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
waste management industry in Singapore in which the Group operates in is highly regulated. The Group&#8217;s licenses and registrations
are subject to periodic renewal by the relevant government authorities and are generally subject to a variety of conditions which are
stipulated either within the licenses and registrations themselves, or under the particular laws and/or regulations issued by the competent
authorities. Failure to comply with such conditions, laws or regulations could result in the revocation, non-renewal or downgrade of
the relevant licenses, permits or accreditations and/or imposition of penalties. In such an event, the Group&#8217;s business and financial
performance will be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Developments
in the social, political, regulatory and economic environment in the country where the Group operates, may have a material and adverse
impact on the Group.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory
and economic developments in the country in which the Group operates. Such political and economic uncertainties include, but are not
limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls
and methods of taxation. For example, all of the Group&#8217;s current operations are located in Singapore, and negative developments
in Singapore&#8217;s socio-political environment may adversely affect the Group&#8217;s business, financial condition, results of operations
and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disruptions
in the international trading environment may seriously decrease the Group&#8217;s international sales outside Singapore.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success and profitability of the Group&#8217;s international activities depends on factors such as general economic conditions, labor
conditions, political stability, macro-economic regulating measures, tax laws, import and export duties, transportation difficulties,
fluctuation of local currency and foreign exchange controls of the countries in which the Group sells its services, as well as the political
and economic relationships in Singapore where the Group sources waste materials and jurisdictions where the Group&#8217;s end users,
traders or overseas refiners are located. As a result, the Group&#8217;s sales are vulnerable to disruptions in the international trading
environment, including adverse changes in foreign government regulations, political unrest and international economic downturns. Any
disruptions in the international trading environment may affect the demand for the Group&#8217;s products, which could impact its business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Many
of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
the growth of the economy and inflation that could lead to a significant decrease in the Group&#8217;s profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary pressures,
and the rate of growth is slowing down. The economy in Singapore and globally has experienced general increases in certain operating
costs and expenses, such as employee compensation and office operating expenses, as a result of higher inflation. Average wages in Singapore
are expected to continue to increase and the Group expects that its employee costs, including wages and employee benefits, will continue
to increase. Unless the Group is able to control its employee costs or pass them on to its clients, the Group&#8217;s financial condition,
and results of operations may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
governments in Asia (and worldwide) take steps to address current inflationary pressures, there may be significant changes in the availability
of bank credit, commercial reasonability of interest rates, limitations on loans, restrictions on currency conversions and foreign investment
rules, thereby restricting the availability of credit and reducing economic growth. Inflation, actions that may be implemented to combat
inflation and public speculation about any possible additional actions also may contribute materially to economic uncertainty in Asia
(and worldwide) and accordingly weaken investor confidence, thus adversely impacting economic growth and causing decreased economic activity,
which in turn could lead to a reduction in demand for the Group&#8217;s products and services, and consequently have a material adverse
effect on the Group&#8217;s businesses, financial condition and results of operations. Conversely, more lenient government policies and
interest rate decreases may trigger increases in inflation and, consequently, growth volatility and the need for sudden and significant
interest rate increases, which could negatively affect the Group&#8217;s business. There also may be imposition of price controls. If
prices for the Group&#8217;s waste disposal services and/or circular products rise at a rate that is insufficient to compensate for the
rise in the costs of supplies and operations, it may have an adverse effect on the Group&#8217;s profitability. If these or other similar
restrictions are imposed by a government to influence the economy, it may lead to a slowing of economic growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cayman
Islands economic substance requirements may have an effect on the Group&#8217;s business and operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the International Tax Cooperation (Economic Substance) Act (As Revised) of the Cayman Islands (&#8220;ES Act&#8221;) that came into
force on 1 January 2019, a &#8220;relevant entity&#8221; is required to satisfy the economic substance test set out in the ES Act. A
&#8220;relevant entity&#8221; includes an exempted company incorporated in the Cayman Islands as is the Company; however, it does not
include an entity that is tax resident outside the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside
the Cayman Islands, it is not required to satisfy the economic substance test set out in the ES Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Currently,
our Ordinary Shares and Warrants are listed on Nasdaq Capital Market. However, there may not be enough liquidity in such market to enable
shareholders to sell their securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
our Ordinary Shares and Warrants are listed on Nasdaq Capital Market. If a public market for our securities does not develop, investors
may not be able to re-sell their Ordinary Shares or Warrants, rendering their shares illiquid and possibly resulting in a complete loss
of their investment. We cannot predict the extent to which investor interest in us will lead to the development of an active, liquid
trading market. The trading price of and demand for the Ordinary Shares and the development and continued existence of a market and favorable
price for the Ordinary Shares will depend on a number of conditions, including the development of a market following, including by analysts
and other investment professionals, the businesses, operations, results, and prospects of the Group, general market and economic conditions,
governmental actions, regulatory considerations, legal proceedings, and developments or other factors. These and other factors may impair
the development of a liquid market and the ability of investors to sell shares at an attractive price. These factors also could cause
the market price and demand for the Ordinary Shares of the Group to fluctuate substantially, which may limit or prevent investors from
readily selling their shares and may otherwise affect negatively the price and liquidity of the Ordinary Shares. Many of these factors
and conditions are beyond the control of the Group or the shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not anticipate that we will pay dividends on our Ordinary Shares and, consequently, your ability to achieve a return on your investment
will depend on appreciation in the price of Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to retain any earnings to finance the operation and expansion of its business, and we do not anticipate paying any cash dividends
in the foreseeable future. In addition, in the future we may enter into agreements that prohibit or restrict its ability to declare or
pay dividends on our Ordinary Shares. As a result, you may only receive a return on your investment in our Ordinary Shares if the market
price of such shares increases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
judgments obtained against us by our shareholders may not be enforceable.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands. The Group conducts most of its operations in Singapore and
substantially all of its operations outside of the United States. Substantially all of the Group&#8217;s assets are located outside of
the United States. In addition, all of our senior executive officers reside outside the United States. Substantially all of the assets
of these persons are located outside the United States. As of the date of this annual report, there are no officers, directors, or director
nominees residing in China or Hong Kong, except for Lim Boon Yew Gary, who is one of our independent directors and resides in Hong Kong.
A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common
law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the
strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money;
(2) made by a court of competent jurisdiction over the parties and the subject matter; (3) between the same parties on an identical issue;
(4) final and conclusive on the merits; and (5) not impeachable according to the rules on conflicts of laws of Hong Kong. Such a judgment
may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained
were opposed to natural justice; or (c) its enforcement or recognition would be contrary to the public policy of Hong Kong. It will be
costlier and more time-consuming for the investors to effect service of process outside the United States, or to enforce judgments obtained
from the U.S. courts in the courts of the jurisdictions where our directors and officers reside. For example, to enforce a foreign judgment
in Hong Kong, the applicant will be required to apply to the Hong Kong High Court to enforce a foreign judgment (the &#8220;Application&#8221;)
for which the applicant will be required to (i) engage a local counsel to facilitate or prepare the Application; and (ii) go through
the standard litigation process to sue on the judgment as a debt. In addition, a judgment of a United States court for civil liabilities
predicated upon the federal securities laws of the United States may also not be enforceable in or recognized by the courts of the jurisdictions
where our directors and officers reside.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
as of the date of this annual report, most of officers, directors, or director nominees reside in Singapore. It is possible that the
Singapore courts may not (i) recognize and enforce judgments of courts in the United States, based upon the civil liability provisions
of the securities laws of the United States or any state or territory of the United States (ii) enter judgments in original actions brought
in the Singapore courts based solely on the civil liability provisions of these securities laws. An <i>in personam</i> final and conclusive
judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may be enforced
as a debt in the Singapore courts under the common law as long as it is (i) from a court of competent jurisdiction in the United States
and (ii) final and conclusive on the merits under the laws of the United States. Additionally, the court where the judgment was obtained
must have had international jurisdiction over the party sought to be bound in the local proceedings. However, the Singapore courts are
unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the
same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which
the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or
(e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public
law. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United
States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands, Singapore, and Hong Kong may render you unable
to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws
of the Cayman Islands and Singapore, see &#8220;<i>Comparison of Stockholders&#8217; Rights &#8212; Enforceability of Civil Liabilities
under the U.S. Securities Laws</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
share price may be volatile and could decline substantially.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our Ordinary Shares may be volatile, both because of actual and perceived changes in our financial results and prospects,
and because of general volatility in the stock market. The factors that could cause fluctuations in our share price may include, among
other factors discussed in this section, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated variations in the financial results and prospects of the company or other companies in the same industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by research analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by us or our competitors of new products and services, expansions, investments, acquisitions, strategic partnerships, or joint ventures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mergers
    or other business combinations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    and departures of key personnel and senior management;&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in accounting principles;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    passage of legislation or other developments affecting us or our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    trading volume of our Ordinary Shares in the public market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
    disasters, terrorist acts, acts of war, or periods of civil unrest; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    realization of some or all of the risks described in this section.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock markets have experienced significant price and trading volume fluctuations from time to time, and the market prices
of the equity securities have been volatile and are sometimes subject to sharp price and trading volume changes. These broad market fluctuations
may materially and adversely affect the market price of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us or our business, our Ordinary
Shares price and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about
us or our business. Securities and industry analysts do not currently, and may never, publish research on us. If no securities or industry
analysts commence coverage of us, the trading price for our Ordinary Shares would likely be negatively affected. In the event securities
or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our securities or publish inaccurate or
unfavorable research about our business, our share price would likely decline. If one or more of these analysts cease coverage of us
or fail to publish reports on us, demand for our Ordinary Shares could decrease, which might cause the share price and trading volume
to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Amended and Restated Memorandum and Articles of Association contains anti-takeover provisions that could have a material adverse effect
on the rights of holders of the Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Amended and Restated Memorandum and Articles of Association contains provisions to limit the ability of others to acquire control of
us or cause us to engage in change of control transactions. These provisions could have the effect of depriving our shareholders of an
opportunity to sell their shares at a premium over prevailing market prices by discouraging third-parties from seeking to obtain control
of us in a tender offer or similar transaction. For example, our board of directors has the authority, subject to any resolution of the
shareholders to the contrary, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights,
conversion rights, voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights
associated with our Ordinary Shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control
of us or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of the Ordinary
Shares may fall and the voting and other rights of the holders of the Ordinary Shares may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the benefits of the Business Combination do not meet the expectations of financial or industry analysts, the market price of our securities
may decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our securities may decline as a result of the Business Combination if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    do not achieve the perceived benefits of the Business Combination as rapidly as, or to the extent anticipated by, financial or industry
    analysts; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    effect of the Business Combination on the financial statements is not consistent with the expectations of financial or industry analysts.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
investors may experience a loss as a result of declining share prices.&#160;&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Operating as a Public Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
as a foreign private issuer, ESGL is exempt from certain corporate governance standards applicable to US domestic issuers, if ESGL cannot
continue to satisfy, the continued listing requirements and other rules of Nasdaq, ESGL&#8217;s securities may not be listed or may be
delisted, which could negatively affect the price of its securities and your ability to sell them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL&#8217;s
securities currently list on Nasdaq. ESGL cannot assure you that its securities will continue to be listed on Nasdaq. In order to maintain
its listing on Nasdaq, ESGL is required to comply with certain rules of Nasdaq, including those regarding minimum shareholders&#8217;
equity, minimum share price, minimum market value of publicly held shares, and various additional requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 24, 2023, the Company received notification letters dated October 24, 2023, from the Staff of Nasdaq (the &#8220;Staff&#8221;)
notifying the Company that (i) the minimum bid price per share was below $1.00 for a period of 30 consecutive business days and that
the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) (the &#8220;Minimum Bid Price
Rule&#8221;), and (ii) the Company&#8217;s Minimum Market Value of Publicly Held Shares (&#8220;MVPHS&#8221;) was less than $5,000,000
for the last 30 consecutive business days prior to the date of the notification letter, which does not meet the requirement for continued
listing set forth in Nasdaq Listing Rule 5450(b)(1)(C) (the &#8220;MVPHS Rule&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) and 5810(c)(3)(D), Nasdaq provided the Company with 180 calendar days, or until April
22, 2024 (the &#8220;Compliance Period&#8221;), to regain compliance with the Minimum Bid Price Rule and the MVPHS Rule. If at any time
during the Compliance Period, the closing bid price per share is at least $1.00 for a minimum of ten (10) consecutive business days,
Nasdaq will provide the Company a written confirmation of compliance with the Minimum Bid Price Rule and the matter will be closed. If
at any time during the Compliance Period, the Company&#8217;s MVPHS closes at $5,000,000 or more for a minimum of ten (10) consecutive
business days, Nasdaq will provide the Company a written confirmation of compliance with the MVPHS Rule and the matter will be closed.
In the event the Company does not regain compliance with the Minimum Bid Price Rule by April 22, 2024, the Company may be eligible for
additional time. To qualify, the Company must submit, no later than April 22, 2024, an on-line transfer application and submit a non-refundable
$5,000 application fee. On May 1, 2024, the Company was notified by the Staff that the Staff granted the Company&#8217;s request to transfer
the listing of its ordinary shares, from the Nasdaq Global Market to the Nasdaq Capital Market, and that Nasdaq granted the Company&#8217;s
request for a second 180-calendar day period, or until October 21, 2024 (the &#8220;Second Compliance Period&#8221;), to regain compliance
with the $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). To regain compliance with such minimum price requirement,
the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. The transfer
of the listing of the ordinary shares from the Nasdaq Global Market to the Nasdaq Capital Market has taken effect with the open of business
on May 3, 2024. The Company intends to closely monitor the closing bid price for its ordinary shares and consider all available options
to timely remedy the bid price deficiency. If at any time during the Second Compliance Period, the closing bid price of the ordinary
shares is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation
of compliance and the matter will be closed, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq
Listing Rule 5810(c)(3)(F). The Company can give no assurance that it will regain or demonstrate compliance during the Second Compliance
Period. If the Company is not able to demonstrate compliance with the minimum bid price requirement by October 21, 2024, or the Company
does not comply with the terms of the extension, the Staff will provide written notification to the Company that the ordinary shares
will be delisted. At that time, the Company may appeal the Staff&#8217;s determination to the Nasdaq Hearings Panel (the &#8220;Panel&#8221;).
The Company&#8217;s appeal request would stay any delisting action by the Staff at least pending a hearing before the Panel and the expiration
of any extension that may be granted by the Panel to the Company following the hearing. The Company has provided written notice to Nasdaq
of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Nasdaq subsequently delists its securities from trading, ESGL could face significant consequences, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that the Ordinary Shares are a &#8220;penny stock,&#8221; which will require brokers trading in the Ordinary Shares
    to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for
    the Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
    amount of news and analyst coverage; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ESGL&#8217;s
management team has limited experience managing a public company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of ESGL&#8217;s management team have limited or no experience managing a publicly-traded company, interacting with public company
investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. There are significant
obligations it is subject to relating to reporting, procedures and internal controls after ESGL becomes a publicly-traded company. These
new obligations and scrutiny will require significant attention from management and could divert their attention away from the day-to-day
management of the Group&#8217;s business, which could adversely affect its business, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
ESGL fails to implement and maintain an effective system of internal controls to remediate its material weaknesses over financial reporting,
ESGL may be unable to accurately report its results of operations, meets its reporting obligations or prevent fraud, and investor confidence
and the market price of Ordinary Shares may be materially and adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
is subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that ESGL include a report
from management on the effectiveness of ESGL&#8217;s internal controls over financial reporting in ESGL&#8217;s annual report on Form
20-F beginning with ESGL&#8217;s annual report in ESGL&#8217;s second annual report on Form 20-F after becoming a public company. In
addition, once ESGL ceases to be an &#8220;emerging growth company&#8221; as such term is defined in the JOBS Act, ESGL&#8217;s independent
registered public accounting firm must attest to and report on the effectiveness of ESGL&#8217;s internal controls over financial reporting.
Moreover, even if ESGL&#8217;s management concludes that ESGL&#8217;s internal controls over financial reporting is effective, ESGL&#8217;s
independent registered public accounting firm, after conducting its own independent testing, may issue an adverse opinion on the effectiveness
of internal control over financial reporting if it is not satisfied with ESGL&#8217;s internal controls or the level at which ESGL&#8217;s
controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from ESGL. In addition,
ESGL&#8217;s reporting obligations may place a significant strain on ESGL&#8217;s management, operational and financial resources and
systems for the foreseeable future. ESGL may be unable to timely complete its evaluation testing and any required remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the course of documenting and testing ESGL&#8217;s internal control procedures, in order to satisfy the requirements of Section 404,
ESGL may identify weaknesses and deficiencies in ESGL&#8217;s internal control over financial reporting. If ESGL fails to maintain the
adequacy of its internal control over financial reporting, as these standards are modified, supplemented, or amended from time to time,
ESGL may not be able to conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with
Section 404. Generally speaking, if ESGL fails to achieve and maintain an effective internal control environment, it could result in
material misstatements in ESGL&#8217;s financial statements and could also impair ESGL&#8217;s ability to comply with applicable financial
reporting requirements and related regulatory filings on a timely basis. As a result, ESGL&#8217;s businesses, financial condition, results
of operations and prospects, as well as the trading price of the ordinary shares, may be materially and adversely affected. Additionally,
ineffective internal control over financial reporting could expose ESGL to increased risk of fraud or misuse of corporate assets and
subject ESGL to potential delisting from the stock exchange on which ESGL lists, regulatory investigations and civil or criminal sanctions.
ESGL may also be required to restate its financial statements from prior periods. ESGL will incur increased costs as a result
of being a public company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
is a public company and expects to incur significant legal, accounting, and other expenses. For example, as a result of becoming a public
company, ESGL needs to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. Operating as a public company will make it more difficult and more expensive for it to obtain director and officer liability
insurance, and ESGL may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same
or similar coverage. In addition, ESGL will incur additional costs associated with its public company reporting requirements. It may
also be more difficult for ESGL to find qualified persons to serve on its Board of Directors or as executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
ESGL is no longer an &#8220;emerging growth company,&#8221; ESGL may incur significant expenses and devote substantial management effort
toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
ESGL ceases to qualify as a foreign private issuer, it would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and it would incur significant additional legal, accounting, and other expenses that it would
not incur as a foreign private issuer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, ESGL will be exempt from the rules under the Exchange Act prescribing the furnishing and content of annual
report, and its officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, it will not be required under the Exchange Act to file periodic reports and
financial statements with the SEC as frequently or as promptly as United States domestic issuers, and it will not be required to disclose
in its periodic reports all of the information that United States domestic issuers are required to disclose. ESGL currently prepares
its financial statements in accordance with IFRS. ESGL will not be required to file financial statements prepared in accordance with
or reconciled to U.S. GAAP so long as the Company&#8217;s financial statements are prepared in accordance with IFRS as issued by the
IASB. If it ceases to qualify as a foreign private issuer in the future, it would incur significant additional expenses that could have
a material adverse effect on its results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
ESGL is a foreign private issuer and is exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will
have less protection than you would have if it were a domestic issuer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL&#8217;s
status as a foreign private issuer exempts it from compliance with certain Nasdaq corporate governance requirements if it instead complies
with the statutory requirements applicable to a Cayman Islands exempted company. The statutory requirements of ESGL&#8217;s home country
of Cayman Islands, do not strictly require a majority of its board to consist of independent directors. Thus, although a director must
act in the best interests of ESGL, it is possible that fewer board members will be exercising independent judgment and the level of board
oversight of the management the company may decrease as a result. In addition, the Nasdaq Listing Rules also require U.S. domestic issuers
to have an independent compensation committee with a minimum of two members, a nominating committee, and an independent audit committee
with a minimum of three members. ESGL, as a foreign private issuer, with the exception of needing an independent audit committee composed
of at least three members, is not subject to these requirements. The Nasdaq Listing Rules may also require shareholder approval for certain
corporate matters that ESGL&#8217;s home country&#8217;s rules do not. Following Cayman Islands governance practices, as opposed to complying
with the requirements applicable to a U.S. company listed on Nasdaq, may provide less protection to you than would otherwise be the case.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Amended and Restated
Memorandum and Articles of Association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands.
The rights of shareholders to take action against ESGL&#8217;s directors, actions by ESGL&#8217;s minority shareholders and the fiduciary
duties of ESGL&#8217;s directors to ESGL under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman
Islands. The rights of ESGL&#8217;s shareholders and the fiduciary duties of ESGL&#8217;s directors under Cayman Islands law are not
as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular,
the Cayman Islands have a less developed body of securities laws than the United States and provides significantly less protection to
investors. In addition, some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate
law than the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against
ESGL or ESGL&#8217;s directors or officers predicated upon the civil liability provisions of the securities laws of the United States
or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against ESGL or ESGL&#8217;s directors
or officers predicated upon the securities laws of the United States or any state in the United States. It may be difficult or impossible
for you to bring an action against ESGL or against these individuals in the Cayman Islands in the event that you believe that your rights
have been infringed under the applicable securities laws or otherwise. Even if you are successful in bringing an action of this kind,
the laws of the Cayman Islands may render you unable to enforce a judgment against ESGL&#8217;s assets or the assets of ESGL&#8217;s
directors and officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like ESGL have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. ESGL&#8217;s directors have discretion under our Amended and Restated Memorandum
and Articles of Association to determine whether or not, and under what conditions, its corporate records may be inspected by its shareholders,
but are not obliged to make them available to its shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, ESGL&#8217;s public shareholders may have more difficulty in protecting their interests in the face of
actions taken by ESGL&#8217;s management, members of the board of directors or controlling shareholders than they would as public shareholders
of a company incorporated in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands companies may not have standing to initiate a derivative action in a federal court of the United States. As a result, your ability
to protect your interests if you are harmed in a manner that would otherwise enable you to sue in a United States federal court may be
limited to direct shareholder lawsuits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>ESGL
may be a &#8220;passive foreign investment company,&#8221; or &#8220;PFIC&#8221;, which could result in adverse U.S. federal income tax
consequences to U.S. Holders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain
25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25%
or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income
generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we
are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined
in the Section of this prospectus captioned &#8220;Material U.S. Federal Income Tax Considerations for U.S. Holders&#8221;) of our securities,
the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.
The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies
that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be
determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for
our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible
application of the PFIC rules in light of their individual circumstances.&#160;&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_007"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
    and Development of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was formed to serve as a holding company for Legacy ESGL and GUCC after consummation of the Business Combination
contemplated by the Merger Agreement. The Company, a Cayman Islands exempted company, was formed on November 18, 2022. Prior to the Business
Combination, the Company owned no material assets and did not operate any business. The Company&#8217;s principal executive office is
located at 101 Tuas South Avenue 2 Singapore 637226, and its telephone number is +65 6653 2299.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023 the parties consummated the Business Combination, and an aggregate of 3,922,961 shares of common stock of GUCC were redeemed.
On July 27, 2023, GUCC, the Company, and Legacy ESGL entered into an agreement (&#8220;Forward Purchase Agreement&#8221;) with Vellar
Opportunities Fund Master, Ltd. (&#8220;Seller&#8221;) for an OTC Equity Prepaid Forward Transaction. On the same date as the execution
of the Forward Purchase Agreement, Seller assigned and novated 50% of its rights and obligations under the Forward Purchase Agreement
to ACM ARRT K LLC. The primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing
of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH
is a holding company incorporated under the laws of the Cayman Islands as an exempted company with limited liability on June 14, 2022.
ESGH has no substantive operations other than holding all of the issued shares of Environmental Solutions Asia Holdings Limited (&#8220;ES
BVI&#8221;), a holding company incorporated under the laws of the British Virgin Islands on June 29, 2022. On August 5, 2022, as part
of a reorganization, ES BVI acquired the entire equity interest in ESA, which was incorporated under the laws of Singapore on May 8,
1999, from its shareholders, namely Quek Leng Chuang, Law Beng Hui, Chem Integrated Management Pte. Ltd., LV Capital Holdings Limited,
Ling Sheng Hwang, Ling Sheng Chung, Lim Suat Bee, Julie and other shareholders, and as consideration, ES BVI allotted and issued its
ordinary shares to the aforementioned shareholders in the same proportion as their respective shareholdings in ESA. Upon completion of
such reorganization, ESA became a wholly-owned subsidiary of ES BVI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Overview</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material
operations of its own, ESGL conducts all of its operations through its operating entity incorporated in Singapore, ESA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial
waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies. ESA currently has two revenue
streams, from: (i) services income which is primarily comprised of the fees it charges its customers for waste collection and disposal
services, which fees are similar to those charged by ESA&#8217;s competitors, and (ii) the sales and trading of ESA&#8217;s circular
products that are made and processed from the recycled waste collected from its customers with respect to its waste collection and disposal
services, which ESA believes makes ESA a unique and environmentally friendly offering in the marketplace.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
fundamental tenet of ESA is that waste is a resource to be reused, repurposed and recirculated. ESA believes that this mindset of creating
commodities from waste sets itself apart from the linear traditional waste industry participants, which largely only generate income
from the collection, destruction and disposal of post-collection waste. This philosophy is ingrained and reflected in ESA&#8217;s business
operations where it utilizes renewable energy and by-products produced from ESA&#8217;s waste treatment process to reduce its own operating
costs. In line with this mindset, ESA&#8217;s primary business focus is the conversion and processing of industrial waste (that would
otherwise be unused in the waste recycling process) into circular products such as pyrolysis oil, diesel, metals such as nickel, zinc,
copper, silver, gold, minerals such as lime (calcium hydroxide) and fluorspar (calcium fluoride), and chemicals such as hydrochloric
acid, sulfuric acid, and calcium chloride. ESA then sells these converted circular products to local and international end users, traders
or overseas refiners who require the circular products for their own commercial use or for further processing including manufacturing
and galvanizing purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unique
Approach to Waste Management</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
believes its mindset of creating commodities from waste sets it apart from linear traditional waste industry participants, which place
emphasis on the destruction and disposal of waste. Like traditional waste management industry participants, ESA collects industrial waste
from customers for a fee. Unlike its competitors, ESGL seeks to convert the waste it collects into circular products, which it can sell
to its customers as raw materials to be circulated back into supply chains or to suppliers of raw materials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, ESA has developed sustainable waste management techniques that allow it to generate and capture renewable energy such as heat
energy, water, and chemicals which is used by ESA to reduce its own net energy and resource consumption. Indeed, as focus on sustainability
continues to increase globally, ESA believes its sustainable waste management techniques will help its customers meet environmental sustainability
targets, such as Singapore&#8217;s &#8220;Zero Waste to Landfill&#8221; program for large manufacturing, petrochemical, pharmaceutical
and semiconductor companies, which program seeks to significantly reduce waste from such companies being sent to landfills rather than
being recycled into other products and energy resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
ESA&#8217;s circular products are considered sustainably sourced as they are made from recycled waste ESA collects from its customers.
In the case of waste plastics conversion to ESA&#8217;s circular pyrolysis oil solution, called NewOil, this process is certified by
the International Sustainability and Carbon Certification system (&#8220;ISCC&#8221;), thereby confirming ESA&#8217;s information and
reporting as credible and reliable. ESA believes that the ISCC certification confirms that by offering this unique brand proposition
which allows ESA&#8217;s customers to meet their environmental targets, ESA may sometimes be able to charge a premium for some of its
services, when compared to traditional industrial waste management plants or other raw commodities manufacturers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sustainable
&amp; Renewable Energy Technologies</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
owns and operates an industrial waste management plant in Singapore that uses waste wood gasification and solar energy for the thermal
treatment processing of industrial waste. In order to harness the solar energy for the thermal treatment of industrial waste, ESA currently
has 640kWp photovoltaic panels (also known as solar panels) installed in its plant building. ESA also owns and operates a commercial
plant in Singapore to supply ISCC PLUS-certified circular pyrolysis oil made from waste plastics in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
systems and engineering designs result in a low carbon footprint, whereby ESA generates only a minimal amount of by-product waste. In
2023, ESA only sent 5 to 8% of the waste it collected to the landfill. This is in deep contrast to most of ESA&#8217;s competitors who
typically focus on processing waste through destructive methods and any by-product waste generated would be disposed of in the landfill.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Experienced
Management Team</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s core executive and management team, which consists of Mr. Quek Leng Chuang, Mr. Law Beng Hui, Mr. Ho Shian Ching and Mr.
Lee Meng Seng, has amassed approximately a combined 100 years of relevant experience in waste management and the chemical supply chain
and general management, including but not limited to corporate and financial management and services. The Company is led by its two executive
directors, Mr. Quek Leng Chuang and Mr. Law Beng Hui. Mr. Quek, ESGL&#8217;s Chief Executive Officer and Chairman of ESGL&#8217;s board
of directors, has over 30 years of experience in the waste management industry. In addition, Mr. Quek was awarded a Singapore Armed Force
Scholarship to pursue Engineering in 1986, and subsequently served full time in the Singapore Army as an officer with Elite Infantry
Division. He continued service honorably in the reserve until 2016, and attained the rank of Lieutenant Colonel. Mr. Law, the Company&#8217;s
Chief Growth and Sustainability Officer, has over 20 years of experience in business strategy, brand portfolio and marketing management,
including roles at Diageo plc and WPP plc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Growth
Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Continue
to invest in and develop new operating capabilities, technology, and carbon credits</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to increase the types of industrial waste that ESA can process and reuse, if funds are available, it plans to add new operating
lines to increase its sludge thermal processing capacity, acquire additional reactors, filter presses and auxiliaries to increase its
spent acid processing capacity, enhance its capacity to process and convert waste plastics per year into oil, and to build a high temperature
hazardous waste treatment system&#160;&#160;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, ESGL believes this treatment system will help ESA further develop its ability to capture and sell both carbon and plastic
credits. The Singapore government has set a fixed price on both carbon and plastic credits and the Company intends to collaborate with
a carbon consulting company for quantifying, measuring, verifying and monetizing any such credits that are generated from its planned
treatment system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
also plans to invest in technologies that it believes will help ESA extract more value from waste. In addition, ESGL has begun to interface
with think tanks and start-ups that may develop cutting-edge technologies that would benefit the Group&#8217;s business growth. As part
of ESGL&#8217;s growth strategy, it has already begun to collaborate with a technology start-up which is a spin-off company of Nanyang
Technological University in Singapore (Nanomatics Pte Ltd), to commercialize the conversion of syngas (from waste plastic pyrolysis)
into carbon nanotubes and hydrogen.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 18, 2023, ESA entered into the joint development agreement (the &#8220;JDA&#8221;) with Nanomatics Pte Ltd. (&#8220;NMT&#8221;) for
a term of two years. ESA has developed a proprietary FR-3 Pyrolysis Technology, which converts waste plastic to circular pyrolysis oil
while NMT has developed the THERMO-CVD Process Technology, which converts plastic waste to carbon nanotubes and hydrogen. The main objective
of the JDA is to further develop NMT&#8217;s THERMO-CVD Process Technology at ESA&#8217;s pilot plant facility to produce carbon nanotubes
and hydrogen from waste plastic and the synthetic gas generated from ESA&#8217;s FR-3 Pyrolysis Technology (the &#8220;Joint Development
Program&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
production of the carbon nanotubes in the pilot phase meeting the minimum standards of quality and costs of the parties, the parties
may discuss the possibility of NMT granting a license to ESA to use their THERMO-CVD Process Technology in Southeast Asia and if so,
the parties may negotiate the terms and conditions of such license agreement in good faith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
a period of six months following completion of the pilot phase for the initial performance of the Joint Development Program, if one party
seeks to commercialize the THERMO-CVD Process Technology by leveraging the improvements or intellectual property created under the JDA,
then the parties may notify the other and negotiate in good faith on an exclusive basis, for a period of up to 60 days following such
notification, with a view for both parties to participate in the said commercialization (which negotiations could include the possible
formation of a joint venture arrangement).&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mergers
and Acquisitions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the long-term, organic growth strategies discussed above, ESGL intends to opportunistically acquire companies to expand its
core technologies and introduce the Group to potential new client bases. For example, ESGL may acquire a waste transportation company
to bolster the Group&#8217;s waste collection clients, and/or additional recycling or waste treatment facilities in order to achieve
economies of scale, and ideally as a result, lower overall operating costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Overseas
Market Expansion</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the bulk of the Group&#8217;s revenue is generated in the Singapore market. However, ESGL believes the Group&#8217;s sustainable and
unique business model can be expanded to several international markets. For example, Batam, Indonesia is a free trade city that borders
Singapore, with a population of 1.4 million people and several clusters of industrial parks with multi-national corporation manufacturers.
However, the Group believes that there are no hazardous waste facilities in Batam, and that all hazardous waste collections are shipped
to West Java, Indonesia for treatment. By simply removing the transportation cost for such waste, ESGL believes that its potential expansion
in Batam will be an excellent demonstration of the efficacy and sustainability of its business model for waste management in markets
outside its original operating jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Product
&amp; Service Quality and Safety</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA&#8217;s
waste management operations are ISO 14001:2015 certified. All of ESA&#8217;s operating procedures are documented and the associated risks
of each business activity is reviewed at least annually, and updated where necessary. To ensure ESA&#8217;s waste collection procedures
are followed correctly, ESA provides operator training to our operator staff and this training is conducted by our safety and production
managers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to ESA&#8217;s waste collection procedures, its waste treatment and conversion processes are also ISO 9001: 2015 certified and
we follow strict operational procedures in the treatment and conversion of waste. Moreover, ESA ensures its circular products meet its
quality control standards with the support of its in-house laboratory. More recently, ESA&#8217;s business operations involved in the
conversion of waste plastics into oil have complied with the requirements of the certification systems of ISCC Plus (International Sustainability
and Carbon Certification). These certifications and qualifications are renewed annually, with the provision of regular training to ESA&#8217;s
management team and employees being an integral requisite. ESA&#8217;s workplace safety and health procedures are certified as Bizsafe
Level 3, as issued by the Workplace Safety and Health Council in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Suppliers
and Logistics Providers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the waste generated by ESA&#8217;s customers, ESA purchases industrial waste from suppliers, such as companies from the biomedical,
pharmaceutical, electronics, semiconductors, electroplating, and petrochemicals industries. ESA also has suppliers that provide it with
certain equipment such as bins, containers for waste, machine parts, as well as other auxiliary equipment used in ESA&#8217;s waste generation
plant and laboratory that is essential to ESA&#8217;s business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, two suppliers accounted for approximately 18.1% and 14.1% of the Group&#8217;s total inventory and
logistics costs. For the year ended December 31, 2023, one supplier accounted for approximately 23.6% of the Group&#8217;s total inventory
and logistic costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the material terms of ESA&#8217;s typical purchase contracts:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agreed term is generally 1 to 2 years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    and type of product:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates the type and specifications of the waste to be purchased by ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rebate
    Scheme:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase price for the waste is determined based on the concentration and amount of precious metals in the waste and sold to ESA
    via a rebate scheme.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weight:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates how ESA will perform the weighing procedures and the containers used to pack the waste.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    waste shall be transported to the plants of ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sample
    and Analysis:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates how the sampling and analysis of the waste will be performed by ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    terms:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    is generally made in US dollars upon receipt of the invoice within 30 days from the relevant supplier.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract shall be renewed automatically unless termination notice has been issued to either party at least 1 to 3 months before the
    expiry date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract shall be terminated by the supplier if:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
    fails to observe or perform any provision or terms of the agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
    gives or offers any substantial gift whether by way of money, goods or otherwise to an employee of the supplier, or if any employee/family
    of an employee of the supplier has an unrevealed substantial interest in the business of ESA of which ESA has knowledge of.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    also stipulates both parties shall not disclose the existence of the contract, its terms and conditions, without prior consent from
    the other party and any information received by the parties under this contract shall not be used other than for the waste treatment/storage/conditioning
    services and shall not be disclosed to any third parties.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    clause shall survive 3 years from the termination or expiration of the contract.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
engages third party logistics providers to provide ESA with freight and transportation services for the collection of waste and the transportation
of ESA&#8217;s circular products to customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, one logistics provider accounted for approximately 14.14% of the Group&#8217;s total cost of inventory
and logistics. For the year ended December 31, 2023, 3 logistics provider in aggregate accounted for approximately 13.4% of the Group&#8217;s
total cost of inventory and logistics.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the material terms of the typical contracts with the Company&#8217;s logistics providers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agreed term is generally 1 to 2 years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
    Fee for transportation:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates the amount of service fees (i) per trip during specified hours and (ii) per hour after specified hours.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
    Fee for loading:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    service fees for the loading of goods per trip.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    terms:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally
    within 30 days and prices quoted excluding good and services tax.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA&#8217;s
sales team is comprised of two employees, and they are involved in providing sales support administration and customer services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing generally is a business-to-business endeavor, and ESA adopts email marketing as the primary method of reaching out to potential
customers. ESA acquires new email-registered members through a diverse set of paid and unpaid marketing channels. ESA&#8217;s paid advertising
efforts include search engine marketing, affiliate channels, and specific offline marketing channels. ESA&#8217;s non-paid advertising
efforts include search engine optimization, non-paid social media, customer referrals and email. Upon acquiring a customer or a potential
customer&#8217;s email address, ESA focuses on how to increase their engagement with ESA&#8217;s products and services. This effort to
increase engagement and repeat purchasing is primarily accomplished by providing consistent customer service and email marketing efforts.
ESA also has a cloud-based customer relationship management system to promote its sales and marketing efforts. ESA also adopts search
engine optimization strategies to place it on the first page of most relevant searches so that potential customers and suppliers can
easily locate ESA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the above traditional means to attract potential customers, ESA is also a member of the Waste Management Recycling Association of
Singapore, the United Nations Global Compact, and Association of Process Industry where it actively participates in industry forums to
promote the ESA&#8217;s brand and awareness to sustainable solutions towards waste management. Additionally, and as part of ESA&#8217;s
corporate social responsibility efforts, ESA has partnered up with the non-profit, Alliance to End Plastic Waste, to develop an educational
program which aims to recycle at least 350 metric tons of plastics through educational institutions in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide our waste collection and disposal services to the following customers, which include but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">petrochemical
    companies such as Shell Eastern Petroleum Pte Ltd (&#8220;Shell&#8221;), ExxonMobil Asia Pacific Pte Ltd, Huntsman Corporation and
    Singapore Refining Company Pte Ltd;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">semi-conductors
    such as Micron Semiconductor Asia Operations Pte Ltd, STMicroelectronics Pte Ltd and GlobalFoundries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pharmaceutical
    corporations such as AbbVie Operations Singapore Pte Ltd, Alcon Singapore Manufacturing Pte Ltd and Pfizer Asia Manufacturing Pte
    Ltd;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technology
    equipment manufacturers such as Linxens Singapore Pte Ltd, Singapore Epson Industrial Pte Ltd and Lincstech Circuit Singapore Pte
    Ltd; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">chemical
    product companies such as Stella Chemifa Singapore Pte Ltd and BASF South East Asia Pte Ltd.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
line with our circularity mission, we treat and process the collected waste into circular products, which include but are not limited
to, pyrolysis oil, fluorspar, treated acid, base metals and nickel carbonate, and sell them to local and international end users, traders
or overseas refiners, including Shell, Pt Kedaung Oriental Porce, Progress Galvanizing Pte Ltd, GRM Co. Ltd and NickelHutte Aue GMBH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
selecting ESA&#8217;s customers, ESA considers factors such as their size, creditworthiness and financial strength. ESA generally delivers
the circular products to its customers after they have made approximately more than 80% of the payment to ESA to minimize any risk of
bad debt and non-payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, four of the Group&#8217;s customers accounted for approximately 15.8%, 14.7%, 12.7% and 11.3% of the
Group&#8217;s total revenue. Trade receivables from these customers was approximately US$159,700 as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, two of the Group&#8217;s customers accounted for approximately 23.92%, and 17.66%, of the Group&#8217;s
total revenue. Trade receivables from these customers was approximately US$175,000 as of December 31, 2023.&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the material terms of the Company&#8217;s typical service contracts:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    agreed term is generally for 1 to 2 years.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    and type of waste:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates the type and specifications of the waste to be collected by ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
    Fee:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    service fees for the collection and disposal of waste are determined based on a fixed price per unit of the waste.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    terms:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
    payment of the service fees is to be made within 7 to 14 working days after receipt of the invoice from ESA.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract shall be renewed automatically unless termination notice has been issued to either party at least 1 to 3 months before the
    expiry date.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract shall be terminated by the customer if:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
    fails to observe or perform any provision or terms of the agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
    gives or offers any substantial gift whether by way of money, goods or otherwise to an employee of the customer, or if any employee/family
    of an employee of the customer has an unrevealed substantial interest in the business of ESA of which ESA has knowledge of.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates that ESA shall not assign, transfer or subcontract the contract nor assign rights, obligations or duties under
    the contract to any other party without the prior written consent of the customer.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
    also stipulates both parties shall not disclose the existence of the contract, its terms and conditions, without prior consent from
    the other party and any information received by the parties under this contract shall not be used other than for the waste treatment/storage/conditioning
    services and shall not be disclosed to any third parties.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    clause shall survive 3 years from the termination or expiration of the contract.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the material terms of a typical purchase order:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    and type of product:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    purchase order stipulates the type and specifications of the circular products to be supplied and delivered to the customer.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    of product:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    price of the circular product is determined based on a fixed price per unit.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weight:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contract stipulates how ESA will perform the weighing procedures for the circular products.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    terms:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
    payment of the price of the product is to be made within 30 days after receipt of the invoice from ESA.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
is committed to researching and developing its industrial waste treatment technologies in order to meet the demands of its customers
in the industrial waste treatment market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internally,
ESA collects feedback from its completed projects and modifies its equipment and technologies based on the feedback and from its previous
experiences. ESA believes scientific and technological innovations will aid it to achieve its long-term strategic objective of becoming
one of the premier industrial waste treatment companies in Singapore. For this reason, ESA devotes significant financial and personnel
resources to research and development. ESA&#8217;s current research and development efforts are primarily focused on waste treatment
methodologies. ESA&#8217;s internal research and development team is comprised of highly skilled engineers and scientists with extensive
experience in industrial waste treatment technologies, chemistry, and design. To supplement ESA&#8217;s internal expertise, it is also
looking to collaborate with third-party institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the Company&#8217;s capitalized research and development expenses were approximately US$3.0 million and
US$4.3 million, respectively. The Company intends to continue to invest in research and development to support and enhance its existing
waste management methodologies and promote further innovation in the realm of waste management and treatment to enhance ESA&#8217;s position
in the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
volume of industrial waste tends to increase during summer. ESA&#8217;s second and third quarter revenues and results of operations typically
reflect these seasonal trends. Service disruptions caused by severe storms, extended periods of inclement weather or climate events can
significantly affect ESA&#8217;s operating results..</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has submitted an application with the Intellectual Property Office of Singapore to register <img src="form20-f_001.jpg" alt="" style="height: 83px; width: 239px"/>
and <img src="form20-f_002.jpg" alt="" style="height: 82px; width: 208px"/> as the Company and ESA&#8217;s logo in Singapore. As of December
31, 2023, ESA has registered the trademark <img src="form20-f_003.jpg" alt="" style="height: 25px; width: 111px"/> for NewOil, one of
ESA&#8217;s key products, with the Intellectual Property Office of Singapore. The Group also intends to register &#160;&#160;the trademark
<img src="form20-f_004.jpg" alt="" style="height: 61px; width: 144px"/> and <img src="form20-f_005.jpg" alt="A close-up of a logo&#10;&#10;Description automatically generated" style="height: 76px; width: 192px"/>as
the Company and ESA&#8217;s logo in Indonesia.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group believes that its intellectual property is important to the success and positioning of the Company. Through ESA&#8217;s trademarks
and domain name, the Group believes it has enhanced its brand recognition as well as highlighted NewOil as one of its key products, hence
distinguishing ESA from its competitors and reinforcing the positive corporate image ESA has among its customers and suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group cannot assure you that any pending trademark, patent or copyright will be approved by the relevant government authorities. In addition,
any rights granted under any of ESA&#8217;s existing or future patents, copyrights or trademarks may not provide meaningful protection
or any commercial advantage to the Company. With respect to our other proprietary rights, it may be possible for third parties to copy
or otherwise obtain and use proprietary technology without authorization or to develop similar technology independently. The Group may
in the future initiate claims or litigation against third parties to determine the validity and scope of proprietary rights of others.
In addition, the Group may in the future initiate litigation to enforce its intellectual property rights or to protect its trade secrets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group faces significant competition from the numerous waste management companies who collect and dispose of the waste ESA needs for its
waste management and treatment processes. Such competitors include ECO Special Waste Management Pte Ltd, Chem-Solv Technologies Pte Ltd,
Modern Asia Environmental Holdings Pte Ltd, and Veolia ES Singapore Industrial Pte. Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
substantial majority of the Group&#8217;s competitors are significantly larger than the ESA and have more capital to invest in their
businesses. Competitors could also seek to gain market share by reducing the prices they charge customers, introducing products and solutions
that are similar to ESA&#8217;s or introducing new technology tools.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
    Structure</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the Business Combination, Legacy ESGL became a wholly owned subsidiary of the Company. The Company&#8217;s organizational
chart is below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_006.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
    Plant and Equipment</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL&#8217;s
headquarters are located at 101 Tuas South Avenue 2, Singapore 637226, with approximately 95,000 square feet of facility space, pursuant
to a 17-year state lease that terminates on November 30, 2030. ESGL pays S$9,225.09 per month under such lease, which may be subject
to a potential increase of the rent based on the prevailing market rate every year. This facility is used for the processing of solid
and liquid industrial waste and the physical-chemical treatment of acids and alkali wastes. The facility also processes waste wood to
be converted into renewable heat energy, and the auxiliaries and offices are powered by 640 KWp Solar PV on the main building roof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
also leases a factory space at 62 Tuas Street 5, Singapore 637802, with approximately 25,000 square feet of facility space, pursuant
to a 30-year state lease that terminates on March 31, 2038. This facility is used for the processing of chemical wastes and the pyrolysis
of waste plastics into NewOil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
leases another factory space at 110 Tuas South Avenue 3, Singapore 637369, with approximately 34,000 square feet of facility space, pursuant
to a two-year tenancy agreement that terminates on January 31, 2025. This facility is used for the storage of waste and circular products.
This facility is integral to ESGL&#8217;s supply chain operations and is used mainly for the storage of waste prior to treatment and
the Group&#8217;s circular products prior to dispatch or export for sales. The site has the capacity to simultaneously load up to 6 shipping
containers at once, providing adequate support for ESGL&#8217;s export sales activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
believes that its facilities are adequate to meet its needs for the immediate future, and that, should it be needed, suitable additional
space will be available on commercially reasonable terms to accommodate any expansion of the ESGL&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_008"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_009"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material
operations of its own, the Group conducts all of its operations through its operating entity incorporated in Singapore, ESA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous
industrial waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies. The Group currently
has two revenue streams, from: (i) services income which is primarily comprised of the fees charged to customers for the provision of
waste collection and disposal services, which fees are similar to those charged by the Group&#8217;s competitors, and (ii) the sales
and trading of its circular products made from recycled waste, which is believed to make the Group a unique and environmentally-friendly
offering in the marketplace.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Factors
Affecting the Group&#8217;s Performance and Related Trends</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group believes that the key factors affecting its performance and financial performance include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Continuous
    Engagement with the Group&#8217;s Customers</i>: The Group benefits from its unique approach to waste handling &#8212; captive consumption,
    which has allowed it to capture customers from the target market segment of multinational corporations that aim to meet their environmental,
    social and governance goals. The Group&#8217;s revenue growth largely depends on its ability to retain current customers and attract
    new customers, including its ability to form relationships with and manage an increasing number of customers. In addition to the
    traditional means of attracting potential customers via emails, business brochures and LinkedIn, ESA is also a member of the Waste
    Management Recycling Association of Singapore and the United Nations Global Compact where it actively participates in industry forums
    to promote the Group&#8217;s brand and awareness of sustainable solutions, which has resulted in a substantial increase in customer
    engagement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Manufacturing
    Activities</i>: The Group derives part of its revenue by charging a disposal fee for the use of its collection and disposal service.
    Since the Group&#8217;s core business is tied to the volume of waste generated by its customers, its revenue growth could be influenced
    by manufacturing activities which are affected by the global supply and demand, as well as macroeconomic conditions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commodities
    Price</i>: The Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc,
    precious metals and base metals. As such, the prevailing market prices and the demand of these commodities will also determine the
    Group&#8217;s profitability and the sale of each commodity, respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inflation</i>:
    While many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary
    pressures, and the rate of growth is slowing down. The economy in Singapore and globally has experienced general increases in certain
    operating costs and expenses, such as employee compensation and office operating expenses as a result of higher inflation. Average
    wages in Singapore are expected to continue to increase and the Group expects that its employee costs, including wages and employee
    benefits, will continue to increase. Unless the Group is able to control its employee costs or pass them on to its clients, its financial
    condition, and results of operations may be adversely affected.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    governments in Asia (and worldwide) take steps to address current inflationary pressures, there may be significant changes in the
    availability of bank credit, commercial reasonability of interest rates, limitations on loans, restrictions on currency conversions
    and foreign investment rules, thereby restricting the availability of credit and reducing economic growth. Inflation, actions that
    may be implemented to combat inflation and public speculation about any possible additional actions also may contribute materially
    to economic uncertainty in Asia (and worldwide) and accordingly weaken investor confidence, thus adversely impacting economic growth
    and causing decreased economic activity, which in turn could lead to a reduction in demand for the Group&#8217;s products and services,
    and consequently have a material adverse effect on its businesses, financial condition and results of operations. Conversely, more
    lenient government policies and interest rate decreases may trigger increases in inflation and, consequently, growth volatility and
    the need for sudden and significant interest rate increases, which could negatively affect the Group&#8217;s business. There also
    may be imposition of price controls. If prices for the Group&#8217;s waste disposal services and/or its circular products rise at
    a rate that is insufficient to compensate for the rise in the costs of supplies and operations, it may have an adverse effect on
    the Group&#8217;s profitability. If these or other similar restrictions are imposed by a government to influence the economy, it
    may lead to a slowing of economic growth.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Government
    Regulations in Singapore</i>: The Group&#8217;s operating subsidiary, ESA, is incorporated, and its operations and assets are all
    located, in Singapore. Accordingly, the Group&#8217;s business could be influenced by economic policies and initiatives undertaken
    by the Singapore government, changes in the Singapore business or regulatory environment affecting its customers and changes in the
    Singapore government policy on waste management. Unfavorable changes could affect demand for services that the Group provides and
    could materially and adversely affect its results of operations. Although the Group has generally benefited from Singapore&#8217;s
    economic growth and the policies to encourage the improvement of waste management, it is also affected by the complexity, uncertainties
    and changes in the Singapore economic conditions and regulations governing the waste industry.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
of the Years Ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Change</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,992,034</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,172,139</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23.5</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other income</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">169,819</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">396,373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(226,554</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-57.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">689,762</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">246,359</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">142,358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,300,252</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">93,067,324</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">981,701</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right">92,085,623</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Loss before income tax</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,383,812</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(92,462,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&gt;100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Income tax expense</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">133,000</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">125,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&gt;100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(94,979,338</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,391,812</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(92,587,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&gt;100</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derives its revenue from (i) the sales and trading of its circular products and (ii) waste disposal services which generally comprises
the disposal fees it charges its customers for waste collection and disposal services. The Group&#8217;s revenue increased by approximately
US$1.2 million or 23.5% from approximately US$5.0 million for the year ended December 31, 2022 (&#8220;FY2022&#8221;) to approximately
US$6.2 million for the year ended December 31, 2023 (&#8220;FY2023&#8221;), primarily attributable to the increase in waste disposal
services which rose by approximately US$1.6 million or 71.8%. The increase from waste disposal services was offset by a decrease in sales
of circular products by approximately US$0.4 million (16%) compared to the last financial year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in sales of circular products was primarily attributable to (i) the lack of zinc sales in 2023. Sales of zinc fell from approximately
US$1.2 million in FY2022 to zero in FY2023; (ii) the decrease in sales of precious metals of approximately US$0.75 million or 78.2% from
approximately US$0.96 million for the year ended December 31, 2022 to approximately US$0.21 million for the year ended December 31, 2023,
(iii) offset by increase in sales of base metals which increased approximately by US$1.5 million (&gt;100%) to approximately US$2.1 million
for the year ended December 31, 2023 from approximately US$0.59 million in the previous financial year primarily &#160;due to the availability
of materials, feasible freight charges and scheduling.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s revenue generated from waste disposal services increased by approximately US$1.6 million or 71.8% from approximately US$2.2
million for the year ended December 31, 2022 to approximately US$3.9 million for the year ended December 31, 2023, primarily due to the
increase in higher demand for ESGL&#8217;s disposal services of solid industrial wastes, waste plastics, waste wood and chemical wastes.
In FY2023, ESGL was awarded larger quantum contracts for such services from its major semi-conductor customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s other income is mainly comprised of (i) grants, (ii) warehousing and logistics services, and (iii) interest income. The
following table sets out the breakdown of other income for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s other income decreased by approximately US$226,000 or -57.2% from approximately US$396,000 for the year ended December
31, 2022 to approximately US$170,000 for the year ended December 31, 2023. Such decrease was primarily attributable to (i) the decrease
in warehousing and logistic services which decreased by approximately US$139,000 (-79.3%) in FY2023 compared to the prior financial year
as the warehousing arrangements were terminated and the Group utilized the space for its own operations, and (ii) the decrease in grant
from AEPW of approximately US$44,000 or -37.9% from approximately US$116,000 for the year ended December 31, 2022 to approximately US$72,000
for the year ended December 31, 2023 as the grant from AEPW draws to a close in 2023. and (iii) the decrease in government grants of
approximately US$34,000 or -44.1% as the Group had received less employment related subsidies under the Job Growth Incentive Scheme.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup>The
Alliance to End Plastic Waste (&#8220;AEPW&#8221;) is an industry-founded and funded non-governmental and non-profit organization based
in Singapore. Founding members include BASF, Chevron Phillips Chemical, ExxonMobil, Dow Chemical, Mitsubishi Chemical Holdings, Proctor
&amp; Gamble and Shell.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Inventory</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s cost of inventory represents costs and expenses attributable to the provision of its circular products. The Group&#8217;s
cost of inventory decreased by approximately US$115,000 or -10.6% from approximately US$1.1 million for the year ended December 31, 2022
to approximately US$978,000 for the year ended December 31, 2023, which is in line with the decrease in product sales such as zinc as
mentioned above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Logistics
Costs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s logistics costs represent costs attributable to the collection of waste and the delivery of its circular products. The
Group&#8217;s logistics costs increased by approximately US$235,000 or 34.1% from approximately US$690,000 for the year ended December
31, 2022 to approximately US$925,000 for the year ended December 31, 2023, which is in line with the increased demand for disposal services
of wastes and the overall increase of Group&#8217;s business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operating expenses mainly comprise employee benefits expense and other operating expenses. The Group&#8217;s operating
expenses increased by approximately US$1.0 million or 40.9%, from approximately US$2.4 million for the year ended December 31, 2022
to approximately US$3.4 million for the year ended December 31, 2023, primarily attributable to the overall increase in employee
benefits expense which increased by approximately US$431,000 (46.2%) from approximately US$933,000 to US$1.4 million, and other
operating expenses as detailed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Employee
Benefits Expense</span>&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits expense is mainly comprised of (i) salaries, wages and bonuses, (ii) directors&#8217; remuneration, (iii) employer&#8217;s contribution
to defined contribution plans including Central Provident Fund, and (iv) other short-term benefits, including compulsory skills development
levy imposed in Singapore, administrative expenses relating to the application and/or renewal of work permits for foreign staff, medical
expenses, staff insurance, staff welfare and training expenses, less (v) the amount capitalized as internal development of intangible
assets. The following table sets out the breakdown of employee benefits expense for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">change
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Salaries, wages and bonuses</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,571,124</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors&#8217; remuneration</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,806</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors&#8217; fees</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Employer&#8217;s contribution to defined contribution
    plans including Central Provident Fund</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">142,749</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other short term benefit</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s employee benefits expense increased by approximately US$431,000 or 46.2% from approximately US$933,000 for the year ended
December 31, 2022 to approximately US$1.4 million for the year ended December 31, 2023. Such increase in employee benefits expense was
primarily attributable to (i) the increase of salaries, wages and bonuses of approximately US$687,000 or 43.7% from approximately US$1.6
million for the year ended December 31, 2022 to approximately US$2.3 million for the year ended December 31, 2023 mainly due to higher
headcount as the Group geared up for higher production to meet increased customer&#8217;s demands, and (ii) higher Directors&#8217; remuneration
of approximately US$61,000 or 28.7% from approximately US$212,000 for the year ended December 31, 2022 to approximately US$273,000 for
the year ended December 31, 2023, (iii) Directors&#8217; fees for non-executive independent directors of approximately US$52,000 for
which no Directors&#8217; fees were incurred in the last financial year offset by the increase of salary expense being capitalized as
internal development of intangible assets of approximately US$377,000 or 37.3% from approximately US$1.0 million for the year ended December
31, 2022 to approximately US$1.4 million for the year ended December 31, 2023 and was primarily attributable to the increase in time
and manpower allocated to the software development and innovation projects to develop engineering technologies in relation to the Group&#8217;s
waste processing, treatment and recycling plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Other
Operating Expenses</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
operating expenses are mainly comprised of (i) foreign exchange loss, (ii) foreign worker levy, (iii) impairment loss on receivables,
(iv) insurance, (v) professional fees, (vi) property tax, (vii) rental and storage, (viii) utilities, (ix) upkeep, repair and maintenance,
(x) chemical and incineration fees, and (xi) others relating to bank charges, marketing and advertising expenses, entertainment expenses,
business travel expense, computer and internet expenses, telephone and internet expenses and filing and lodgment fees. The following
table sets out the breakdown of other operating expenses for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; color: #231F20; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign exchange
    loss</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">189,426</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,287</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">167,139</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&gt;100%</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="color: #231F20; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign worker levy</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">168,137</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">97,703</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">70,434</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">72.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: #231F20; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment loss on receivables</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">44,271</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(44,271</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55,694</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: #231F20; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Professional fees</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">109,703</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s other operating expenses increased by approximately US$575,000 or 37.6% from approximately US$1.5 million for the year
ended December 31, 2022 to approximately US$2.1 million for the year ended December 31, 2023. The increase was mainly due to (i) higher
rental and storage expenses which increased by approximately U$304,000 from approximately US$290,000 in the year ended December 31, 2022
to approximately US$595,000 (&gt;100%) in the year December 31, 2023 to cater for higher volumes of wastes collected in FY2023; (ii)
increase in chemical and incineration fees from approximately US$229,000 in FY2022 to approximately US$396,000 in FY2023 as a result of
higher wastes collected and treated in FY2023; (iii) higher foreign exchange loss of approximately US$189,000 in the year ended December
31, 2023 as compared to foreign exchange loss of approximately US$22,000 in the prior financial year; (iv) increase in foreign worker
levy which increased by approximately US$70,000 from approximately US$98,000 in the prior financial year to approximately US$168,000
(72.1%) in the year ended December 31, 2023 on the increase in hiring to cater for higher volumes; (v) offset by a write-back of old
account payables which were more than 2 years old.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
Expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended December 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Change</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">change
    %</span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest expenses:</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,559</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">27,375</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">284,112</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">48,671</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">nm</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s finance expense increased by approximately US$142,000 from approximately US$246,000 in the year ended December 31, 2022
to approximately US$389,000 (57.8%) in FY2023. This was mainly due to higher interest on borrowings which increased by approximately
US$66,000 in FY2023 compared to FY2022 on new bank loans drawn down in FY2023. The interest on loans from Directors also resulted in
higher interest costs of approximately US$49,000 in FY2023. There was no such interest in the last financial year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Depreciation
and Amortization</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s depreciation and amortization expense remain relatively unchanged for the 2 financial years under review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Listing
expense</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing
expenses are non-recurring expenses incurred in connection with the Business Combination and are as follows:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">67,641,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">nm</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net assets of SPAC</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(590,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(590,526</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">nm</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Revaluation of FPA</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,241,261</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Professional fees</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,680,198</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">698,497</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Printing, courier, and
    others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94,891</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">94,891</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">nm</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, the Group recorded a net loss of approximately US$95.0 million for the year ended December 31, 2023, which
increased by approximately US$92.6 million or &gt;100% as compared with a net loss of approximately US$2.4 million for the year ended
December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-GAAP
Measures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EBITDA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group defines EBITDA as net income (loss) before interest, taxes and depreciation and amortization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023 and 2022, EBITDA consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss before income tax</span></td><td style="width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,383,812</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&gt;100%</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Finance expense</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">388,717</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Depreciation and amortization</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">92,085,623</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&gt;100%</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">964,542</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,144,500</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(179,958</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-15.7</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*Non-recurring
expenses mainly relate to expenses incurred for the SPAC merger </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA
is a financial measure that is not calculated in accordance with IFRS, as issued by the IASB. The Group&#8217;s management uses EBITDA
(i) as a measure of operating performance, (ii) for planning and forecasting in future periods, and (iii) in communications with the
Group&#8217;s board of directors concerning the Group&#8217;s financial performance. The Group&#8217;s presentation of EBITDA is not
necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be
used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance
with IFRS, as issued by the IASB. Instead, the Group&#8217;s management believes EBITDA should be used to supplement the Group&#8217;s
financial measures derived in accordance with IFRS, as issued by the IASB, to provide a more complete understanding of the trends affecting
the business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
was incorporated in the Cayman Islands as a holding company and it did not have active business operations as of December 31, 2023. The
Group&#8217;s consolidated assets and liabilities, consolidated revenue and net income are mainly the operation results of
its subsidiary in Singapore. In assessing the Group&#8217;s liquidity, the Group monitors and analyzes its cash on-hand and its operating
expenditure commitments. The Group&#8217;s liquidity needs are to meet its working capital requirements and operating expense obligations.
Historically, the Group has financed its operations primarily through the (i) issuance of common stock, (ii) cash generated by operations,
(iii) loans from Directors and (iv) borrowings from banks. The Group has no other debt instruments other than those stated here. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group&#8217;s working capital was approximately negative US$13.8 million, its cash and cash equivalents amounted
to approximately US$367,000, its current assets were approximately US$1.5 million and its current liabilities were approximately US$15.2
million. The negative working capital was primarily attributable to the deferred underwriting fee payable and the classification of
certain bank loan balances of approximately US$5.7 million as current liabilities as the relevant bank loan agreements allow the banks
to demand immediate repayments even though they were not due for repayment within a year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates the maturity profile of the Group&#8217;s borrowings:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(US$)</b></span></p></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Within 1 year or on demand</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,233,637</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,427,538</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Between 1 year and 2 years</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,544,842</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">371,103</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Between 2 and 5 years</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,778,479</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,798,641</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rates for the Group&#8217;s borrowings range from a fixed rate of 2% per annum to a floating rate of 2% above the lending
bank&#8217;s cost of funds on a reducing balance basis. The Group&#8217;s treasury policy is to maintain controls on all exposures, to
adhere to stringent counterparty credit standards, and to actively monitor marketplace exposures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
capital expenditure contracted for as of December 31, 2023 and 2022 but not recognized in the financial statements is approximately US$1.3
million and US$1.3 million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Group&#8217;s current operating plan, the Group believes that its existing cash and cash equivalents and anticipated cash generated
from operating activities will be sufficient to meet its anticipated working capital and capital expenditures for at least the next 12
months. The Group&#8217;s future working capital requirements will depend on many factors, including the rate of its revenue growth,
its introduction of new products and processes, and its expansion of sales and marketing and product development activities. To the extent
that the Group&#8217;s cash and cash equivalents and cash flow from operating activities are insufficient to fund its future activities,
the Group may need to raise additional funds through bank credit arrangements, public or private equity or debt financings. The Group
also may need to raise additional funds in the event it decides in the future to acquire businesses, technologies and products that will
complement its existing operations. In the event additional funding is required, the Group may not be able to obtain bank credit arrangements
or equity or debt financing on terms acceptable to it or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Flows for the Years Ended December 31, 2023 and 2022</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes the key components of the Group&#8217;s cash flows for the years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 220pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year
    Ended</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net cash generated from operating
    activities</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,282,766</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,019,189</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,484,274</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net cash used in financing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,149,215</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(370,251</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net increase in cash
    and bank balances</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">114,362</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">115,385</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Group generated net cash from operating activities of approximately US$5.3 million despite a loss
before income tax of approximately US$94.8 million. The significant loss before taxation was mainly due to listing expense of US$93.1
million and primarily arose from the accounting effects of the acquisition of GUCC and has no impact on operational cash flows. Net cash
generated from operating activities was primarily attributable to (i) positive cash inflows after the adjustments for the depreciation
of property, plant and equipment and the amortization of intangible assets of approximately US$2.4 million, and (ii) the overall improvements
in working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, the Group generated net cash from operating activities of approximately US$2.0 million despite a loss
before income tax of approximately US$2.4 million. This was primarily attributable to (i) positive cash inflows after the adjustments
for the depreciation of property, plant and equipment and the amortization of intangible assets of approximately US$2.3 million, and
(ii) the overall improvements in working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately US$2.0 million for the year ended December 31, 2023 and was primarily attributable
to (i) the purchase of approximately US$651,000 of property, plant and equipment, and (ii) the addition of approximately US$1.4 million
of intangible assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately US$1.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) the purchase of approximately US$503,000 of property, plant and equipment, and (ii) the addition of approximately US$1.0 million
of intangible assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was approximately US$3.1 million for the year ended December 31, 2023 and was primarily attributable
to (i) the repayment of approximately US$3.8 million of bank borrowings, (ii) the settlement of approximately US$3.2 of promissory note
to shares, (iii) the repayment of approximately US$186,000 of lease liabilities, and (iv) the payment of approximately US$389,000 of
interest, which was partially offset by the share issuance of approximately US$754,000 and draw down of bank borrowings of approximately
US$3.6 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was approximately US$370,000 for the year ended December 31, 2022 and was primarily attributable to
(i) the repayment of approximately US$1.5 million of bank borrowings, (ii) the repayment of approximately US$186,000 of lease liabilities,
and (iii) the payment of approximately US$246,000 of interest, which was partially offset by the share issuance of approximately US$1.6
million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade
Receivables</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s trade receivables increased by approximately US$72,000 from approximately US$390,000 as of December 31, 2022 to approximately
US$461,000 as of December 31, 2023, which is in line with the increase in sales as mentioned above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group seeks to maintain strict control over its outstanding receivables, and overdue balances are reviewed regularly by its senior management.
The following table sets out an ageing analysis of the Group&#8217;s trade receivables that are past due but not impaired, as of the
dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For the Year
    Ended</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,473</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,214</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,117</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,757</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,485</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group&#8217;s trade receivables that are past due but not impaired amounted to approximately US$60,000. These
trade receivables were all subsequently settled as of date of this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets out the Group&#8217;s average trade receivables turnover days for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            Turnover Days</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 81%"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2023</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">25</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
trade receivables turnover days indicates the average time required for the Group to collect cash payments from its provision of goods
or services. The Group&#8217;s average trade receivables turnover days were 25 and 23 as of December 31, 2023 and 2022, respectively.
The increase in the Group&#8217;s average trade receivables turnover days as of December 31, 2023 as compared to 2022 was
mainly attributable to the increased sales from the provision of waste disposal services to multi-national companies which generally
require an average credit term of 60 days. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has applied the simplified approach by using the provision matrix to measure the lifetime expected credit loss (&#8220;ECL&#8221;)
for trade receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry
or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has
significant exposure to individual customers. At the end of the financial year, 48.0% of the total trade receivables were from three
of the Group&#8217;s largest customers. In 2022, 48.0% of the total trade receivables were from three of the Group&#8217;s largest customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
credit evaluations are performed on all customers. These evaluations focus on the customer&#8217;s past history of making payments when
due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment
in which the customer operates. Unless agreed the otherwise, trade receivables are generally due within 30 days from the date of billing.
Normally, the Group does not obtain collateral from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group measures loss allowances for trade receivables at an amount equal to lifetime ECLs, which is calculated with reference to the credit
spread for each of the groupings (which taking into consideration of historical credit loss experience, average actual date of receipt,
customers&#8217; background, listing status and size as groupings of various debtors), which reflect the credit risk of the debtors,
over the expected life of the debtors and are adjusted for forward-looking information that is available without undue cost or effort.
As the Group&#8217;s historical credit loss experience does not indicate significantly different loss patterns for different customer
segments, the loss allowance based on past due status is not further distinguished between the Group&#8217;s different customer bases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
loss rates are based on actual loss experience. These rates are adjusted to reflect differences between economic conditions during the
period over which the historic data has been collected, current conditions and the Group&#8217;s view of economic conditions over the
expected lives of the receivables. The movements in loss allowance for trade receivables during the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment losses recognized</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,768</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amount written off as uncollectible</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right">-</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">At December 31</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,768</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade
Payables</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
payables represent primarily the Group&#8217;s obligations to pay for goods or services that have been engaged in the ordinary course
of business from suppliers, including purchases of raw materials and utilities, as well as payment to its logistics providers. The Group
is generally granted credit periods ranging from 30 to 60 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no significant changes to the Group&#8217;s trade payables balance for the two financial years under review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lease
Liabilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognized and measured lease liabilities in accordance with IFRS 16 &#8220;Leases&#8221;. The Group leases properties in Singapore
mainly for use as factory space for the processing and storage of waste. The table below sets forth the breakdown of the Group&#8217;s
lease liabilities as of the dates indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">For the Year
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">192,282</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Non-current</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,071,571</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s lease liabilities (comprising current and non-current liabilities) decreased approximately US$91,000 from approximately
US$2.3 million as of December 31, 2022 to approximately US$2.2 million as of December 31, 2023, in line with the normal utilization of
the lease tenure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Commitments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023 and 2022, the Group incurred capital expenditures mainly for the procurement of property, plant and
equipment. The following table sets out the Group&#8217;s capital expenditure contracted for as of December 31, 2023 and 2022 but not
recognized in the financial statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Property, plant and equipment</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,328,306</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,339,532</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has no off-balance sheet arrangements including arrangements that would affect its liquidity, capital resources, market risk support
and credit risk support or other benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, contingent assets and liabilities, each as of the date of the financial statements, and revenues and
expenses during the periods presented. On an ongoing basis, management evaluates their estimates, assumptions and judgments, and the
effects of any such revisions are reflected in the financial statements in the period in which they are determined to be necessary. Management
bases their estimates on historical experience and on various other factors, including expectations of future events, that they believe
are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and
liabilities that are not readily apparent from other sources. Actual outcomes could differ materially from those estimates in a manner
that could have a material effect on the Group&#8217;s consolidated financial statements. While the Group&#8217;s significant accounting
policies are more fully described in the notes to its consolidated financial statements appearing elsewhere in this Report,
the Group believes that the following accounting policies and estimates are critical to the process of making significant judgments and
estimates in the preparation of the Group&#8217;s financial statements and understanding and evaluating its reported financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
recognition</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services
to a customer, excluding amounts collected on behalf of third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recognized when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is
when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time.
The amount of revenue recognized is the amount allocated to the satisfied performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue
from contracts with customers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
Rendering of services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from rendering of services is recognized when the entity satisfies the performance obligation at a point in time, generally when the
significant acts have been completed and when transfer of control occurs, or for services that are not significant, transactions revenue
is recognized as the services are provided. The Group&#8217;s primary service consists of collecting and disposing of industrial wastes
for its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
Sale of goods</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sale of goods is recognized at a point in time when the performance obligation is satisfied by transferring a promised good to the
customer. Control of the goods is transferred to the customer, generally on delivery of the goods (in this respect, incoterms are considered).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Other
revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)
Interest income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset, or where appropriate, a shorter period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
judgements in applying the entity&#8217;s accounting policies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
    of functional currency</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -68.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the functional currency of the Group, judgment is used by the management to determine the currency of the primary economic
environment in which the Group operates. Consideration factors include the currency that mainly influences sales prices of goods and
services and the currency of the country whose competitive forces and regulations mainly determines the sales prices of its goods and
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
    of lease term of contracts with extension options</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has several lease contracts that include extension options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the extension. After the commencement date, the Group reassesses the lease term to consider whether there
is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to extend (e.g., construction of significant leasehold improvements or significant customization to the leased asset).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group includes the extension option in the lease term for leases of leasehold buildings because of the leasehold improvements made and
the significant costs that would arise to replace the assets. The extension options for leases of motor vehicles are not included as
part of the lease term because the Group typically leases motor vehicles for not more than five years and, hence, will not exercise the
extension options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
accounting estimates and assumptions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Useful
    lives of property, plant and equipment</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical
experience with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than
anticipated or the asset experiences an unexpected level of wear and tear, the useful life will be adjusted accordingly. The
carrying amount of the Group&#8217;s property, plant and equipment as of December 31, 2023 was US$21,786,365 (as of December 31,
2022: US$22,493,283).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventory
    valuation method</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
write-down is made based on the current market conditions, historical experience and selling goods of a similar nature. It could change
significantly as a result of changes in market conditions. A review is made periodically for excess inventories, obsolescence and declines
in net realizable value and an allowance is recorded against the inventory balances for any such declines. The realizable value represents
the best estimate of the recoverable amount and is based on the most reliable evidence available and inherently involves estimates regarding
the future expected realizable value. The carrying amount of the Group&#8217;s inventories as of December 31, 2023 was US$64,184 (as
of December 31, 2022: US$221,151).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
    for expected credit losses of trade receivables</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provision matrix is initially based on the Group&#8217;s historical observed default rates. The Group will calibrate the matrix to adjust
historical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated and
changes in the forward-looking estimates are analyzed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group&#8217;s historical credit
loss experience and forecast of economic conditions may also not be representative of customers&#8217; actual default in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of the Group&#8217;s trade receivables as of December 31, 2023 was US$461,497 (as of December 31, 2022: US$389,648).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
    of non-financial assets</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impairment testing of non-financial assets requires assumptions about the future cash flows projections as well as about the discount
rate to be applied. The assumptions used to arrive at the cash flow projections are dependent on the future market shares, the market
trend and the profitability of the Group&#8217;s products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
testing of non-financial assets requires estimates about the extent and probability of the occurrence of future events. As far as possible,
estimates are derived from past experience taking into account current market conditions and the stage of technological advancement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(e)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capitalization
    of intangible assets</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs of internally generated intangible assets are capitalized in accordance with the accounting policy in Note 2.6 to the financial
statements. Initial capitalization of costs is based on management&#8217;s judgement that technological and economic feasibility is confirmed,
usually when a development project has reached a defined milestone according to an established project management model.
In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project,
discount rates to be applied and the expected period of benefits. The carrying amount of the intangible assets as of December
31, 2023 was US$2,381,465 (as of December 31, 2022: US$1,845,912).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s internally generated intangible assets consist of software development projects. These include an inventory management
system, a proprietary software for tracking real time used catalytic converters to facilitate buying and selling decisions, a database
to facilitate reporting, analysis and certification in its laboratory, a thermal treatment and desiccation system, an acid treatment
and renewal system and a system to convert waste plastics to oil. These intangible assets were developed to improve efficiency,
increase productivity and generate circular products. The costs incurred for each project consist principally of the salaries of the
employees working directly on the projects and include time to develop business requirements, programming and coding, software architecture
design and version deployment and testing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
is an &#8220;emerging growth company&#8221;, as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act.
As such, the Group is eligible to take advantage of specified reduced reporting and other requirements that are otherwise applicable
generally to SEC reporting companies that are not emerging growth companies. For so long as ESGL remains an emerging growth company,
it will not be required to, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">present
    more than two years of audited consolidated financial statements and two years of related selected financial data and management&#8217;s
    discussion and analysis of financial condition and results of operations disclosure;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    an auditor report on its internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclose
    certain executive compensation related items.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
will remain an emerging growth company until the earlier of (i) the last day of the fiscal year following the fifth anniversary of the
closing of the Business Combination, (ii) the last day of the fiscal year during which ESGL has total annual gross revenue of at least
US$1.07 billion, (iii) the date on which ESGL is deemed to be a &#8220;large accelerated filer&#8221; under the Exchange Act, which means
the market value of its ordinary shares that are held by non-affiliates exceeds US$700.0 million as of the last business day of its most
recently completed second fiscal quarter, and (iv) the date on which ESGL has issued more than US$1.0 billion in non-convertible debt
during the prior three-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
has taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private
issuer. Among those advantages, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with
new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting
standards. ESGL has elected not to opt out of such extended transition period. Accordingly, when a standard is issued or revised and
it has different application dates for public or private companies, ESGL, as an emerging growth company, can defer adopting the new or
revised standard until the later of the two application dates. As a result, the information that ESGL provides here may be different
than the information you may receive from other public companies in which you hold equity interests. If some investors find ESGL&#8217;s
securities less attractive as a result, there may be a less active trading market for its securities and the prices of its securities
may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosures about Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk
management overview</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has exposure to market risk (including currency risk and interest rate risk), credit risk, liquidity risk, capital risk and commodity
price risk. The Group&#8217;s exposure to each of these risks, and its objectives, policies and processes for measuring and managing
risk are more fully described in the notes to its consolidated financial statements appearing elsewhere in this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency
    Risk</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -68.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Group&#8217;s reporting currency is the U.S. dollar, almost all of its sales and purchases are denominated in Singapore dollars.
As a result, the Group is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations
in the exchange rate between the U.S. dollar and Singapore dollar. If the Singapore dollar depreciates against the U.S. dollar, the value
of the Group&#8217;s Singapore dollar revenues, earnings and assets as expressed in the Group&#8217;s U.S. dollar consolidated financial
statements will decline. The Group does not have a policy to hedge its exposure to foreign exchange risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
    Rate Risk</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to interest rate risk on its non-current borrowings at variable rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s borrowings at variable rates are denominated mainly in Singapore dollars. At December 31, 2023, if the Singapore dollar
interest rates had increased/decreased by 0.5% (at December 31, 2022: 0.5%) with all other variables including tax rate being held constant,
the loss after tax for the financial year would have been lower/higher by US$18,830 (2022: US$18,554) as a result of higher/lower interest
expense on these borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties&#8217;
financial conditions and generally do not require collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to liquidity risk, which is risk that it will be unable to provide sufficient capital resources and liquidity to meet
its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, the Group will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity
shortage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary objective of the Group&#8217;s capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders&#8217; value. The capital structure of the Group comprises issued share
capital and retained earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commodity
Price Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc, precious metals
and base metals, the Group is exposed to commodity price risk, which is risk on its financial performance and profitability upon fluctuations
in the prevailing market prices of these commodities that are out of its control since they are primarily driven by external market forces.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_037"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive Officers</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors and executive officers are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 62%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quek
    Leng Chuang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chairman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ho
    Shian Ching</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law
    Beng Hui</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Growth and Sustainability Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lee
    Meng Seng</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anita
    Pushparani Dorett<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lim
    Boon Yew Gary<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yap
    Chin Yee Richard<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ernest
    Fong<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
    of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Quek
Leng Chuang </i></b>has served as ESGL&#8217;s Chief Executive Officer and Chairman of the Board since August 2023 and as ESA&#8217;s
Chief Executive Officer since December 2020. Mr. Quek founded ESA in May 1999 and has since served as its director and chairman since
that time. From June 1996 to January 1997, Mr. Quek served as an operations manager of Green Singapore Pte Ltd, a waste paper recycling
and industrial commercial solid waste recycling company. From February 1997 to December 1998, Mr. Quek served as an operations engineer
at Eco Industrial Environmental Engineering Pte Ltd, an environmental engineering firm with particular focus on solid waste recovery
facilities. Mr. Quek was awarded a Singapore Armed Force Scholarship to pursue Engineering in 1986, and subsequently served full time
in the Singapore Army as an officer with Elite Infantry Division. He continued service honorably in the reserve till 2016, and attained
the rank of Lieutenant Colonel. Mr. Quek received a Bachelor of Engineering (Chemical Engineering) from the National University of Singapore
in 1990, and a Master of Business Administration from Leicester University in 1996. We believe Mr. Quek&#8217;s wealth of industry experience
qualifies him to serve on our Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ho
Shian Ching </i></b>has served as ESGL&#8217;s Chief Financial Officer since August 2023. From January 2015 to May 2022, Mr. Ho served
as the financial controller of ETH Enterprises Pte Ltd, a leading manufacturer of quality timber products. From May 2007 to May 2017,
Mr. Ho served as the Chief Financial Officer of Fujian Zhenyun Plastics Industry Co., Ltd (SGX:5KT), a company principally engaged in
research and development and manufacturing of plastic pipes and fittings. From January 2005 to February 2007, Mr. Ho served as the group
financial controller of China Great Land Holdings Ltd (SGX:D50), an investment holding company. From March 2004 to January 2005, Mr.
Ho served as company secretary, director and financial controller of Planet Fitness Co., Pte Ltd, a fitness gym company. From January
2001 to January 2004, Mr. Ho served as the commercial manager of Hanson Building Materials (S) Pte Ltd, a building materials company.
From September 1999 to December 2000, Mr. Ho served as the internal auditor for NatSteel Electronics Ltd, a leading electronic manufacturer
which offered box-building and related services. From December 1995 to July 1999, Mr. Ho was an external auditor with KPMG LLP, an audit
firm, where he primarily performed statutory audits. Mr. Ho is a member of CPA Australia and is a Chartered Accountant of Singapore CA.
Mr. Ho received a Bachelor of Commerce from Murdoch University in 1995.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Law
Beng Hui </i></b>has served as ESGL&#8217;s director and Chief Growth and Sustainability Officer since August 2023 and as ESA&#8217;s
Chief Growth and Sustainability Officer and director since December 2020 and January 2021, respectively. Mr. Law co-founded NewOil Solutions
Pte Ltd in July 2020, a chemical recycling company. Mr. Law is an Internationally Certified Practicing Management Consultant registered
with Singapore Business Advisors and Consultants Council (SBACC). He currently sits on the board of consultants for Diageo plc&#8217;s
carbon neutral whisky distillery investment in China and has taken on various leadership positions at Diageo plc since June 2011. From
January 2005 to August 2008, Mr. Law served as regional client services director at Young and Rubicam Brands Ltd, one of the advertising
groups owned by WPP plc (LON:WPP), an advertising and media conglomerate. Mr. Law received a Bachelor of Business Administration from
the National University of Singapore in 1999 and an Executive Master of Business Administration from INSEAD Business School in 2021.
We believe Mr. Law&#8217;s extensive experience qualifies him to serve on the Board, including his over 20 years of experience in business
strategy, brand portfolio and marketing management at leading consumer packaged goods companies and advertising agencies, working across
global and regional markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lee
Meng Seng</i></b> has served as ESGL&#8217;s Chief Operating Officer since August 2023 and served as ESA&#8217;s Chief Operating Officer
since August 2022. From June 2019 to June 2022, Mr. Lee served various roles with SembWaste Pte Ltd., a subsidiary of Sembcorp (SGX:U96)
that primarily engages in solid waste management. Mr. Lee first joined SembWaste Pte Ltd as the Head of Operations Hub, and was later
promoted to Head of Operations in 2021 and the Head of Maintenance of its maintenance department and the Head of Risk and Compliance
in 2022. From June 2018 to March 2019, Mr. Lee was the Head of Operations of Global Ritz Protection Pte Ltd., a private security systems
and management company in Singapore. Prior to that, Mr. Lee was re-enlisted and has served at the Singapore Armed Forces for almost 20
years since 1998 with his last appointment as the Head of Division/Brigade Training Branch and Deputy Head Civil Military Relations Training
Centre. From April 1996 to June 1998, Mr. Lee was the Director of Operations at Edra Creations and Renovation, an interior design service
provider in Singapore. Mr. Lee graduated in 1988 with an Advanced Certificate from Singapore-Cambridge General Certificate of Education.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anita
Pushparani Dorett </i></b>has served as ESGL&#8217;s independent director since August 2023. Since September 2018, Ms. Dorett has worked
with the Investor Alliance for Human Rights, an initiative of the Interfaith Center on Corporate Responsibility. Ms. Dorett took on the
leadership role of director of the Investor Alliance since January 2021, providing support to investors on international laws and standards
in relation to human rights risks and developing programs, tools and guidance for investors, to inform and advance their responsibility
to respect human rights. From January 2015 to June 2017, Ms. Dorett served as Associate General Counsel at International Business Machines
Corporation (NYSE:IBM). From October 2009 to December 2014, Ms. Dorett served as legal counsel for Dell Global BV, a computer hardware
company, in Singapore and was the global legal lead for Dell Services Business, providing legal advice on regional and global strategy,
as well as business planning. From August 1997 to August 2009, Ms. Dorett was employed by British Telecommunications Singapore Pte Ltd,
a telecommunications company, as head legal counsel for Southeast Asia and as counsel for mergers and acquisitions in Asia Pacific and
Japan. In July 1991, Ms. Dorett qualified as an advocate and solicitor from the Supreme Court of Singapore, and engaged in private legal
practice with Wong Partnership. Ms. Dorett received a Bachelor of Laws from the National University of Singapore in 1990 and a Master
of Laws from the Columbia University in 2018. We believe Ms. Dorett&#8217;s extensive legal experience and tenure serving as legal counsel
to multinational corporations qualifies her to serve on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lim
Boon Yew Gary </i></b>has served as ESGL&#8217;s independent director since August 2023. He is presently an Executive Director in Rockpool
Capital Limited. Rockpool Capital is a multi-family office licensed by the Securities and Futures Commission in Hong Kong. He manages
the various relationships and advises the families on their wealth management matters. Mr. Lim served as an independent advisory director
of A.Plus International Corporation Limited from February 2022 to January 2023. In January 2019, Mr. Lim served as an independent non-executive
director and chairman of the remuneration committee of ZACD Group Limited (HKG:8313), an integrated real estate asset manager, although
he has since stepped down from this role in June 2023 as part of the scheduled rotation of directors of the firm. Since June 2017, Mr.
Lim served as a committee member of the Singapore Chamber of Commerce in Hong Kong. During the period from January 2012 to January 2022,
Mr. Lim co-founded A.Plus International Corporation Limited, a financial documentation services company, a subsidiary of A.Plus Group
Holdings Limited (HKG: 1841). In addition, Mr. Lim served as the assistant general manager of Toppan Vite Limited, a company providing
financial printing services, in Hong Kong from August 2002 to December 2012. Mr. Lim received a Bachelor&#8217;s of Engineering in Mechanical
Engineering (Honors) from Nanyang Technology University in 1999 and a Master&#8217;s of Business Administration from University of Chicago,
Booth School of Business in 2008. We believe Mr. Lim&#8217;s extensive experience as a founder, executive and a director of publicly-traded
companies qualifies him to serve on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Yap
Chin Yee Richard </i></b>has served as ESGL&#8217;s independent director since August 2023. Since June 2020, Dr. Yap has served various
board roles with HCA Hospice Care, a charity organization that provides palliative care to patients. Since October 2020, Dr. Yap has
served as a council member and a member of the finance and investment committee of Dyslexia Association of Singapore, a charity association
that provides learning support for learning differences students. From July 2019 to February 2020, Dr. Yap served in Deloitte Consulting
LLP as the subject matter expert on a project for a conglomerate in southeast Asia. From May 2015 to May 2019, Dr. Yap served as chief
executive officer of Q Fund Management Ltd., an alternative asset manager licensed under the Securities and Futures Commission of Hong
Kong (&#8220;SFC&#8221;) specializing in fundamental equity investment in Chinese companies, where he oversaw risk, operations, regulatory,
and technology matters, and investor relations. From September 2009 to April 2015, Dr. Yap served as managing director of Gemini Capital
Ltd., a family office. From March 2009 to September 2009, Dr. Yap served as a consultant of the Bank of China (Hong Kong) Limited (HKG:1988)
where he advised the senior management and its board of directors on establishing an offshore asset management business for the group.
From April 2008 to January 2009, he served in Nomura International (Hong Kong) Limited as head of structured credit markets in Asia.
From August 1994 to March 2008, Dr. Yap served as the managing director of Lehman Brothers and was responsible for sales management in
Singapore until December 1999 and in Hong Kong until March 2008. Dr. Yap has obtained licenses for dealing in securities (type 1), advising
on securities (type 4), corporate finance (type 6) and asset management (type 9) from the SFC. Dr. Yap further obtained Series 7 qualification
from the US National Association of Securities Dealers in 1994. Dr. Yap received a Bachelor of Science in Computer and Information Science
from the University of Oregon in 1986, a Master of Business Administration from New York University in 1994 and a Doctor of Business
Administration from the City University of Hong Kong in 2018. We believe Dr. Yap&#8217;s extensive experience in the banking, investment
and charitable giving fields qualifies him to serve on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ernest
Fong</i></b> has served as ESGL&#8217;s independent director since August 2023. Since October 2021, Mr. Fong has been the Asia Pacific
CEO of Optimas Capital, an Asian-based Hedge Fund with offices in Hong Kong, Singapore and Taiwan. Mr. Fong joined Credit Suisse in March
1998 and after spending more than 21 years in its Singapore, Taiwan and Hong Kong offices, he retired from Credit Suisse in December
2019. His last position in Credit Suisse was as the Head of Markets Research in Asia Pacific and he was responsible for a team of almost
300 across 14 offices and 12 markets. Prior to Credit Suisse, Mr. Fong was an equity research analyst at Credit Lyonnais Securities Asia
from June 1995 to February 1998. Since June 2020, Mr. Fong is also a non-executive director of Vincom Retail, listed in Vietnam, which
is part of the Vincom group, the largest privately-owned company in Vietnam. Mr. Fong graduated from National University of Singapore
with a Bachelor of Arts degree, majoring in Economics and Statistics. We believe Mr. Fong&#8217;s extensive experience in the banking
and investment fields qualifies him to serve on the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
with respect to the compensation of ESGL&#8217;s executive officers, including its named executive officers, will be made by the compensation
committee of the Board. The actual compensation of the named executive officers will depend on the judgment of the members of the compensation
committee and may differ from that set forth in the following discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation for ESGL&#8217;s executive officers has the following components: base salary, cash bonus opportunities, share incentive
award, broad-based employee benefits, supplemental executive perquisites and severance benefits. Base salaries, broad-based employee
benefits, supplemental executive perquisites and severance benefits are designed to attract and retain senior management talent. ESGL
also uses cash bonuses and long-term equity awards to promote performance-based pay that aligns the interests of its named executive
officers with the long-term interests of its equity owners and to enhance executive retention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Base
Salary</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL&#8217;s
named executive officers&#8217; base salaries in effect will continue to be subject to increases made in connection with
ESGL&#8217;s annual review of its named executive officers&#8217; base salaries, and be reviewed annually by the Compensation
Committee. For the year ended December 31, 2023, base salary paid to our named executive officers, including Quek Leng Chuang, Ho
Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$445,111. For the year ended December 31, 2022, base salary paid to our
named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to
US$288,105.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Annual
Bonuses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
uses annual cash incentive bonuses for the named executive officers to motivate their achievement of short-term performance goals and
tie a portion of their cash compensation to performance. No annual bonuses were paid to our named executive officers, including Quek
Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, in the year ended December 31, 2023. No annual bonuses were paid to our
named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, in the year ended December 31,
2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
continues to maintain various broad-based employee benefit plans similar to those in effect prior to the Business Combination. ESGL
continues to provide its named executive officers with specified perquisites and personal benefits currently provided by ESGH prior
to the Business Combination. For the year ended December 31, 2023, ESGL&#8217;s contribution to its defined contribution plan for
the named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$35,745. For
the year ended December 31, 2022, ESGL&#8217;s contribution to its defined contribution plan for the named executive officers,
including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$39,508.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
Compensation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-employee
directors of ESGL will receive varying levels of compensation for their services as directors and members of committees of the Board.
ESGL anticipates that director compensation will be determined in accordance with industry practice and standards. ESGL&#8217;s non-employee
directors&#8217; total remuneration for the year ended December 31, 2023 was US$55,252. There were no annual bonuses paid to the non-employee
directors. ESGL&#8217;s non-employee directors&#8217; total remuneration for the year ended December 31, 2022 was US$nil. There were
no annual bonuses paid to the non-employee directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Practices</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board consists of six directors, including four independent directors, namely Anita Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee
Richard and Ernest Fong. A director is not required to hold any shares in ESGL to qualify as a director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has established an audit committee, a compensation committee and a nomination and governance committee, which have the responsibilities
and authority necessary to comply with applicable Nasdaq and SEC rules. The audit committee is comprised of Anita Pushparani Dorett,
Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong. The compensation committee is comprised of Anita Pushparani Dorett, Lim Boon
Yew Gary, Yap Chin Yee Richard and Ernest Fong. The nomination and governance committee is comprised of Anita Pushparani Dorett, Lim
Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong. We have adopted a charter for each of these committees that complies with Nasdaq
rules. The Board may establish other committees as it deems necessary or appropriate from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the audit committee of the Company (the
&#8220;Audit Committee&#8221;). Yap Chin Yee Richard serves as the chair of the Audit Committee. Each of the members of the Audit Committee
satisfies all independence requirements under the applicable rules and regulations of the SEC and Nasdaq. Our Board has determined that
Yap Chin Yee Richard possesses accounting or related financial management experience that qualifies him as an &#8220;audit committee
financial expert&#8221; as defined by the rules and regulations of the SEC and Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee oversees our accounting and financial reporting processes and the audits of our financial statements. The Audit Committee
is generally responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    separately and periodically with management and the independent auditors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the compensation committee of the Company
(the &#8220;Compensation Committee&#8221;). Lim Boon Yew Gary serves as the chair of the Compensation Committee. Each of the members
of the Compensation Committee satisfies the independence requirements under the applicable rules and regulations of the SEC and Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is generally responsible for overseeing and making recommendations to the Board regarding the salaries and other
compensation of our Executive Officers and general employees and providing assistance and recommendations with respect to our compensation
policies and practices. The Compensation Committee is generally responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving annually the corporate goals and objectives applicable to the compensation of the chief executive officer, evaluating
    the chief executive officer&#8217;s performance at least annually, and determining and approving the chief executive officer&#8217;s
    compensation level based on this evaluation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    approving and recommending incentive compensation plans and equity-based plans to the Board and shareholders of the Company for approval,
    and administering the Company&#8217;s incentive compensation plans and equity-based plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing,
    in conjunction with the Nominating and Corporate Governance Committee, engagement with shareholders and proxy advisory firms on executive
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Governance Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the nominating and governance committee
of ESGL (the &#8220;Nominating and Governance Committee&#8221;). Anita Pushparani Dorett serves as the chair of the Nominating and Governance
Committee. Each of the members of the Nominating and Governance Committee satisfies all independence requirements under the applicable
rules and regulations of the SEC and Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating and Governance Committee is generally responsible for identifying and proposing new potential director nominees to the Board
for consideration and for reviewing our corporate governance policies. The Nominating and Governance Committee is generally responsible
for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    the criteria to be considered in selecting director nominees for the Board&#8217;s approval;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    executive officer, developing and evaluating potential candidates for executive positions, and recommending to the Board any changes
    to and any candidates for succession under the succession plan.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
and Functions of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company &#8212; a duty to act bona fide in the best interests
of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a
duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty
to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience.
However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these
authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to the Company, the directors must ensure
compliance with our Amended and Restated Memorandum and Articles of Association. The Company has the right to seek damages if a duty
owed by any of the directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL&#8217;s
officers are appointed by and serve at the discretion of the Board. Each director holds office for the term fixed by the resolution of
shareholders or the resolution of directors appointing him until such time as his successor takes office or until the earlier of his
or her death, resignation or removal from office by resolution of directors with or without cause or by resolution of shareholders for
cause. The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors.
Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person
who has ceased to be a director ceased to hold office. A vacancy in relation to directors occurs if a director dies or otherwise ceases
to hold office prior to the expiration of his term of office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interested
Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may, subject to any separate requirements for Audit Committee approval under applicable laws or applicable Nasdaq Stock Market
Listing Rules, vote on a matter relating to the transaction in which he or she is interested, provided that the interest of any directors
in such transaction is disclosed by him or her to all other directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, ESGL had 72 full-time employees, all of whom are based in Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the number of its employees by function as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Laboratory</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Ownership</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of our ordinary shares by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person or &#8220;group&#8221; (as such term is used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner
    of more than 5% of our ordinary shares;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our current executive officers and directors; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    executive officers and directors of the Company as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
beneficial ownership of ordinary shares of the Company is based on 22,998,039 ordinary shares issued and outstanding as of April 16,
2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within sixty (60) days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all of our
ordinary shares beneficially owned by them, subject to applicable community property laws. Any shares of our ordinary shares subject
to options or warrants exercisable within 60 days of the consummation of this annual report are deemed to be outstanding and beneficially
owned by the persons holding those options or warrants for the purpose of computing the number of shares beneficially owned and the percentage
ownership of that person. They are not, however, deemed to be outstanding and beneficially owned for the purpose of computing the percentage
ownership of any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    and Address of Beneficial Owner <sup>(1)</sup></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number
    of Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Five
    Percent or Greater Holders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel Lui <sup>(2)</sup></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,742,191</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.58</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel Wu <sup>(3)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">43.48</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors
    and Executive Officers:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Quek Leng Chuang</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,970,471</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17.26</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ho Shian Ching</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">44,648</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Law Beng Hui</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">521,104</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.27</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lee Meng Seng</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">103,966</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Anita Pushparani Dorett</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lim Boon Yew Gary</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Yap Chin Yee Richard</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,789</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ernest Fong</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">234,439</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.02</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">All
    Directors and Executive Officers as a group (8 individuals)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,901,417</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">20.42</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise indicated, the business address of each of our officers and directors is 101 Tuas South Avenue 2, Singapore 637226.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel
    Lui, is the sole member and manager of Genesis Unicorn Capital, LLC. By virtue of this relationship, Samuel Lui, may be deemed to
    share beneficial ownership of the securities held of record by Genesis Unicorn Capital, LLC. The address of Genesis Unicorn Capital,
    LLC is 281 Witherspoon Street, Suite 120, Princeton, New Jersey 08540.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    address of Samuel Wu is 55 Li Hwan Drive, Singapore 557089.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_036"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212; E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
    Party Transactions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related
Party Transactions of GUCC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2021, GUCC issued an aggregate of 2,875,000 founder shares to the Sponsor for an aggregate purchase price of $25,000 in cash,
or approximately $0.012 per share. On November 19, 2021, GUCC cancelled 718,750 founder shares due to a downsize of the proposed IPO,
effective retroactively, resulting in an aggregate of 2,156,250 founder shares of Class B common stock issued and outstanding. The number
of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the issued and outstanding
shares upon completion of the IPO (excluding the Private Placement Units and underlying securities and assuming the underwriters do not
exercise the over-allotment option and purchase any units in the IPO).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2021, the Sponsor transferred 20,000 founder shares to each of GUCC&#8217;s Chief Executive Officer and Chief Operating Officer,
and 2,500 founder shares to each of GUCC&#8217;s Chief Scientific Officer and Scientific Advisor. On October 27, 2021, the Sponsor transferred
17,500 founder shares to GUCC&#8217;s Chief Scientific Officer, 10,000 founder shares to GUCC&#8217;s Chief Executive Officer, 30,000
founder shares to each of GUCC&#8217;s two independent directors, 25,000 founder shares to each of GUCC&#8217;s other two independent
directors, 5,500 founder shares to GUCC&#8217;s Scientific Advisor, and 15,000 founder shares to GUCC&#8217;s Strategic and Scientific
Advisor. In addition, the Sponsor has separately agreed to transfer to our Chief Operating Officer an aggregate of 30,000 of its founder
shares at the time of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor purchased simultaneously at the time of the completion of the IPO an aggregate of 377,331 Private Placement Units at a price
of $10.00 per Private Placement Unit for an aggregate purchase price of $3,773,310.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
from February 14, 2022, GUCC agreed to pay Genesis Unicorn Capital, LLC, the Sponsor, a total of $10,000 per month for office space,
utilities and secretarial and administrative support. Upon Closing, GUCC ceased paying these monthly fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
compensation of any kind, including any finder&#8217;s fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
has been paid by GUCC to the Sponsor, GUCC&#8217;s officers or directors or any affiliate of the Sponsor, prior to, or in connection
with any services rendered in order to effectuate, the consummation of a Business Combination (regardless of the type of transaction
that it is). However, these individuals were reimbursed for any out-of-pocket expenses incurred in connection with activities on GUCC&#8217;s
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. GUCC&#8217;s audit
committee will review on a quarterly basis all payments that were made to the Sponsor, GUCC&#8217;s officers, directors or GUCC&#8217;s
or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling
on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on GUCC&#8217;s behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 23, 2021, GUCC issued an unsecured promissory note to the Sponsor pursuant to which GUCC may borrow up to an aggregate principal
amount of $300,000 to be used for payment of costs related to the IPO. On February 4, 2022, the promissory note was amended and pursuant
to that certain Amended and Restated Promissory Note dated as of February 4, 2022, the loan was due to be paid in full at the earlier
of March 31, 2022 or the closing of the IPO. As of December 31, 2021, GUCC had borrowed $174,147 under the promissory note with the Sponsor.
Following the closing of the IPO on February 17, 2022, GUCC repaid the Sponsor a total of $183,753 on February 25, 2022, and this promissory
note was deemed terminated and no longer in effect. Accordingly, GUCC can no longer borrow from this loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 12, 2022, GUCC issued an unsecured promissory note in the principal amount of up to $500,000 to the Sponsor (the &#8220;Original
Note&#8221;). The Original Note is non-interest bearing and payable upon the earlier of August 17, 2023 or the date on which GUCC consummates
its initial business combination. On March 1, 2023, GUCC issued an amended and restated promissory note (the &#8220;2023 Note&#8221;)
in the principal amount of up to $2,000,000 to the Sponsor. The 2023 Note supersedes the Original Note. The 2023 Note is non-interest
bearing and payable upon the earlier of February 17, 2024 or the date on which GUCC consummates its initial business combination. There
is an outstanding balance of $2,450,000 on the 2023 Note as of July 3, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUCC
entered into agreements with its officers and directors to provide contractual indemnification in addition to the indemnification. GUCC
also purchased a policy of directors&#8217; and officers&#8217; liability insurance that insures its officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures GUCC against its obligations to indemnify its
officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
founder shares, Private Units, and securities contained therein, are each subject to transfer restrictions pursuant to lock-up provisions
in the Letter Agreement entered into by the Sponsor, officers and directors. These lock-up provisions provide that such securities are
not transferable or salable (i) in the case of the founder shares (or shares of common stock issuable upon conversion thereof), until
the earlier to occur of: (A) one year after the completion of GUCC&#8217;s initial business combination and (B) subsequent to GUCC&#8217;s
initial business combination, if the reported last sale price of the GUCC Class A common stock equals or exceeds $12.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing after GUCC&#8217;s initial business combination, and (ii) in the case of the Private Units, including the component
securities therein, until 30 days after the completion of GUCC&#8217;s initial business combination, except in each case (a) to GUCC&#8217;s
officers or directors, any affiliates or family members of any of GUCC&#8217;s officers or directors, any members of the Sponsor, or
any affiliates of the Sponsor, (b) in the case of an individual, by gift to a member of one of the members of the individual&#8217;s
immediate family or to a trust, the beneficiary of which is a member of one of the individual&#8217;s immediate family, an affiliate
of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of any of GUCC&#8217;s officers, directors, the Initial Stockholders or members of the Sponsor; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial
business combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of GUCC&#8217;s
liquidation prior to the completion of an initial business combination; (g) by virtue of the laws of Delaware or the Sponsor&#8217;s
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of GUCC&#8217;s liquidation, merger, capital
stock exchange, reorganization or other similar transaction which results in all of GUCC&#8217;s stockholders having the right to exchange
their shares of common stock for cash, securities or other property subsequent to GUCC&#8217;s completion of an initial business combination;
provided, however, that in the case of clauses (a) through (e) or (g) these permitted transferees must enter into a written agreement
agreeing to be bound by these transfer restrictions and the other restrictions contained in the Letter Agreement and by the same agreements
entered into by the Sponsor with respect to such securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
Related Party Transactions of ESGL</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
had entered into a facility letter with a bank for a term loan in the amount of S$3 million (the &#8220;Term Loan VII&#8221;, details
of which are set out below) and a revolving credit loan in the amount of S$3 million (the &#8220;Revolving Credit Loan II&#8221;, details
of which are set out below) on March 30, 2023. As security for the monies owing under the loans with the bank, a fresh first legal mortgage
was created on the property located at 101 Tuas South Avenue 2, Singapore 637226. The Term Loan VII was obtained for refinancing ESA&#8217;s
existing loan with another bank as well as capital investment and general corporate purposes. The Term Loan VII is repayable in 35 monthly
instalments of S$43,000 each plus monthly interest and a final instalment of the outstanding balance amount and interest. The Revolving
Credit Loan II was obtained for capital investment and general corporate purposes. The Revolving Credit Loan II is repayable on demand.
The interest rate charged for both the Term Loan VII and the Revolving Credit Loan II is 2% per annum above the bank&#8217;s prevailing
cost of funds, with its current cost of funds at 5.25% per annum. The monies owing under the loans were also secured by, among others,
a director of the Group, namely Mr. Quek Leng Chuang in his personal capacity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Business Combination, ESGL entered into employment agreements with each of its executive officers. ESGL also entered
into director agreements with each of its directors and indemnification agreements with each of its directors and executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_034"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18 of this Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise disclosed in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_033"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    and Listing Details</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants are listed on the Nasdaq Capital Market under the symbols &#8220;ESGL&#8221; and &#8220;ESGLW,&#8221; respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants are listed on the Nasdaq Capital Market under the symbols &#8220;ESGL&#8221; and &#8220;ESGLW,&#8221; respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_035"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Report, we are authorized to issue a maximum of 500,000,000 shares with a par value of $0.0001 per share. As of April
16, 2024, there were 22,998,039 ordinary shares outstanding. There were also 9,002,331 warrants outstanding, each exercisable to
purchase one ordinary share at a price of $11.50 per full share. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands company incorporated under the laws of the Cayman Islands and our affairs are governed by our memorandum and articles
of association, as amended and restated from time to time, and the Companies Act (As Revised) of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act
insofar as they relate to the material terms of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registered
Office</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registered office is at the offices of Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman,
KY1-1106, Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following includes a summary of the terms of the ordinary shares based on our Amended and Restated Memorandum and Articles of Association
and Cayman Islands law. According to our Amended and Restated Memorandum and Articles of Association, the authorized share capital is
$50,000 divided into 500,000,000 ordinary shares of par value of $0.0001 each.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General.
</i></b>ESGL&#8217;s authorized share capital is US$50,000 divided into 500,000,000 ordinary shares, with a par value of US$0.0001 each.
All of ESGL&#8217;s issued and outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary
shares are issued in registered form. ESGL may not issue share to bearer. ESGL&#8217;s shareholders who are non-residents of the Cayman
Islands may freely hold and transfer their ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends.
</i></b>Subject to the Companies Act and our Amended and Restated Articles of Association and except as otherwise provided by the rights
attached to any ESGL&#8217;s shares, ESGL&#8217;s directors may resolve to pay dividends and other distributions on ESGL&#8217;s shares
in issue and authorise payment of the dividends or other distributions out of the funds of ESGL lawfully available therefor. A dividend
shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which ESGL&#8217;s directors resolve to pay
such dividend specifically state that such dividend shall be a final dividend. No dividend or other distribution shall be paid except
out of the realised or unrealised profits of ESGL, out of the share premium account or as otherwise permitted by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting
Rights.</i></b> In respect of all matters subject to a shareholders&#8217; vote, each ordinary share is entitled to one vote. Votes may
be cast either personally or by proxy (or in the case of a corporation or other non-natural person by its duly authorised representative
or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments to attend and vote at a meeting.
Where a Member appoints more than one proxy the instrument of proxy shall specify the number of ordinary shares in respect of which each
proxy is entitled to exercise the related votes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Member holding more than one share need not cast the votes in respect of their shares in the same way on any resolution and therefore
may vote a share or some or all such shares either for or against a resolution and/or abstain from voting a share or some or all of the
shares and, subject to the terms of the instrument appointing the proxy, a proxy appointed under one or more instruments may vote a Share
or some or all of the shares in respect of which they are appointed either for or against a resolution and/or abstain from voting a share
or some or all of the ordinary shares in respect of which they are appointed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast by those shareholders entitled to vote who are present in person or by proxy at a general meeting, while
a special resolution also requires the affirmative vote of no less than two-thirds of the votes attaching to the ordinary shares cast
by those shareholders entitled to vote who are present in person or by proxy at a general meeting. A special resolution will be required
for important matters such as a change of name or making changes to our Amended and Restated Memorandum and Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer
of Ordinary Shares.</i></b> Subject to the restrictions in our Amended and Restated Articles of Association as set out below, any of
our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in writing in the usual or common
form or in a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or
any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by ESGL&#8217;s Board of Directors
and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and
may be under hand or, if the transferor or transferee is a Clearing House or its nominee(s), by hand or by machine imprinted signature
or by such other manner of execution as the Directors may approve from time to time. The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the ordinary shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Amended and Restated
Articles of Association on terms that one cannot be transferred without the other, the ESGL&#8217;s directors shall refuse to register
the transfer of any such ordinary share without evidence satisfactory to them of the like transfer of such right, option or warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption,
Repurchase and Surrender of Ordinary Shares.</i></b> Subject to the provisions of the Companies Act, and, where applicable, the rules
and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law, the Company may issue ordinary shares that are to be redeemed or are liable to be redeemed at the
option of the Member or the Company. The redemption of such Shares shall be effected in such manner and upon such other terms as the
Company may, by Special Resolution, determine before the issue of the ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act, and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities
and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may purchase its
own ordinary shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant
Member.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may make a payment in respect of the redemption or purchase of its own ordinary shares in any manner permitted by the Companies
Act, including out of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors may accept the surrender for no consideration of any fully paid ordinary share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variations
of Rights of Shares.</i></b> Subject to Amended and Restated Articles of Association, if at any time the share capital of the Company
is divided into different classes of ordinary shares, all or any of the rights attached to any class (unless otherwise provided by the
terms of issue of the ordinary shares of that class) may, whether or not the Company is being wound up, be varied without the consent
of the holders of the issued ordinary shares of that class where such variation is considered by the Directors not to have a material
adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of not less
than two-thirds of the issued Shares of that class, or with the approval of a resolution passed by a majority of not less than two-thirds
of the votes cast at a separate meeting of the holders of the ordinary shares of that class. For the avoidance of doubt, the Directors
reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders
of ordinary shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply
mutatis mutandis, except that the necessary quorum shall be one person holding or representing by proxy at least one third of the issued
ordinary shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inspection
of Books and Records.</i></b> Holders of ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of
ESGL&#8217;s list of shareholders or its corporate records. However, ESGL will provide its shareholders with annual audited financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuance
of Additional Shares.</i></b> Subject to the provisions, if any, in our Amended and Restated Memorandum of Association (and to any direction
that may be given by the Company in general meeting) and, where applicable, the rules and regulations of Nasdaq, the Securities and Exchange
Commission and/or any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached
to any existing ordinary shares, the Directors may allot, issue, grant options over or otherwise dispose of ordinary shares (including
fractions of an ordinary share) with or without preferred, deferred or other rights or restrictions, whether in regard to dividend or
other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper,
and may also (subject to the Companies Act and the Amended and Restated Articles of Association) vary such rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forward
Purchase Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, GUCC, ESGL, and ESGH entered into an agreement (&#8220;Forward Purchase Agreement&#8221;) with Vellar Opportunities Fund
Master, Ltd. (&#8220;Vellar&#8221;) for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated 50% of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC (&#8220;ARRT&#8221;,
together with Vellar, the &#8220;Sellers&#8221;). Following the assignment and novation, the rights and obligations of each Seller under
its Forward Purchase Agreement were and are separate and distinct from the those of the other Seller, with each Seller acting independently
of the other, without reference to or knowledge of the other Seller&#8217;s actions or inactions. None of the Company, GUCC, ESGL or
their directors, officers, advisors or respective affiliates had any material relationship with Vellar or ARRT at the time the Forward
Purchase Agreement was negotiated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing of the Business Combination
(the &#8220;Closing&#8221;). For purposes of the Forward Purchase Agreement, GUCC is referred to as the &#8220;Counterparty&#8221; prior
to the Closing, while ESGL is referred to as the &#8220;Counterparty&#8221; after the Closing. Capitalized terms used, but not otherwise
defined, in this subsection entitled &#8220;Forward Purchase Agreement&#8221; shall have the meanings ascribed to such terms in the Forward
Purchase Agreement filed as Exhibit 10.3 to this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Forward Purchase Agreement, each Seller intended, but was not obligated, to purchase up to 2,200,000 shares (the
&#8220;Maximum Number of Shares&#8221;) of GUCC Class A common stock, or 4,400,000 in total. The Sellers made their purchases after the
expiration of the redemption deadline for holders to redeem shares in connection with the Business Combination, in brokered transactions
in the open market, typically from holders that had elected to redeem their shares. In aggregate, Vellar purchased 931,915 shares, and
ARRT 500,000 shares of GUCC Class A common stock (the &#8220;Recycled Shares&#8221;). In connection with these purchases, the Sellers
revoked any redemption elections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forward Purchase Agreement provides that each Seller be paid directly an aggregate cash amount (the &#8220;Prepayment Amount&#8221;)
equal to the product of (i) the number of Recycled Shares set forth in a Pricing Date Notice delivered by that Seller and (ii) the redemption
price paid by GUCC at Closing to holders of its common stock who exercised their redemption rights in connection with the Business Combination
(the &#8220;Initial Price&#8221;). Following the Closing, GUCC paid the Prepayment Amounts of $10,141,403.28 to Vellar and $5,427,750.00
to ARRT directly from the Counterparty&#8217;s trust account maintained by Continental Stock Transfer and Trust Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forward Purchase Agreement grants each Seller the right to purchase from us additional shares (the &#8220;Additional Shares&#8221;) up
to an amount equal to the difference between the number of Recycled Shares for such Seller and 2,200,000 shares (which is the maximum
number of shares for each Seller). On August 14, 2023, Vellar delivered a Pricing Date Notice to ESGL for 1,268,085 Additional Shares,
which were issued by ESGL effective as of that date. On August 4, 2023, ARRT delivered a Pricing Date Notice to ESGL for 550,000 Additional
Shares, which were issued by ESGL effective as of that date. The sum of the Recycled Shares and the Additional Shares under the Forward
Purchase Agreement is referred to as the &#8220;Number of Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time and on any date following the Closing (any such date, an &#8220;OET Date&#8221;), each Seller may, in its absolute discretion,
terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty (the &#8220;OET Notice&#8221;)
that specifies the number of shares for which the Forward Purchase Agreement will be terminated (such quantity, the &#8220;Terminated
Shares&#8221;). The effect of an OET Notice will be to reduce the Number of Shares by the number of Terminated Shares specified in such
OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from the Seller
delivering the OET Notice, equal to the product of (x) the number of Terminated Shares and (y) the reset price as of the OET Date. The
reset price will initially be the Initial Price, but is subject to reduction in the event that the Counterparty issues Ordinary Shares
or securities convertible into or exchangeable or executable for Ordinary Shares at a price that is less than the reset price, subject
to certain exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
valuation date (the &#8220;Valuation Date&#8221;) for each Forward Purchase Agreement will be the earliest to occur of (a) the date that
is 24 months after the Closing, (b) the date specified by the Seller in a written notice to be delivered to the Counterparty at Seller&#8217;s
discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP
Trigger Event (x) a Delisting Event, or (y) a Registration Failure and (c) the date specified by the Seller in a written notice to be
delivered to Counterparty at the Seller&#8217;s sole discretion (which Valuation Date shall not be earlier than the day such notice is
effective).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the occurrence of the Valuation Date, each Seller will pay to the Counterparty an amount in cash based on the value of
the Ordinary Shares over a Valuation Period (the &#8220;Settlement Amount&#8221;). The Valuation Period begins on the business day after
the Valuation Date and ends on the date on which the number of shares traded over the Valuation Period equals ten times the Number of
Shares. The Seller will pay the Settlement Amount on the Cash Settlement Payment Date, which is the 30th business day immediately following
the last day of the Valuation Period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of the Settlement Amount depends upon the trigger for the Valuation Date. In the event the Valuation Date is determined
by Seller delivering to Counterparty written notice at its sole discretion, the Settlement Amount will equal (1) the Number of Shares
as of the Valuation Date multiplied by (2) the closing price of the Shares on the immediately preceding trading day. In all other cases,
the Settlement Amount will equal (1) the Number of Shares as of the Valuation Date that are registered for resale under an effective
Registration Statement or may be transferred without any restrictions (including the current public information requirement or the volume
and manner of sale limitations under Rule 144 under the Securities Act) multiplied by the average of the daily VWAP Price over the Valuation
Period less (2) the Settlement Amount Adjustment. The Settlement Amount Adjustment is equal to the product of (1) (a) the Maximum Number
of Shares less (b) any Terminated Shares as of the Valuation Date, multiplied by (2) $2.00. However, pursuant to the terms of the Forward
Purchase Agreement, if the Settlement Amount is a negative number, neither the Seller nor the Counterparty is liable to the other party
for any payment under this section of the Forward Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
one occasion, during the period beginning 30 days after the Closing Date and ending on the Valuation Date, Counterparty may request in
writing that each Seller provide it with additional funding of up to $1,000,000 (for an aggregate of $2,000,000), subject to the terms
of the Forward Purchase Agreement (the &#8220;Additional Funds&#8221;). If a Seller provides Additional Funds to Counterparty, that Seller
may deliver to Counterparty a Number of Shares Adjustment Notice, the effect of which is to reduce the Number of Shares by the number
of shares specified in that notice with aggregate proceeds equal to the Additional Funds the Seller provided. On September 15, 2023,
the Company requested Additional Funds from Vellar in the amount of $1,000,000 even though the Company was not eligible to submit a request
for Additional Funds on such date pursuant to the terms of the Forward Purchase Agreement. On September 20, 2023, Vellar provided Additional
Funds in the amount of $1,000,000 to the Company upon a Funding Request by the Company as defined in the Forward Purchase Agreement,
which amount comprises the aggregate net proceeds received by the Company from the Forward Purchase Agreement. The Company does not expect
to receive any additional funds pursuant to the Forward Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Seller agreed to waive any redemption rights with respect to any Recycled Shares in connection with the Business Combination and agreed
not to vote the shares it purchases pursuant to the Forward Purchase Agreement in favor of the Business Combination. Each Forward Purchase
Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements
of all tender offer regulations applicable to the Business Combination, including Rule 14e-5 under the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 16, 2023, the Company received written notice from ARRT that the Valuation Date of the Forward Purchase Agreement with ARRT
shall be deemed to be November 16, 2023, as a result of the occurrence of a Registration Failure due to a failure to have an effective
registration statement as of 90 days following the date of ARRT&#8217;s registration request (which was August 16, 2023). In no event
will any additional cash amounts be paid by the Sellers, including ARRT as a result of accelerating the maturity date as described above,
or the Company at the Valuation Date or otherwise. On or about December 4, 2023, the Company and ARRT mutually agreed to terminate the
Forward Purchase Agreement. ARRT will continue to hold all 1,050,000 shares following termination of the Forward Purchase Agreement and
no amounts will be paid by ARRT to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 21, 2024, the Company received a termination notice from Vellar, dated March 14, 2024, pursuant to the Forward Purchase Agreement.
Pursuant to the termination notice, Vellar notified the Company that the Valuation Date was March 15, 2024 as a result of the occurrence
of a VWAP Trigger Event.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2024, the Company and Vellar entered into a Valuation Period Agreement pursuant to which the parties agreed that the Valuation
Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal to 52,641, calculated as
2,200,000 Shares (the Recycled Shares and Additional Shares) less 2,147,359 Shares (the Number of Shares Adjustment). As 52,641 Shares
multiplied by the VWAP of $0.45 less $4,400,000 (being the Settlement Amount Adjustment, calculated as the product of the Maximum Number
of Shares and $2.00) is a negative number, neither Vellar nor the Company is liable to the other party for any payment under the Forward
Purchase Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and the Company under the Forward
Purchase Agreement have been terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Private
Placement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 27, 2024, the Company entered into a Share Purchase Agreement dated March 27, 2024 (the &#8220;Purchase Agreement&#8221;) with
an accredited investor (the &#8220;Purchaser&#8221;), pursuant to which the Company shall issue in a private placement up to an aggregate
of 10,000,000 ordinary shares to the Purchaser at a purchase price of US$0.25 per share. The initial closing occurred on March 28, 2024,
pursuant to which the Purchaser purchased 2,000,000 ordinary shares for an aggregate purchase price of US$500,000. The second and final
closing under the Purchase Agreement took place on April 3, 2024 pursuant to which the Purchaser purchased 8,000,000 ordinary shares.
The Company received gross proceeds of $2,500,000 in the private placement. The Company shall use 85% of the net proceeds received from
the private placement for working capital and general corporate purposes and the remaining 15% to pay outstanding professional fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ordinary shares are being offered by the Company in a private placement pursuant to the exemption provided in Section 4(a)(2) under the
United States Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). The Company has agreed to use its commercially reasonable
efforts to prepare and file a resale registration statement with the Securities and Exchange Commission registering the ordinary shares
issued pursuant to the Purchase Agreement for resale on behalf of the Purchaser. The Company also agreed to use its commercially reasonable
efforts to cause such registration statement to be declared effective under the Securities Act as promptly as possible after the filing
thereof, and shall use its commercially reasonable efforts to keep such registration statement continuously effective under the Securities
Act until the date that all of the shares covered by such registration statement (i) have been sold thereunder or pursuant to Rule 144,
or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls and Other Limitations Affecting Security Holders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the Cayman Islands, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
U.S. Federal Income Tax Considerations for U.S. Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of the material U.S. federal income tax considerations for U.S. Holders (as defined below) of the ownership
and disposition of our ordinary shares and public warrants. For purposes of this discussion, a &#8220;Holder&#8221; is a beneficial owner
of our ordinary shares or public warrants. This discussion applies only to our ordinary shares and public warrants, as the case may be,
that are held as &#8220;capital assets&#8221; within the meaning of Section 1221 of the Code for U.S. federal income tax purposes (generally,
property held for investment). This discussion is based on the provisions of the Code, U.S. Treasury regulations (&#8220;Treasury Regulations&#8221;),
administrative rules, and judicial decisions, all as in effect on the date hereof, and all of which are subject to change or differing
interpretations, possibly with retroactive effect. Any such change or differing interpretation could significantly alter the tax considerations
described herein. 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. Such statements, positions and conclusions are not free from doubt, and there can be no assurance that your
tax advisor, the IRS, or a court will agree with such statements, positions, and conclusions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not address the Medicare tax on certain investment income, U.S. federal estate or gift tax laws, any U.S. state or local
or non-U.S. tax laws, or any tax treaties. Furthermore, this discussion does not address all U.S. federal income tax considerations that
may be relevant to particular holders in light of their personal circumstances or that may be relevant to certain categories of investors
that may be subject to special rules under the U.S. federal income tax laws, such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired our ordinary shares or public warrants through the exercise of employee stock options or otherwise as compensation
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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    conversion transaction, or other integrated investment or risk reduction transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    who are not U.S. Holders.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our ordinary shares
or public warrants, the tax treatment of a partner in such partnership generally will depend upon the status of the partner, upon the
activities of the partnership and upon certain determinations made at the partner level. Accordingly, partners in partnerships (including
entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our ordinary shares or public warrants
are urged to consult with their own tax advisors regarding the U.S. federal income tax consequences to them relating to the matters discussed
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ALL
HOLDERS SHOULD CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY
POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY OTHER TAX LAWS, INCLUDING
U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR ANY U.S. STATE OR LOCAL OR NON-U.S. TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Holder Defined</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a Holder that, for U.S. federal income tax purposes, is:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof, or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is subject to U.S. federal income tax regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more &#8220;United
    States persons&#8221; (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions
    of the trust or (ii) that has made a valid election under applicable Treasury Regulations to be treated as a United States person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.35pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
adverse U.S. federal income tax consequences could apply to a U.S. Holder if we are treated as a PFIC for any taxable year during which
U.S. Holders hold our securities. A foreign (i.e., non-U.S.) corporation will be classified as a PFIC for U.S. federal income tax purposes
if at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any entity in which it is
considered to own at least 25% of the interest by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at
least 50% of its assets in a taxable year, ordinarily determined based on fair market value and averaged quarterly over the year, including
its pro rata share of the assets of any entity in which it is considered to own at least 25% of the interest by value, are held for the
production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents
or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.7pt; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies
that in some circumstances are unclear and subject to varying interpretation. Under the income test described above, our status as a
PFIC depends on the composition of our income which will depend on the transactions we enter into in the future and our corporate structure.
The composition of our income and assets is also affected by the spending of the cash we raise in any offering. We are not currently
expected to be treated as a PFIC for U.S. federal income tax purposes, but this conclusion is a factual determination made annually and,
thus, is subject to change. Our U.S. counsel expresses no opinion with respect to our PFIC status for
any taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules
in light of their individual circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed above, a U.S. holder generally will be required to include in gross income any distribution paid on our ordinary
shares that is treated as a dividend for U.S. federal income tax purposes. A distribution on such shares generally will be treated as
a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles). Because we may not maintain calculations of earnings and profits under
U.S. federal income tax principles, it is possible that the full amount of distributions paid by us will need to be reported as dividends
for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
in excess of such earnings and profits generally will be applied against and reduce the U.S. holder&#8217;s basis in its ordinary shares
(but not below zero) and, to the extent in excess of such tax basis, will be treated as gain from the sale or exchange of such ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid by the Company will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction
generally allowed to domestic corporations in respect of dividends received from other domestic corporations. Dividends the Company pays
to a non-corporate U.S. Holder generally will constitute &#8220;qualified dividends&#8221; that will be subject to U.S. federal income
tax at the lower applicable long-term capital gains tax rate only if (i) our ordinary shares are readily tradable on an established securities
market in the United States, and (ii) a certain holding period and other requirements are met. If such requirements are not satisfied,
a non-corporate U.S. Holder may be subject to tax on the dividend at regular ordinary income tax rates instead of the preferential rate
that applies to qualified dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of the public warrants provide for an adjustment to the number of our ordinary shares for which Public Warrants may be exercised
or to the exercise price of the public warrants in certain events. An adjustment which has the effect of preventing dilution generally
is not taxable. U.S. Holders of public warrants would, however, be treated as receiving a constructive distribution from the Company
if, for example, the adjustment increases the warrantholders&#8217; proportionate interest in the Company&#8217;s assets or earnings
and profits (e.g., through an increase in the number of our ordinary shares that would be obtained upon exercise or through a decrease
in the exercise price of the public warrants) as a result of a distribution of cash or other property to the U.S. Holders of shares of
our ordinary shares. Any such constructive distribution would be treated in the same manner as if U.S. Holders of public warrants received
a cash distribution from the Company generally equal to the fair market value of the increased interest and would be taxed in a manner
similar to distributions to U.S. Holders of our ordinary shares described herein. Please see the section entitled &#8220;<i>Taxation
of Distributions</i>&#8221; above. For certain information reporting purposes, the Company is required to determine the date and amount
of any such constructive distributions. Proposed Treasury Regulations, which the Company may rely on prior to the issuance of final Treasury
Regulations, specify how the date and amount of any such constructive distributions are determined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gain
or Loss on Sale or Other Taxable Exchange or Disposition of our ordinary shares and public warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed above, upon a sale or other taxable disposition of our ordinary shares or public warrants (which, in general,
would include a redemption of our ordinary shares or public warrants that is treated as a sale of such securities), a U.S. Holder generally
will recognize capital gain or loss in an amount equal to the difference between (i) the sum of the amount of cash and the fair market
value of any property received in such disposition and (ii) the U.S. Holder&#8217;s adjusted tax basis in our ordinary shares or public
warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder&#8217;s holding period for
our ordinary shares or public warrants, as applicable, so disposed of exceeds one year. Long-term capital gains recognized by non-corporate
U.S. Holders may be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
or Lapse of a Public Warrant</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed above, a U.S. Holder generally will not recognize gain or loss on the acquisition of our ordinary shares
upon the exercise of a public warrant for cash. The U.S. Holder&#8217;s tax basis in our ordinary shares received upon exercise of a
public warrant generally will be an amount equal to the sum of the U.S. Holder&#8217;s tax basis in the public warrant and the exercise
price of such public warrant. It is unclear whether a U.S. Holder&#8217;s holding period for our ordinary shares received upon exercise
of the public warrant will commence on the date of exercise of the public warrant or the immediately following date. In either case,
the holding period will not include the period during which the U.S. Holder held the public warrant. If a public warrant is allowed to
expire unexercised, a U.S. Holder generally will recognize a capital loss equal to such U.S. Holder&#8217;s tax basis in the public warrant.
The deductibility of capital losses is subject to certain limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax characterization of a cashless exercise of a public warrant is not clear under current U.S. federal tax law. A cashless exercise
could potentially be characterized as any of the following for U.S. federal income tax purposes: (i) not a realization event and thus
tax-deferred, (ii) a realization event that qualifies as a tax-deferred &#8220;recapitalization,&#8221; or (iii) a taxable realization
event. The tax consequences of all three characterizations are generally described below. U.S. Holders should consult with their own
tax advisors regarding the tax consequences of a cashless exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a cashless exercise were characterized as either not a realization event or as a realization event that qualifies as a recapitalization,
a U.S. Holder would not recognize any gain or loss on the exchange of public warrants for our ordinary shares. A U.S. Holder&#8217;s
basis in our ordinary shares received would generally equal the U.S. Holder&#8217;s aggregate basis in the exchanged public warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the cashless exercise were not a realization event, it is unclear whether a U.S. Holder&#8217;s holding period in our ordinary shares
would be treated as commencing on the date of exchange of the public warrants or on the immediately following date, but the holding period
would not include the period during which the U.S. Holder held the public warrants. On the other hand, if the cashless exercise were
characterized as a realization event that qualifies as a recapitalization, the holding period of our ordinary shares would include the
holding period of the warrants exercised therefor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the cashless exercise were treated as a realization event that does not qualify as a recapitalization, the cashless exercise could be
treated in whole or in part as a taxable exchange in which gain or loss would be recognized by the U.S. Holder. Under this characterization,
a portion of the public warrants to be exercised on a cashless basis would be deemed to have been surrendered in payment of the exercise
price of the remaining portion of such warrants, which would be deemed to be exercised. In such a case, a U.S. Holder would effectively
be deemed to have sold a number of Public Warrants having an aggregate value equal to the exercise price of the remaining public warrants
deemed exercised. The U.S. Holder would recognize capital gain or loss in an amount generally equal to the difference between the value
of the portion of the warrants deemed sold and its adjusted tax basis in such warrants (generally in the manner described in the section
entitled &#8220;Gain or Loss on Sale or Other Taxable Exchange or Disposition of our ordinary shares and public warrants&#8221; above),
and the U.S. Holder&#8217;s tax basis in our ordinary shares received would generally equal the sum of the U.S. Holder&#8217;s tax basis
in the remaining public warrants deemed exercised and the exercise price of such warrants. It is unclear whether a U.S. Holder&#8217;s
holding period for our ordinary shares would commence on the date of exercise of the public warrants or on the date following the date
of exercise of the public warrants, but the holding period would not include the period during which the U.S. Holder held the Public
Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any,
of the alternative tax characterizations and resultant tax consequences would be adopted by the IRS or upheld by a court of law. Accordingly,
U.S. Holders should consult with their own tax advisors regarding the tax consequences of a cashless exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
or Repurchase of Public Warrants for Cash</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company redeems the public warrants for cash as permitted under the terms of the warrant agreement or if the Company repurchases
public warrants in an open market transaction, such redemption or repurchase generally will be treated as a taxable disposition to the
U.S. Holder, taxed as described in the section entitled &#8220;Gain or Loss on Sale or Other Taxable Exchange or Disposition of our Ordinary
Shares and Public Warrants&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in &#8220;specified foreign financial
assets,&#8221; including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified
foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions
(including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose
penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, dividend payments with respect to our ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares
or Public Warrants may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding
will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification
on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally
must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the
U.S. information reporting and backup withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions
effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such
brokers or intermediaries may be required by law to withhold such taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE
INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING,
HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a &#8220;foreign private issuer,&#8221;
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. The SEC also maintains a website at http://www.sec.gov that contains reports and other information
that we file with or furnish electronically with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_032"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk
management overview</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has exposure to market risk (including currency risk and interest rate risk), credit risk, liquidity risk, capital risk and commodity
price risk. The Group&#8217;s exposure to each of these risks, and its objectives, policies and processes for measuring and managing
risk are more fully described in the notes to its consolidated financial statements appearing elsewhere in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market
Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Currency
    Risk</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -68.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Group&#8217;s reporting currency is the U.S. dollar, almost all of its sales and purchases are denominated in Singapore dollars.
As a result, the Group is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations
in the exchange rate between the U.S. dollar and Singapore dollar. If the Singapore dollar depreciates against the U.S. dollar, the value
of the Group&#8217;s Singapore dollar revenues, earnings and assets as expressed in the Group&#8217;s U.S. dollar consolidated financial
statements will decline. The Group does not have a policy to hedge its exposure to foreign exchange risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
    Rate Risk</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to interest rate risk on its non-current &#160;&#160;borrowings at variable rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s borrowings at variable rates are denominated mainly in Singapore dollars. At December 31, 2023, if the Singapore dollar
interest rates had increased/decreased by 0.5% (at December 31, 2022: 0.5%) with all other variables including tax rate being held
constant, the loss after tax for the financial year would have been lower/higher by US$18,830 (2022: US$18,554) as a result of
higher/lower interest expense on these borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties&#8217;
financial conditions and generally do not require collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to liquidity risk, which is risk that it will be unable to provide sufficient capital resources and liquidity to meet
its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, the Group will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity
shortage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary objective of the Group&#8217;s capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders&#8217; value. The capital structure of the Group comprises issued share
capital and retained earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 19.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commodity
Price Risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc, precious metals
and base metals, the Group is exposed to commodity price risk, which is risk on its financial performance and profitability upon fluctuations
in the prevailing market prices of these commodities that are out of its control since they are primarily driven by external market forces.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_031"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_030"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_029"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_028"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_027"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_026"></span>ITEM
16. [RESERVED]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_025"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_024"></span>ITEM
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_023"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditor
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external auditors, MSPC Certified Public Accountants and Advisors, A Professional Corporation (&#8220;MSPC&#8221;),
the independent registered public accounting firm of Legacy ESGL and our former auditor after the Business Combination, and MaloneBailey,
LLP, the independent registered public accounting firm of Genesis Unicorn Capital Corp. before the Business Combination, for the periods
indicated. We did not pay any other fees to MSPC and MaloneBailey, LLP during the periods indicated below.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Services</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees<sup>(1)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">262,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">98,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
    fees&#8221; means the aggregate fees billed in each of the fiscal years listed for professional services rendered by the independent
    registered public accounting firms for the audit of the annual financial statements and the review of the interim financial information,
    included in our Form 20-F, registration statements and other required filings with the SEC. We did not pay MSPC and MaloneBailey,
    LLP for any other audit-related and tax fees in each of the fiscal years listed.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public
accounting firm, including audit services, audit-related services and tax services as described above, other than those for <i>de
minimis</i> services which are approved by the audit committee prior to the completion of the audit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_022"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_021"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_020"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_019"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_018"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_017"></span>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_016"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of the Company&#8217;s securities by
directors, senior management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules
and regulations, and all applicable listing standards. A copy of the policy is filed as Exhibit 11.2 hereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.5in; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_015"></span>ITEM
16K. CYBERSECURITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are unable to eliminate all risks associated with cybersecurity threats and we cannot provide full assurance that our cybersecurity
risk management processes will be fully complied with or effective, we have adopted policies and procedures that are designed to facilitate
the identification, assessment, and management of those risks, including any such risks that have the potential to be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
management and strategy</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability
of our critical systems and information. Our cybersecurity risk management program is aligned to the Company&#8217;s business strategy
and shares common methodologies, reporting channels and governance processes that apply to other areas of enterprise risk, including
legal, compliance, strategic, operational, and financial risk. Key elements of our cybersecurity risk management program include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">risk assessments designed
  to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise
  information technology environment;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the use of external service
  providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">training and awareness programs
  for team members that include periodic and ongoing assessments to drive adoption and awareness of cybersecurity processes and controls;</span></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a cybersecurity incident
  response plan that includes procedures for responding to cybersecurity incidents; and a third-party risk management process for service
  providers, suppliers, and vendors.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the last three fiscal years, the Company has not experienced any material cybersecurity incidents, and expenses incurred from cybersecurity
incidents were immaterial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our overall enterprise risk management program, we prioritize the identification and management of cybersecurity risk at several
levels. Our Board of Directors has overall oversight responsibility for our risk management, and delegates cybersecurity risk management
oversight to the Audit Committee, which is responsible for ensuring that management has processes in place designed to identify and evaluate
cybersecurity risks and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to
ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining
cybersecurity programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_014"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_013"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 18. Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_012"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements ESGL Holdings Ltd. are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_011"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1853112/000149315222034027/ex2-1.htm" style="-sec-extract: exhibit">Merger
    Agreement dated November 29, 2022 among Genesis Unicorn Capital Corp. (&#8220;GUCC&#8221;), Environmental Solutions Group Holdings
    Limited (&#8220;ESGL&#8221;), ESGL Holdings Limited, ESGH Merger Sub Corp and the shareholder representative (incorporated by reference
    to Exhibit 1.1 of the Company&#8217;s registration statement on Form F-4 (File No. 333-269078), initially filed with the SEC on December
    30, 2022)).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957538/000149315224014415/ex3-1.htm" style="-sec-extract: exhibit">Amended
    and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 of the Company&#8217;s
    registration statement on Form F-1 (File No. 333-278644 ), initially filed with the SEC on April 12, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957538/000149315223027169/ex4-1.htm" style="-sec-extract: exhibit">Specimen
    of ordinary share certificate of the Company (incorporated by reference to Exhibit 4.1 to ESGL&#8217;s Form 20FR12B filed on August
    8, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957538/000149315223027169/ex4-2.htm" style="-sec-extract: exhibit">Specimen
    of warrant certificate of the Company (incorporated by reference to Exhibit 4.2 to ESGL&#8217;s Form 20FR12B filed on August 8, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1853112/000149315222004884/ex4-1.htm" style="-sec-extract: exhibit">Warrant
    Agreement (incorporated by reference to Exhibit 4.1 of GUCC&#8217;s current report on Form 8-K filed with the SEC on February 17,
    2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">8.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="ex8-1.htm">List of Principal Subsidiaries</a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1853112/000149315222034029/ex10-1.htm" style="-sec-extract: exhibit">Form
    of Lock-Up Agreement dated November 29, 2022 (incorporated by reference to Exhibit 10.1 to GUCC&#8217;s current report on Form 8-K
    filed with the SEC on November 30, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1853112/000149315222034029/ex10-4.htm" style="-sec-extract: exhibit">Form
    of Registration Rights Agreement (incorporated by reference to Exhibit 10.4 to GUCC&#8217;s current report on Form 8-K filed with
    the SEC on November 30, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1853112/000149315223025638/ex10-1.htm" style="-sec-extract: exhibit">Forward
    Purchase Agreement dated July 27, 2023, by and among GUCC, Environmental Solutions Group Holdings Limited, ESGL Holdings Limited,
    and Vellar Opportunities Fund Master, Ltd. (incorporated by reference to Exhibit 10.1 to GUCC&#8217;s current report on Form 8-K
    filed with the SEC on July 27, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1957538/000149315224012179/ex10-1.htm" style="-sec-extract: exhibit">Share
    Purchase Agreement (incorporated by reference to Exhibit 10.1 to ESGL&#8217;s report of foreign private issuer on Form 6-K filed
    with the SEC on April 1, 2024).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex11-1.htm">Insider Trading Policy.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">12.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-1.htm">CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">12.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-2.htm">CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">13.1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-1.htm">CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">13.2</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-2.htm">CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex97-1.htm">Clawback Policy.</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="p_010"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESGL
    HOLDINGS LIMITED</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 15, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Quek Leng Chuang</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quek
    Leng Chuang</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESGL
Holdings Limited</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
Report for the Financial Year Ended</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2023 and 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><b>ESGL
Holdings Limited</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index
to Consolidated Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_001">Report
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_002">Consolidated Statement of Financial Position as at December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_003">Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Financial Years ended December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_004">Consolidated Statement of Changes in Equity for the Financial Years ended December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_005">Consolidated Statement of Cash Flows for the Financial Years ended December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Su_007">Notes to the consolidated financial statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">F-9</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of ESGL Holdings Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statement of financial position of ESGL Holdings Limited and subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2023, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity
and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2023 and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company&#8217;s
Ability to Continue as a Going Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 2.1 to the financial statements the accompanying consolidated financial statements and notes have been prepared assuming
that the Company will continue as a going concern. The Company had net losses of U$ 94,979,338, and U$ 2,383,812 for the year ended 2023
and 2022 respectively. As of December 31, 2023, the Company has net current liabilities of U$ 13,764,230. These conditions raise doubt
about the Company&#8217;s ability to continue as a going concern. Management&#8217;s outlook regarding these matters are also described
in Note 2.1 The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>/s/
<span id="xdx_901_edei--AuditorName_c20230101__20231231_zkft6oozeir7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:AuditorName">Assentsure PAC</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--AuditorLocation_c20230101__20231231_zoffnxN7CfDc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:AuditorLocation">Singapore</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
15, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
ID No: <span id="xdx_90B_edei--AuditorFirmId_c20230101__20231231_zyQdKW8PSuYg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorFirmId">6783</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="report_001.jpg" alt="" style="height: 82px; width: 670px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sp_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
Solutions Group Holdings Ltd</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Consolidated Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Environmental Solutions Group Holdings Ltd (the &#8220;Company&#8221;)
as of December 31, 2022, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity,
and cash flows for the year ended December 31, 2022, and the related notes (collectively referred to as the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
Audit Matters</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="report_002.jpg" alt="A picture containing hanger&#10;&#10;Description automatically generated" style="height: 58px; width: 113px"/></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSPC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified Public Accountants and Advisors,</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
15, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 31%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="report_004.jpg" alt="" style="height: 43px; width: 150px"/></span></td>
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    <td style="vertical-align: bottom; width: 9%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">340
    North Avenue, Cranford, NJ 07016-2496 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">908
    272-7000 </span></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moore
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">546
    5<sup>th </sup>Avenue, 6<sup>th</sup> Floor, New York, NY 10036-5000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212
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    <td style="vertical-align: bottom; text-align: left"><img src="report_005.jpg" alt="" style="height: 19px; width: 50px"/></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_002"></span>ESGL
Holdings Limited </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Financial Position</b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
at December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--RetainedEarnings_i02I_maEzQbi_zOHIwK9FRTKe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated losses</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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  <tr id="xdx_408_eifrs-full--OtherReserves_i02I_maEzQbi_zQYZLhZSgW93" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Revaluation surplus</td>
    <td>&#160;</td>
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  <tr id="xdx_40F_eifrs-full--Equity_i02TI_mtEzQbi_zmGoVY2QrDU9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total equity</td>
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes form an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<div style="font: 10pt Times New Roman, Times, Serif; padding: 0in 0in 0pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_003"></span>ESGL
                                                                                                                                   Holdings Limited </b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000197" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,979,338</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes form an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_004"></span>ESGL
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_401_eifrs-full--RevaluationIncreaseDecreasePropertyPlantAndEquipment_zbKTEbgo4rek" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_430_c20220101__20221231_eifrs-full--Equity_iE_zWaGAU8y4a81" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_43A_c20230101__20231231_eifrs-full--Equity_iS_zmtgFZtt8806" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--IssueOfEquity_zpFgcWzLvzi7" style="vertical-align: bottom; background-color: White">
    <td>Issuance of new shares</td><td>&#160;</td>
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  <tr id="xdx_404_eifrs-full--RevaluationIncreaseDecreasePropertyPlantAndEquipment_zwGnVX2D4OM2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes form an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_005"></span>ESGL
Holdings Limited </b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="text-align: left">Changes in operating assets and liabilties :</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000361" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">210,649</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40D_eifrs-full--AdjustmentsForIncreaseDecreaseInTradeAccountPayable_i02_ma1_zHNhcTqlsrJ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">- Prepaid forward purchase agreement</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0371">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">- Deferred underwriting fees payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" contextRef="From2023-01-01to2023-12-31" id="Fact000373" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,753,125</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0374">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--CashFlowsFromUsedInOperatingActivities_i01T_maIDICAzL2S_mt1_zZT5qtojDBLh" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net cash generated from operating activities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000377" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,969,910</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zt0DqfFMQSh7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIz0HP_zInN8d4rKCC4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchase of property, plant and equipment</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">651,044</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000383" format="ixt:numdotdecimal" decimals="0" unitRef="USD">502,677</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01_maCFFUIz0HP_z9bm5FGnuBZd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from disposal of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000385" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,130</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000386" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,592</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_i01N_di_msCFFUIz0HP_z238VT3341C7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Additions to intangible assets</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000388" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,388,583</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000389" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,011,193</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eifrs-full--InterestReceivedClassifiedAsInvestingActivities_i01_maCFFUIz0HP_zDeOEn78QMg9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest received</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000391" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,308</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000392" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000394" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,019,189</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000395" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,484,274</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zQe3cIkCIDqg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01_maCFFUIzu54_zQg4YGfFNzB9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from bank borrowings</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000400" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,596,071</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0401">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Repayment of bank borrowings</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000403" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,775,481</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000404" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,537,495</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eifrs-full--ProceedsFromIssuingShares_i01_maCFFUIzu54_znINqyjUXJZg" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes form an integral part of these financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_006"></span>ESGL
Holdings Limited </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr id="xdx_407_ecustom--ChangesFromFinancingCashFlows_iNT_di_zf50QfknUXNi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_ecustom--OtherChangesFromClassifiedAsFinancingActivitiesAbstract_iB_z9UwOFqhIJx6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--ExchangeAdjustments_iN_di_zII7EG2esE6l" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_ecustom--LeaseModification_zounLA9II299" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_ecustom--InterestExpensesClassifiedAsFinancingActivities_iN_di_zz4OqwdrXoXj" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ESGL:InterestExpensesClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact000469" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">28,558</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_ecustom--OtherChangesFromClassifiedAsFinancingActivities_iT_zhxiKAFfg1H7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43B_c20230101__20231231_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_zJk2aVMLGCKd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_435_c20230101__20231231_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_zNwRip4puoEc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Beginning balance</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact000481" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,257,335</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact000482" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,798,641</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31" id="Fact000483" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,055,976</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zibY0NoOKzN3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Changes from financing cash flows:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--ProceedsFromBankBorrowings_zjvOx9nacNV9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0489">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ESGL:ProceedsFromBankBorrowings" contextRef="From2023-01-012023-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact000490" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,596,071</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ESGL:ProceedsFromBankBorrowings" contextRef="From2023-01-01to2023-12-31" id="Fact000491" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,596,071</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--RepaymentOfBankLoans_iN_di_zondBISMUJc8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayment of bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0493">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:RepaymentOfBankLoans" contextRef="From2023-01-012023-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact000494" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,775,481</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:RepaymentOfBankLoans" contextRef="From2023-01-01to2023-12-31" id="Fact000495" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,775,481</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_ecustom--PrincipalElementOfLeasePayments_iN_di_zscljaQXd0q7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Principal element of lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:PrincipalElementOfLeasePayments" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact000497" format="ixt:numdotdecimal" decimals="0" unitRef="USD">185,536</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0498">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:PrincipalElementOfLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact000499" format="ixt:numdotdecimal" decimals="0" unitRef="USD">185,536</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_ecustom--PaymentOfBorrowingClassifiedAsFinancingActivities_iN_di_zNCOKmR1mTYd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Borrowing cost paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:PaymentOfBorrowingClassifiedAsFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact000501" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,934</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:PaymentOfBorrowingClassifiedAsFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact000502" format="ixt:numdotdecimal" decimals="0" unitRef="USD">332,783</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:PaymentOfBorrowingClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000503" format="ixt:numdotdecimal" decimals="0" unitRef="USD">388,717</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--ChangesFromFinancingCashFlows_iNT_di_zcFkaIxin44l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total change from financing cash flows</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:ChangesFromFinancingCashFlows" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact000505" format="ixt:numdotdecimal" decimals="0" unitRef="USD">241,470</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:ChangesFromFinancingCashFlows" contextRef="From2023-01-012023-12-31_ifrs-full_LongtermBorrowingsMember" id="Fact000506" format="ixt:numdotdecimal" decimals="0" unitRef="USD">512,193</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ESGL:ChangesFromFinancingCashFlows" contextRef="From2023-01-01to2023-12-31" id="Fact000507" format="ixt:numdotdecimal" decimals="0" unitRef="USD">753,663</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes form an integral part of these financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Su_007"></span>ESGL
Holdings Limited </b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
notes form an integral part of and should be read in conjunction with the accompanying financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000537" name="ESGL:DisclosureOfGeneralInformationAndReorganizationTransactionsExplanatory"><p id="xdx_801_ecustom--DisclosureOfGeneralInformationAndReorganizationTransactionsExplanatory_zrjNYtuCT3bf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zVo88Fpr1wEk">General information and reorganization transactions</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2022, Genesis Unicorn Capital Corp (&#8220;GUCC&#8221;), entered into an agreement and plan of merger (the &#8220;Merger
Agreement&#8221;) with ESGL Holdings Limited (&#8220;ESGL&#8221;), ESGH Merger Sub Corp (&#8220;Merger Sub&#8221;), Environmental Solutions
Group Holdings Limited (&#8220;ESGH&#8221;), and Quek Leng Chuang, solely in his capacity as the shareholder representative, agent and
attorney-in-fact of the shareholders (the &#8220;Shareholder Representative&#8221;). Upon the closing of the transactions contemplated
by the Merger Agreement, (a) GUCC will be merged with and into ESGL (the &#8220;Reincorporation Merger&#8221;), with ESGL surviving the
Reincorporation Merger, and (b) Merger Sub will be merged with and into the ESGH (the &#8220;Acquisition Merger&#8221;), with ESGH surviving
the Acquisition Merger as a direct wholly owned subsidiary of ESGL (collectively, the &#8220;Merger&#8221; or the &#8220;Business Combination&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination was successfully completed on August 3, 2023. Following which, ESGL is a publicly traded company listed on Nasdaq.
ESGL&#8217;s stock commenced trading August 4, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Genesis
Unicorn Capital Corp</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUCC
was incorporated as a Delaware corporation on February 23, 2021. It is a blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more
target businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">ESGL
Holdings Limited</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
Holdings Limited (&#8220;ESGL&#8221; or the &#8220;Company&#8221;) was incorporated in the Cayman Islands on November 18, 2022 for the
sole purpose of the Reincorporation Merger. Following the consummation of the Reincorporation Merger, GUCC will have merged with and
into ESGL, with ESGL as the surviving publicly traded entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Environmental
Solutions Group Holdings Limited</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
Solutions Group Holdings Limited (&#8220;ESGH&#8221;) is a holding company incorporated under the laws of the Cayman Islands as an
exempted company with limited liability on June 14, 2022. The address of its registered office is 71 Fort Street, PO Box 500, George
Town, Grand Cayman, KY1-1106, Cayman Islands. As a holding company with no material operations of its own, ESGH conducts all of its
operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Environmental
Solutions Asia Holdings Limited (&#8220;ESAH&#8221;)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESAH,
a wholly-owned subsidiary of the ESGH, was incorporated on June 29, 2022 and domiciled in the British Virgin Islands with its registered
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Environmental
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESA
was incorporated and domiciled in Singapore, with its registered office at 101 Tuas, South Avenue 2, Singapore 637226. ESA is a waste
management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial waste
from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General information and reorganization transactions (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">ESGH
Merger Sub Corp</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH
Merger Sub Corp was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on November 18, 2022
and is a wholly-owned subsidiary of ESGL formed to consummate the Business Combination. Following the consummation of the Business Combination,
Merger Sub will have merged with and into ESGH, with ESGH surviving the merger as a wholly-owned subsidiary of ESGL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
ESGL, ESGH, ESAH and ESA (collectively the &#8220;Group&#8221;) were under common control, the Merger constituted a reorganization under
common control and are required to be retrospectively applied to the consolidated financial statements at their historical amounts. The
consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods.
This includes a retrospective presentation for all equity related disclosures, including issued shares, which have been revised to reflect
the effects of the reorganization in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as of December
31, 2023 and 2022. The financial statements were authorized for issuance by the Directors on May 15, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUCC
will be treated as the acquired company for accounting purposes, whereas ESGH will be treated as the accounting acquirer. Because GUCC
does not meet the accounting definition of a business, the Business Combination will be treated as the equivalent of ESGH issuing stock
for the net assets of GUCC, accompanied by a recapitalization. The net assets of ESGH will be stated at historical cost, with no goodwill
or other intangible assets recorded, and the historical results of operations prior to the Business Combination will be those of ESGH.
ESGH has been determined to be the accounting acquirer for purposes of the Business Combination based on an evaluation of the following
facts and circumstances:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                            the close of the business combination, persons affiliated with ESGH are expected to control
                                            a majority of the combined company&#8217;s board of directors;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH
                                            shareholders have the largest voting interest under both redemption scenarios;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH
                                            is the largest entity based on the entity&#8217;s operations and number of employees</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH&#8217;s
                                            operations prior to the Business Combination will comprise the ongoing operations of the
                                            Combined Company; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGH&#8217;s
                                            existing executive officers and senior management team will comprise the executive officers
                                            and senior management team of the Combined Company.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination, which is not within the scope of IFRS 3 (Business Combination) since GUCC does not meet the definition of a business
in accordance with IFRS 3 (Business Combination), is accounted for within the scope of IFRS 2 (Share-Based Payment). Any excess of fair
value of the consideration shares issued over the fair value of GUCC&#8217;s identifiable net assets acquired represents a listing fee
for the service of a stock exchange listing for its shares and is expensed as incurred.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000539" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zuwn6Xl79IWl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zcSwAie9Z3w3">Basis of preparation</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements have been prepared on a historical cost convention, except for Prepaid forward purchase agreement and leasehold
land and buildings which are measured at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying
the Group&#8217;s accounting policies. It also requires the use of certain critical accounting estimates and assumptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements of the Group have been prepared on a going concern basis notwithstanding that the net current liabilities as
of December 31, 2023 amounted to approximately US$<span id="xdx_90E_ecustom--NetCurrentLiabilities_iI_pn5n6_c20231231_zlehrMluy9Jf" title="Net current liabilities"><ix:nonFraction name="ESGL:NetCurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000541" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">13.8</ix:nonFraction></span> million (2022 : US$<span id="xdx_903_ecustom--NetCurrentLiabilities_iI_pn5n6_c20221231_zNty3opCRSD6" title="Net current liabilities"><ix:nonFraction name="ESGL:NetCurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000543" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.6</ix:nonFraction></span> million). As of December 31, 2023, the Group&#8217;s current assets
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attributable to the deferred underwriting fee payable and the classification of certain bank loan balances of approximately US$<span id="xdx_90B_ecustom--WorkingCapital_iI_pn5n6_c20231231_zmQm3lC70WNh" title="Working capital"><ix:nonFraction name="ESGL:WorkingCapital" contextRef="AsOf2023-12-31" id="Fact000549" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.7</ix:nonFraction></span> million
as current liabilities as the relevant bank loan agreements allow the banks to demand immediate repayments even though they were not due
for repayment within a year. To-date, the Group has been able to service its loan repayments and there were no indications that the banks
intend to recall the loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group&#8217;s ability to continue as a going concern is largely dependent on its ability to continue growing its revenue to fully
utilize its production capacity as well as raising funds from the capital market. The Group successfully raised US$<span id="xdx_90C_ecustom--ProceedsFromIssuanceOfPrivatePlacements_pn5n6_c20230101__20231231_zijn5v0xkEw5" title="Proceeds from issuance of private placement"><ix:nonFraction name="ESGL:ProceedsFromIssuanceOfPrivatePlacements" contextRef="From2023-01-01to2023-12-31" id="Fact000551" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.5</ix:nonFraction></span> million in a private
share placement to an investor subsequent to year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 82; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of preparation (continued)</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000553" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p id="xdx_84B_eifrs-full--DisclosureOfBasisOfConsolidationExplanatory_zdTCRTTUxnv" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.2</b></span> <span id="xdx_862_zoq42MgUpdOf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis of Consolidation</b></span></p>






<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are presented in United States Dollars (&#8220;US$&#8221;), which is the Group&#8217;s functional currency. All
financial information presented in United States Dollars has been rounded to the nearest dollar, unless otherwise indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2023 and 2022.
A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when
the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities
of the investee).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Company considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
                                            over the investee (i.e., existing rights that give it the current ability to direct the relevant
                                            activities of the investee);</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exposure,
                                            or rights, to variable returns from its involvement with the investee; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            ability to use its power over the investee to affect its returns.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.
The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until
the date that such control ceases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
there is a presumption that a majority of voting rights results in control. To support this presumption and when the Company has less
than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing
whether it has power over an investee, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            contractual arrangement(s) with the other vote holders of the investee;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
                                            arising from other contractual arrangements;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company&#8217;s voting rights and potential voting rights.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company
loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control
the subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
or loss and each component of other comprehensive income (&#8220;OCI&#8221;) are attributed to the equity holders of the parent of the
Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group&#8217;s accounting
policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company
loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair
value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000555" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zHs2bzzz0TT5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.3</b></span> <span id="xdx_861_zrMxKG0zjAV8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue recognition</b></span></p>






<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services
to a customer, excluding amounts collected on behalf of third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recognized when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is
when the customer obtains control of the goods or services. A performance obligation may be satisfied at a point in time or over time.
The amount of revenue recognized is the amount allocated to the satisfied performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue
from contracts with customers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rendering
                                            of services</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from rendering of services is recognized when the entity satisfies the performance obligation at a point in time, generally when the
significant acts have been completed and when transfer of control occurs, or for services that are not significant, transactions revenue
is recognized as the services are provided. The Group&#8217;s primary service consists of collecting and disposing of industrial wastes
for its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale
                                            of goods</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sale of goods is recognized at a point in time when the performance obligation is satisfied by transferring a promised good to the
customer. Control of the goods is transferred to the customer, generally on delivery of the goods (in this respect, incoterms are considered).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Other
revenue</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
income</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset, or where appropriate, a shorter period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Contract
assets</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contract assets are for the Group&#8217;s rights to consideration for work completed but not billed at the reporting date on its contracts;
costs incurred to obtain or fulfil a contract with a customer; and any impairment losses recognized in the reporting year. The contract
assets are transferred to receivables when the right to payment becomes unconditional.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000557" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForGovernmentGrants_z4Vy7shH6x68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.4</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zlJ7PvgZMuqi">Government grants</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grants
from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received
and the Group will comply with all the attached conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 65.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to
compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants relating to non-monetary assets are deducted against the carrying amount of the non-monetary assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000559" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zCgwlKGxuHK4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.5</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_z8gOnVs5o9gg">Property, plant and equipment</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Measurement</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property,
                                            plant and equipment</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment other than leasehold land and buildings are initially recognized at cost and subsequently carried at cost less accumulated
depreciation and accumulated impairment losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
land and buildings are measured at fair value less accumulated depreciation and impairment losses recognized after the date of the revaluation.
Valuations are performed frequently to ensure that the fair value of a revalued asset does not differ materially from its carrying amount.
Any revaluation surplus is credited to the property revaluation reserve in equity, except to the extent that it reverses a revaluation
decrease of the same asset previously recognized in the Statement of Profit or Loss and Other Comprehensive Income, in which case the
increase is recognized in the statement of profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
revaluation deficit is recognized in the statement of profit or loss, except to the extent that it offsets an existing surplus on the
same asset recognized in the asset revaluation reserve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78pt; text-align: justify; text-indent: 4.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
annual transfer from the property revaluation reserve to accumulated losses is made for the difference between depreciation based on
the revalued carrying amount of the assets and depreciation based on the assets original cost. Upon disposal, any revaluation reserve
relating to that particular asset being sold is transferred to retained profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Components
                                            of costs</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of an item of property, plant and equipment initially recognized includes its purchase price and any cost that is directly attributable
to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depreciation</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000561" name="ESGL:DisclosureOfDetailedInformationAboutDepreciationOverTheEstimatedUsefulLivesExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutDepreciationOverTheEstimatedUsefulLivesExplanatory_zQwAk2TnHZGi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
is calculated using the straight-line method to allocate depreciable amounts over the estimated useful lives as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BF_zp13LpLYzHVj" style="display: none">Schedule of property, plant and equipment depreciation, estimated useful lives</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
    lives</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    land and buildings</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LandAndBuildingsMember_zX5YWHIz1cRa" title="Property, plant and equipment, estimated useful lives description"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_LandAndBuildingsMember" id="Fact000563" name="ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment">Over
    the lease term period ranging from 2 to 30 years</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
    and equipment</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PropertyAndEquipmentMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_ztmzuiWy9Hif" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PropertyAndEquipmentMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact000565" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric></span>
    to <span id="xdx_90F_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PropertyAndEquipmentMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zMaKrRoj79Ql" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PropertyAndEquipmentMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact000567" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machineries</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MachineryMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z5StEdveBZ3e" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MachineryMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact000569" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">2</ix:nonNumeric></span>
    to <span id="xdx_907_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MachineryMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_znzX2upbbsP7" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MachineryMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact000571" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renovation</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--RenovationMember_z6pewARxt4C4" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RenovationMember" format="ixt-sec:duryear" id="Fact000573" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor
    vehicles</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zqBhShclki54" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MotorVehiclesMember" format="ixt-sec:duryear" id="Fact000575" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and fittings</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--FixturesAndFittingsMember_zEkenWDs3Ux7" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FixturesAndFittingsMember" format="ixt-sec:duryear" id="Fact000577" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zIn5r6oa1nJ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate,
at each reporting date. The effects of any revision are recognized in profit or loss when the changes arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fully
depreciated property, plant and equipment are retained in the financial statements until they are no longer in use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subsequent
                                            expenditure</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
expenditure relating to property, plant and equipment that has already been recognized is added to the carrying amount of the asset only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 85; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.5</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, plant and equipment (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disposal</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognized
in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000579" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_zgwI8LM3EsPg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.6</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zSsmIbRA9kZ1">Intangible assets</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets acquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses. Internally generated intangible assets, excluding capitalized development
costs, are not capitalized and expenditure is reflected in profit or loss in the year in which the expenditure is incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite useful lives are amortized over the estimated useful lives and assessed for impairment whenever there is an indication
that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial
year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset
are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000581" name="ESGL:DisclosureOfDetailedInformationAboutIntangibleAssetsDepreciableEstimatedUsefulLivesExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutIntangibleAssetsDepreciableEstimatedUsefulLivesExplanatory_zB6kSus5JjKc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
is calculated using the straight-line method to allocate depreciable amounts over the estimated useful lives of the assets. The estimated
useful lives are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B6_zS1VFx3lBGF1" style="display: none">Schedule of intangible assets depreciable, estimated useful lives</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
    lives</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_dtY_c20230101__20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--ComputerSoftwareMember_zSR4gEKIgP3d" title="Intangible assets, estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_ComputerSoftwareMember" format="ixt-sec:duryear" id="Fact000583" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">3</ix:nonNumeric></span>
    years</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zC27E1T25ZCk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000585" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z9dT4G79kdQh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.7</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zOh7gq4Adop">Borrowing costs</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowing
costs are recognized in profit or loss using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000587" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zQ9wCuKpdUP1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.8</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zUeAfY9neSth">Impairment of non-financial assets</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets, property, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication
that these assets may be impaired or when annual impairment testing for an asset is required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use)
is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from
other assets. If this is the case, the recoverable amount is determined for the cash-generating units (&#8220;CGU&#8221;) to which the
asset belongs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU)
is reduced to its recoverable amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset&#8217;s
recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable
amount, provided that this amount does not exceed the carrying amount that would have been determined (net of accumulated depreciation)
had no impairment loss been recognized for the asset in prior years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reversal of impairment loss for an asset is credited to profit or loss in the period in which it arises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000589" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_zovOiSOgcvx6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zejXc5T49sv1">Financial assets</span></b></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Classification
                                            and measurement</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 70.9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group classifies its financial assets at amortized cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
classification of debt instruments depends on the Group&#8217;s business model for managing the financial assets as well as the contractual
terms of the cash flows of the financial assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal
and interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group reclassifies debt instruments when and only when its business model for managing those assets changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">At
initial recognition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
initial recognition, the Group measures a financial asset at its fair value plus, in the case of the financial assets not a fair value
through profit or loss, transactions costs that are directly attributable to the acquisition of the financial asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">At
subsequent measurement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
instruments are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest
are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of
a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial
assets is included in interest income using the effective interest rate method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
                                            of financial assets</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes a loss allowance for expected credit loss (&#8220;ECL&#8221;) on financial assets which are subject to impairment under
IFRS 9 (including trade and other receivables). The amount of ECL is updated at each reporting date to reflect changes in credit risk
since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL (&#8220;12m ECL&#8221;) represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessments are done based on the Group&#8217;s historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group always recognizes lifetime ECL for trade and other receivables. The ECL on these assets are assessed individually for debtors with
significant balances and/or collectively using a provision matrix with appropriate groupings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all other instruments, the Group measures the loss allowance as equal to 12m ECL, unless there has been a significant increase in credit
risk since initial recognition for which the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial assets </b>(continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
                                            of financial assets (continued)</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
 Significant increase in credit risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring
on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date
of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable
and supportable, including historical experience and forward-looking information that is available without undue cost or effort.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, the following information is taken into account when assessing whether credit risk has increased significantly:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            actual or expected significant deterioration in the financial instrument&#8217;s external
                                            (if available) or internal credit rating;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            deterioration in external market indicators of credit risk, e.g. a significant increase in
                                            the credit spread, or the credit default swap prices for the debtor;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
                                            or forecast adverse changes in business, financial or economic conditions that are expected
                                            to cause a significant decrease in the debtor&#8217;s ability to meet its debt obligations;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            actual or expected significant deterioration in the operating results of the debtor;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            actual or expected significant adverse change in the regulatory, economic, or technological
                                            environment of the debtor that results in a significant decrease in the debtor&#8217;s ability
                                            to meet its debt obligations.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrespective
of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition
when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates
otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk
and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the
amount becomes past due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition of default</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from
external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account
any collateral held by the Group).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrespective
of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has
reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
 Credit-impaired financial assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows
of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following
events:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            financial difficulty of the issuer or the borrower;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            breach of contract, such as a default or past due event;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            lender(s) of the borrower, for economic or contractual reasons relating to the borrower&#8217;s
                                            financial difficulty, having granted to the borrower a concession that the lender(s) would
                                            not otherwise consider.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 88; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESGL
Holdings Limited  </b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial assets </b>(continued)</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
                                            of financial assets (continued)</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
 Credit-impaired financial assets (continued)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.25in; text-align: justify; text-indent: -30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                            is becoming probable that the borrower will enter bankruptcy or other financial reorganization;
                                            or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            disappearance of an active market for that financial asset because of financial difficulties.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
 Write-off policy</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there
is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy
proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets
written off may still be subject to enforcement activities under the Group&#8217;s recovery procedures, taking into account legal advice
where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
 Measurement and recognition of ECL</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default)
and the exposure to default. The assessment of the probability of default and loss given default is based on historical data adjusted
by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective
risks of default representing the weights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows
that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
ECL is measured on a collective basis or for cases where evidence at the individual instrument level may not yet be available, the financial
instruments are grouped on the following basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
                                            of financial instruments;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past-due
                                            status;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature,
                                            size and industry of debtors; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">External
                                            credit ratings where available.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
groups are regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which
case interest income is calculated based on amortized cost of the financial asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recognition
                                            and derecognition</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
way purchases and sales of financial assets are recognized on the trade date &#8211; the date on which the Group commits to purchase
or sell the asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group has transferred substantially all risks and rewards of ownership.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss. Any
amount previously recognized in other comprehensive income relating to that asset is reclassified to profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><b>ESGL
Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000591" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zi81a7wLMu41" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.10</b></span> <span id="xdx_86A_zEhNNBK8uhjb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Liabilities</b></span></p>






<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the
reporting date, in which case they are presented as non-current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
are initially recognized at fair values (net of transaction costs) and subsequently carried at amortized cost. Any difference between
the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using
the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year which are
unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the
business if longer). Otherwise, they are presented as non-current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognized in the statement of profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offsetting
                                            of financial instruments</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and
settle the liabilities simultaneously.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000593" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zZby2KW575Fh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11</b></span> <span id="xdx_866_zVxwOcUbqzt5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leases</b></span></p>






<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>When
the Group is the lessee </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required
when the terms and conditions of the contract are changed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes a right-of-use asset and lease liability at the date at which the underlying asset is available for use. Right-of-use
assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before
the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right-of-use assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets are presented within &#8220;Property, plant and equipment&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11 </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leases (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in
the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing
rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
payments include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
    payments (including in-substance fixed payments), less any lease incentives receivable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a contract that contains both lease and non-lease components, the Group allocates the consideration to each lease component on the basis
of the relative stand-alone price of the lease and non-lease components. The Group has elected to not separate lease and non-lease components
for property leases and accounts for these as one single lease component.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is a change in future lease payments arising from changes in an index or rate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is a change in the Group&#8217;s assessment of whether it will exercise an extension option; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is modification in the scope or the consideration of the lease that was not part of the original term.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero. The Group presents lease liabilities as a separate line item on the statement
of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
and low-value leases</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months
or less and leases of low value. Payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease
term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease
liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
modifications</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for a lease modification as a separate lease if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    modification increases the scope of the lease by adding the right to use one or more underlying assets; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11
Leases (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate
    adjustments to that stand-alone price to reflect the circumstances of the particular contract.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term
of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When
the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration
in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate
stand-alone price of the non-lease components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>When
the Group is the lessor </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Classification
and measurement of leases</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially
all the risks and rewards incidental to ownership of an underlying asset to the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
due from lessees under finance leases are recognized as receivables at commencement date at amounts equal to net investments in the leases,
measured using the interest rate implicit in the respective leases. Initial direct costs are included in the initial measurement of the
net investments in the leases. Interest income is allocated to accounting periods so as to reflect a constant periodic rate of return
on the Group&#8217;s net investment outstanding in respect of the leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rental
income from operating leases is recognized in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset, and such costs are
recognized as an expense on a straight-line basis over the lease term except for investment properties measured under the fair value
model. Variable lease payments for operating leases that depend on an index or a rate are estimated and included in the total lease payments
to be recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate are recognized
as income when they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Refundable
rental deposits</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refundable
rental deposits received are accounted for under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition
are considered as additional lease payments from lessees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease
modification</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in consideration of lease contracts that were not part of the original terms and conditions are accounted for as lease modifications,
including lease incentives provided through forgiveness or reduction of rentals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid
or accrued lease payments relating to the original lease as part of the lease payments for the new lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000595" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z3nZgXisIrQc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.12</b></span> <span id="xdx_86D_z4WeqHR6J8u6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inventories</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are stated at the lower of cost or net realizable value. Cost is calculated using the specific identification method and includes all
costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value
is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying values of inventories to the lower
of cost and net realizable value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000597" name="ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory_zvzMrW9gPxUa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.13</b></span> <span id="xdx_861_zAVLqF0tBfMl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income taxes</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax represents the sum of current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside
profit or loss, either in other comprehensive income or directly in equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations
and practices prevailing in the countries in which the Group operates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax liabilities are recognized for all taxable temporary differences, except:-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not
    a business combination and, at the time of the transaction, affects neither the accounting profit or loss nor taxable profit or loss;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing
    of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse
    in the foreseeable future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.
Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible
temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability
    in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit or
    loss nor taxable profit or loss; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred
    tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future
    and taxable profit will be available against which the temporary differences can be utilized.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.13
Income Taxes </b>(continued)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is calculated, without discounting, at the tax rates that are expected to apply in the period when the asset is realized or the liability
is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
and deferred taxes are recognized as income or expenses in profit or loss, except to the extent that the tax arises from a transaction
which is recognized directly in equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for investment tax credits similar to accounting for other tax credits where a deferred tax asset is recognized for unused
tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be
utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated
reliably.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that
an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value
of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to
the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000599" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_z55IHrdxqiG6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.14</b></span> <span id="xdx_868_zUit7u0nJ0p1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employee benefits</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Defined
    contribution plans</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the
Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term
    employees benefits </i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is
recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee, and the obligation can be estimated reliably.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000601" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zGTrVM3twu3h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.15</b></span> <span id="xdx_868_ztkRNVaKmMik" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency translation</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The financial statements are presented in
United States Dollar (&#8220;US$&#8221;). Our business and operations are primarily conducted in Singapore through our subsidiary, ESA,
that is domiciled there. The functional currency of ESA is US$ and transactions in a currency other than the United States Dollar (&#8220;foreign
currency&#8221;) are translated into the United States Dollar using the exchange rates at the dates of the transactions. Currency exchange
differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated
in foreign currencies at the closing rates at the reporting date are recognized in profit or loss. Non-monetary items measured at fair
values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.</p>

<p style="font: 11pt/107% Aptos; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
foreign exchange gains and losses impacting profit or loss are presented in statement of comprehensive income within &#8220;Other operating
expenses&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000603" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_zUcQ2Xpf7LRd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.16</b></span> <span id="xdx_869_zRaYKGNfFJ" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and cash equivalents</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand and deposits with financial
institutions which are subject to any insignificant risk of changes in value, and have a short maturity of generally within three months
when acquired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000605" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zcwhYN5dz12b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.17</b></span> <span id="xdx_861_zXy5j6qixLii" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share capital</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against
the share capital account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000607" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory_z31DVnuC1Uzc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.18</b></span> <span id="xdx_861_zXZUudRP74L8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related parties</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 1.25in">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 1.25in">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity, or any member of a group of which it is a part, provides key management personnel services to the Company or to the Company&#8217;s
    parent.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.18
Related parties (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Close
members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their
dealings with the entity and include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.75in">&#160;</td>
  <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That person&#8217;s children and spouse or domestic partner;</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Children of that person&#8217;s spouse or domestic partner;
and</span></td></tr>

<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dependents of that person or that person&#8217;s spouse or
domestic partner.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000609" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zPur7uqjJwE" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.19</b></span> <span id="xdx_867_zuAOcYtoOHJ6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair value measurement</b></span></p>







<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group measures its properties at the end of each reporting period. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement
is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market
for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The
principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using
the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their
economic best interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
fair value measurement of a non-financial asset takes into account a market participant&#8217;s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as
a whole:-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8211; based on quoted prices (unadjusted) in active markets for identical assets or liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8211; based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable,
either directly or indirectly</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8211; based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Significant accounting policies (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000611" name="ESGL:DescriptionOfAccountingPoliciesForApplicationOfAmendmentsToInternationalFinancialReportingStandardsExplanatory"><p id="xdx_84F_ecustom--DescriptionOfAccountingPoliciesForApplicationOfAmendmentsToInternationalFinancialReportingStandardsExplanatory_zEPufOU3MK7h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.20 </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zAxwRIpM44ri">Application of amendments to IFRS</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the preparation of the financial statements for the year ended December 31, 2023, the Group has applied the following amendments to
IFRSs, for the first time, which are mandatorily effective for the annual periods beginning on or after January 1, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IFRS 17</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
    Contracts</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IAS 1 and IFRS Practice Statement 2</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
    of Accounting Policies</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IAS 8</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition
    of Accounting Estimates</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                            to IAS 12</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    Tax related to Assets and Liabilities arising from a Single Transaction</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application of the amendments to IFRSs in the current year has had no material impact on the Group&#8217;s financial positions and performance
for the current and prior years and/or on the disclosures set out in these financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85A_zQmaLomOJewa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000613" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zJWW7Bc2WyG5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zTxKNYjiylt3">Critical accounting estimates, assumptions and judgements</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates,
assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
judgements in applying the entity&#8217;s accounting policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
    of functional currency</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the functional currency of the Group, judgment is used by the management to determine the currency of the primary economic
environment in which the Group operates. Consideration factors include the currency that mainly influences sales prices of goods and
services and the currency of the country whose competitive forces and regulations mainly determines the sales prices of its goods and
services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Determination
    of lease term of contracts with extension options</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has several lease contracts that include extension options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the extension. After the commencement date, the Group reassesses the lease term to consider whether there
is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to extend (e.g. construction of significant leasehold improvements or significant customization to the leased asset).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group includes the extension option in the lease term for leases of leasehold buildings because of the leasehold improvements made and
the significant costs that would arise to replace the assets. The extension options for leases of motor vehicles are not included as
part of the lease term because the Group typically leases motor vehicles for not more than five years and, hence, will not exercise the
extension options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Critical accounting estimates, assumptions and judgements (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
accounting estimates and assumptions </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Useful
    lives of plant and equipment</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical experience
with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than anticipated
or the asset experiences an unexpected level of wear and tear, the useful life will be adjusted accordingly. The carrying amount of the
Group&#8217;s plant and equipment as at December 31, 2023 was US$<span id="xdx_903_eifrs-full--PropertyPlantAndEquipment_iI_c20231231_zeaPKhKIOsSk" title="Property, plant and equipment"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact000615" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,786,365</ix:nonFraction></span> (2022: US$<span id="xdx_905_eifrs-full--PropertyPlantAndEquipment_iI_c20221231_z4o5oXzHwO12" title="Property, plant and equipment"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact000617" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,493,283</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventory
    valuation method</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
write-down is made based on the current market conditions, historical experience and selling goods of a similar nature. It could
change significantly as a result of changes in market conditions. A review is made periodically for excess inventories, obsolescence
and declines in net realizable value and an allowance is recorded against the inventory balances for any such declines. The
realizable value represents the best estimate of the recoverable amount and is based on the most reliable evidence available and
inherently involves estimates regarding the future expected realizable value. The carrying amount of the Group&#8217;s inventories
as at December 31, 2023 was US$<span id="xdx_901_eifrs-full--Inventories_iI_c20231231_z46j4rQWV9gf" title="Inventories"><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2023-12-31" id="Fact000619" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,184</ix:nonFraction> </span>(2022:
US$<span id="xdx_90F_eifrs-full--Inventories_iI_c20221231_zdVG60KM6Jn6" title="Inventories"><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2022-12-31" id="Fact000621" format="ixt:numdotdecimal" decimals="0" unitRef="USD">221,151</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Provision
    for expected credit losses of trade receivables</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provision matrix is initially based on the Group&#8217;s historical observed default rates. The Group will calibrate the matrix to adjust
historical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated and
changes in the forward-looking estimates are analysed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group&#8217;s historical credit
loss experience and forecast of economic conditions may also not be representative of customers&#8217; actual default in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of the Group&#8217;s trade receivables as at December 31, 2023 was US$<span id="xdx_901_eifrs-full--TradeReceivables_iI_c20231231_zgvFCi1CHZq2" title="Trade receivables"><ix:nonFraction name="ifrs-full:TradeReceivables" contextRef="AsOf2023-12-31" id="Fact000623" format="ixt:numdotdecimal" decimals="0" unitRef="USD">461,497</ix:nonFraction></span> (2022: US$<span id="xdx_906_eifrs-full--TradeReceivables_iI_c20221231_zqz0ogehKLl" title="Trade receivables"><ix:nonFraction name="ifrs-full:TradeReceivables" contextRef="AsOf2022-12-31" id="Fact000625" format="ixt:numdotdecimal" decimals="0" unitRef="USD">389,648</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)
    </i></span></td>
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    of non-financial assets</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impairment testing of non-financial assets requires assumptions about the future cash flows projections as well as about the discount
rate to be applied. The assumptions used to arrive at the cash flow projections are dependent on the future market shares, the market
trend and the profitability of the Group&#8217;s products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
testing of non-financial assets requires estimates about the extent and probability of the occurrence of future events. As far as possible,
estimates are derived from past experience taking into account current market conditions and the stage of technological advancement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Critical accounting estimates, assumptions and judgements (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
accounting estimates and assumptions (continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(e)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capitalization
    of intangible assets</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs of internally generated intangible assets are capitalized in accordance with the accounting policy in Note 2.6 to the financial
statements. Initial capitalization of costs is based on management&#8217;s judgement that technological and economic feasibility is confirmed,
usually when a development project has reached a defined milestone according to an established project management model. In determining
the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates
to be applied and the expected period of benefits. The carrying amount of the intangible assets at the reporting date is US$<span id="xdx_90B_eifrs-full--IntangibleAssetsOtherThanGoodwill_iI_c20231231_zEBdTFcTGLgf" title="Intangible assets, net"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31" id="Fact000627" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,381,465</ix:nonFraction></span>(2022:
US$<span id="xdx_90B_eifrs-full--IntangibleAssetsOtherThanGoodwill_iI_c20221231_ziQQqECjnQvd" title="Intangible assets, net"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31" id="Fact000629" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,845,912</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(f)
    </i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forward
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, the Company, ESGL entered into an agreement (&#8220;Forward Purchase Agreement&#8221;) with Vellar Opportunities Fund
Master, Ltd. (&#8220;Vellar&#8221;) for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated <span id="xdx_905_ecustom--OwnershipInterestPercentage_iI_pid_dp_uPure_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember_znqVtFzHSn77" title="Ownership interest percentage"><ix:nonFraction name="ESGL:OwnershipInterestPercentage" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember" id="Fact000631" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC (&#8220;ARRT&#8221;,
together with Vellar, the &#8220;Sellers&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
aggregate, Vellar purchased <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zxkOWGJp3bu9" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact000633" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">931,915</ix:nonFraction></span>
shares, and ARRT <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember_zhmgpKpe5Khc" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember_custom_ClassACommonStockMember" id="Fact000635" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span>
shares of the Company&#8217;s Class A common stock (the &#8220;Recycled Shares&#8221;). In connection with these purchases, the
Sellers revoked any redemption elections. The purchases were recognized as a current asset in the financial statements as Prepaid
Forward Purchase Agreement (&#8220;Prepaid FPA&#8221;), at the fair value at the time of the purchase transaction. For the
financial year ended December 31, 2023, the fair value of the Prepaid FPA was assessed using a Monte Carlo simulation model to be
US$<span id="xdx_904_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iI_c20231231_zwWYkW9p6fad" title="Prepaid Forward Purchase Agreement"><ix:nonFraction name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" contextRef="AsOf2023-12-31" id="Fact000637" format="ixt:numdotdecimal" decimals="0" unitRef="USD">969</ix:nonFraction></span> and accordingly, an adjustment to the carrying amount of the Prepaid FPA was made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000641" name="ESGL:DisclosureOfDetailedInformationAboutRevenueExplanatory"><p id="xdx_896_ecustom--DisclosureOfDetailedInformationAboutRevenueExplanatory_zWfOTSKWYCqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
classified by type of good or service is as follows :</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zl8tAH867v4b" style="display: none">Schedule of revenue classified by type of good or service</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_49B_20230101__20231231_zeHFFxuup8g" style="vertical-align: bottom; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_498_20220101__20221231_zOtJxD80k0C4" style="vertical-align: bottom; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Revenue from:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--SalesOfCircularProductsMember_za25TfCYhWEl" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">- Sales of circular products</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr id="xdx_408_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--WasteDisposalServicesMember_ze4kAMzX2H8j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eifrs-full--Revenue_zflfgQg0EzA" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zlG1U2qhHIq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revenue from sales of goods and other service income is recognized based on a point in time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000652" name="ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfOtherOperatingIncomeExplanatory_z9Q8QjAjDjGh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span> <span id="xdx_821_zFKMVvxZvkd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other income</b></span></p>







<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000654" name="ESGL:DisclosureOfDetailedInformationAboutOtherOperatingIncomeExplanatory"><p id="xdx_89B_ecustom--DisclosureOfDetailedInformationAboutOtherOperatingIncomeExplanatory_z584xB469Ad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zT2Lb5QAPS1k" style="display: none">Schedule of other income</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_49E_20230101__20231231_zC4M3tK89LPk" style="vertical-align: bottom; font-weight: bold; text-align: center">2023</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Alliance to End
                                                                                                                                                                         Plastic Waste (&#8220;AEPW&#8221;) is an industry-founded and funded non-governmental and non-profit organization based in
                                                                                                                                                                         Singapore. Founding members include BASF, Chevron Phillips Chemical, ExxonMobil, Dow Chemical, Mitsubishi Chemical Holdings, Proctor
                                                                                                                                                                         &amp; Gamble and Shell</span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AF_zerrVz74ZoZg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000677" name="ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zh8S2DRNqM4d" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span> <span id="xdx_828_zXuxayRRNnq2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other operating expenses</b></span></p>





<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000679" name="ESGL:DisclosureOfDetailedInformationAboutOtherOperatingExpenseExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutOtherOperatingExpenseExplanatory_zTGyXbhKsT19" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zPlac7b2TcCf" style="display: none">Schedule of other operating expenses</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">Impairment loss on receivables</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0687">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td>Insurance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:InsuranceExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000690" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,694</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--ProfessionalFee_msOOIEzjZX_z28AY5dTOgT9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Professional fees</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ESGL:ProfessionalFee" contextRef="From2023-01-01to2023-12-31" id="Fact000693" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,703</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eifrs-full--PropertyTaxExpense_msOOIEzjZX_zMYJtFhPHNPa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Property tax</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Rental and storage</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RentalExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">594,748</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--RepairsAndMaintenanceExpense_msOOIEzjZX_zTsFsKjXFf3j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Upkeep, repair and maintenance</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Chemical and incineration fees</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Bank service charges</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40C_eifrs-full--OtherExpenseByFunction_msOOIEzjZX_zk8Ey4W77g2a" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AD_z6BMOrjjX7y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000720" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfEmployeeBenefitsExplanatory_ziIyMGhabMY1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span> <span id="xdx_825_z0B2oqNiRqF5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employee benefits expense</b></span></p>





<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000722" name="ESGL:DisclosureOfDetailedInformationAboutEmployeeBenefitsExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationAboutEmployeeBenefitsExplanatory_zDceB6iMqqxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zYIOga9Oo8S4" style="display: none">Schedule of employee benefits expense</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0731">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Other short term benefit</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee benefits expense,
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee benefits expense</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A5_zKpgFqPQrpFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000748" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfFinanceIncomeExpenseExplanatory_zePtrRC3IL5c" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span> <span id="xdx_828_z4f3ujmzf3fc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance expense</b></span></p>





<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000750" name="ESGL:DisclosureOfDetailedInformationAboutFinanceExpenseExplanatory"><p id="xdx_890_ecustom--DisclosureOfDetailedInformationAboutFinanceExpenseExplanatory_znLFheeWCjg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B9_zLaFKl4mJctk" style="display: none">Schedule of finance expense</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expenses:</td><td>&#160;</td>
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<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000764" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfIncomeTaxExplanatory_ztHosja4LuL8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span> <span id="xdx_82F_zhoWUc9qxff8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income tax expense</b></span></p>





<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000766" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_zEMdGvwTxvua" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span><span id="xdx_8B6_zMRa8tYHRlb2" style="display: none">Schedule of tax expense attributable to loss</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_49D_20230101__20231231_zy80nivS7ax5" style="text-align: center; font-weight: bold; vertical-align: bottom">2023</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Tax expense attributable to loss is made up of:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--IncreaseDecreaseInDeferredTaxLiabilityAsset_iN_di_msITECOzClM_ze8bjNEje2S4" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax expense attributable
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</ix:nonNumeric><p id="xdx_8A5_zvyiXrsaAsGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax on profit or loss before income tax differs from the theoretical amount that would arise using the Singapore standard rate of income
tax expense as follows :</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000774" name="ESGL:DisclosureOfComponentsOfIncomeTaxExpensesExplanatory"><p id="xdx_89A_ecustom--DisclosureOfComponentsOfIncomeTaxExpensesExplanatory_z1qkPwhpxgFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zEJqfZIZORVi" style="display: none">Schedule of income tax rates to profit or loss before income tax expense</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_49F_20230101__20231231_zs2kQl319vF3" style="text-align: center; font-weight: bold; vertical-align: bottom">2023</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_49C_20220101__20221231_z7ZqbPbM3IGk" style="text-align: center; vertical-align: bottom">2022</td><td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom">US$</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--ProfitLossBeforeTax_zkOaYIUHB451" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Loss before income tax</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 16%; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000776" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,846,338</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--AccountingProfit_iN_di_msITECOz3yz_zmipO54Ov5Q5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax calculated at tax rate of <span id="xdx_900_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231_zofBm0J6PEmg" title="Applicable tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEluY29tZSBUYXggUmF0ZXMgdG8gUHJvZml0IG9yIExvc3MgQmVmb3JlIEluY29tZSBUYXggRXhwZW5zZSAoRGV0YWlscykgKFBhcmFudGhldGljYWwpAA__"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact000782" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>% (2022: <span id="xdx_90B_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231_zuMpVJsEqotk" title="Applicable tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEluY29tZSBUYXggUmF0ZXMgdG8gUHJvZml0IG9yIExvc3MgQmVmb3JlIEluY29tZSBUYXggRXhwZW5zZSAoRGV0YWlscykgKFBhcmFudGhldGljYWwpAA__"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31" id="Fact000784" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">17</ix:nonFraction></span>%)</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_40B_eifrs-full--AccountingProfit_iN_di_msITECOz3yz_zsbFaVyEzvLe" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax calculated at tax rate</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:AccountingProfit" contextRef="From2023-01-01to2023-12-31" id="Fact000786" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,123,877</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AccountingProfit" contextRef="From2022-01-012022-12-31" id="Fact000787" format="ixt:numdotdecimal" decimals="0" unitRef="USD">405,248</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_407_eifrs-full--ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract_iB_zpujSarXvfPj" style="vertical-align: bottom; background-color: White">
    <td>Effects of:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_i01_maITECOz3yz_zpx79t2zFIo9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Listing expenses</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact000792" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,821,445</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0793">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_i01_maITECOz3yz_zrAFGGn0G5n3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">- Expenses not deductible for tax purposes</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000795" format="ixt:numdotdecimal" decimals="0" unitRef="USD">467,334</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" contextRef="From2022-01-012022-12-31" id="Fact000796" format="ixt:numdotdecimal" decimals="0" unitRef="USD">172,993</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--TaxEffectOfIncomeNotSubjectToTax_i01_maITECOz3yz_z5l9dHNeeqEj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Income not subject to tax</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:TaxEffectOfIncomeNotSubjectToTax" contextRef="From2022-01-012022-12-31" id="Fact000799" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">310</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eifrs-full--TaxEffectOfTaxLosses_i01_maITECOz3yz_z3v3z5b7so0k" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">- Utilization of tax losses</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0801">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_i01_maITECOz3yz_zAUzoomkSxQe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">- Temporary difference</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000804" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">28,790</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2022-01-012022-12-31" id="Fact000805" format="ixt:numdotdecimal" decimals="0" unitRef="USD">251,565</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--IncomeTaxExpenseContinuingOperations_i01T_mtITECOz3yz_zlCasnzTYeB5" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A5_zFJyRmU9Y2la" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>Disposal</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0896">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0898">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0899">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
Property, plant and equipment, net (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_438_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedDepreciationMember_eifrs-full--PropertyPlantAndEquipment_iE_zGnzBTtxeSp8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Ending Balance</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A0_zZBBl21yBHIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Right-of-use
assets acquired under leasing arrangements are presented together with the owned assets of the same class. Details of such leased assets
are disclosed in Note 15.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
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to secure a term loan (Note 17).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
Property, plant and equipment, net (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
value hierarchy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
valuations were performed by the valuers, CKS Property Consultants Pte Ltd and GB Global Pte Ltd to determine the fair value of leasehold
land and buildings as at December 31, 2023 and 2022, respectively. The revaluation surplus net of applicable deferred income taxes was
credited to revaluation reserve. The following table presents the fair value measurement hierarchy of the Group&#8217;s leasehold land
and buildings carried at fair value:-</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001050" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfFairValueMeasurementOfAssetsExplanatory_z7uHKVZEFoE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span><span id="xdx_8B8_z8dgCmhSHuQi" style="display: none">Schedule of fair value measurement hierarchy of leasehold land and buildings</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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inputs</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--FinancialAssetsAtFairValue_iI_hifrs-full--MeasurementAxis__ifrs-full--RecurringFairValueMeasurementMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--LeaseholdLandAndBuildingsMember__ifrs-full--ClassesOfAssetsAxis__custom--IndustrialMember__ifrs-full--GeographicalAreasAxis__country--SG_zVdvWU6rzvYf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1058">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1059">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_ifrs-full_RecurringFairValueMeasurementMember_custom_LeaseholdLandAndBuildingsMember_custom_IndustrialMember_country_SG" id="Fact001060" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,105,459</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2022-12-31_ifrs-full_RecurringFairValueMeasurementMember_custom_LeaseholdLandAndBuildingsMember_custom_IndustrialMember_country_SG" id="Fact001062" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,105,459</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1063">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zvN51bEcqhy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023 and 2022, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESGL
Holdings Limited </b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
Property, plant and equipment, net (continued)</b></span></p>


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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001067" name="ESGL:DisclosureOfDetailedInformationAboutReconciliationOfFairValueMeasurementsExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutReconciliationOfFairValueMeasurementsExplanatory_z3M8bmoDhY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: center">and buildings</td><td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center">US$</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; text-align: right">&#160;</td><td style="text-align: right; vertical-align: bottom">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--FinancialAssetsAtFairValue_iS_zOzCW3WsP1Sk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">Carrying amount at December 31, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2022-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_LeaseholdLandAndBuildingsMember" id="Fact001069" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,105,459</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--DepreciationChargeOnRevaluationOfPropertiesHeldForOwnUse_zGtBysqHy899" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation charge on revaluation of properties held for own use</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:DepreciationChargeOnRevaluationOfPropertiesHeldForOwnUse" contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_LeaseholdLandAndBuildingsMember" id="Fact001071" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">723,371</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net gain from a fair value adjustment recognized in the</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--AdjustmentsForFairValueGainsLosses_zuSp32MDqa7e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">consolidated statement of profit or loss and other comprehensive income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForFairValueGainsLosses" contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_LeaseholdLandAndBuildingsMember" id="Fact001073" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,598</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--AdjustmentsForFairValueGainsLosses_ztsxsKOZ6ph4" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Net gain from a fair value adjustment recognized in the consolidated statement
    of profit or loss and other comprehensive income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForFairValueGainsLosses" contextRef="From2023-01-012023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_LeaseholdLandAndBuildingsMember" id="Fact001075" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,598</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--FinancialAssetsAtFairValue_iE_zG9wCENAvari" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Carrying amount at December 31, 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2023-12-31_ifrs-full_Level3OfFairValueHierarchyMember_custom_LeaseholdLandAndBuildingsMember" id="Fact001077" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,532,686</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zGakgtmrwFm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation
techniques</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been no change from the valuation techniques used in the financial years ended December 31, 2023 and 2022. For all leasehold land
and buildings, the valuation was determined using a market comparison approach. The fair value of leasehold land and buildings is based
on prices for recent market transactions in similar properties and adjusted to reflect the conditions and locations of the Group&#8217;s
properties. The significant input into this valuation approach is price per square foot, which has been adjusted to reflect the location,
size, tenure, age and condition, standard of finishes, use, facilities provided, date of transaction and the prevailing economic conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001079" name="ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory_zN9ugEZokn48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of the valuation techniques used and the key inputs to the valuation of leasehold land and buildings:-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zz2C3CxezsIg" style="display: none">Schedule of valuation techniques used and key inputs to valuation of leasehold land and buildings</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation
    techniques</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
                                            </b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>unobservable
    inputs</b></span></p></td>
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Range
    or weighted average</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
                                            land </span><span style="font-family: Times New Roman, Times, Serif">and buildings in Singapore</span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><p id="xdx_981_eifrs-full--DescriptionOfValuationTechniquesUsedInFairValueMeasurementEntitysOwnEquityInstruments_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--SG_zHwQMA0yURG4" title="Valuation techniques" style="margin-top: 0; margin-bottom: 0"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_SG" id="Fact001081" name="ifrs-full:DescriptionOfValuationTechniquesUsedInFairValueMeasurementEntitysOwnEquityInstruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                            </span><span style="font-family: Times New Roman, Times, Serif">comparison approach</span></ix:nonNumeric></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td id="xdx_986_eifrs-full--DescriptionOfSensitivityOfFairValueMeasurementToChangesInUnobservableInputsAssets_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--SG_zOvMnywWtTw" title="Significant unobservable inputs" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_SG" id="Fact001083" name="ifrs-full:DescriptionOfSensitivityOfFairValueMeasurementToChangesInUnobservableInputsAssets">Price
    per square foot</ix:nonNumeric></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$<span id="xdx_901_ecustom--LeaseholdLandAndBuildings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--SG__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zeWImPTfMir7" title="Leasehold land and buildings per square foot"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2023-12-31_country_SG_ifrs-full_BottomOfRangeMember" id="Fact001085" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113</ix:nonFraction></span>
                                            to </span><span style="font-family: Times New Roman, Times, Serif">US$<span id="xdx_900_ecustom--LeaseholdLandAndBuildings_iI_c20231231__ifrs-full--GeographicalAreasAxis__country--SG__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zcEUaQ7i1gnl" title="Leasehold land and buildings per square foot"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2023-12-31_country_SG_ifrs-full_TopOfRangeMember" id="Fact001087" format="ixt:numdotdecimal" decimals="0" unitRef="USD">396</ix:nonFraction></span> <span style="font-size: 10pt">per
                                            square foot</span></span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$<span id="xdx_90C_ecustom--LeaseholdLandAndBuildings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--SG__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_ztb9lEJdzph3" title="Leasehold land and buildings per square foot"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2022-12-31_country_SG_ifrs-full_BottomOfRangeMember" id="Fact001089" format="ixt:numdotdecimal" decimals="0" unitRef="USD">67</ix:nonFraction></span>
    to US$<span id="xdx_906_ecustom--LeaseholdLandAndBuildings_iI_c20221231__ifrs-full--GeographicalAreasAxis__country--SG__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zZEL3fNYSPLf" title="Leasehold land and buildings per square foot"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2022-12-31_country_SG_ifrs-full_TopOfRangeMember" id="Fact001091" format="ixt:numdotdecimal" decimals="0" unitRef="USD">141</ix:nonFraction></span> per square foot</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_zIbibZGzs9Cd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value measurements are based on the above leasehold land and buildings&#8217; highest and best use, which does not differ from their
actual use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Had
the Group&#8217;s leasehold land and buildings been carried at cost less accumulated depreciation, the carrying amount of the Group&#8217;s
leasehold land and buildings as at December 31, 2023 and 2022 would have been approximately US$<span id="xdx_90F_ecustom--LeaseholdLandAndBuildings_iI_c20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zxXfI25IIVLd" title="Leasehold land and buildings"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001093" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,645,289</ix:nonFraction></span> and US$<span id="xdx_90D_ecustom--LeaseholdLandAndBuildings_iI_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zD0XFgNXhUGi" title="Leasehold land and buildings"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001095" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,118,381</ix:nonFraction></span> respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001097" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfIntangibleAssetsExplanatory_zFCPZBzjscE" style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82E_z9c2NJbjLJ5d">Intangible assets, net</span></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001099" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zAykP9zDLGte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_z0mZa5u7NSTi" style="display: none">Schedule of intangible assets</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_493_20230101__20231231_zVZ3cRuwysdg" style="text-align: center; font-weight: bold; vertical-align: bottom">2023</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" id="xdx_490_20220101__20221231_zrntL8Rt3mVd" style="text-align: center; vertical-align: bottom">2022</td><td style="text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom">US$</td><td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Cost</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zLzaI2SHQN3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001131" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_zegz7hRrvqw2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82F_zcv2ysHJzaVc">Trade and other receivables</span></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001133" name="ESGL:DisclosureOfDetailedInformationAboutTradeAndOtherReceivablesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutTradeAndOtherReceivablesExplanatory_z0KE7XVI3Yte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span><span id="xdx_8B3_zgXGJfGs3SX2" style="display: none">Schedule of trade and other receivables</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">Non-trade receivables</td><td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--CurrentAdvancesToSuppliers_i01I_maNRz40L_z4lgdwvjwGx1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A8_zUzdDabJf3Q" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade and other receivables (continued)</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Receivables
that are past due but not impaired</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group had trade receivables amounting to US$<span id="xdx_900_eifrs-full--TradeAndOtherCurrentReceivables_c20231231__ifrs-full--PastDueStatusAxis__ifrs-full--CurrentMember_pp0p0" title="Trade and other receivables"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2023-12-31_ifrs-full_CurrentMember" id="Fact001165" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">59,757</ix:nonFraction></span> (2022: US$<span id="xdx_903_eifrs-full--TradeAndOtherCurrentReceivables_c20221231__ifrs-full--PastDueStatusAxis__ifrs-full--CurrentMember_pp0p0" title="Trade and other receivables"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2022-12-31_ifrs-full_CurrentMember" id="Fact001167" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">26,485</ix:nonFraction></span>) that were past due at the reporting date but were not impaired.
These receivables were unsecured and the analysis of their aging based on their trade date at the reporting date is as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001169" name="ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory_zMBj7jgJ5935" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zFrmemNnNMIi" style="display: none">Schedule of components of trade receivables aging</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
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  <tr id="xdx_407_eifrs-full--TradeAndOtherCurrentReceivables_iI_hifrs-full--PastDueStatusAxis__ifrs-full--LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_z7OwUBjDz8Ke" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eifrs-full--TradeAndOtherCurrentReceivables_iI_hifrs-full--PastDueStatusAxis__ifrs-full--CurrentMember_zZo1DgSQNff6" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade and other receivables</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zxAzKSoJqQRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trade receivables and contract assets are subject to the expected credit loss model under the financial reporting standard on financial
instruments. At all reporting dates the historical observed default rates are updated and changes in the forward-looking estimates are
analyzed. Details of impairment of trade and other receivables are set out in Note 23(b)(ii).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">As of December 31, 2023, the Group
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001187" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfInventoriesExplanatory_znaKP3Ps6UN8" style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_824_zmlYfsOPW3G2">Inventories</span></span></p>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A9_zjFhN1ZlMIb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revaluation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 70.9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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Such exchange differences accumulated in the exchange reserve are reclassified to the consolidated income statement on the disposal of
the leasehold land and building.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 70.9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
share premium reserve represents the excess amounts paid by shareholders above the par value of the shares issued.</span></p>
<!-- Field: Split-Segment; Name: 003 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Nature
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has lease contracts for land, buildings, machineries and equipment. The Group&#8217;s obligations under these leases are secured
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 18pt/115% Aptos; margin: 0 0 8pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span><span><span><span id="xdx_8B5_zi1pQtWZK7Ef">Schedule
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--RightofuseAssets_iI_hifrs-full--ClassesOfAssetsAxis__ifrs-full--LandAndBuildingsMember_z21OSlWxjsu" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt"><p style="font: 10pt/115% Aptos; margin: 0 0 8pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying
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</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A0_zKG98ZeewKMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001222" name="ESGL:DisclosureOfDetailedInformationAboutDepreciationChargeExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutDepreciationChargeExplanatory_zeNfiNj6Ckt3" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation charge during the financial year</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="display: none"><span id="xdx_8B0_zuFqdrVY87U">Schedule of depreciation charge</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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</ix:nonNumeric><p id="xdx_8A3_zWuJ0Krhs5x2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001236" name="ifrs-full:DisclosureOfInterestExpenseExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfInterestExpenseExplanatory_zjNQgfmEm7Jf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BB_zkimnykEdIRe" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of interest expense</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AC_zyzusPWcf5Di" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001241" name="ESGL:DisclosureOfDetailedInformationAboutShortTermLeasesExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutShortTermLeasesExplanatory_zOBBT3wkysuk" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term leases</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zf82QO9LAqS" style="display: none">Schedule
of short-term leases</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr id="xdx_40F_eifrs-full--CashOutflowForLeases_zVPDl4PdOpQ3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total cash outflow for leases</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A6_zzXK4gBpChJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.05pt; text-align: justify; text-indent: -49.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
Amount includes payments of principal and interest portion of lease liabilities and short-term leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
both years, the Group leases various offices and machineries for its operations. <span id="xdx_90E_eifrs-full--DescriptionOfCrossreferenceToDisclosuresAboutLeases_c20230101__20231231_zt1Bi76w1xx8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001248" name="ifrs-full:DescriptionOfCrossreferenceToDisclosuresAboutLeases">Lease contracts are entered into for fixed term of 1
month to 30 years.</ix:nonNumeric></span> Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. At the
end of the current financial year, the lease for one of the properties was extended by 20 years, ending in November 2050.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases &#8211; The Group as a lessee (continued)</span></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group regularly enters into short-term leases for certain office premises. As at December 31, 2023 and 2022, the portfolio of short-term
leases was similar to the portfolio of short-term leases to which the short-term leases expense is disclosed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
There were no addition of ROU assets during the financial years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;
</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001250" name="ESGL:DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory_zkMQQyOW1PFe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Lease liabilities</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/115% Aptos; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8BB_zVwMk7Ht5Puc" style="display: none">Schedule of lease liabilities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
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</ix:nonNumeric><p id="xdx_8AA_zWA305Y6z1a6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001261" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zBTseLJ5cw7f" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_zlvqProT7k3k">Trade and other payables</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001263" name="ESGL:DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory"><p id="xdx_897_ecustom--DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory_z6NGkNg2oZS4" style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><span id="xdx_8B7_zw6HDcgvRIHd" style="display: none">Schedule of trade and other payables</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in">
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--TradeAndOtherPayablesToRelatedParties_iI_maTAOPz3M0_zksuQYEHFwe5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_ecustom--ContractLiabilitiesOtherPayables_iI_maTAOPz3M0_zCzTKa5vsRKg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eifrs-full--OtherCurrentLiabilities_iI_maTAOPz3M0_zdfQECo7i0Ej" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eifrs-full--DepositsFromCustomers_iI_maTAOPz3M0_zKVvSsKNPr2a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Deposit from customers</td><td style="font-weight: bold">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_znFDKl3KC71f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts due to directors are non-trade in nature, unsecured, bear interests at <span id="xdx_907_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231_zOzmQgxwI4Uk" title="Unsecured, bear interests"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31" id="Fact001298" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% per annum and are repayable on demand. As of December
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contract liabilities primarily relate to the advance consideration received from customers for unsatisfied performance obligations. The
Company recognizes revenue for each respective performance obligation when control of the product or service transfers to the customer
and the right to payment becomes unconditional. In 2023, US$<span id="xdx_903_eifrs-full--ContractLiabilities_iI_c20231231_zXFfzcNykUri" title="Contract liabilities"><ix:nonFraction name="ifrs-full:ContractLiabilities" contextRef="AsOf2023-12-31" id="Fact001304" format="ixt:numdotdecimal" decimals="0" unitRef="USD">85,536</ix:nonFraction></span> (2022 : US$<span id="xdx_90B_eifrs-full--ContractLiabilities_iI_c20221231_z0r8RR42jTa9" title="Contract liabilities"><ix:nonFraction name="ifrs-full:ContractLiabilities" contextRef="AsOf2022-12-31" id="Fact001306" format="ixt:numdotdecimal" decimals="0" unitRef="USD">544,311</ix:nonFraction></span>) of contract liabilities was recognized as revenue
in the profit or loss statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001308" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfBorrowingsExplanatory_zMVlzErbaUg1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zVg5YqkUj5t2">Borrowings</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001310" name="ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory"><p id="xdx_896_eifrs-full--DisclosureOfLoansAndAdvancesToBanksExplanatory_zs3IPvquYQVf" style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><span id="xdx_8B3_zqRNL6QQDbl9" style="display: none">Schedule of borrowings term loan</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1331">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zwqoVgXuBl84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001348" name="ESGL:DisclosureOfDetailedInformationAboutScheduleInRespectOfTheInterestBearingBorrowingsTradeAndOtherPayablesExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutScheduleInRespectOfTheInterestBearingBorrowingsTradeAndOtherPayablesExplanatory_zzxHsVdRk5od" style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt"><span id="xdx_8B7_zdGfLEfkaLV9" style="display: none">Schedule of respect of the interest-bearing borrowings
trade and other payables</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">US$</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bank borrowings repayable :</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--Borrowings_iI_hifrs-full--MaturityAxis__ifrs-full--OnDemandMember_zuznwzSShznc" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Within one year or on demand</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--Borrowings_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zq01Q3PFW2J7" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001354" format="ixt:numdotdecimal" decimals="0" unitRef="USD">371,103</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--Borrowings_iI_zomCo1Jlfdi2" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Bank borrowings
    repayable</span></td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact001356" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,778,479</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact001357" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,798,641</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_z7oOYQXL2o5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_zYk0JcuXOj27" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zD4IWEnA5KLj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001358" xml:lang="en-US">Term
    loan I was obtained for refinancing the outstanding loan amount in relation to the leasehold land and building of the Group. This
    loan is repayable by monthly instalments over a <span id="xdx_906_ecustom--MonthlyInstalments_dtM_c20230101__20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanOneMember_zHUIELj169Ah" title="Monthly instalments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TermLoanOneMember" format="ixt-sec:durmonth" id="Fact001360" name="ESGL:MonthlyInstalments">120</ix:nonNumeric></span> months period commencing 2015. The interest rates charged were between <span id="xdx_907_eifrs-full--BorrowingsInterestRate_iI_dp_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanOneMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z9LRhYcbhKLa" title="Fixed interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_TermLoanOneMember_ifrs-full_BottomOfRangeMember" id="Fact001362" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.30</ix:nonFraction></span>%
    to <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_dp_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanOneMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zrCpptRV0vyj" title="Fixed interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_TermLoanOneMember_ifrs-full_TopOfRangeMember" id="Fact001364" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.30</ix:nonFraction></span>% per annum below the bank&#8217;s commercial rate 2 for the 1st to 3rd year of the loan and thereafter at the bank&#8217;s
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    as current liabilities as at December 31, 2023 and 2022.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the current financial year, the Group entered into a trade receivables financing agreement with one of its lenders. The arrangement will
provide immediate payment of up to <span id="xdx_909_ecustom--TradeReceivablesImmediatePayment_iI_pid_dp_uPure_c20231231_zQVW2ABQj0j5" title="Immediate payment percentage"><ix:nonFraction name="ESGL:TradeReceivablesImmediatePayment" contextRef="AsOf2023-12-31" id="Fact001370" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% of the receivables upon presentation of relevant documents by the Group. The remaining <span id="xdx_904_ecustom--TradeSettlementOfReceivables_iI_pid_dp_uPure_c20231231_zP2KCEZDGbpf" title="Settlement payment percentage"><ix:nonFraction name="ESGL:TradeSettlementOfReceivables" contextRef="AsOf2023-12-31" id="Fact001372" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% will
be paid upon settlement of the receivables by the customer. This arrangement has recourse and the Group is liable for any unpaid receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Borrowings (continued) </b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_zZsO5gpDwFV" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zDISIiNI8QJ4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001373" xml:lang="en-US">Term
    loan II was obtained to finance the construction of the proposed erection of a single user 1-story factory with part 3-story ancillary.
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    <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanTwoMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zzfMpQaerLH7" title="Fixed interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_TermLoanTwoMember_ifrs-full_BottomOfRangeMember" id="Fact001377" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.65</ix:nonFraction></span>% to <span id="xdx_909_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanTwoMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zbh9lmAnjTzd" title="Fixed interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_TermLoanTwoMember_ifrs-full_TopOfRangeMember" id="Fact001379" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.45</ix:nonFraction></span>% per annum below the bank&#8217;s prevailing Enterprise Financing Rate for the 1st to 3rd year of the loan and thereafter
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    instalments over a <span id="xdx_900_ecustom--MonthlyInstalments_dtY_c20230101__20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanSevenMember_zjgFpA1zkzv8" title="Monthly instalments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TermLoanSevenMember" format="ixt-sec:duryear" id="Fact001399" name="ESGL:MonthlyInstalments">3</ix:nonNumeric></span> year period commencing year 2023. The interest rates charged are <span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--TermLoanSevenMember_zi8LxvzwyvCa" title="Interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIGJvcnJvd2luZ3MgdGVybSBsb2FuIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_TermLoanSevenMember269365906" id="Fact001401" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.0</ix:nonFraction></span>% above the Bank&#8217;s Cost of Funds.
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revolving
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security
granted</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s borrowings are secured by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    legal mortgage on the Group&#8217;s leasehold land and buildings with net book value of US$<span id="xdx_904_ecustom--LeaseholdLandAndBuildings_iI_c20231231_zelNsrcPv1Bg" title="Leasehold land and buildings"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2023-12-31" id="Fact001411" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,532,686</ix:nonFraction></span> (2022: US$<span id="xdx_90A_ecustom--LeaseholdLandAndBuildings_iI_c20221231_zpNoby3FCs5e" title="Leasehold land and buildings"><ix:nonFraction name="ESGL:LeaseholdLandAndBuildings" contextRef="AsOf2022-12-31" id="Fact001413" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,105,459</ix:nonFraction></span>) (Note
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
    guarantees from a director and a former director of the Group in their personal capacities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001415" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfDeferredTaxesExplanatory_zdDa3DPrKVyc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span> <span id="xdx_822_zwuxRiA4hthc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are offset when there is legally enforceable right to offset current income tax assets against current income
tax liabilities and when the deferred taxes relate to the same taxation authority. The Group&#8217;s deferred tax liabilities arose mainly
from differences in depreciation for tax and revaluation of leasehold properties whilst deferred tax assets arose from tax losses carried
forward. As at December 31, 2023, the Group has tax losses of approximately US$<span id="xdx_90C_eifrs-full--UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_iI_dxL_c20231231_z41PqyX56Oni" title="Tax losses::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1417">NIL</span></span> (2022 : US$<span id="xdx_901_eifrs-full--UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_iI_c20221231_zgDYtvX5Rbbc" title="Tax losses"><ix:nonFraction name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" contextRef="AsOf2022-12-31" id="Fact001419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">442,000</ix:nonFraction></span>) which can be carried forward indefinitely
to offset future taxable profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001421" name="ESGL:DisclosureOfDetailedInformationAboutDeferredTaxAssetsAndLiabilitiesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutDeferredTaxAssetsAndLiabilitiesExplanatory_zld9gnuyoemd" style="font: 10pt/115% Aptos; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8B6_ztApBlGrDRV6" style="display: none">Schedule
of deferred tax assets and liabilities</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--DeferredTaxAssets_iI_zsaNZmHvPGzl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eifrs-full--DeferredTaxLiabilities_iI_zvx62KZNBV9d" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred tax (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001432" name="ESGL:DisclosureOfDetailedInformationAboutDeferredTaxLiabilitiesExplanatory"><p id="xdx_894_ecustom--DisclosureOfDetailedInformationAboutDeferredTaxLiabilitiesExplanatory_zDsJfJLcH5Rf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zyFO3Z6GSWhl">Schedule
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</ix:nonNumeric><p id="xdx_8A1_zbkwt8CgBRY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001443" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zIXeu1bsKtD1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span> <span id="xdx_82B_zE30xk5GSQj8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share capital</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001445" name="ESGL:DisclosureOfDetailedInformationAboutShareCapitalExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutShareCapitalExplanatory_zdbJt7cP0hA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zjtuMw2V6f27">Schedule
of share capital</span></span></p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zDBvCDcA2Pq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Pursuant
to the terms of the Merger Agreement, the aggregate consideration paid at the closing of the Business Combination to existing shareholders
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">In
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Subsequent
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001460" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfRelatedPartyExplanatory_zBMk91C6H3Pa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001462" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zgP9QoPfPPG3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<span id="xdx_8B3_zmp6sJRWrj16">Directors&#8217; remuneration</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_z8ngjejtzNp2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001488" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfCommitmentsExplanatory_zNixhIoEM4df" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001490" name="ESGL:DisclosureOfDetailedInformationAboutCapitalExpendituresExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutCapitalExpendituresExplanatory_ziTio0FA73ba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001517" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_z8MhPMVUVjD2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.
<span id="xdx_820_zFMdoMzDVdD3">Financial risk management</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
risk factors</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s activities expose it to market risk (including currency risk, price risk and interest rate risk), credit risk, liquidity
risk and capital risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors review and agree to the policies and procedures for the management of these risks, which are executed by the management team.
It is and has been throughout the current and previous financial year, the Group&#8217;s policy that no trading in derivatives for speculative
purposes shall be undertaken. The following sections provide details regarding the Group&#8217;s exposure to the abovementioned financial
risks and the objectives, policies, and processes for the management of these risks. There has been no change to the Group&#8217;s exposure
to these financial risks or the manner in which it manages and measures the risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
risk arises from sales or purchases that are denominated in currencies other than the functional currency of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foreign currency in which these transactions are denominated is mainly Singapore Dollar (&#8220;SGD&#8221;). The Group does not have
a policy to hedge its exposure to foreign exchange risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001519" name="ESGL:DisclosureOfDetailedInformationAboutCurrencyExposureExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutCurrencyExposureExplanatory_zV3CJUrYIW53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zLRMM1Lz4wBa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--TradeAndOtherCurrentPayables_iI_zj6ndVIW6wNd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b> </p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></span></p>

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</ix:nonNumeric><p id="xdx_8AB_zE3sr5MUqZQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
    risk </b>(continued)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></span></td>
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    risk </i>(continued)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zJzJwsa8tHhb">Schedule
of tax rate effect</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; font-weight: bold; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; font-weight: bold; vertical-align: bottom">&#160;</td>
    <td colspan="6" style="vertical-align: bottom; font-weight: bold; text-align: right">Increase/(decrease)</td><td style="text-align: right; font-weight: bold; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; font-weight: bold; vertical-align: bottom">&#160;</td>
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    <td colspan="2" style="vertical-align: bottom; text-align: right">2022</td><td style="text-align: right; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: bottom">&#160;</td><td style="text-align: right; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: right">US$</td><td style="text-align: right; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: right; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">US$</td><td style="text-align: right; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">SGD against USD</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--IncreaseDecreaseInProfitLossBeforeTax_hifrs-full--InterestRateBenchmarksAxis__custom--StrengthenedMember__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zlOEDzIC2W27" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%">- strengthened</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 16%; font-weight: bold; text-align: right">(<ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_StrengthenedMember_ifrs-full_CurrencyRiskMember" id="Fact001607" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,188,551</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">(<ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_StrengthenedMember_ifrs-full_CurrencyRiskMember" id="Fact001608" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,116,282</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--IncreaseDecreaseInProfitLossBeforeTax_hifrs-full--InterestRateBenchmarksAxis__custom--WeekenedMember__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zFoxa8hRpXj1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_WeekenedMember_ifrs-full_CurrencyRiskMember" id="Fact001610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,188,551</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_WeekenedMember_ifrs-full_CurrencyRiskMember" id="Fact001611" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,116,282</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--IncreaseDecreaseInProfitLossBeforeTax_hifrs-full--InterestRateBenchmarksAxis__custom--WeekenedMember__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zqbPD6TM65P3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Currency risk</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_WeekenedMember_ifrs-full_CurrencyRiskMember" id="Fact001613" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,188,551</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ESGL:IncreaseDecreaseInProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_WeekenedMember_ifrs-full_CurrencyRiskMember" id="Fact001614" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,116,282</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AB_zs6awYsqKIc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
    rate risk</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to interest rate risk on its non-current borrowings at variable rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s borrowings at variable rates are denominated mainly in SGD. At December 31, 2023, if the SGD interest rates had increased/decreased
by <span id="xdx_90A_ecustom--BorrowingsInterestRatePercentage_iI_pid_dp_uPure_c20231231_zqAzovvrknUe" title="Borrowings interest rate"><ix:nonFraction name="ESGL:BorrowingsInterestRatePercentage" contextRef="AsOf2023-12-31" id="Fact001616" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.5</ix:nonFraction></span>% (2022: <span id="xdx_90F_ecustom--BorrowingsInterestRatePercentage_iI_pid_dp_uPure_c20221231_zqxvxCpIUSM9" title="Borrowings interest rate"><ix:nonFraction name="ESGL:BorrowingsInterestRatePercentage" contextRef="AsOf2022-12-31" id="Fact001618" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.5</ix:nonFraction></span>%) with all other variables including tax rate being held constant, the loss after tax for the financial year would
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk refers to the risk that counterparty will default on its contractual obligation, resulting in financial loss to the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has adopted the following policy to mitigate its credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties&#8217;
financial conditions and generally does not require collateral.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span></td>
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    risk </b>(continued)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has applied the simplified approach by using the provision matrix to measure the lifetime ECL for trade receivables and the general
approach for other financial assets at amortized cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trade
receivables</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry
or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has
significant exposure to individual customers. At the end of the financial year, <span id="xdx_90C_ecustom--TradeReceivablesPercentage_pid_dp_uPure_c20230101__20231231_zoUJUnXEnrVk" title="Trade receivables percentage"><ix:nonFraction name="ESGL:TradeReceivablesPercentage" contextRef="From2023-01-01to2023-12-31" id="Fact001624" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">58.8</ix:nonFraction></span>% of the total trade receivables were from three
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
credit evaluations are performed on all customers. These evaluations focus on the customer&#8217;s past history of making payments when
due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment
in which the customer operates. Unless agreed the otherwise, trade receivables are generally due within 30 days from the date of billing.
Normally, the Group does not obtain collateral from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group measures loss allowances for trade receivables at an amount equal to lifetime ECLs, which is calculated with reference to the credit
spread for each of the groupings (which taking into consideration of historical credit loss experience, average actual date of receipt,
customers&#8217; background, listing status and size as groupings of various debtors), which reflect the credit risk of the debtors,
over the expected life of the debtors and are adjusted for forward-looking information that is available without undue cost or effort.
As the Group&#8217;s historical credit loss experience does not indicate significantly different loss patterns for different customer
segments, the loss allowance based on past due status is not further distinguished between the Group&#8217;s different customer bases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001628" name="ESGL:DisclosureOfDetailedInformationAboutGroupsExposureToCreditRiskAndECLsForTradeReceivablesExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutGroupsExposureToCreditRiskAndECLsForTradeReceivablesExplanatory_z9Gw7uL0ue17" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information about the Group&#8217;s exposure to credit risk and ECLs for trade receivables:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zVpzJAOqHfHg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of group&#8217;s exposure to credit risk and ECLs for trade receivables</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2023</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">amount</td><td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">2022</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
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</ix:nonNumeric><p id="xdx_8AD_zuxVbLNo9No8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
loss rates are based on actual loss experience. These rates are adjusted to reflect differences between economic conditions during the
period over which the historic data has been collected, current conditions and the Group&#8217;s view of economic conditions over the
expected lives of the receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001686" name="ESGL:DisclosureOfDetailedInformationAboutMovementsInLossAllowanceForTradeReceivablesExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationAboutMovementsInLossAllowanceForTradeReceivablesExplanatory_zwnhOsUmrgw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movements in loss allowance for trade receivables during the years are as follows:-</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_z44lC6wiSAuf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of movements in loss allowance for trade receivables</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">At January 1</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iS_c20230101__20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember_zlRMZuP8HHn2" title="Beginning" style="width: 16%; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_TradeReceivablesMember" id="Fact001688" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,768</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A4_zAjMxllplqSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
financial assets, at amortized cost</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s other financial assets recognized at amortized cost are mainly comprised of cash and bank balances, non-trade receivables
from non-related parties, deposits and prepayments. These other financial assets are subject to immaterial credit loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties,
adjusted for factors that are specific to these receivables in estimating the probability of default of each of these other financial
assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
    risk</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001702" name="ifrs-full:DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory"><p id="xdx_896_eifrs-full--DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory_zETtlUWl9tPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below analyses non-derivative financial liabilities of the Group based on the remaining period from December 31, 2022 to the contractual
maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying amounts as the impact of discounting is not significant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zk7Q0xQV8F2d" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of liquidity risk</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--TradeAndOtherCurrentPayables_iI_zcCvxUm1lIX1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eifrs-full--ShorttermBorrowings_iI_zt6N74MN8TI8" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A8_zVs3HmSlWUd9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary objective of the Group&#8217;s capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders&#8217; value. The capital structure of the Group comprises of issued share
capital and retained earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(e)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
notional amounts of financial assets and financial liabilities with a maturity of less than one year are assumed to approximate their
fair values.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the non-trade balances with the related parties has not been determined as the timing of the expected cash flows of these
balances cannot be reasonably determined because of the relationship.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial risk management (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(f)</b></span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, ESGL
has <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pid_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--PublicWarrantsMember_zUpKvxe8lTrj" title="Ordinary shares"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2023-01-012023-12-31_custom_PublicWarrantsMember" id="Fact001748" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,625,000</ix:nonFraction></span> public warrants and <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pid_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__custom--PrivateWarrantsMember_zDB5Rq36glxl" title="Ordinary shares"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2023-01-012023-12-31_custom_PrivateWarrantsMember" id="Fact001750" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">377,331</ix:nonFraction></span> private warrants. The warrant entitles the holder thereof to purchase one ESGL ordinary share
at a price of $<span id="xdx_90C_eifrs-full--WeightedAverageSharePrice2019_c20230101__20231231_zlFB5abYN5i1" title="Share price"><ix:nonFraction name="ifrs-full:WeightedAverageSharePrice2019" contextRef="From2023-01-01to2023-12-31" id="Fact001752" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per full share. ESGL will not issue fractional shares. The warrants will expire five years after the consummation
of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESGL
may redeem the outstanding warrants (excluding the private warrants that are part of the Private Placement Units), in whole and not in
part, at a price of $<span id="xdx_908_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_c20231231_zkRCvJhf4Vu2" title="Share price per warrant"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31" id="Fact001754" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per warrant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679; </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    a minimum of 30 days&#8217; prior written notice of redemption,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
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    trading day period ending three business days before ESGL sends the notice of redemption</ix:nonNumeric></span>, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, there is a current registration statement in effect with respect to ESGL ordinary shares underlying the warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, none of the warrants have been exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">Based on the closing price of warrants as at December 31, 2023 of US$<span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_c20231231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zipEVJuCrTcl" title="Exercise price of warrants"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31_ifrs-full_WarrantsMember" id="Fact001758" decimals="INF" unitRef="USDPShares">0.0038</ix:nonFraction>,</span>
value of ESGL&#8217;s total outstanding warrants was approximately US$<span id="xdx_903_eifrs-full--NumberOfSharesOutstanding_iI_c20231231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zcUc0fkG8edc" title="Warrants outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-12-31_ifrs-full_WarrantsMember" id="Fact001760" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">34,200</ix:nonFraction></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(g)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Instruments by Category</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.5pt; text-align: justify; text-indent: -22.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001762" name="ifrs-full:DisclosureOfCreditRiskExposureExplanatory"><p id="xdx_89D_eifrs-full--DisclosureOfCreditRiskExposureExplanatory_zCQkN6C6E8pe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of the different categories of financial instruments are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_z8bo0QoZK6ye">Schedule
of financial instruments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49E_20231231_zaB6ZcEQkLc1" style="font-weight: bold; text-align: right">2023</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20221231_znNAMlwTLEC" style="text-align: right">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">US$</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--FinancialAssetsAtAmortisedCost_iI_zJqs6SLmn87l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Financial assets, at amortised cost</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact001764" format="ixt:numdotdecimal" decimals="0" unitRef="USD">874,477</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact001765" format="ixt:numdotdecimal" decimals="0" unitRef="USD">480,318</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_zP5uN3a3HQlh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Financial liabilities, at amortised cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact001767" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,150,956</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact001768" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,529,631</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>
<!-- Field: Split-Segment; Name: 005 -->
</ix:nonNumeric><p id="xdx_8A3_zw97fsngfN38" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001770" name="ESGL:DisclosureOfForwardPurchaseAgreementsExplanatory"><p id="xdx_805_ecustom--DisclosureOfForwardPurchaseAgreementsExplanatory_zPywqg2vLmRj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zjpKsSjObv7j">Forward Purchase Agreements (&#8220;FPA&#8221;)</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, the Company, ESGL entered into an agreement (&#8220;Forward Purchase Agreement&#8221;) with Vellar Opportunities Fund
Master, Ltd. (&#8220;Vellar&#8221;) for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated <span id="xdx_90E_ecustom--PercentageOfRightsAndObligations_pid_dp_c20230726__20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_z8G5oxu25OQj" title="Percentage of rights and obligations"><ix:nonFraction name="ESGL:PercentageOfRightsAndObligations" contextRef="From2023-07-262023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001772" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction>%</span> of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC (&#8220;ARRT&#8221;,
together with Vellar, the &#8220;Sellers&#8221;). Following the assignment and novation, the rights and obligations of each Seller under
its Forward Purchase Agreement were and are separate and distinct from the those of the other Seller, with each Seller acting independently
of the other, without reference to or knowledge of the other Seller&#8217;s actions or inactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing of the Business Combination
(the &#8220;Closing&#8221;). For purposes of the Forward Purchase Agreement, ESGL is referred to as the &#8220;Counterparty&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Forward Purchase Agreement, each Seller intended, but was not obligated, to purchase up to <span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zes7Pd33L24g" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_custom_ClassACommonStockMember_ifrs-full_TopOfRangeMember" id="Fact001774" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,200,000</ix:nonFraction></span> shares (the
&#8220;Maximum Number of Shares&#8221;) of Company Class A common stock, or <span id="xdx_909_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember_zT7E1sV0xXl3" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_custom_ClassACommonStockMember" id="Fact001776" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,400,000</ix:nonFraction></span> in total. The Sellers made their purchases after
the expiration of the redemption deadline for holders to redeem shares in connection with the Business Combination, in brokered transactions
in the open market, typically from holders that had elected to redeem their shares. In aggregate, Vellar purchased <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zcwYNpwL3Xw6" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001778" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">931,915</ix:nonFraction></span> shares, and
ARRT <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember_z7QZ4GOudE82" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember_custom_ClassACommonStockMember" id="Fact001780" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> shares of the Company&#8217;s Class A common stock (the &#8220;Recycled Shares&#8221;). In connection with these purchases,
the Sellers revoked any redemption elections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited </b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Forward Purchase Agreements (&#8220;FPA&#8221;) (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forward Purchase Agreement provides that each Seller be paid directly an aggregate cash amount (the &#8220;Prepayment Amount&#8221;)
equal to the product of (i) the number of Recycled Shares set forth in a Pricing Date Notice delivered by that Seller and (ii) the redemption
price paid by the Company at Closing to holders of its common stock who exercised their redemption rights in connection with the Business
Combination (the &#8220;Initial Price&#8221;). Following the Closing, the Prepayment Amounts of $<span id="xdx_905_ecustom--PrepaymentAmount_iI_pp2d_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember_zZQaGoV6pIh6" title="Prepayment amounts"><ix:nonFraction name="ESGL:PrepaymentAmount" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_custom_ClassACommonStockMember" id="Fact001782" format="ixt:numdotdecimal" decimals="2" unitRef="USD">10,141,403.28</ix:nonFraction></span> was paid to Vellar and
$<span id="xdx_90B_ecustom--PrepaymentAmount_iI_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassACommonStockMember_zLH5W9iBCeE8" title="Prepayment amounts"><ix:nonFraction name="ESGL:PrepaymentAmount" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember_custom_ClassACommonStockMember" id="Fact001784" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,427,750.00</ix:nonFraction></span> paid to ARRT directly from the GUCC&#8217;s trust account maintained by Continental Stock Transfer and Trust Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forward Purchase Agreement grants each Seller the right to purchase from the Counterparty additional shares (the &#8220;Additional Shares&#8221;)
up to an amount equal to the difference between the number of Recycled Shares for such Seller and <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zapeCIJVX3Kf" title="Number of shares issued"><span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zhNpDZF0yru1" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_TopOfRangeMember" id="Fact001786" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember_ifrs-full_TopOfRangeMember" id="Fact001788" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,200,000</ix:nonFraction></ix:nonFraction></span></span> shares (which is the maximum
number of shares for each Seller). On August 14, 2023, Vellar delivered a Pricing Date Notice to the Purchaser for <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20230814__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zTSACUtIwXGc" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-08-14_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001790" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,268,085</ix:nonFraction></span> Additional
Shares, which were issued by the Purchaser effective as of that date. On August 4, 2023, ARRT delivered a Pricing Date Notice to ESGL
for <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20230804__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember_zszeWWrWWSyj" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-08-04_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember" id="Fact001792" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">550,000</ix:nonFraction></span> Additional Shares, which were issued by the Purchaser effective as of that date. The sum of the Recycled Shares and the Additional
Shares under the Forward Purchase Agreement is referred to as the &#8220;Number of Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
valuation date (the &#8220;Valuation Date&#8221;) for each Forward Purchase Agreement will be the earliest to occur of (a) the date that
is 24 months after the Closing, (b) the date specified by the Seller in a written notice to be delivered to the Counterparty at Seller&#8217;s
discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP
Trigger Event (x) a Delisting Event, or (y) a Registration Failure and (c) the date specified by the Seller in a written notice to be
delivered to Counterparty at the Seller&#8217;s sole discretion (which Valuation Date shall not be earlier than the day such notice is
effective).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the occurrence of the Valuation Date, each Seller will pay to the Counterparty an amount in cash based on the value of
the Ordinary Shares over a Valuation Period (the &#8220;Settlement Amount&#8221;). The Valuation Period begins on the business day after
the Valuation Date and ends on the date on which the number of shares traded over the Valuation Period equals ten times the Number of
Shares. The Seller will pay the Settlement Amount on the Cash Settlement Payment Date, which is the 30th business day immediately following
the last day of the Valuation Period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of the Settlement Amount depends upon the trigger for the Valuation Date. In the event the Valuation Date is determined
by Seller delivering to Counterparty written notice at its sole discretion, the Settlement Amount will equal (1) the Number of Shares
as of the Valuation Date multiplied by (2) the closing price of the Shares on the immediately preceding trading day. In all other cases,
the Settlement Amount will equal (1) the Number of Shares as of the Valuation Date that are registered for resale under an effective
Registration Statement or may be transferred without any restrictions (including the current public information requirement or the volume
and manner of sale limitations under Rule 144 under the Securities Act) multiplied by the average of the daily VWAP Price over the Valuation
Period less (2) the Settlement Amount Adjustment. <span id="xdx_908_ecustom--DescriptionOfSettlementAmountAdjustment_c20230804__20230804__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zoWIlAVjafj7" title="Description of settlement amount adjustment"><ix:nonNumeric contextRef="From2023-08-042023-08-04_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001794" name="ESGL:DescriptionOfSettlementAmountAdjustment">The Settlement Amount Adjustment is equal to the product of (1) (a) the Maximum Number
of Shares less (b) any Terminated Shares as of the Valuation Date, multiplied by (2) $2.00.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
one occasion, during the period beginning 30 days after the Closing Date and ending on the Valuation Date, Counterparty may request in
writing that each Seller provide it with additional funding of up to $<span id="xdx_90A_ecustom--AdditionalFundsRequestedToSeller_iI_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zQLsx9tSgk6i" title="Additional funding"><span id="xdx_90C_ecustom--AdditionalFundsRequestedToSeller_iI_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_z278h5KL7Dlb" title="Additional funding"><ix:nonFraction name="ESGL:AdditionalFundsRequestedToSeller" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_TopOfRangeMember" id="Fact001796" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="ESGL:AdditionalFundsRequestedToSeller" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember_ifrs-full_TopOfRangeMember" id="Fact001798" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></ix:nonFraction></span></span> (for an aggregate of $<span id="xdx_906_ecustom--AdditionalFundsRequestedToSeller_iI_c20230727__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--SellersMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zzGDkx669Lci" title="Additional funds requested to seller"><ix:nonFraction name="ESGL:AdditionalFundsRequestedToSeller" contextRef="AsOf2023-07-27_custom_ForwardPurchaseAgreementMember_custom_SellersMember_ifrs-full_TopOfRangeMember" id="Fact001800" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span>), subject to the terms
of the Forward Purchase Agreement (the &#8220;Additional Funds&#8221;). If a Seller provides Additional Funds to Counterparty, that Seller
may deliver to Counterparty a Number of Shares Adjustment Notice, the effect of which is to reduce the Number of Shares by the number
of shares specified in that notice with aggregate proceeds equal to the Additional Funds the Seller provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Forward Purchase Agreements (&#8220;FPA&#8221;) (continued)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2023, the Company requested Additional Funds from Vellar in the amount of $<span id="xdx_905_ecustom--AdditionalFundsRequestedToSeller_iI_c20230915__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zsLruFudjTj3" title="Additional funds requested to seller"><ix:nonFraction name="ESGL:AdditionalFundsRequestedToSeller" contextRef="AsOf2023-09-15_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001802" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span> notwithstanding that the Company was
not eligible to submit a request for Additional Funds on such date pursuant to the terms of the Forward Purchase Agreement. On September
20, 2023, Vellar provided Additional Funds in the amount of $<span id="xdx_904_ecustom--AdditionalFundsReceivedFromSeller_iI_c20230920__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zqGfY1xy4J1" title="Additional funds received from seller"><ix:nonFraction name="ESGL:AdditionalFundsReceivedFromSeller" contextRef="AsOf2023-09-20_custom_ForwardPurchaseAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember" id="Fact001804" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span> to the Company upon a Funding Request by the Company as defined
in the Forward Purchase Agreement, which amount comprises the aggregate net proceeds received by the Company from the Forward Purchase
Agreement. The Company does not expect to receive any additional funds pursuant to the Forward Purchase Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Seller agreed to waive any redemption rights with respect to any Recycled Shares in connection with the Business Combination and agreed
not to vote the shares it purchases pursuant to the Forward Purchase Agreement in favor of the Business Combination. Each Forward Purchase
Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements
of all tender offer regulations applicable to the Business Combination, including Rule 14e-5 under the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 16, 2023, ESGL received written notice from ARRT that the Valuation Date of the Forward Purchase Agreement with ARRT shall be
deemed to be November 16, 2023, as a result of the occurrence of a Registration Failure due to a failure to have an effective registration
statement as of 90 days following the date of ARRT&#8217;s registration request (which was August 16, 2023). In no event will any additional
cash amounts be paid by the Sellers, including ARRT as a result of accelerating the maturity date as described above, or ESGL at the
Valuation Date or otherwise. On or about December 4, 2023, ESGL and ARRT mutually agreed to terminate the Forward Purchase Agreement.
ARRT will continue to hold all <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20231204__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember_z366iaY6GJPc" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-04_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember" id="Fact001806" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,050,000</ix:nonFraction></span> shares following termination of the Forward Purchase Agreement and ARRT will pay <span id="xdx_907_eifrs-full--IssuedCapital_iI_do_c20231204__ifrs-full--TypesOfContractsAxis__custom--ForwardPurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--ACMARRTKLLCMember_zsjZUa4096ok" title="Value of shares issued"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-04_custom_ForwardPurchaseAgreementMember_custom_ACMARRTKLLCMember" id="Fact001808" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> amounts
to ESGL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to the year end, ESGL received written notice from Vellar that the Valuation Date of the Forward Purchase Agreement with Vellar shall
be deemed March 14, 2024 for the same reason stated above. ESGL and Vellar mutually agreed to terminate the agreement on March 21, 2024.
On March 22, 2024, ESGL and Vellar entered into a Valuation Period Agreement pursuant to which the parties agreed that the Valuation
Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal to <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_pid_c20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zVcqnq08s1e9" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001810" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,641</ix:nonFraction></span>, calculated as
<span id="xdx_90B_ecustom--NumberOfSharesRecycled_iI_pid_c20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zGXQyqwJsFpb" title="Number of shares recycled"><ix:nonFraction name="ESGL:NumberOfSharesRecycled" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001812" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,200,000</ix:nonFraction></span> Shares (the Recycled Shares and Additional Shares) less <span id="xdx_905_ecustom--NumberOfAdjustmentShares_iI_pid_c20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zPuOZWSRjAEl" title="Number of shares adjustment"><ix:nonFraction name="ESGL:NumberOfAdjustmentShares" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001814" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,147,359</ix:nonFraction></span> Shares (the Number of Shares Adjustment). As <span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_pid_c20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zMWtD8EwtVKc" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001816" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,641</ix:nonFraction></span> Shares
multiplied by the VWAP of $<span id="xdx_900_ecustom--WeightedAverageSharePrice_pid_c20240321__20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zKkAul150yZ8" title="Weighted average share price"><ix:nonFraction name="ESGL:WeightedAverageSharePrice" contextRef="From2024-03-212024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_WeightedAverageMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001818" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.45</ix:nonFraction></span> less $<span id="xdx_906_ecustom--SettlementAdjustmentAmount_iI_c20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zxSrLPO2NxMi" title="Settlement adjustment amount"><ix:nonFraction name="ESGL:SettlementAdjustmentAmount" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001820" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,400,000</ix:nonFraction></span> (being the Settlement Amount Adjustment, calculated as the product of the Maximum Number
of Shares and $<span id="xdx_908_ecustom--WeightedAverageSharePrice_pid_c20240321__20240321__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember_zb7wA1rB91C8" title="Weighted average share price"><ix:nonFraction name="ESGL:WeightedAverageSharePrice" contextRef="From2024-03-212024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001822" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span>) is a negative number, neither Vellar nor ESGL is liable to the other party for any payment under the Forward Purchase
Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and ESGL under the Forward Purchase Agreement
have been terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 27pt; text-align: justify; text-indent: -27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001824" name="ESGL:DisclosureOfListingExpensesExplanatory"><p id="xdx_800_ecustom--DisclosureOfListingExpensesExplanatory_zMATaqxx8dhf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_zd2eKAv2hREe">Listing expenses</span></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001826" name="ESGL:DisclosureOfDetailedInformationAboutListingExpensesExplanatory"><p id="xdx_894_ecustom--DisclosureOfDetailedInformationAboutListingExpensesExplanatory_zG7y65ohSV0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing
expenses were non-recurring expenses incurred in connection with the Business Combination and are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span id="xdx_8B7_zNRoWxg6okw8" style="display: none">Schedule of listing expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_497_20230101__20231231_zonoLkT9Gr9h" style="font-weight: bold; text-align: right">2023</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49A_20220101__20221231_zppF59AZdqd4" style="text-align: right">2022</td><td>&#160;</td></tr>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_ecustom--ShareIssuedAsConsideration_maAEzknQ_znMqRkUSZBQh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Net assets of SPAC</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ESGL:NetAssetsOfSpac" contextRef="From2023-01-01to2023-12-31" id="Fact001831" format="ixt:numdotdecimal" decimals="0" unitRef="USD">590,526</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Professional fees</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Printing, courier, and others</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ESGL:PrintingCourierAndOthers" contextRef="From2023-01-01to2023-12-31" id="Fact001840" format="ixt:numdotdecimal" decimals="0" unitRef="USD">94,891</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eifrs-full--AdministrativeExpense_iT_mtAEzknQ_zLghpw56XVk1" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing expenses</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001843" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,067,324</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Total</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Quantity</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Issuance of shares</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_988_ecustom--NumberOfShares_iI_pid_c20231231_zRkbJZ6iD10a" title="Number of shares issued, Quantity" style="width: 16%; text-align: right"><ix:nonFraction name="ESGL:NumberOfShares" contextRef="AsOf2023-12-31" id="Fact001846" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,764,150</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_ecustom--ShareIssuedAsConsideration_c20230101__20231231_zaIDbUwVR8Va" title="Share issued as consideration" style="width: 16%; text-align: right"><ix:nonFraction name="ESGL:ShareIssuedAsConsideration" contextRef="From2023-01-01to2023-12-31" id="Fact001850" format="ixt:numdotdecimal" decimals="0" unitRef="USD">67,641,500</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zVYM6wrf3KU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001852" name="ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations"><p id="xdx_806_eifrs-full--DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_zt68q7iIz8yf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26.</b></span> <span id="xdx_826_zEwx6xVjK18h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New or revised IFRSs not yet adopted</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
                                            for annual</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                            liability in a Sale and Leaseback</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                            to IAS 7</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
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    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure:
                                            Supplier Finance Arrangements</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    1, 2025</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.4in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors anticipate that the application of all new and amendments to IFRSs will have no material impact on the financial statements
in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b>ESGL Holdings Limited</b></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001854" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zDECUEeRONN7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27.</b></span> <span id="xdx_826_ztLO6j2X17wb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsequent events</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1)
Termination of FPA by Vellar</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 21, 2024, the Company received a termination notice from Vellar, dated March 14, 2024, pursuant to the Forward Purchase Agreement.
Pursuant to the termination notice, Vellar notified the Company that the Valuation Date was March 15, 2024 as a result of the occurrence
of a VWAP Trigger Event. On March 22, 2024, the Company and Vellar entered into a Valuation Period Agreement pursuant to which the parties
agreed that the Valuation Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal
to <span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_pid_c20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zdGR0FaWxQjk" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001856" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,641</ix:nonFraction></span>, calculated as <span id="xdx_908_ecustom--NumberOfSharesRecycled_iI_pid_c20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zusZWD7OpK0b" title="Number of shares recycled"><ix:nonFraction name="ESGL:NumberOfSharesRecycled" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001858" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,200,000</ix:nonFraction></span> Shares (the Recycled Shares and Additional Shares) less <span id="xdx_90D_ecustom--NumberOfAdjustmentShares_iI_pid_c20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zUukQF8umqda" title="Number of shares adjustment"><ix:nonFraction name="ESGL:NumberOfAdjustmentShares" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001860" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,147,359</ix:nonFraction></span> Shares (the Number of Shares Adjustment).
As <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zcHvjBjcf4Za" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001862" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">52,641</ix:nonFraction></span> Shares multiplied by the VWAP of $<span id="xdx_90D_ecustom--WeightedAverageSharePrice_pid_c20240321__20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zi2JtkTsopc1" title="Weighted average share price"><ix:nonFraction name="ESGL:WeightedAverageSharePrice" contextRef="From2024-03-212024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_WeightedAverageMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001864" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.45</ix:nonFraction></span> less $<span id="xdx_90F_ecustom--SettlementAdjustmentAmount_iI_c20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_zEesORQWrBNd" title="Settlement adjustment amount"><ix:nonFraction name="ESGL:SettlementAdjustmentAmount" contextRef="AsOf2024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001866" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,400,000</ix:nonFraction></span> (being the Settlement Amount Adjustment, calculated as the product of
the Maximum Number of Shares and $<span id="xdx_902_ecustom--WeightedAverageSharePrice_pid_c20240321__20240321__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--ValuationPeriodAgreementMember__ifrs-full--CounterpartiesAxis__custom--VellarOpportunitiesFundMasterLtdMember_z4wGvTymrjzb" title="Weighted average share price"><ix:nonFraction name="ESGL:WeightedAverageSharePrice" contextRef="From2024-03-212024-03-21_custom_ValuationPeriodAgreementMember_custom_VellarOpportunitiesFundMasterLtdMember_ifrs-full_MajorOrdinaryShareTransactionsMember" id="Fact001868" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.00</ix:nonFraction></span>) is a negative number, neither Vellar nor the Company is liable to the other party for any payment
under the Forward Purchase Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and the Company
under the Forward Purchase Agreement have been terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2)
Private placement of 10 million shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 27, 2024, the Company entered into a Share Purchase Agreement dated March 27, 2024 (the &#8220;Purchase Agreement&#8221;) with
an accredited investor (the &#8220;Purchaser&#8221;), pursuant to which the Company shall issue in a private placement up to an aggregate
of <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_pid_c20240327__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--SharePurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--AccreditedInvestorMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zrLXyORaTyk8" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-27_ifrs-full_MajorOrdinaryShareTransactionsMember_custom_SharePurchaseAgreementMember_custom_AccreditedInvestorMember_ifrs-full_TopOfRangeMember" id="Fact001870" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> Ordinary Shares to the Purchaser at a purchase price of US$<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pid_c20240327__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--SharePurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--AccreditedInvestorMember_zr4nC5ielVrk" title="Purchase price per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-03-27_ifrs-full_MajorOrdinaryShareTransactionsMember_custom_SharePurchaseAgreementMember_custom_AccreditedInvestorMember" id="Fact001872" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.25</ix:nonFraction></span> per share. The initial closing under the Purchase Agreement
took place on March 28, 2024 pursuant to which the Purchaser purchased <span id="xdx_90D_eifrs-full--NumberOfSharesIssued_iI_pid_c20240328__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--SharePurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--AccreditedInvestorMember_zP7MPDsO3Lu3" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-28_ifrs-full_MajorOrdinaryShareTransactionsMember_custom_SharePurchaseAgreementMember_custom_AccreditedInvestorMember" id="Fact001874" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,000,000</ix:nonFraction></span> Ordinary Shares. The second and final closing under
the Purchase Agreement took place on April 3, 2024 pursuant to which the Purchaser purchased <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20240403__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--SharePurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--AccreditedInvestorMember_zpJY8e2Ve9sj" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-04-03_ifrs-full_MajorOrdinaryShareTransactionsMember_custom_SharePurchaseAgreementMember_custom_AccreditedInvestorMember" id="Fact001876" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,000,000</ix:nonFraction></span> Ordinary Shares. The Company received
gross proceeds of $<span id="xdx_901_eifrs-full--ProceedsFromIssueOfOrdinaryShares_c20240403__20240403__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__ifrs-full--MajorOrdinaryShareTransactionsMember__ifrs-full--TypesOfContractsAxis__custom--SharePurchaseAgreementMember__ifrs-full--CounterpartiesAxis__custom--AccreditedInvestorMember_zdPm5zaW8vr9" title="Gross proceeds issuance of ordinary shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2024-04-032024-04-03_ifrs-full_MajorOrdinaryShareTransactionsMember_custom_SharePurchaseAgreementMember_custom_AccreditedInvestorMember" id="Fact001878" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,500,000</ix:nonFraction></span> in the private placement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3)
Application to transfer to Nasdaq Capital Market </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 24, 2023, ESGL Holdings Limited (the &#8220;Company&#8221;) received notification letters dated October 24, 2023, from the Staff
of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) notifying the Company that (i) the minimum bid price per share was below $1.00
for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq
Listing Rule 5450(a)(1) (the &#8220;Minimum Bid Price Rule&#8221;), and (ii) the Company&#8217;s Minimum Market Value of Publicly Held
Shares (&#8220;MVPHS&#8221;) was less than $5,000,000 for the last 30 consecutive business days prior to the date of the notification
letter, which does not meet the requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(C) (the &#8220;MVPHS Rule&#8221;).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) and 5810(c)(3)(D), Nasdaq provided the Company with 180 calendar days, or until
April 22, 2024 (the &#8220;Compliance Period&#8221;), to regain compliance with the Minimum Bid Price Rule and the MVPHS Rule.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not regain compliance with the Minimum Bid Price Rule or the MVPHS Rule by April 22, 2024, the end of the Compliance Period.
Accordingly, on April 19, 2024, the Company applied to transfer the Company&#8217;s securities to the Nasdaq Capital Market (the &#8220;Capital
Market&#8221;) by submitting an on-line transfer application and paying a non-refundable $5,000 application fee to Nasdaq. The Company
also provided written notice to Nasdaq of its intention to cure the deficiency during the second 180-day compliance period, if granted,
including by effecting a reverse stock split, if necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2024, the Company receives notification from Nasdaq that its application to transfer to Capital Market is approved. The Company&#8217;s
securities will be transferred to the Capital Market at the opening of business on May 3, 2024, and the Company will be eligible for
an additional 180 calendar day period, or until October 21, 2024, to regain compliance. If at any time during this additional time period
the closing bid price of the Company&#8217;s security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq
will provide written confirmation of compliance and this matter will be closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001880" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zyC9IX7aLp95" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>28.</b></span> <span id="xdx_822_zPmKUmHGCxD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss per share</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
per share is computed by dividing net loss by the weighted average number of the Company&#8217;s common shares outstanding during the
period. Loss per share calculation for the period prior to the Business Combination has been retrospectively restated to the equivalent
number of shares reflecting the ratio established during the Business Combination.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001882" name="ifrs-full:EarningsPerShareExplanatory"><p id="xdx_896_eifrs-full--EarningsPerShareExplanatory_zYlM0LGVlTkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 40pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zXHjTfxatkIe">Schedule
of loss per share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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    <td colspan="2" id="xdx_49C_20220101__20221231_zOYFERMIFNM6" style="text-align: right">2022</td><td style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right; padding-bottom: 1.5pt">&#160;</td><td style="text-align: right; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">US$</td><td style="text-align: right; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: right; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">US$</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--ProfitLoss_zCDvguJ9YGI2" style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 16%; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001884" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">94,979,338</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40D_eifrs-full--ProfitLossAttributableToOwnersOfParent_zuoBC2ANchx1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loss attributable to ordinary shareholders</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--WeightedAverageShares_pid_zZUYvJSSwLB1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageShares" contextRef="From2022-01-012022-12-31" id="Fact001891" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,378,267</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted loss per share</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_901_eifrs-full--BasicEarningsLossPerShare_c20230101__20231231_zNtiabVE5B1i" title="Loss per share - Basic"><span id="xdx_900_eifrs-full--DilutedEarningsLossPerShare_c20230101__20231231_zf8CUCP0rr69" title="Loss per share - Diluted">(<ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2023-01-01to2023-12-31" id="Fact001893" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2023-01-01to2023-12-31" id="Fact001895" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">14.69</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eifrs-full--BasicEarningsLossPerShare_c20220101__20221231_zSFLC4kbzcGb" title="Loss per share - Basic"><span id="xdx_90E_eifrs-full--DilutedEarningsLossPerShare_c20220101__20221231_zQJdPkMYDwba" title="Loss per share - Diluted">(<ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2022-01-012022-12-31" id="Fact001897" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2022-01-012022-12-31" id="Fact001899" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.37</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zsaqJRbQkhK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup>The number of shares for 2022 has been retrospectively restated to the equivalent number of shares reflecting the ratio established during the Business Combination</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001901" name="ifrs-full:DisclosureOfComparativeInformationPreparedUnderPreviousGAAPExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfComparativeInformationPreparedUnderPreviousGAAPExplanatory_zX2phhOQIEw4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>29.</b></span> <span id="xdx_82D_zlLUe8JfqYpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparative information</b></span></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professional
fees amounting to US$<span id="xdx_901_eifrs-full--ProfessionalFeesExpense_c20220101__20221231_zIpRR6BP9r8l" title="Professional fees"><ix:nonFraction name="ifrs-full:ProfessionalFeesExpense" contextRef="From2022-01-012022-12-31" id="Fact001903" format="ixt:numdotdecimal" decimals="0" unitRef="USD">981,701</ix:nonFraction></span> in the year ended December 31, 2022 has been reclassified as Listing Expenses for the year ended December
31, 2023.</span></p>

</ix:nonNumeric><p id="xdx_81E_zOvSoR9puwk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2603794}]
{"company-data": {"conformed-name": "ESGL Holdings Ltd", "cik": "0001957538", "assigned-sic": "4953", "organization-name": "01 Energy & Transportation", "irs-number": "000000000", "state-of-incorporation": "E9"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41772", "film-number": "24953493"}, "business-address": {"street1": "101, TUAS SOUTH AVENUE 2", "city": "SINGAPORE", "state": "U0", "zip": "637226", "phone": "65 66532299"}, "mail-address": {"street1": "101, TUAS SOUTH AVENUE 2", "city": "SINGAPORE", "state": "U0", "zip": "637226"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date
of event requiring this shell company report……………….
Commission
File Number:
001-41772
ESGL
HOLDINGS LIMITED
(Exact
name of Registrant as specified in its charter)
Not
    applicable
Cayman
    Islands
(Translation
    of Registrant's name into English)
(Jurisdiction
    of incorporation or organization)
101
Tuas South Avenue 2
Singapore
637226
(
Address
of Principal Executive Offices
)
Mr.
Quek Leng Chuang
, Chief Executive Officer
101
Tuas South Avenue 2
Singapore
637226
Tel:
+65
6653 2299
Email:
queklc@env-solutions.com
(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol
Name
    of each exchange on which registered
Ordinary
    shares, par value $0.0001 per share
ESGL
The
Nasdaq
Stock Market LLC
Warrants
    to purchase ordinary shares
ESGLW
The
Nasdaq
Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report:
22,998,039
ordinary shares and 9,002,331 warrants.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☐
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer", "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer ☐
Accelerated
    filer ☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S.
    GAAP ☐
International Financial Reporting Standards
as issued by the International Accounting Standards Board ☒
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 ☐ Item 18 ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No
☐
TABLE
OF CONTENTS
Page
CAUTIONARY NOTE REGARDING
    FORWARD-LOOKING STATEMENTS
1
INTRODUCTION
2
PART I
4
ITEM
    1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
4
ITEM
    2. OFFER STATISTICS AND EXPECTED TIMETABLE
4
ITEM
    3. KEY INFORMATION
4
ITEM
    4. INFORMATION ON THE COMPANY
19
ITEM
    4A. UNRESOLVED STAFF COMMENTS
28
ITEM
    5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
28
ITEM
    6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
45
ITEM
    7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
52
ITEM
    8. FINANCIAL INFORMATION
54
ITEM
    9. THE OFFER AND LISTING
54
ITEM
    10. ADDITIONAL INFORMATION
54
ITEM
    11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
64
ITEM
    12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
65
PART II
66
ITEM
    13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
66
ITEM
    14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
66
ITEM
    15. CONTROLS AND PROCEDURES
66
ITEM
    16. [RESERVED]
66
ITEM
    16A. AUDIT COMMITTEE FINANCIAL EXPERT
66
ITEM
    16B. CODE OF ETHICS
66
ITEM
    16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
66
ITEM
    16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
66
ITEM
    16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
66
ITEM
    16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
66
ITEM
    16G. CORPORATE GOVERNANCE
66
ITEM
    16H. MINE SAFETY DISCLOSURE
66
ITEM
    16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
66
ITEM
    16J. INSIDER TRADING POLICIES
67
ITEM
    16K. CYBERSECURITY
67
PART III
68
ITEM
    17. FINANCIAL STATEMENTS
68
ITEM
    18. FINANCIAL STATEMENTS
68
ITEM
    19. EXHIBITS
68
i
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report on Form 20-F (including information incorporated by reference herein, the "Report") is being filed by ESGL
Holdings Limited, a Cayman Islands business company. Unless otherwise indicated, "we," "us," "our,"
"ESGL," the "Group" and similar terminology refer to ESGL Holdings Limited and its subsidiaries. References to
"ESGH" and "Environmental Solutions Group Holdings Limited" refer to Environmental Solutions Group Holdings Limited,
a Cayman Islands exempted company. References to "S$" refers to the legal currency of Singapore.
Forward-looking
statements are typically identified by words such as "plan," "believe," "expect," "anticipate,"
"intend," "outlook," "estimate," "forecast," "project," "continue,"
"could," "may," "might," "possible," "potential," "predict,"
"should," "would" and other similar words and expressions, but the absence of these words does not mean that
a statement is not forward- looking. Forward-looking statements in this Report may include, for example, statements about:
●
Our
    business strategies and outcomes;
●
our
    financial performance following the Business Combination (defined below);
●
government
    regulations governing business operations, and in particular those governing the environmental industry;
●
macro-economic
    conditions in Singapore;
●
the
    impact of the COVID-19 pandemic on our business and the actions we may take in response thereto; and
●
the
    outcome of any known and unknown litigation and regulatory proceedings.
These
forward-looking statements are based on information available as of the date of this Report, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
You
should not place undue reliance on these forward-looking statements. New risk factors and uncertainties emerge from time to time and
it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained
in any forward-looking statements. As a result of a number of known and unknown risks and uncertainties, our actual results or performance
may be materially different from those expressed or implied by these forward-looking statements.
This
Report also contains statistical data and estimates that we obtained from industry publications and reports generated by third-party
providers of market intelligence. These industry publications and reports generally indicate that the information contained therein was
obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information.
1
INTRODUCTION
We
are a holding company primarily operating in Singapore through our subsidiary, Environmental Solutions (Asia) Pte. Ltd. ("ESA").
Unless otherwise stated or unless the context otherwise requires, the terms "Company," "the registrant," "our
company," "the company," "we," "us," "our," "ours" and "ESGL"
refer to ESGL Holdings Limited, a Cayman Islands business company, and its subsidiaries.
Our
consolidated financial statements are presented in U.S. dollars. All references in this annual report to "$," "U.S.
$," "U.S. dollars" and "dollars" mean U.S. dollars, unless otherwise noted.
We
completed a merger with Genesis Unicorn Capital Corp., a Delaware corporation ("GUCC"), on August 2, 2023 and ESGL's
ordinary shares and warrants began trading on the Nasdaq Stock Exchange on August 4, 2023. The Company, Genesis Unicorn Capital Corp.,
a Delaware corporation ("GUCC"), ESGH Merger Sub Corp, a Cayman Islands exempted company and wholly-owned
subsidiary of the Company (the "Merger Sub"), and Environmental Solutions Group Holdings Limited, a Cayman Islands exempted
company ("Legacy ESGL"), entered into a Merger Agreement dated as of November 29, 2022 (the "Merger Agreement").
The Merger Agreement provided for a business combination which was effected in two steps: (i) GUCC reincorporated to Cayman Islands by
merging with and into the Company, with the Company remaining as the surviving publicly traded entity (the "Reincorporation Merger");
and (ii) following the Reincorporation Merger, Merger Sub merged with and into Legacy ESGL, resulting in Legacy ESGL being a wholly owned
subsidiary of the Company (the "Acquisition Merger," together with Reincorporation Merger, the "Business Combination").
Further,
in this annual report:
●
"$"
    or "US$" or "U.S. dollars" or "USD" refers to the legal currency of the United States.
●
"Amended
    and Restated Memorandum and Articles of Association" means ESGL's amended and restated memorandum and articles of association
    adopted by special resolutions dated July 28, 2023 and effective on August 2, 2023.
●
"Amended
    and Restated Articles of Association" means ESGL's amended and restated articles of association adopted by special resolutions
    dated July 28, 2023 and effective on August 2, 2023.
●
"Amended
    and Restated Memorandum of Association" means ESGL's amended and restated memorandum of association adopted by special
    resolutions dated July 28, 2023 and effective on August 2, 2023.
●
"Board"
    means the board of directors of the Company.
●
"Business
    Combination" means the Merger contemplated by the Merger Agreement.
●
"Code"
    means the Internal Revenue Code of 1986, as amended.
●
"Company"
    means ESGL Holdings Limited.
●
"Closing"
    means the closing of the Business Combination.
●
"ESA"
    means Environmental Solutions (Asia) Pte. Ltd., which was incorporated under the laws of Singapore on May 8, 1999.
●
"ESGH"
    means Environmental Solutions Group Holdings Limited, a holding company incorporated under the laws of the Cayman Islands as an exempted
    company with limited liability on November 18, 2022.
●
"ESGL"
    means ESGL Holdings Limited, a Cayman Islands exempt company.
2
●
"Exchange
    Act" means the Securities Exchange Act of 1934, as amended.
●
"founder
    shares" means the 2,156,250 Ordinary Shares issued to the Initial Stockholders at Closing in exchange for the 2,156,250 shares
    of GUCC Class B common stock issued for an aggregate purchase price of $25,000 in March 2021.
●
"GAAP"
    means accounting principles generally accepted in the United States of America.
●
"Group"
    means ESGL and its subsidiaries, including ESGH, ES BVI and ESA.
●
"GUCC"
    means Genesis Unicorn Capital Corp., a Delaware corporation.
●
"GUCC
    Class A common stock" or "Class A common stock" means the Class A common stock, $0.0001 par value per share, of
    Genesis Unicorn Capital Corp.
●
"GUCC
    Class B common stock" or "Class B common stock" means the Class B common stock, $0.0001 par value per share, of
    Genesis Unicorn Capital Corp.
●
"GUCC
    common stock" or "common stock" means shares of GUCC Class A common stock and GUCC Class B common stock, collectively.
●
"IASB"
    means International Accounting Standards Board.
●
"IFRS"
    means International Financial Reporting Standards as issued by the IASB.
●
"Initial
    Stockholders" means the Sponsor and other initial holders of founder shares.
●
"IPO"
    refers to the initial public offering of 8,625,000 units (including 1,125,000 units as a result of the underwriters' exercise
    of its over-allotment option) of GUCC consummated on February 17, 2022.
●
"IRS"
    means the United States Internal Revenue Service.
●
"Merger"
    means the transactions contemplated by the Merger Agreement.
●
"Merger
    Agreement" means that certain Agreement and Plan of Merger, dated as of November 29, 2022, as may be amended from time to time,
    by and among ESGL, GUCC, ESGH, and the other parties named therein.
●
"Ordinary
    Shares" means the ordinary shares, $0.0001 par value per share, of ESGL.
●
"Private
    Units" means the units issued to the Sponsor in a private placement simultaneously with the closing of IPO, with each unit
    included one Ordinary Share and one Private Warrant.
●
"Private
    Warrants" means the warrants included in the Private Units issued to the Sponsor in a private placement simultaneously with
    the closing of IPO, with each Private Warrant entitling the holder to purchase one Ordinary Share.
●
"Public
    Warrants" means the public warrants issued in the IPO, with each Public Warrant entitling the holder to purchase one Ordinary
    Share.
●
"SEC"
    means the U.S. Securities and Exchange Commission.
●
"Securities
    Act" means the Securities Act of 1933, as amended.
●
"Sellers"
    means ACM ARRT K LLC and Vellar Opportunities Fund Master, Ltd.
●
"Sponsor"
    means Genesis Unicorn Capital, LLC, a Delaware limited liability company.
3
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization
    and Indebtedness
Not
applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
    Factors
Risks
Relating to the Group's Business and Industry
For
the two years ended December 31, 2023 and 2022, the Group has incurred operating losses and may incur significant losses for the foreseeable
future. The Group may not generate sufficient revenue or become profitable or, if it achieves profitability, it may not be able to sustain
it.
For
the two years ended December 31, 2023 and 2022, the Group's net losses were US$94,979,338 and US$2,391,812, respectively. As of
December 31, 2023, the Group had an accumulated deficit of US$99,985,928.
Substantially
all of the Group's losses have resulted from approximately US$93.1 million of listing expenses which are
non-operational and non-recurring. In the financial year ended December 31, 2022, the Group incurred approximately US$981,000 of
Listing Expenses. The Group's Listing Expenses in the year ended December 31, 2023 mainly arose from the accounting treatment
of its share based consideration for the Business Combination and the revaluation of the Forward Purchase Agreement
"FPA". In the previous financial year, the Listing Expenses were mainly professional fees incurred for the Business
Combination.
The
other major contributor to the net loss were expenses incurred in connection with the depreciation of property, plant and equipment,
the purchase of raw materials, employee benefits expenses and its other operating expenses. The Group may continue to incur losses for
the foreseeable future as it continues its research and development activities, pursues potential mergers and acquisitions, seeks product
certification approvals in the territories it has identified, hires additional personnel, obtains and protects its intellectual property
and incurs additional costs for commercialization or to expand its pipeline of waste materials it collects and the circular products
it generates from the recycled waste collected from its customers with respect to its waste collection and disposal services.
To
become and remain profitable, the Group must increase its operating capacity to treat higher volumes of wastes and succeed in developing
and eventually commercializing circular products that can generate sufficient revenue. In that regard, the Group has commenced sales
of Fluorspar and Kao Lin, materials generated from the wastes the Group collected.
4
In
addition, the Group has not yet demonstrated an ability to successfully overcome many of the risks and uncertainties frequently encountered
by companies in new and rapidly evolving fields, particularly in the environmental services industry. Because of these numerous risks
and uncertainties, the Group is unable to accurately predict the timing or amount of increased expenses or when, or if, it will be able
to achieve profitability. Even if the Group achieves profitability, it may not be able to sustain or increase profitability on a quarterly
or annual basis. Its failure to become and remain profitable would depress the value of the Company and could impair the ability of the
Company to raise capital, expand its business, maintain its research and development efforts, diversify its products, or even continue
its operations. A decline in the value of the Company could also cause you to lose all or part of your investment.
The
environmental services industry is highly competitive and includes competitors that may have greater financial and operational resources,
flexibility to reduce prices or other competitive advantages that could make it difficult for the Group to compete effectively.
The
Group principally competes with waste management companies who collect and dispose the waste the Group needs for its waste management
and treatment processes. Competition for waste collection is typically based on factors such as geographic location, quality of services,
ease of doing business and/or price. the Group 's competitors may have greater financial and operational resources than we do.
They could also seek to gain market share by reducing the prices they charge customers, introducing products and solutions that are similar
to the Group's or introducing new technology tools. If the Group were to lose market share or if it were to lower prices to address
competitive issues, it could negatively impact the Group's consolidated financial condition, results of operations and cash flows.
The
Group requires a significant amount of capital to fund its operations and growth. If the Group cannot obtain sufficient capital on acceptable
terms, its business, financial condition, and prospects may be materially and adversely affected.
The
Group requires a significant amount of capital and resources for its operations and continued growth. The Group expects to make significant
investments to develop new operating capabilities and technology, which are fundamental to the Group's business operations and
future growth. However, the Group cannot assure you that these investments will generate the optimal returns, if at all. To date, the
Group has historically funded its cash requirements primarily through the issuance of ordinary shares, cash generated by operations and
borrowings from banks. If these resources are insufficient to satisfy the Group's cash requirements, the Group may seek to raise
funds through additional equity offering or debt financing or additional bank facilities. The Group's ability to obtain additional
capital in the future, however, is subject to a number of uncertainties, including those relating to its future business development,
financial condition, and results of operations, general market conditions for financing activities by companies in its industry, and
macro-economic and other conditions. If the Group cannot obtain sufficient capital on acceptable terms to meet its capital needs, the
Group may not be able to execute its growth strategies, and the Group's business, financial condition, and prospects may be materially
and adversely affected.
The
Group did not meet its original revenue projection for the fiscal year ended 2023.
The
projected revenues of the Group for fiscal year 2023 was $11.0 million. The revenues of the Group for the fiscal year ended 2023 was approximately
US$6.2 million. The Group did not meet its original 2023 revenue projection mainly due to a combination of several factors. Firstly,
the merger with Genesis Unicorn Capital Corp, expected to strengthen the Group's financial standing, resulted in lower-than-expected
proceeds due to unprecedented high redemptions. This unexpected outcome had a notable impact on the Group's revenue trajectory.
Secondly, the Group faced challenges in meeting its funding requirement to enhance technologies and capacity, essential for effectively
serving market needs. This limitation hindered the Group's ability to capitalize on growth and innovation opportunities, consequently
affecting revenue generation. Furthermore, geopolitical tensions and market volatility presented additional obstacles to revenue generation
efforts. Lower manufacturing activity, potentially influenced by these external factors, led to reduced waste from customers, impacting
revenue streams. Lastly, unexpected waste management regulatory changes in Singapore posed operational challenges, particularly in the
final quarter of the financial year. Adapting to these regulatory shifts proved to be a complex task, affecting operational efficiency.
Therefore, there can be no assurance that the Group's actual financial results would meet the financial projections and there is
a significant likelihood that the Group's actual financial results over the time periods and under the scenarios covered by the
projections would be materially different. At this time, the Group's management estimates that the impact of the lack of funds
for capital investments may continue in the near future and therefore, the Group may not be able to meet its original revenue projections
for 2024, 2025 and/or 2026. The Group has not updated its projections due to uncertainties surrounding recent developments, their future
outcomes, and their impact on the Group's projections.
5
Fluctuations
in prices for recyclable waste materials the Group collects from its customers and the circular products that it sells to local and international
end users, traders or overseas refiners may adversely affect the Group's revenue, operating income, and cash flows.
The
Group collects a variety of recyclable waste materials from its customers and processes and transforms them into circular products for
sale to local and international end users, traders or overseas refiners, and the Group may directly or indirectly receive proceeds from
its waste collection services and the sale of circular products. The   Group's results of operations may be affected
by changing prices or market requirements for the recyclable waste materials and the circular products. The resale and purchase prices
of, and market demand for, the circular products can be volatile because of changes in economic conditions and numerous other factors
beyond the Group's control. These fluctuations may affect the cost of and demand for the Group's services and the Group's
future revenue, operating income, and cash flows. For example, a decline in oil prices would have an adverse effect on the Company's
revenue.
The
Group is also exposed to inflationary pressures and rising interest rates which may adversely affect the selling price of its circular
products. If this causes purchasing demand from the Group's customers for its circular products to reduce, the selling price of
certain of the Group's circular products such as copper and zinc could drop and reduce its revenue. Inflation has also resulted
in higher costs for the maintenance of the Group's equipment, higher electricity and fuel costs and freight and payroll costs,
which had an adverse impact on the Group's operating profit and operating profit margin. Moreover, certain suppliers who are affected
by supply chain inflationary pressures may decide to reduce their production and as a result the volume of industrial waste that is generated
and supplied to the Group may be reduced. Similarly, following the general decline in the spending power of consumers, the Group's
waste disposal customers which are mainly semi-conductor companies with products that are used in mobile devices to cars may also decide
to reduce their production which in turn would lead to lower volumes of waste being disposed to the Group. Although increasing the selling
price of the Group's circular products could mitigate the impact of inflation, competitive pressures may constrain the Group's
ability to fully recover any increased costs in this way. In addition, efforts to mitigate the effect of inflation through continuous
investments in waste treatment processes and software developments to automate, streamline and improve the productivity of the Group's
business operations may not be sufficient.
The
Group may not be able to enhance its existing recycling, reuse, disposal and waste treatment solutions and develop new solutions in a
timely manner.
The
Group's future operating results will depend, to a significant extent, on its ability to continue to provide efficient and innovative
recycling, reuse, disposal and waste treatment services that compare favorably with alternative services on the basis of cost, performance,
and customer preferences. The Group's success in maintaining and growing with its existing customers and attracting new customers
depends on various factors, including the following:
●
innovative
    development of new services for customers;
●
maintenance
    of quality standards;
●
efficient
    and cost-effective services; and
●
utilization
    of advances in technology.
The
Group's inability to enhance its existing services and develop new services on a timely basis could harm its operating results
and impede its growth.
6
The
Group's revenues, earnings and cash flows will fluctuate based on changes in commodity prices, and commodity prices for circular
products are particularly susceptible to volatility based on regulations and tariffs that affect its ability to export products.
Enforcement
or implementation of foreign and domestic regulations can affect the Group's ability to export its circular products. In 2017,
the Chinese government announced bans on certain scrap materials and begun to enforce extremely restrictive quality and other requirements,
which significantly reduced China's import of recyclables. As of January 1, 2021, China ceased importing virtually all recyclables,
including those exported by the Group. Many other markets, both domestic and foreign, have also tightened their quality expectations
and limited or restricted the import of certain circular products.
Such
trade restrictions have disrupted the global trade of recyclables, creating excess supply and decreasing recyclable commodity prices.
The Group has been actively working to identify alternative markets for recycling commodities, but there may not be demand for all of
the circular products it produces. The heightened quality requirements have been difficult for the industry to achieve and have driven
up operating costs. As prices of circular products have fallen and operating costs have increased, the Group and other recyclers are
passing cost increases through to waste collection customers.
Fluctuation
in energy prices also affects the Group's business, including recycling of plastics manufactured from petroleum products. Significant
variations in the price of methane gas, electricity and other energy- related products can result in a corresponding significant impact
to the Group's revenue from yield from such operations. Any of the commodity prices to which the Group is subject may fluctuate
substantially and without notice in the future.
Acute
and chronic weather events, including those brought about by climate change, may limit the Group's operations and increase the
costs of collection, transfer, disposal, and other environmental services it provides.
The
Group's operations could be adversely impacted by extreme weather events, changing weather patterns, and rising mean temperature
and sea levels, some of which the Group is already experiencing. The Intergovernmental Panel on Climate Change ("IPCC"),
which includes more than 1,300 scientists from the United States and other countries, forecasts a temperature rise of 2.5° to 10°
Fahrenheit over the next century. Changing weather patterns   and rising temperatures are expected to result in more severe
heat waves, fires, storms, and other extreme weather events. Any of these extreme weather events such as flash flooding in Singapore
could significantly decrease the volume of waste material the Group collects from its waste disposal customers and suppliers of industrial
waste as they may be required to temporarily cease or suspend their business activities, thereby reducing the volume of waste they generate.
Other than the Group's customers and suppliers, such adverse weather conditions may also result in the temporary suspension of
the Group's business operations, ability to utilize the Group's normal commercial channels and supply chain, and the incursion
of significant costs to repair its fixtures, equipment and property, all of which could significantly affect the Company's operating
results during those periods.
The
Group's businesses are subject to operational and safety risks.
Providing
waste management, treatment and recycling services to the Group's customers involves risks such as equipment defects, malfunctions
and failures and natural disasters, which could potentially result in releases of hazardous materials, damage to or total loss of the
Group's property or assets, injury or death of the Group's employees or a need to shut down or reduce operations of the Group's
facilities while remedial actions are undertaken. The Group's employees and logistics providers, when necessary, often work under
potentially hazardous conditions. These risks expose the Group to potential liability for pollution and other environmental damages,
personal injury, loss of life, business interruption and property damage or destruction. The Group must also maintain a solid safety
record in order to remain a preferred supplier to its major customers. While the Group seeks to minimize its exposure to such risks primarily
through entering and maintaining various insurance policies in relation to the business, operations, employees and assets of ESA, such
actions and insurance may not be adequate to cover all of the Group's potential liabilities which could negatively impact its results
of operations and cash flows.
7
The
Group's insurance coverage and self-insurance reserves may be inadequate to cover all significant risk exposures, and increasing
costs to maintain adequate coverage may significantly impact the Group's financial condition and results of operations.
The
Group carries a range of insurance policies intended to protect its assets and operations, including general liability insurance, property
damage, business interruption and environmental risk insurance. While the Group endeavors to purchase insurance coverage appropriate
to its risk assessment, it is unable to predict with certainty the frequency, nature or magnitude of claims for direct or consequential
damages, and as a result the Group's insurance program may not fully cover itself for losses it may incur.
As
a result of a number of catastrophic weather and other events, insurance companies have incurred substantial losses and in many cases
they have substantially reduced the nature and amount of insurance coverage available to the market, have broadened exclusions and/or
have substantially increased the cost of such coverage. If this trend continues, the Group may not be able to maintain insurance of the
types and coverage it desires at reasonable rates. A partially or completely uninsured claim against the Group (including liabilities
associated with cleanup or remediation), if successful and of sufficient magnitude, could have a material adverse effect on the Group's
business, financial condition and results of operations. Any future difficulty in obtaining insurance could also impair the Group's
ability to secure future contracts, which may be conditional upon the availability of adequate insurance coverage. In addition, claims
associated with risks for which the Group is to some extent self-insured (property, workers' compensation, employee medical, comprehensive
general liability and vehicle liability) may exceed the Group's recorded reserves, which could negatively impact future earnings.
The
Group may have environmental liabilities that are not covered by its insurance. Changes in insurance markets also may impact its financial
results.
The
Group may incur environmental liabilities arising from its operations or properties. The Group maintains high deductibles for its environmental
liability insurance coverage. If the Group was to incur substantial liability for environmental damage, its insurance coverage may be
inadequate to cover such liability. This could have a material adverse effect on the Group's consolidated financial condition,
results of operations and cash flows.
Also,
due to the variable condition of the insurance market, the Group has experienced, and may experience in the future, increased insurance
retention levels and increased premiums or unavailability of insurance. As the Group assumes more risk for insurance through higher retention
levels, the Group may experience more variability in its insurance reserves and expense.
The
Group depends on key personnel who would be difficult to replace, and its business will likely be harmed if it loses their services or
cannot hire additional qualified personnel.
The
Group's success depends, to a significant extent, upon the continued services of its current management team and key personnel.
The loss of one or more of its key executives or employees could have a material adverse effect on its business. The Group does not maintain
"key person" insurance policies on the lives of any of its executives or any of its other employees. The Group employs all
of its executives and key employees on an at-will basis, and their employment can be terminated by the Group or them at any time, for
any reason, and without notice, subject, in certain cases, to severance payment rights.
The
Group's success also depends on its ability to attract, retain, and motivate additional skilled management personnel. The Group
plans to continue to expand its work force to continue to enhance its business and operating results. The Group believes that there is
significant competition for qualified personnel with the skills and knowledge that it requires. Many of the other companies with which
the Group competes for qualified personnel have substantially greater financial and other resources than the Group does. They also may
provide more diverse opportunities and better chances for career advancement. Some of these characteristics may be more appealing to
high-quality candidates than those which the Group has to offer. If the Group is not able to retain its current key personnel or attract
the necessary qualified key personnel to accomplish its business objectives, it may experience constraints that will significantly impede
the achievement of its business objectives and its ability to pursue its business strategy. New hires require significant training and,
in most cases, take significant time before they achieve full productivity. New employees may not become as productive as the Group expects,
and the Group may be unable to hire or retain sufficient numbers of qualified individuals. If the Group's recruiting, training,
and retention efforts are not successful or do not generate a corresponding increase in revenue, the Group's business will be harmed.
8
General
economic conditions can directly and adversely affect revenues for environmental services and the Group's income from operations
margins.
The
Group's business is directly affected by changes in national and general economic factors that are outside of the Group's
control, including consumer confidence, interest rates and access to global markets. A weak economy generally results in decreases in
volumes of waste generated, which negatively impacts the ability to grow through new business or service upgrades, and may result in
customer turnover and reduction in the waste service needs of the Group's customers and the demand for circular products from end
users, traders or overseas refiners. Consumer uncertainty and the loss of consumer confidence may also reduce the number and variety
of services and/or circular products requested by customers. This decrease in demand can negatively impact commodity prices and the Group's
operating income and cash flows.
The
Group could become involved in litigation matters that may be expensive and time consuming, and, if resolved adversely, could harm its
business, financial condition, or results of operations.
Although
the Group is not currently involved in any litigation matters, any such litigation to which it is a party may result in an onerous or
unfavorable judgment that may not be reversed upon appeal, or the Group may decide to settle lawsuits on similarly unfavorable terms.
Any negative outcome could result in payments of substantial monetary damages or fines, or changes to the Group's products or business
practices, and accordingly the Group's business, financial condition, or results of operations could be materially and adversely
affected.
The
Group could be required to make immediate repayment of certain of its outstanding debt with financial institutions.
As
of December 31, 2023, the Group has certain borrowings with outstanding balances of approximately US$5.7 million classified as
current liabilities, as the relevant loan agreements the Group entered into with the lenders provide them discretion to demand
immediate repayment of the outstanding balances from us. In addition, as of the date of this annual report, the Group had obtained
waivers from the relevant lenders in relation to certain terms and conditions under the relevant loan agreements in connection with
the closing of the Business Combination, except for Term Loan IV with an outstanding balance of approximately S$499,000 (US$378,000)
as of December 31, 2023 from the relevant bank (the "Relevant Bank"). On July 20, 2022, the Group had obtained a written
consent from the Relevant Bank for, among other things, the undertaking of a proposed restructuring of the Group. Subsequently on
January 17, 2023, the Group had requested a waiver from the Relevant Bank for the closing of the Business Combination. As of the
date of this annual report, the Group had not obtained the waiver or any notice from the Relevant Bank objecting, disagreeing to the
matter or demanding any immediate repayment of Term Loan IV in connection with the closing of the Business Combination.
Notwithstanding
the above, the lenders could demand immediate repayment of the outstanding balances from the Group for the borrowings classified as current
liabilities and it may be unable to repay, negotiate, extend or refinance the bank borrowings on favorable terms or at all, which may
have a material adverse effect on its business, results of operations and financial position. If the Group fails to repay certain of
the bank borrowings, some lenders could enforce their security interests under the relevant loan agreements and take possession of the
Group's leasehold land and buildings where it operates its business, thereby resulting in a material adverse effect on the Group's
business, results of operations and financial condition. See Note 17 to the Group's financial statements for further information
on the Group's outstanding debt with financial institutions.
The
Group's strategy includes an increasing dependence on technology in its operations. If any of its key technology fails, its business
could be adversely affected.
The
Group's operations are increasingly dependent on technology. The Group's information technology systems are critical to its
ability to drive profitable growth, implement standardized processes and deliver a consistent customer experience. Problems with the
operation of the information or communication technology systems it uses could adversely affect, or temporarily disable, all or a portion
of the Group's operations. Inabilities and delays in implementing new systems can also affect its ability to realize projected
or expected revenue or cost savings. Further, any systems failures could impede its ability to timely collect and report financial results
in accordance with applicable laws.
9
Emerging
technologies represent risks, as well as opportunities, to the Group's current business model. The costs associated with developing
or investing in emerging technologies could require substantial capital and adversely affect the Group's results of operations
and cash flows. Delays in the development or implementation of such emerging technologies and difficulties in marketing new products
or services based on emerging technologies could have similar negative impacts. The Group's financial results may suffer if it
is not able to develop or license emerging technologies, or if a competitor obtains exclusive rights to an emerging technology that disrupts
the current methods used in the environmental services industry.
A
cyber security incident could negatively impact the Group's business and its relationships with customers.
The
Group uses information technology, including computer and information networks, in substantially all aspects of its business operations.
The Group also use mobile devices, social networking and other online activities to connect with its employees and its customers. Such
uses give rise to cyber security risks, including security breach, espionage, system disruption, theft and inadvertent release of information.
The Group's business involves the storage and transmission of numerous classes of sensitive and/or confidential information and
intellectual property, including customers' personal information, private information about employees, and financial and strategic
information about the Group and its business partners. In connection with its strategy to grow through acquisitions and to pursue new
initiatives that improve its operations and cost structure, the Group is also expanding and improving its information technologies, resulting
in a larger technological presence and corresponding exposure to cyber security risk. If the Group fails to assess and identify cyber
security risks associated with acquisitions and new initiatives, it may become increasingly vulnerable to such risks. Additionally, while
the Group has implemented measures to prevent security breaches and cyber incidents, its preventive measures and incident response efforts
may not be entirely effective. Also, the regulatory environment surrounding information security and privacy is increasingly demanding,
with the frequent imposition of new and constantly changing requirements. This changing regulatory landscape may cause increasingly complex
compliance challenges, which may increase the Group's compliance costs. Any failure to comply with these changing security and
privacy laws and regulations could result in significant penalties, fines, legal challenges and reputational harm. The theft, destruction,
loss, misappropriation, or release of sensitive and/or confidential information or intellectual property, or interference with the Group's
information technology systems or the technology systems of third parties on which it relies, could result in business disruption, negative
publicity, brand damage, violation of privacy laws, loss of customers, potential liability and competitive disadvantage.
The
Group may be subject to intellectual property claims that create uncertainty about ownership of technology essential to its business
and divert its managerial and other resources.
The
Group can provide no assurance that third parties will not claim infringement by it with respect to its current or future services, trademarks,
or other proprietary rights. The Group's success depends, in part, on its ability to protect its intellectual property and to operate
without infringing the intellectual property rights of others in the process. There can be no assurance that any of its intellectual
property will be adequately safeguarded or that it will not be challenged by third parties. The Group may be subject to intellectual
property infringement claims that would be costly to defend, could limit its ability to use certain critical technologies, and may divert
its technical and management personnel from their normal responsibilities. The Group may not prevail in any of these suits. An adverse
determination of any litigation or defense proceedings could cause the Group to pay substantial damages, including treble damages, if
it willfully infringes and also could increase the risk of its patent applications not being issued.
Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of the Group's confidential information could be compromised by disclosure during this type of litigation. In addition, during
the course of this kind of litigation, there could be public announcements of the results of hearings, motions, or other interim proceedings
or developments in the litigation. If these results are perceived to be negative, it could have an adverse effect on the Group's
business.
Changes
in policies imposed by governments may impact on the availability and costs of employing non-Singapore workers.
The
Group is dependent on non-Singapore workers for its business operations. The Group's ability to meet its labor requirements for
operational needs is subject to various factors, including changes in the labor policies of such foreign workers' countries of
origin or the policies imposed by Ministry of Manpower ("MOM") in Singapore. The Group is therefore vulnerable to any shortage
in the supply of foreign workers and any increase in the cost of foreign labor, the occurrence of which would adversely affect its business
and financial performance.
10
Government
policies affecting labor costs include,
inter alia
, the new progressive wage model ("PWM") and foreign worker levies.
Changes in these policies may lead to an increase in the Group's labor costs which may result in its business, financial condition
and results of operations being materially and adversely affected. The Group is subject to foreign worker levies for the foreign workers
it hires. The Group paid foreign worker levies in the amount of US$168,137 and US$97,703 for the two fiscal years ended December 31,
2023 and 2022, respectively.
The
foreign worker levies applicable to the Group will differ according to the percentage of the Group's total workforce comprising
of foreign workers. As of April 16, 2024, approximately 64.7% of the Group's  total workforce is comprised of foreign workers
for whom it might have to pay such foreign worker levies. Further, the criteria for applying for certain foreign work permits will be
tightened moving forward and there will be increase in foreign worker levies. There is no assurance that the Singapore Government will
not further increase the levy rates in future, and if they do so, the Group may face a significant increase in labor costs.
In
January 2022, the National Environment Agency ("NEA") and MOM announced a new waste management PWM with a six (6) year schedule
of sustained PWM wage increases from 2023 to 2028 and a mandatory annual PWM bonus for eligible workers from January 2024. Under the
new PWM wage schedule, the monthly baseline wage of an entry-level waste collection crew worker is expected to increase from S$2,210
in 2023 to S$3,260 in 2028 or possibly sooner. The implementation of and revisions to the PWM has increased the Group's labor costs
and there is no assurance that the Singapore government will not revise the PWM to further increase the base salaries beyond 2028.
The
Group is exposed to environmental liability.
The
Group's business operations are subject to environmental laws and regulations in Singapore, in particular on the disposal and treatment
of industrial and toxic waste and obligations to protect public health and the environment. While the Group has not had any material
non-compliance with applicable environmental laws and regulations to date, there is no assurance that it will continue to be in compliance
with all the applicable laws and regulations, and the Group may incur additional costs in complying with such laws and regulations. Any
violation of the relevant environmental laws and regulations may lead to substantial fines, costs for implementation of preventive or
corrective measures, clean-up costs or even suspension of operations that could materially and adversely affect the Group's business,
operations, financial performance, financial condition, results of operations and/or prospects.
The
Group is exposed to the risk of non-renewal, non-granting or suspension of its licenses, permits and accreditations that are required
to operate its business.
The
waste management industry in Singapore in which the Group operates in is highly regulated. The Group's licenses and registrations
are subject to periodic renewal by the relevant government authorities and are generally subject to a variety of conditions which are
stipulated either within the licenses and registrations themselves, or under the particular laws and/or regulations issued by the competent
authorities. Failure to comply with such conditions, laws or regulations could result in the revocation, non-renewal or downgrade of
the relevant licenses, permits or accreditations and/or imposition of penalties. In such an event, the Group's business and financial
performance will be adversely affected.
Developments
in the social, political, regulatory and economic environment in the country where the Group operates, may have a material and adverse
impact on the Group.
The
Group's business, prospects, financial condition and results of operations may be adversely affected by social, political, regulatory
and economic developments in the country in which the Group operates. Such political and economic uncertainties include, but are not
limited to, the risks of war, terrorism, nationalism, nullification of contract, changes in interest rates, imposition of capital controls
and methods of taxation. For example, all of the Group's current operations are located in Singapore, and negative developments
in Singapore's socio-political environment may adversely affect the Group's business, financial condition, results of operations
and prospects.
11
Disruptions
in the international trading environment may seriously decrease the Group's international sales outside Singapore.
The
success and profitability of the Group's international activities depends on factors such as general economic conditions, labor
conditions, political stability, macro-economic regulating measures, tax laws, import and export duties, transportation difficulties,
fluctuation of local currency and foreign exchange controls of the countries in which the Group sells its services, as well as the political
and economic relationships in Singapore where the Group sources waste materials and jurisdictions where the Group's end users,
traders or overseas refiners are located. As a result, the Group's sales are vulnerable to disruptions in the international trading
environment, including adverse changes in foreign government regulations, political unrest and international economic downturns. Any
disruptions in the international trading environment may affect the demand for the Group's products, which could impact its business,
financial condition and results of operations.
Many
of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
the growth of the economy and inflation that could lead to a significant decrease in the Group's profitability.
While
many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary pressures,
and the rate of growth is slowing down. The economy in Singapore and globally has experienced general increases in certain operating
costs and expenses, such as employee compensation and office operating expenses, as a result of higher inflation. Average wages in Singapore
are expected to continue to increase and the Group expects that its employee costs, including wages and employee benefits, will continue
to increase. Unless the Group is able to control its employee costs or pass them on to its clients, the Group's financial condition,
and results of operations may be adversely affected.
As
governments in Asia (and worldwide) take steps to address current inflationary pressures, there may be significant changes in the availability
of bank credit, commercial reasonability of interest rates, limitations on loans, restrictions on currency conversions and foreign investment
rules, thereby restricting the availability of credit and reducing economic growth. Inflation, actions that may be implemented to combat
inflation and public speculation about any possible additional actions also may contribute materially to economic uncertainty in Asia
(and worldwide) and accordingly weaken investor confidence, thus adversely impacting economic growth and causing decreased economic activity,
which in turn could lead to a reduction in demand for the Group's products and services, and consequently have a material adverse
effect on the Group's businesses, financial condition and results of operations. Conversely, more lenient government policies and
interest rate decreases may trigger increases in inflation and, consequently, growth volatility and the need for sudden and significant
interest rate increases, which could negatively affect the Group's business. There also may be imposition of price controls. If
prices for the Group's waste disposal services and/or circular products rise at a rate that is insufficient to compensate for the
rise in the costs of supplies and operations, it may have an adverse effect on the Group's profitability. If these or other similar
restrictions are imposed by a government to influence the economy, it may lead to a slowing of economic growth.
Cayman
Islands economic substance requirements may have an effect on the Group's business and operations.
Pursuant
to the International Tax Cooperation (Economic Substance) Act (As Revised) of the Cayman Islands ("ES Act") that came into
force on 1 January 2019, a "relevant entity" is required to satisfy the economic substance test set out in the ES Act. A
"relevant entity" includes an exempted company incorporated in the Cayman Islands as is the Company; however, it does not
include an entity that is tax resident outside the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside
the Cayman Islands, it is not required to satisfy the economic substance test set out in the ES Act.
12
Risks
Relating to our Securities
Currently,
our Ordinary Shares and Warrants are listed on Nasdaq Capital Market. However, there may not be enough liquidity in such market to enable
shareholders to sell their securities.
Currently,
our Ordinary Shares and Warrants are listed on Nasdaq Capital Market. If a public market for our securities does not develop, investors
may not be able to re-sell their Ordinary Shares or Warrants, rendering their shares illiquid and possibly resulting in a complete loss
of their investment. We cannot predict the extent to which investor interest in us will lead to the development of an active, liquid
trading market. The trading price of and demand for the Ordinary Shares and the development and continued existence of a market and favorable
price for the Ordinary Shares will depend on a number of conditions, including the development of a market following, including by analysts
and other investment professionals, the businesses, operations, results, and prospects of the Group, general market and economic conditions,
governmental actions, regulatory considerations, legal proceedings, and developments or other factors. These and other factors may impair
the development of a liquid market and the ability of investors to sell shares at an attractive price. These factors also could cause
the market price and demand for the Ordinary Shares of the Group to fluctuate substantially, which may limit or prevent investors from
readily selling their shares and may otherwise affect negatively the price and liquidity of the Ordinary Shares. Many of these factors
and conditions are beyond the control of the Group or the shareholders.
We
do not anticipate that we will pay dividends on our Ordinary Shares and, consequently, your ability to achieve a return on your investment
will depend on appreciation in the price of Ordinary Shares.
We
intend to retain any earnings to finance the operation and expansion of its business, and we do not anticipate paying any cash dividends
in the foreseeable future. In addition, in the future we may enter into agreements that prohibit or restrict its ability to declare or
pay dividends on our Ordinary Shares. As a result, you may only receive a return on your investment in our Ordinary Shares if the market
price of such shares increases.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are an exempted company incorporated under the laws of the Cayman Islands. The Group conducts most of its operations in Singapore and
substantially all of its operations outside of the United States. Substantially all of the Group's assets are located outside of
the United States. In addition, all of our senior executive officers reside outside the United States. Substantially all of the assets
of these persons are located outside the United States. As of the date of this annual report, there are no officers, directors, or director
nominees residing in China or Hong Kong, except for Lim Boon Yew Gary, who is one of our independent directors and resides in Hong Kong.
A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common
law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the
strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money;
(2) made by a court of competent jurisdiction over the parties and the subject matter; (3) between the same parties on an identical issue;
(4) final and conclusive on the merits; and (5) not impeachable according to the rules on conflicts of laws of Hong Kong. Such a judgment
may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained
were opposed to natural justice; or (c) its enforcement or recognition would be contrary to the public policy of Hong Kong. It will be
costlier and more time-consuming for the investors to effect service of process outside the United States, or to enforce judgments obtained
from the U.S. courts in the courts of the jurisdictions where our directors and officers reside. For example, to enforce a foreign judgment
in Hong Kong, the applicant will be required to apply to the Hong Kong High Court to enforce a foreign judgment (the "Application")
for which the applicant will be required to (i) engage a local counsel to facilitate or prepare the Application; and (ii) go through
the standard litigation process to sue on the judgment as a debt. In addition, a judgment of a United States court for civil liabilities
predicated upon the federal securities laws of the United States may also not be enforceable in or recognized by the courts of the jurisdictions
where our directors and officers reside.
13
Furthermore,
as of the date of this annual report, most of officers, directors, or director nominees reside in Singapore. It is possible that the
Singapore courts may not (i) recognize and enforce judgments of courts in the United States, based upon the civil liability provisions
of the securities laws of the United States or any state or territory of the United States (ii) enter judgments in original actions brought
in the Singapore courts based solely on the civil liability provisions of these securities laws. An
in personam
final and conclusive
judgment in the federal or state courts of the United States under which a fixed or ascertainable sum of money is payable may be enforced
as a debt in the Singapore courts under the common law as long as it is (i) from a court of competent jurisdiction in the United States
and (ii) final and conclusive on the merits under the laws of the United States. Additionally, the court where the judgment was obtained
must have had international jurisdiction over the party sought to be bound in the local proceedings. However, the Singapore courts are
unlikely to enforce a foreign judgment if (a) the foreign judgment is inconsistent with a prior local judgment that is binding on the
same parties; (b) the enforcement of the foreign judgment would contravene the public policy of Singapore; (c) the proceedings in which
the foreign judgment was obtained were contrary to principles of natural justice; (d) the foreign judgment was obtained by fraud; or
(e) the enforcement of the foreign judgment amounts to the direct or indirect enforcement of a foreign penal, revenue or other public
law. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United
States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands, Singapore, and Hong Kong may render you unable
to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws
of the Cayman Islands and Singapore, see "
Comparison of Stockholders' Rights — Enforceability of Civil Liabilities
under the U.S. Securities Laws
."
Our
share price may be volatile and could decline substantially.
The
market price of our Ordinary Shares may be volatile, both because of actual and perceived changes in our financial results and prospects,
and because of general volatility in the stock market. The factors that could cause fluctuations in our share price may include, among
other factors discussed in this section, the following:
●
actual
    or anticipated variations in the financial results and prospects of the company or other companies in the same industry;
●
changes
    in financial estimates by research analysts;
●
changes
    in the market valuations of other waste management companies;
●
announcements
    by us or our competitors of new products and services, expansions, investments, acquisitions, strategic partnerships, or joint ventures;
●
mergers
    or other business combinations;
●
additions
    and departures of key personnel and senior management;
●
changes
    in accounting principles;
●
the
    passage of legislation or other developments affecting us or our industry;
●
the
    trading volume of our Ordinary Shares in the public market;
●
the
    release of lockup or other transfer restrictions on our outstanding equity securities or sales of additional equity securities;
●
potential
    litigation or regulatory investigations;
●
changes
    in economic conditions, including fluctuations in global and Singaporean economies;
●
financial
    market conditions;
●
natural
    disasters, terrorist acts, acts of war, or periods of civil unrest; and
●
the
    realization of some or all of the risks described in this section.
In
addition, the stock markets have experienced significant price and trading volume fluctuations from time to time, and the market prices
of the equity securities have been volatile and are sometimes subject to sharp price and trading volume changes. These broad market fluctuations
may materially and adversely affect the market price of our Ordinary Shares.
14
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us or our business, our Ordinary
Shares price and trading volume could decline.
The
trading market for our Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about
us or our business. Securities and industry analysts do not currently, and may never, publish research on us. If no securities or industry
analysts commence coverage of us, the trading price for our Ordinary Shares would likely be negatively affected. In the event securities
or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our securities or publish inaccurate or
unfavorable research about our business, our share price would likely decline. If one or more of these analysts cease coverage of us
or fail to publish reports on us, demand for our Ordinary Shares could decrease, which might cause the share price and trading volume
to decline.
Our
Amended and Restated Memorandum and Articles of Association contains anti-takeover provisions that could have a material adverse effect
on the rights of holders of the Ordinary Shares.
The
Amended and Restated Memorandum and Articles of Association contains provisions to limit the ability of others to acquire control of
us or cause us to engage in change of control transactions. These provisions could have the effect of depriving our shareholders of an
opportunity to sell their shares at a premium over prevailing market prices by discouraging third-parties from seeking to obtain control
of us in a tender offer or similar transaction. For example, our board of directors has the authority, subject to any resolution of the
shareholders to the contrary, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights,
conversion rights, voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights
associated with our Ordinary Shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control
of us or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of the Ordinary
Shares may fall and the voting and other rights of the holders of the Ordinary Shares may be materially and adversely affected.
If
the benefits of the Business Combination do not meet the expectations of financial or industry analysts, the market price of our securities
may decline.
The
market price of our securities may decline as a result of the Business Combination if:
●
we
    do not achieve the perceived benefits of the Business Combination as rapidly as, or to the extent anticipated by, financial or industry
    analysts; or
●
the
    effect of the Business Combination on the financial statements is not consistent with the expectations of financial or industry analysts.
Accordingly,
investors may experience a loss as a result of declining share prices.
Risks
Relating to Operating as a Public Company
Although
as a foreign private issuer, ESGL is exempt from certain corporate governance standards applicable to US domestic issuers, if ESGL cannot
continue to satisfy, the continued listing requirements and other rules of Nasdaq, ESGL's securities may not be listed or may be
delisted, which could negatively affect the price of its securities and your ability to sell them.
ESGL's
securities currently list on Nasdaq. ESGL cannot assure you that its securities will continue to be listed on Nasdaq. In order to maintain
its listing on Nasdaq, ESGL is required to comply with certain rules of Nasdaq, including those regarding minimum shareholders'
equity, minimum share price, minimum market value of publicly held shares, and various additional requirements.
On
October 24, 2023, the Company received notification letters dated October 24, 2023, from the Staff of Nasdaq (the "Staff")
notifying the Company that (i) the minimum bid price per share was below $1.00 for a period of 30 consecutive business days and that
the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) (the "Minimum Bid Price
Rule"), and (ii) the Company's Minimum Market Value of Publicly Held Shares ("MVPHS") was less than $5,000,000
for the last 30 consecutive business days prior to the date of the notification letter, which does not meet the requirement for continued
listing set forth in Nasdaq Listing Rule 5450(b)(1)(C) (the "MVPHS Rule").
15
In
accordance with Nasdaq Listing Rule 5810(c)(3)(A) and 5810(c)(3)(D), Nasdaq provided the Company with 180 calendar days, or until April
22, 2024 (the "Compliance Period"), to regain compliance with the Minimum Bid Price Rule and the MVPHS Rule. If at any time
during the Compliance Period, the closing bid price per share is at least $1.00 for a minimum of ten (10) consecutive business days,
Nasdaq will provide the Company a written confirmation of compliance with the Minimum Bid Price Rule and the matter will be closed. If
at any time during the Compliance Period, the Company's MVPHS closes at $5,000,000 or more for a minimum of ten (10) consecutive
business days, Nasdaq will provide the Company a written confirmation of compliance with the MVPHS Rule and the matter will be closed.
In the event the Company does not regain compliance with the Minimum Bid Price Rule by April 22, 2024, the Company may be eligible for
additional time. To qualify, the Company must submit, no later than April 22, 2024, an on-line transfer application and submit a non-refundable
$5,000 application fee. On May 1, 2024, the Company was notified by the Staff that the Staff granted the Company's request to transfer
the listing of its ordinary shares, from the Nasdaq Global Market to the Nasdaq Capital Market, and that Nasdaq granted the Company's
request for a second 180-calendar day period, or until October 21, 2024 (the "Second Compliance Period"), to regain compliance
with the $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). To regain compliance with such minimum price requirement,
the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. The transfer
of the listing of the ordinary shares from the Nasdaq Global Market to the Nasdaq Capital Market has taken effect with the open of business
on May 3, 2024. The Company intends to closely monitor the closing bid price for its ordinary shares and consider all available options
to timely remedy the bid price deficiency. If at any time during the Second Compliance Period, the closing bid price of the ordinary
shares is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation
of compliance and the matter will be closed, unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq
Listing Rule 5810(c)(3)(F). The Company can give no assurance that it will regain or demonstrate compliance during the Second Compliance
Period. If the Company is not able to demonstrate compliance with the minimum bid price requirement by October 21, 2024, or the Company
does not comply with the terms of the extension, the Staff will provide written notification to the Company that the ordinary shares
will be delisted. At that time, the Company may appeal the Staff's determination to the Nasdaq Hearings Panel (the "Panel").
The Company's appeal request would stay any delisting action by the Staff at least pending a hearing before the Panel and the expiration
of any extension that may be granted by the Panel to the Company following the hearing. The Company has provided written notice to Nasdaq
of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary.
If
Nasdaq subsequently delists its securities from trading, ESGL could face significant consequences, including:
●
a
    limited availability for market quotations for its securities;
●
reduced
    liquidity with respect to its securities;
●
a
    determination that the Ordinary Shares are a "penny stock," which will require brokers trading in the Ordinary Shares
    to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for
    the Ordinary Shares;
●
limited
    amount of news and analyst coverage; and
●
a
    decreased ability to issue additional securities or obtain additional financing in the future.
ESGL's
management team has limited experience managing a public company.
The
members of ESGL's management team have limited or no experience managing a publicly-traded company, interacting with public company
investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. There are significant
obligations it is subject to relating to reporting, procedures and internal controls after ESGL becomes a publicly-traded company. These
new obligations and scrutiny will require significant attention from management and could divert their attention away from the day-to-day
management of the Group's business, which could adversely affect its business, financial condition and operating results.
16
If
ESGL fails to implement and maintain an effective system of internal controls to remediate its material weaknesses over financial reporting,
ESGL may be unable to accurately report its results of operations, meets its reporting obligations or prevent fraud, and investor confidence
and the market price of Ordinary Shares may be materially and adversely affected.
ESGL
is subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that ESGL include a report
from management on the effectiveness of ESGL's internal controls over financial reporting in ESGL's annual report on Form
20-F beginning with ESGL's annual report in ESGL's second annual report on Form 20-F after becoming a public company. In
addition, once ESGL ceases to be an "emerging growth company" as such term is defined in the JOBS Act, ESGL's independent
registered public accounting firm must attest to and report on the effectiveness of ESGL's internal controls over financial reporting.
Moreover, even if ESGL's management concludes that ESGL's internal controls over financial reporting is effective, ESGL's
independent registered public accounting firm, after conducting its own independent testing, may issue an adverse opinion on the effectiveness
of internal control over financial reporting if it is not satisfied with ESGL's internal controls or the level at which ESGL's
controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from ESGL. In addition,
ESGL's reporting obligations may place a significant strain on ESGL's management, operational and financial resources and
systems for the foreseeable future. ESGL may be unable to timely complete its evaluation testing and any required remediation.
During
the course of documenting and testing ESGL's internal control procedures, in order to satisfy the requirements of Section 404,
ESGL may identify weaknesses and deficiencies in ESGL's internal control over financial reporting. If ESGL fails to maintain the
adequacy of its internal control over financial reporting, as these standards are modified, supplemented, or amended from time to time,
ESGL may not be able to conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with
Section 404. Generally speaking, if ESGL fails to achieve and maintain an effective internal control environment, it could result in
material misstatements in ESGL's financial statements and could also impair ESGL's ability to comply with applicable financial
reporting requirements and related regulatory filings on a timely basis. As a result, ESGL's businesses, financial condition, results
of operations and prospects, as well as the trading price of the ordinary shares, may be materially and adversely affected. Additionally,
ineffective internal control over financial reporting could expose ESGL to increased risk of fraud or misuse of corporate assets and
subject ESGL to potential delisting from the stock exchange on which ESGL lists, regulatory investigations and civil or criminal sanctions.
ESGL may also be required to restate its financial statements from prior periods. ESGL will incur increased costs as a result
of being a public company.
ESGL
is a public company and expects to incur significant legal, accounting, and other expenses. For example, as a result of becoming a public
company, ESGL needs to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. Operating as a public company will make it more difficult and more expensive for it to obtain director and officer liability
insurance, and ESGL may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same
or similar coverage. In addition, ESGL will incur additional costs associated with its public company reporting requirements. It may
also be more difficult for ESGL to find qualified persons to serve on its Board of Directors or as executive officers.
After
ESGL is no longer an "emerging growth company," ESGL may incur significant expenses and devote substantial management effort
toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC.
17
If
ESGL ceases to qualify as a foreign private issuer, it would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and it would incur significant additional legal, accounting, and other expenses that it would
not incur as a foreign private issuer.
As
a foreign private issuer, ESGL will be exempt from the rules under the Exchange Act prescribing the furnishing and content of annual
report, and its officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, it will not be required under the Exchange Act to file periodic reports and
financial statements with the SEC as frequently or as promptly as United States domestic issuers, and it will not be required to disclose
in its periodic reports all of the information that United States domestic issuers are required to disclose. ESGL currently prepares
its financial statements in accordance with IFRS. ESGL will not be required to file financial statements prepared in accordance with
or reconciled to U.S. GAAP so long as the Company's financial statements are prepared in accordance with IFRS as issued by the
IASB. If it ceases to qualify as a foreign private issuer in the future, it would incur significant additional expenses that could have
a material adverse effect on its results of operations.
Because
ESGL is a foreign private issuer and is exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will
have less protection than you would have if it were a domestic issuer.
ESGL's
status as a foreign private issuer exempts it from compliance with certain Nasdaq corporate governance requirements if it instead complies
with the statutory requirements applicable to a Cayman Islands exempted company. The statutory requirements of ESGL's home country
of Cayman Islands, do not strictly require a majority of its board to consist of independent directors. Thus, although a director must
act in the best interests of ESGL, it is possible that fewer board members will be exercising independent judgment and the level of board
oversight of the management the company may decrease as a result. In addition, the Nasdaq Listing Rules also require U.S. domestic issuers
to have an independent compensation committee with a minimum of two members, a nominating committee, and an independent audit committee
with a minimum of three members. ESGL, as a foreign private issuer, with the exception of needing an independent audit committee composed
of at least three members, is not subject to these requirements. The Nasdaq Listing Rules may also require shareholder approval for certain
corporate matters that ESGL's home country's rules do not. Following Cayman Islands governance practices, as opposed to complying
with the requirements applicable to a U.S. company listed on Nasdaq, may provide less protection to you than would otherwise be the case.
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Amended and Restated
Memorandum and Articles of Association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands.
The rights of shareholders to take action against ESGL's directors, actions by ESGL's minority shareholders and the fiduciary
duties of ESGL's directors to ESGL under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands.
The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as
from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman
Islands. The rights of ESGL's shareholders and the fiduciary duties of ESGL's directors under Cayman Islands law are not
as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular,
the Cayman Islands have a less developed body of securities laws than the United States and provides significantly less protection to
investors. In addition, some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate
law than the Cayman Islands.
There
is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against
ESGL or ESGL's directors or officers predicated upon the civil liability provisions of the securities laws of the United States
or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against ESGL or ESGL's directors
or officers predicated upon the securities laws of the United States or any state in the United States. It may be difficult or impossible
for you to bring an action against ESGL or against these individuals in the Cayman Islands in the event that you believe that your rights
have been infringed under the applicable securities laws or otherwise. Even if you are successful in bringing an action of this kind,
the laws of the Cayman Islands may render you unable to enforce a judgment against ESGL's assets or the assets of ESGL's
directors and officers.
Shareholders
of Cayman Islands exempted companies like ESGL have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. ESGL's directors have discretion under our Amended and Restated Memorandum
and Articles of Association to determine whether or not, and under what conditions, its corporate records may be inspected by its shareholders,
but are not obliged to make them available to its shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
18
As
a result of all of the above, ESGL's public shareholders may have more difficulty in protecting their interests in the face of
actions taken by ESGL's management, members of the board of directors or controlling shareholders than they would as public shareholders
of a company incorporated in the United States.
Cayman
Islands companies may not have standing to initiate a derivative action in a federal court of the United States. As a result, your ability
to protect your interests if you are harmed in a manner that would otherwise enable you to sue in a United States federal court may be
limited to direct shareholder lawsuits.
ESGL
may be a "passive foreign investment company," or "PFIC", which could result in adverse U.S. federal income tax
consequences to U.S. Holders.
In
general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain
25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25%
or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income
generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we
are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined
in the Section of this prospectus captioned "Material U.S. Federal Income Tax Considerations for U.S. Holders") of our securities,
the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.
The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies
that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be
determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for
our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible
application of the PFIC rules in light of their individual circumstances.
ITEM
4. INFORMATION ON THE COMPANY
A.
History
    and Development of the Company
The
Company was formed to serve as a holding company for Legacy ESGL and GUCC after consummation of the Business Combination
contemplated by the Merger Agreement. The Company, a Cayman Islands exempted company, was formed on November 18, 2022. Prior to the Business
Combination, the Company owned no material assets and did not operate any business. The Company's principal executive office is
located at 101 Tuas South Avenue 2 Singapore 637226, and its telephone number is +65 6653 2299.
On
August 3, 2023 the parties consummated the Business Combination, and an aggregate of 3,922,961 shares of common stock of GUCC were redeemed.
On July 27, 2023, GUCC, the Company, and Legacy ESGL entered into an agreement ("Forward Purchase Agreement") with Vellar
Opportunities Fund Master, Ltd. ("Seller") for an OTC Equity Prepaid Forward Transaction. On the same date as the execution
of the Forward Purchase Agreement, Seller assigned and novated 50% of its rights and obligations under the Forward Purchase Agreement
to ACM ARRT K LLC. The primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing
of the Business Combination.
ESGH
is a holding company incorporated under the laws of the Cayman Islands as an exempted company with limited liability on June 14, 2022.
ESGH has no substantive operations other than holding all of the issued shares of Environmental Solutions Asia Holdings Limited ("ES
BVI"), a holding company incorporated under the laws of the British Virgin Islands on June 29, 2022. On August 5, 2022, as part
of a reorganization, ES BVI acquired the entire equity interest in ESA, which was incorporated under the laws of Singapore on May 8,
1999, from its shareholders, namely Quek Leng Chuang, Law Beng Hui, Chem Integrated Management Pte. Ltd., LV Capital Holdings Limited,
Ling Sheng Hwang, Ling Sheng Chung, Lim Suat Bee, Julie and other shareholders, and as consideration, ES BVI allotted and issued its
ordinary shares to the aforementioned shareholders in the same proportion as their respective shareholdings in ESA. Upon completion of
such reorganization, ESA became a wholly-owned subsidiary of ES BVI.
19
B.
Business
    Overview
Overview
ESGL
is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material
operations of its own, ESGL conducts all of its operations through its operating entity incorporated in Singapore, ESA.
ESA
is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial
waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies. ESA currently has two revenue
streams, from: (i) services income which is primarily comprised of the fees it charges its customers for waste collection and disposal
services, which fees are similar to those charged by ESA's competitors, and (ii) the sales and trading of ESA's circular
products that are made and processed from the recycled waste collected from its customers with respect to its waste collection and disposal
services, which ESA believes makes ESA a unique and environmentally friendly offering in the marketplace.
A
fundamental tenet of ESA is that waste is a resource to be reused, repurposed and recirculated. ESA believes that this mindset of creating
commodities from waste sets itself apart from the linear traditional waste industry participants, which largely only generate income
from the collection, destruction and disposal of post-collection waste. This philosophy is ingrained and reflected in ESA's business
operations where it utilizes renewable energy and by-products produced from ESA's waste treatment process to reduce its own operating
costs. In line with this mindset, ESA's primary business focus is the conversion and processing of industrial waste (that would
otherwise be unused in the waste recycling process) into circular products such as pyrolysis oil, diesel, metals such as nickel, zinc,
copper, silver, gold, minerals such as lime (calcium hydroxide) and fluorspar (calcium fluoride), and chemicals such as hydrochloric
acid, sulfuric acid, and calcium chloride. ESA then sells these converted circular products to local and international end users, traders
or overseas refiners who require the circular products for their own commercial use or for further processing including manufacturing
and galvanizing purposes.
Competitive
Strengths
Unique
Approach to Waste Management
ESA
believes its mindset of creating commodities from waste sets it apart from linear traditional waste industry participants, which place
emphasis on the destruction and disposal of waste. Like traditional waste management industry participants, ESA collects industrial waste
from customers for a fee. Unlike its competitors, ESGL seeks to convert the waste it collects into circular products, which it can sell
to its customers as raw materials to be circulated back into supply chains or to suppliers of raw materials.
In
addition, ESA has developed sustainable waste management techniques that allow it to generate and capture renewable energy such as heat
energy, water, and chemicals which is used by ESA to reduce its own net energy and resource consumption. Indeed, as focus on sustainability
continues to increase globally, ESA believes its sustainable waste management techniques will help its customers meet environmental sustainability
targets, such as Singapore's "Zero Waste to Landfill" program for large manufacturing, petrochemical, pharmaceutical
and semiconductor companies, which program seeks to significantly reduce waste from such companies being sent to landfills rather than
being recycled into other products and energy resources.
Furthermore,
ESA's circular products are considered sustainably sourced as they are made from recycled waste ESA collects from its customers.
In the case of waste plastics conversion to ESA's circular pyrolysis oil solution, called NewOil, this process is certified by
the International Sustainability and Carbon Certification system ("ISCC"), thereby confirming ESA's information and
reporting as credible and reliable. ESA believes that the ISCC certification confirms that by offering this unique brand proposition
which allows ESA's customers to meet their environmental targets, ESA may sometimes be able to charge a premium for some of its
services, when compared to traditional industrial waste management plants or other raw commodities manufacturers.
20
Sustainable
& Renewable Energy Technologies
ESA
owns and operates an industrial waste management plant in Singapore that uses waste wood gasification and solar energy for the thermal
treatment processing of industrial waste. In order to harness the solar energy for the thermal treatment of industrial waste, ESA currently
has 640kWp photovoltaic panels (also known as solar panels) installed in its plant building. ESA also owns and operates a commercial
plant in Singapore to supply ISCC PLUS-certified circular pyrolysis oil made from waste plastics in Singapore.
These
systems and engineering designs result in a low carbon footprint, whereby ESA generates only a minimal amount of by-product waste. In
2023, ESA only sent 5 to 8% of the waste it collected to the landfill. This is in deep contrast to most of ESA's competitors who
typically focus on processing waste through destructive methods and any by-product waste generated would be disposed of in the landfill.
Experienced
Management Team
The
Group's core executive and management team, which consists of Mr. Quek Leng Chuang, Mr. Law Beng Hui, Mr. Ho Shian Ching and Mr.
Lee Meng Seng, has amassed approximately a combined 100 years of relevant experience in waste management and the chemical supply chain
and general management, including but not limited to corporate and financial management and services. The Company is led by its two executive
directors, Mr. Quek Leng Chuang and Mr. Law Beng Hui. Mr. Quek, ESGL's Chief Executive Officer and Chairman of ESGL's board
of directors, has over 30 years of experience in the waste management industry. In addition, Mr. Quek was awarded a Singapore Armed Force
Scholarship to pursue Engineering in 1986, and subsequently served full time in the Singapore Army as an officer with Elite Infantry
Division. He continued service honorably in the reserve until 2016, and attained the rank of Lieutenant Colonel. Mr. Law, the Company's
Chief Growth and Sustainability Officer, has over 20 years of experience in business strategy, brand portfolio and marketing management,
including roles at Diageo plc and WPP plc.
Growth
Strategy
Continue
to invest in and develop new operating capabilities, technology, and carbon credits
In
order to increase the types of industrial waste that ESA can process and reuse, if funds are available, it plans to add new operating
lines to increase its sludge thermal processing capacity, acquire additional reactors, filter presses and auxiliaries to increase its
spent acid processing capacity, enhance its capacity to process and convert waste plastics per year into oil, and to build a high temperature
hazardous waste treatment system  .
In
particular, ESGL believes this treatment system will help ESA further develop its ability to capture and sell both carbon and plastic
credits. The Singapore government has set a fixed price on both carbon and plastic credits and the Company intends to collaborate with
a carbon consulting company for quantifying, measuring, verifying and monetizing any such credits that are generated from its planned
treatment system.
ESGL
also plans to invest in technologies that it believes will help ESA extract more value from waste. In addition, ESGL has begun to interface
with think tanks and start-ups that may develop cutting-edge technologies that would benefit the Group's business growth. As part
of ESGL's growth strategy, it has already begun to collaborate with a technology start-up which is a spin-off company of Nanyang
Technological University in Singapore (Nanomatics Pte Ltd), to commercialize the conversion of syngas (from waste plastic pyrolysis)
into carbon nanotubes and hydrogen.
On
May 18, 2023, ESA entered into the joint development agreement (the "JDA") with Nanomatics Pte Ltd. ("NMT") for
a term of two years. ESA has developed a proprietary FR-3 Pyrolysis Technology, which converts waste plastic to circular pyrolysis oil
while NMT has developed the THERMO-CVD Process Technology, which converts plastic waste to carbon nanotubes and hydrogen. The main objective
of the JDA is to further develop NMT's THERMO-CVD Process Technology at ESA's pilot plant facility to produce carbon nanotubes
and hydrogen from waste plastic and the synthetic gas generated from ESA's FR-3 Pyrolysis Technology (the "Joint Development
Program").
21
Upon
production of the carbon nanotubes in the pilot phase meeting the minimum standards of quality and costs of the parties, the parties
may discuss the possibility of NMT granting a license to ESA to use their THERMO-CVD Process Technology in Southeast Asia and if so,
the parties may negotiate the terms and conditions of such license agreement in good faith.
During
a period of six months following completion of the pilot phase for the initial performance of the Joint Development Program, if one party
seeks to commercialize the THERMO-CVD Process Technology by leveraging the improvements or intellectual property created under the JDA,
then the parties may notify the other and negotiate in good faith on an exclusive basis, for a period of up to 60 days following such
notification, with a view for both parties to participate in the said commercialization (which negotiations could include the possible
formation of a joint venture arrangement).
Mergers
and Acquisitions
In
addition to the long-term, organic growth strategies discussed above, ESGL intends to opportunistically acquire companies to expand its
core technologies and introduce the Group to potential new client bases. For example, ESGL may acquire a waste transportation company
to bolster the Group's waste collection clients, and/or additional recycling or waste treatment facilities in order to achieve
economies of scale, and ideally as a result, lower overall operating costs.
Overseas
Market Expansion
Currently,
the bulk of the Group's revenue is generated in the Singapore market. However, ESGL believes the Group's sustainable and
unique business model can be expanded to several international markets. For example, Batam, Indonesia is a free trade city that borders
Singapore, with a population of 1.4 million people and several clusters of industrial parks with multi-national corporation manufacturers.
However, the Group believes that there are no hazardous waste facilities in Batam, and that all hazardous waste collections are shipped
to West Java, Indonesia for treatment. By simply removing the transportation cost for such waste, ESGL believes that its potential expansion
in Batam will be an excellent demonstration of the efficacy and sustainability of its business model for waste management in markets
outside its original operating jurisdiction.
Product
& Service Quality and Safety
ESA's
waste management operations are ISO 14001:2015 certified. All of ESA's operating procedures are documented and the associated risks
of each business activity is reviewed at least annually, and updated where necessary. To ensure ESA's waste collection procedures
are followed correctly, ESA provides operator training to our operator staff and this training is conducted by our safety and production
managers.
In
addition to ESA's waste collection procedures, its waste treatment and conversion processes are also ISO 9001: 2015 certified and
we follow strict operational procedures in the treatment and conversion of waste. Moreover, ESA ensures its circular products meet its
quality control standards with the support of its in-house laboratory. More recently, ESA's business operations involved in the
conversion of waste plastics into oil have complied with the requirements of the certification systems of ISCC Plus (International Sustainability
and Carbon Certification). These certifications and qualifications are renewed annually, with the provision of regular training to ESA's
management team and employees being an integral requisite. ESA's workplace safety and health procedures are certified as Bizsafe
Level 3, as issued by the Workplace Safety and Health Council in Singapore.
Suppliers
and Logistics Providers
In
addition to the waste generated by ESA's customers, ESA purchases industrial waste from suppliers, such as companies from the biomedical,
pharmaceutical, electronics, semiconductors, electroplating, and petrochemicals industries. ESA also has suppliers that provide it with
certain equipment such as bins, containers for waste, machine parts, as well as other auxiliary equipment used in ESA's waste generation
plant and laboratory that is essential to ESA's business operations.
22
For
the year ended December 31, 2022, two suppliers accounted for approximately 18.1% and 14.1% of the Group's total inventory and
logistics costs. For the year ended December 31, 2023, one supplier accounted for approximately 23.6% of the Group's total inventory
and logistic costs.
The
following summarizes the material terms of ESA's typical purchase contracts:
Term:
The
    agreed term is generally 1 to 2 years.
Description
    and type of product:
The
    contract stipulates the type and specifications of the waste to be purchased by ESA.
Rebate
    Scheme:
The
    purchase price for the waste is determined based on the concentration and amount of precious metals in the waste and sold to ESA
    via a rebate scheme.
Weight:
The
    contract stipulates how ESA will perform the weighing procedures and the containers used to pack the waste.
Acceptance:
The
    waste shall be transported to the plants of ESA.
Sample
    and Analysis:
The
    contract stipulates how the sampling and analysis of the waste will be performed by ESA.
Payment
    terms:
Payment
    is generally made in US dollars upon receipt of the invoice within 30 days from the relevant supplier.
Termination:
The
    contract shall be renewed automatically unless termination notice has been issued to either party at least 1 to 3 months before the
    expiry date.
The
    contract shall be terminated by the supplier if:
●
ESA
    fails to observe or perform any provision or terms of the agreement.
●
ESA
    gives or offers any substantial gift whether by way of money, goods or otherwise to an employee of the supplier, or if any employee/family
    of an employee of the supplier has an unrevealed substantial interest in the business of ESA of which ESA has knowledge of.
Confidentiality:
It
    also stipulates both parties shall not disclose the existence of the contract, its terms and conditions, without prior consent from
    the other party and any information received by the parties under this contract shall not be used other than for the waste treatment/storage/conditioning
    services and shall not be disclosed to any third parties.
This
    clause shall survive 3 years from the termination or expiration of the contract.
ESA
engages third party logistics providers to provide ESA with freight and transportation services for the collection of waste and the transportation
of ESA's circular products to customers.
For
the year ended December 31, 2022, one logistics provider accounted for approximately 14.14% of the Group's total cost of inventory
and logistics. For the year ended December 31, 2023, 3 logistics provider in aggregate accounted for approximately 13.4% of the Group's
total cost of inventory and logistics.
23
The
following summarizes the material terms of the typical contracts with the Company's logistics providers:
Term:
The
    agreed term is generally 1 to 2 years.
Service
    Fee for transportation:
The
    contract stipulates the amount of service fees (i) per trip during specified hours and (ii) per hour after specified hours.
Service
    Fee for loading:
The
    service fees for the loading of goods per trip.
Payment
    terms:
Generally
    within 30 days and prices quoted excluding good and services tax.
Sales
and Marketing
ESA's
sales team is comprised of two employees, and they are involved in providing sales support administration and customer services.
Sales
and marketing generally is a business-to-business endeavor, and ESA adopts email marketing as the primary method of reaching out to potential
customers. ESA acquires new email-registered members through a diverse set of paid and unpaid marketing channels. ESA's paid advertising
efforts include search engine marketing, affiliate channels, and specific offline marketing channels. ESA's non-paid advertising
efforts include search engine optimization, non-paid social media, customer referrals and email. Upon acquiring a customer or a potential
customer's email address, ESA focuses on how to increase their engagement with ESA's products and services. This effort to
increase engagement and repeat purchasing is primarily accomplished by providing consistent customer service and email marketing efforts.
ESA also has a cloud-based customer relationship management system to promote its sales and marketing efforts. ESA also adopts search
engine optimization strategies to place it on the first page of most relevant searches so that potential customers and suppliers can
easily locate ESA.
Other
than the above traditional means to attract potential customers, ESA is also a member of the Waste Management Recycling Association of
Singapore, the United Nations Global Compact, and Association of Process Industry where it actively participates in industry forums to
promote the ESA's brand and awareness to sustainable solutions towards waste management. Additionally, and as part of ESA's
corporate social responsibility efforts, ESA has partnered up with the non-profit, Alliance to End Plastic Waste, to develop an educational
program which aims to recycle at least 350 metric tons of plastics through educational institutions in Singapore.
Customers
We
provide our waste collection and disposal services to the following customers, which include but are not limited to:
(i)
petrochemical
    companies such as Shell Eastern Petroleum Pte Ltd ("Shell"), ExxonMobil Asia Pacific Pte Ltd, Huntsman Corporation and
    Singapore Refining Company Pte Ltd;
(ii)
semi-conductors
    such as Micron Semiconductor Asia Operations Pte Ltd, STMicroelectronics Pte Ltd and GlobalFoundries;
(iii)
pharmaceutical
    corporations such as AbbVie Operations Singapore Pte Ltd, Alcon Singapore Manufacturing Pte Ltd and Pfizer Asia Manufacturing Pte
    Ltd;
(iv)
technology
    equipment manufacturers such as Linxens Singapore Pte Ltd, Singapore Epson Industrial Pte Ltd and Lincstech Circuit Singapore Pte
    Ltd; and
(v)
chemical
    product companies such as Stella Chemifa Singapore Pte Ltd and BASF South East Asia Pte Ltd.
In
line with our circularity mission, we treat and process the collected waste into circular products, which include but are not limited
to, pyrolysis oil, fluorspar, treated acid, base metals and nickel carbonate, and sell them to local and international end users, traders
or overseas refiners, including Shell, Pt Kedaung Oriental Porce, Progress Galvanizing Pte Ltd, GRM Co. Ltd and NickelHutte Aue GMBH.
24
When
selecting ESA's customers, ESA considers factors such as their size, creditworthiness and financial strength. ESA generally delivers
the circular products to its customers after they have made approximately more than 80% of the payment to ESA to minimize any risk of
bad debt and non-payment.
For
the year ended December 31, 2022, four of the Group's customers accounted for approximately 15.8%, 14.7%, 12.7% and 11.3% of the
Group's total revenue. Trade receivables from these customers was approximately US$159,700 as of December 31, 2022.
For
the year ended December 31, 2023, two of the Group's customers accounted for approximately 23.92%, and 17.66%, of the Group's
total revenue. Trade receivables from these customers was approximately US$175,000 as of December 31, 2023.
The
following summarizes the material terms of the Company's typical service contracts:
Term:
The
    agreed term is generally for 1 to 2 years.
Description
    and type of waste:
The
    contract stipulates the type and specifications of the waste to be collected by ESA.
Service
    Fee:
The
    service fees for the collection and disposal of waste are determined based on a fixed price per unit of the waste.
Payment
    terms:
Full
    payment of the service fees is to be made within 7 to 14 working days after receipt of the invoice from ESA.
Termination:
The
    contract shall be renewed automatically unless termination notice has been issued to either party at least 1 to 3 months before the
    expiry date.
The
    contract shall be terminated by the customer if:
●
ESA
    fails to observe or perform any provision or terms of the agreement.
●
ESA
    gives or offers any substantial gift whether by way of money, goods or otherwise to an employee of the customer, or if any employee/family
    of an employee of the customer has an unrevealed substantial interest in the business of ESA of which ESA has knowledge of.
Confidentiality:
The
    contract stipulates that ESA shall not assign, transfer or subcontract the contract nor assign rights, obligations or duties under
    the contract to any other party without the prior written consent of the customer.
It
    also stipulates both parties shall not disclose the existence of the contract, its terms and conditions, without prior consent from
    the other party and any information received by the parties under this contract shall not be used other than for the waste treatment/storage/conditioning
    services and shall not be disclosed to any third parties.
This
    clause shall survive 3 years from the termination or expiration of the contract.
The
following summarizes the material terms of a typical purchase order:
Description
    and type of product:
The
    purchase order stipulates the type and specifications of the circular products to be supplied and delivered to the customer.
Price
    of product:
The
    price of the circular product is determined based on a fixed price per unit.
Weight:
The
    contract stipulates how ESA will perform the weighing procedures for the circular products.
Payment
    terms:
Full
    payment of the price of the product is to be made within 30 days after receipt of the invoice from ESA.
25
Research
and Development
ESA
is committed to researching and developing its industrial waste treatment technologies in order to meet the demands of its customers
in the industrial waste treatment market.
Internally,
ESA collects feedback from its completed projects and modifies its equipment and technologies based on the feedback and from its previous
experiences. ESA believes scientific and technological innovations will aid it to achieve its long-term strategic objective of becoming
one of the premier industrial waste treatment companies in Singapore. For this reason, ESA devotes significant financial and personnel
resources to research and development. ESA's current research and development efforts are primarily focused on waste treatment
methodologies. ESA's internal research and development team is comprised of highly skilled engineers and scientists with extensive
experience in industrial waste treatment technologies, chemistry, and design. To supplement ESA's internal expertise, it is also
looking to collaborate with third-party institutions.
As
of December 31, 2022 and 2023, the Company's capitalized research and development expenses were approximately US$3.0 million and
US$4.3 million, respectively. The Company intends to continue to invest in research and development to support and enhance its existing
waste management methodologies and promote further innovation in the realm of waste management and treatment to enhance ESA's position
in the market.
Seasonality
The
volume of industrial waste tends to increase during summer. ESA's second and third quarter revenues and results of operations typically
reflect these seasonal trends. Service disruptions caused by severe storms, extended periods of inclement weather or climate events can
significantly affect ESA's operating results..
Intellectual
Property
The
Group has submitted an application with the Intellectual Property Office of Singapore to register
and
as the Company and ESA's logo in Singapore. As of December
31, 2023, ESA has registered the trademark
for NewOil, one of
ESA's key products, with the Intellectual Property Office of Singapore. The Group also intends to register   the trademark
and
as
the Company and ESA's logo in Indonesia.
The
Group believes that its intellectual property is important to the success and positioning of the Company. Through ESA's trademarks
and domain name, the Group believes it has enhanced its brand recognition as well as highlighted NewOil as one of its key products, hence
distinguishing ESA from its competitors and reinforcing the positive corporate image ESA has among its customers and suppliers.
The
Group cannot assure you that any pending trademark, patent or copyright will be approved by the relevant government authorities. In addition,
any rights granted under any of ESA's existing or future patents, copyrights or trademarks may not provide meaningful protection
or any commercial advantage to the Company. With respect to our other proprietary rights, it may be possible for third parties to copy
or otherwise obtain and use proprietary technology without authorization or to develop similar technology independently. The Group may
in the future initiate claims or litigation against third parties to determine the validity and scope of proprietary rights of others.
In addition, the Group may in the future initiate litigation to enforce its intellectual property rights or to protect its trade secrets.
26
Competition
The
Group faces significant competition from the numerous waste management companies who collect and dispose of the waste ESA needs for its
waste management and treatment processes. Such competitors include ECO Special Waste Management Pte Ltd, Chem-Solv Technologies Pte Ltd,
Modern Asia Environmental Holdings Pte Ltd, and Veolia ES Singapore Industrial Pte. Ltd.
A
substantial majority of the Group's competitors are significantly larger than the ESA and have more capital to invest in their
businesses. Competitors could also seek to gain market share by reducing the prices they charge customers, introducing products and solutions
that are similar to ESA's or introducing new technology tools.
C.
Organizational
    Structure
Upon
consummation of the Business Combination, Legacy ESGL became a wholly owned subsidiary of the Company. The Company's organizational
chart is below:
D.
Property,
    Plant and Equipment
ESGL's
headquarters are located at 101 Tuas South Avenue 2, Singapore 637226, with approximately 95,000 square feet of facility space, pursuant
to a 17-year state lease that terminates on November 30, 2030. ESGL pays S$9,225.09 per month under such lease, which may be subject
to a potential increase of the rent based on the prevailing market rate every year. This facility is used for the processing of solid
and liquid industrial waste and the physical-chemical treatment of acids and alkali wastes. The facility also processes waste wood to
be converted into renewable heat energy, and the auxiliaries and offices are powered by 640 KWp Solar PV on the main building roof.
ESGL
also leases a factory space at 62 Tuas Street 5, Singapore 637802, with approximately 25,000 square feet of facility space, pursuant
to a 30-year state lease that terminates on March 31, 2038. This facility is used for the processing of chemical wastes and the pyrolysis
of waste plastics into NewOil.
ESGL
leases another factory space at 110 Tuas South Avenue 3, Singapore 637369, with approximately 34,000 square feet of facility space, pursuant
to a two-year tenancy agreement that terminates on January 31, 2025. This facility is used for the storage of waste and circular products.
This facility is integral to ESGL's supply chain operations and is used mainly for the storage of waste prior to treatment and
the Group's circular products prior to dispatch or export for sales. The site has the capacity to simultaneously load up to 6 shipping
containers at once, providing adequate support for ESGL's export sales activities.
ESGL
believes that its facilities are adequate to meet its needs for the immediate future, and that, should it be needed, suitable additional
space will be available on commercially reasonable terms to accommodate any expansion of the ESGL's operations.
27
ITEM
4A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
Overview
ESGL
is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material
operations of its own, the Group conducts all of its operations through its operating entity incorporated in Singapore, ESA.
The
Group is a waste management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous
industrial waste from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies. The Group currently
has two revenue streams, from: (i) services income which is primarily comprised of the fees charged to customers for the provision of
waste collection and disposal services, which fees are similar to those charged by the Group's competitors, and (ii) the sales
and trading of its circular products made from recycled waste, which is believed to make the Group a unique and environmentally-friendly
offering in the marketplace.
Factors
Affecting the Group's Performance and Related Trends
The
Group believes that the key factors affecting its performance and financial performance include:
(i)
Continuous
    Engagement with the Group's Customers
: The Group benefits from its unique approach to waste handling — captive consumption,
    which has allowed it to capture customers from the target market segment of multinational corporations that aim to meet their environmental,
    social and governance goals. The Group's revenue growth largely depends on its ability to retain current customers and attract
    new customers, including its ability to form relationships with and manage an increasing number of customers. In addition to the
    traditional means of attracting potential customers via emails, business brochures and LinkedIn, ESA is also a member of the Waste
    Management Recycling Association of Singapore and the United Nations Global Compact where it actively participates in industry forums
    to promote the Group's brand and awareness of sustainable solutions, which has resulted in a substantial increase in customer
    engagement.
(ii)
Manufacturing
    Activities
: The Group derives part of its revenue by charging a disposal fee for the use of its collection and disposal service.
    Since the Group's core business is tied to the volume of waste generated by its customers, its revenue growth could be influenced
    by manufacturing activities which are affected by the global supply and demand, as well as macroeconomic conditions.
(iii)
Commodities
    Price
: The Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc,
    precious metals and base metals. As such, the prevailing market prices and the demand of these commodities will also determine the
    Group's profitability and the sale of each commodity, respectively.
(iv)
Inflation
:
    While many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary
    pressures, and the rate of growth is slowing down. The economy in Singapore and globally has experienced general increases in certain
    operating costs and expenses, such as employee compensation and office operating expenses as a result of higher inflation. Average
    wages in Singapore are expected to continue to increase and the Group expects that its employee costs, including wages and employee
    benefits, will continue to increase. Unless the Group is able to control its employee costs or pass them on to its clients, its financial
    condition, and results of operations may be adversely affected.
28
As
    governments in Asia (and worldwide) take steps to address current inflationary pressures, there may be significant changes in the
    availability of bank credit, commercial reasonability of interest rates, limitations on loans, restrictions on currency conversions
    and foreign investment rules, thereby restricting the availability of credit and reducing economic growth. Inflation, actions that
    may be implemented to combat inflation and public speculation about any possible additional actions also may contribute materially
    to economic uncertainty in Asia (and worldwide) and accordingly weaken investor confidence, thus adversely impacting economic growth
    and causing decreased economic activity, which in turn could lead to a reduction in demand for the Group's products and services,
    and consequently have a material adverse effect on its businesses, financial condition and results of operations. Conversely, more
    lenient government policies and interest rate decreases may trigger increases in inflation and, consequently, growth volatility and
    the need for sudden and significant interest rate increases, which could negatively affect the Group's business. There also
    may be imposition of price controls. If prices for the Group's waste disposal services and/or its circular products rise at
    a rate that is insufficient to compensate for the rise in the costs of supplies and operations, it may have an adverse effect on
    the Group's profitability. If these or other similar restrictions are imposed by a government to influence the economy, it
    may lead to a slowing of economic growth.
(v)
Government
    Regulations in Singapore
: The Group's operating subsidiary, ESA, is incorporated, and its operations and assets are all
    located, in Singapore. Accordingly, the Group's business could be influenced by economic policies and initiatives undertaken
    by the Singapore government, changes in the Singapore business or regulatory environment affecting its customers and changes in the
    Singapore government policy on waste management. Unfavorable changes could affect demand for services that the Group provides and
    could materially and adversely affect its results of operations. Although the Group has generally benefited from Singapore's
    economic growth and the policies to encourage the improvement of waste management, it is also affected by the complexity, uncertainties
    and changes in the Singapore economic conditions and regulations governing the waste industry.
29
Results
of Operations
Comparison
of the Years Ended December 31, 2023 and 2022
For
    the Year Ended December 31,
Percentage
2023
2022
Change
Change
(US$)
(US$)
(US$)
(%)
Revenue
6,164,173
4,992,034
1,172,139
23.5
%
Other income
169,819
396,373
(226,554
)
-57.2
%
Cost of inventory
977,619
1,093,194
(115,575
)
-10.6
%
Logistics costs
925,225
689,762
235,463
34.1
%
Operating expenses
3,466,606
2,460,951
1,005,655
40.9
%
Finance expense
388,717
246,359
142,358
57.8
%
Depreciation and amortization
2,354,839
2,300,252
54,587
2.4
%
Listing expenses
93,067,324
981,701
92,085,623
>100
%
Loss before income tax
(94,846,338
)
(2,383,812
)
(92,462,526
)
>100
%
Income tax expense
133,000
8,000
125,000
>100
%
Net loss
(94,979,338
)
(2,391,812
)
(92,587,526
)
>100
%
Revenue
The
Group derives its revenue from (i) the sales and trading of its circular products and (ii) waste disposal services which generally comprises
the disposal fees it charges its customers for waste collection and disposal services. The Group's revenue increased by approximately
US$1.2 million or 23.5% from approximately US$5.0 million for the year ended December 31, 2022 ("FY2022") to approximately
US$6.2 million for the year ended December 31, 2023 ("FY2023"), primarily attributable to the increase in waste disposal
services which rose by approximately US$1.6 million or 71.8%. The increase from waste disposal services was offset by a decrease in sales
of circular products by approximately US$0.4 million (16%) compared to the last financial year.
The
decrease in sales of circular products was primarily attributable to (i) the lack of zinc sales in 2023. Sales of zinc fell from approximately
US$1.2 million in FY2022 to zero in FY2023; (ii) the decrease in sales of precious metals of approximately US$0.75 million or 78.2% from
approximately US$0.96 million for the year ended December 31, 2022 to approximately US$0.21 million for the year ended December 31, 2023,
(iii) offset by increase in sales of base metals which increased approximately by US$1.5 million (>100%) to approximately US$2.1 million
for the year ended December 31, 2023 from approximately US$0.59 million in the previous financial year primarily  due to the availability
of materials, feasible freight charges and scheduling.
The
Group's revenue generated from waste disposal services increased by approximately US$1.6 million or 71.8% from approximately US$2.2
million for the year ended December 31, 2022 to approximately US$3.9 million for the year ended December 31, 2023, primarily due to the
increase in higher demand for ESGL's disposal services of solid industrial wastes, waste plastics, waste wood and chemical wastes.
In FY2023, ESGL was awarded larger quantum contracts for such services from its major semi-conductor customers.
30
Other
Income
The
Group's other income is mainly comprised of (i) grants, (ii) warehousing and logistics services, and (iii) interest income. The
following table sets out the breakdown of other income for the periods indicated:
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Interest income
18,308
4
18,304
>100%
Gain from disposal of motor vehicle
-
26,586
(26,586
)
-100.0
%
Government grants
42,819
76,588
(33,769
)
-44.1
%
Grant from AEPW
1
72,000
116,000
(44,000
)
-37.9
%
Warehousing and logistic services
36,357
175,650
(139,293
)
-79.3
%
Others
335
1,545
(1,210
)
-78.3
%
169,819
396,373
(226,554
)
-57.2
%
The
Group's other income decreased by approximately US$226,000 or -57.2% from approximately US$396,000 for the year ended December
31, 2022 to approximately US$170,000 for the year ended December 31, 2023. Such decrease was primarily attributable to (i) the decrease
in warehousing and logistic services which decreased by approximately US$139,000 (-79.3%) in FY2023 compared to the prior financial year
as the warehousing arrangements were terminated and the Group utilized the space for its own operations, and (ii) the decrease in grant
from AEPW of approximately US$44,000 or -37.9% from approximately US$116,000 for the year ended December 31, 2022 to approximately US$72,000
for the year ended December 31, 2023 as the grant from AEPW draws to a close in 2023. and (iii) the decrease in government grants of
approximately US$34,000 or -44.1% as the Group had received less employment related subsidies under the Job Growth Incentive Scheme.
1
The
Alliance to End Plastic Waste ("AEPW") is an industry-founded and funded non-governmental and non-profit organization based
in Singapore. Founding members include BASF, Chevron Phillips Chemical, ExxonMobil, Dow Chemical, Mitsubishi Chemical Holdings, Proctor
& Gamble and Shell.
Cost
of Inventory
The
Group's cost of inventory represents costs and expenses attributable to the provision of its circular products. The Group's
cost of inventory decreased by approximately US$115,000 or -10.6% from approximately US$1.1 million for the year ended December 31, 2022
to approximately US$978,000 for the year ended December 31, 2023, which is in line with the decrease in product sales such as zinc as
mentioned above.
Logistics
Costs
The
Group's logistics costs represent costs attributable to the collection of waste and the delivery of its circular products. The
Group's logistics costs increased by approximately US$235,000 or 34.1% from approximately US$690,000 for the year ended December
31, 2022 to approximately US$925,000 for the year ended December 31, 2023, which is in line with the increased demand for disposal services
of wastes and the overall increase of Group's business operations.
Operating
Expenses
The
Group's operating expenses mainly comprise employee benefits expense and other operating expenses. The Group's operating
expenses increased by approximately US$1.0 million or 40.9%, from approximately US$2.4 million for the year ended December 31, 2022
to approximately US$3.4 million for the year ended December 31, 2023, primarily attributable to the overall increase in employee
benefits expense which increased by approximately US$431,000 (46.2%) from approximately US$933,000 to US$1.4 million, and other
operating expenses as detailed below.
31
Employee
Benefits Expense
Employee
benefits expense is mainly comprised of (i) salaries, wages and bonuses, (ii) directors' remuneration, (iii) employer's contribution
to defined contribution plans including Central Provident Fund, and (iv) other short-term benefits, including compulsory skills development
levy imposed in Singapore, administrative expenses relating to the application and/or renewal of work permits for foreign staff, medical
expenses, staff insurance, staff welfare and training expenses, less (v) the amount capitalized as internal development of intangible
assets. The following table sets out the breakdown of employee benefits expense for the periods indicated:
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Salaries, wages and bonuses
2,258,195
1,571,124
687,071
43.7
%
Directors' remuneration
272,659
211,853
60,806
28.7
%
Directors' fees
52,252
-
52,252
nm
Employer's contribution to defined contribution
    plans including Central Provident Fund
142,749
107,263
35,486
33.1
%
Other short term benefit
26,943
54,077
(27,134
)
-50.2
%
2,752,798
1,944,317
808,481
41.6
%
Less: Amount capitalized
    as internal development of intangible assets
(1,388,584
)
(1,011,193
)
(377,391
)
37.3
%
1,364,214
933,124
431,090
46.2
%
The
Group's employee benefits expense increased by approximately US$431,000 or 46.2% from approximately US$933,000 for the year ended
December 31, 2022 to approximately US$1.4 million for the year ended December 31, 2023. Such increase in employee benefits expense was
primarily attributable to (i) the increase of salaries, wages and bonuses of approximately US$687,000 or 43.7% from approximately US$1.6
million for the year ended December 31, 2022 to approximately US$2.3 million for the year ended December 31, 2023 mainly due to higher
headcount as the Group geared up for higher production to meet increased customer's demands, and (ii) higher Directors' remuneration
of approximately US$61,000 or 28.7% from approximately US$212,000 for the year ended December 31, 2022 to approximately US$273,000 for
the year ended December 31, 2023, (iii) Directors' fees for non-executive independent directors of approximately US$52,000 for
which no Directors' fees were incurred in the last financial year offset by the increase of salary expense being capitalized as
internal development of intangible assets of approximately US$377,000 or 37.3% from approximately US$1.0 million for the year ended December
31, 2022 to approximately US$1.4 million for the year ended December 31, 2023 and was primarily attributable to the increase in time
and manpower allocated to the software development and innovation projects to develop engineering technologies in relation to the Group's
waste processing, treatment and recycling plans.
32
Other
Operating Expenses
Other
operating expenses are mainly comprised of (i) foreign exchange loss, (ii) foreign worker levy, (iii) impairment loss on receivables,
(iv) insurance, (v) professional fees, (vi) property tax, (vii) rental and storage, (viii) utilities, (ix) upkeep, repair and maintenance,
(x) chemical and incineration fees, and (xi) others relating to bank charges, marketing and advertising expenses, entertainment expenses,
business travel expense, computer and internet expenses, telephone and internet expenses and filing and lodgment fees. The following
table sets out the breakdown of other operating expenses for the periods indicated:
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Foreign exchange
    loss
189,426
22,287
167,139
>100%
Foreign worker levy
168,137
97,703
70,434
72.1
%
Impairment loss on receivables
-
44,271
(44,271
)
-100.0
%
Insurance
55,694
43,589
12,105
27.8
%
Professional fees
109,703
93,978
15,725
16.7
%
Property tax
108,412
105,771
2,641
2.5
%
Rental and storage
594,748
290,481
304,267
>100%
Utilities
189,982
157,974
32,008
20.3
%
Upkeep, repair and maintenance
230,037
317,267
(87,230
)
-27.5
%
Chemical and incineration fees
396,428
229,204
167,224
73.0
%
Bank service charges
50,427
8,203
42,224
>100%
Others
9,398
117,099
(107,701
)
-92.0
%
2,102,392
1,527,827
574,565
37.6
%
The
Group's other operating expenses increased by approximately US$575,000 or 37.6% from approximately US$1.5 million for the year
ended December 31, 2022 to approximately US$2.1 million for the year ended December 31, 2023. The increase was mainly due to (i) higher
rental and storage expenses which increased by approximately U$304,000 from approximately US$290,000 in the year ended December 31, 2022
to approximately US$595,000 (>100%) in the year December 31, 2023 to cater for higher volumes of wastes collected in FY2023; (ii)
increase in chemical and incineration fees from approximately US$229,000 in FY2022 to approximately US$396,000 in FY2023 as a result of
higher wastes collected and treated in FY2023; (iii) higher foreign exchange loss of approximately US$189,000 in the year ended December
31, 2023 as compared to foreign exchange loss of approximately US$22,000 in the prior financial year; (iv) increase in foreign worker
levy which increased by approximately US$70,000 from approximately US$98,000 in the prior financial year to approximately US$168,000
(72.1%) in the year ended December 31, 2023 on the increase in hiring to cater for higher volumes; (v) offset by a write-back of old
account payables which were more than 2 years old.
Finance
Expense
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Interest expenses:
- Lease liabilities
55,934
28,559
27,375
95.9
%
- Borrowings
284,112
217,800
66,312
30.4
%
- Loans from Directors
48,671
-
48,671
nm
388,717
246,359
142,358
57.8
%
The
Group's finance expense increased by approximately US$142,000 from approximately US$246,000 in the year ended December 31, 2022
to approximately US$389,000 (57.8%) in FY2023. This was mainly due to higher interest on borrowings which increased by approximately
US$66,000 in FY2023 compared to FY2022 on new bank loans drawn down in FY2023. The interest on loans from Directors also resulted in
higher interest costs of approximately US$49,000 in FY2023. There was no such interest in the last financial year.
33
Depreciation
and Amortization
The
Group's depreciation and amortization expense remain relatively unchanged for the 2 financial years under review.
Listing
expense
Listing
expenses are non-recurring expenses incurred in connection with the Business Combination and are as follows:
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Share issued as consideration
67,641,500
-
67,641,500
nm
Net assets of SPAC
(590,526
)
-
(590,526
)
nm
Revaluation of FPA
24,241,261
-
24,241,261
nm
Professional fees
1,680,198
981,701
698,497
71.2
%
Printing, courier, and
    others
94,891
-
94,891
nm
93,067,324
981,701
92,085,623
>100%
Total
Quantity
Price
Amount
Issuance of shares
6,764,150
10.00
67,641,500
Net
Loss
As
a result of the foregoing, the Group recorded a net loss of approximately US$95.0 million for the year ended December 31, 2023, which
increased by approximately US$92.6 million or >100% as compared with a net loss of approximately US$2.4 million for the year ended
December 31, 2022.
34
Non-GAAP
Measures
EBITDA
The
Group defines EBITDA as net income (loss) before interest, taxes and depreciation and amortization.
For
the years ended December 31, 2023 and 2022, EBITDA consisted of the following:
For
    the Year Ended December 31,
Percentage
2023
2022
Change
change
    %
US$
US$
US$
%
Loss before income tax
(94,846,338
)
(2,383,812
)
(92,462,526
)
>100%
Finance expense
388,717
246,359
142,358
57.8
%
Depreciation and amortization
2,354,839
2,300,252
54,587
2.4
%
EBITDA
(92,102,782
)
162,799
(92,265,581
)
>100%
add : non recurring
    listing expenses
93,067,324
981,701
92,085,623
>100%
964,542
1,144,500
(179,958
)
-15.7
%
*Non-recurring
expenses mainly relate to expenses incurred for the SPAC merger
EBITDA
is a financial measure that is not calculated in accordance with IFRS, as issued by the IASB. The Group's management uses EBITDA
(i) as a measure of operating performance, (ii) for planning and forecasting in future periods, and (iii) in communications with the
Group's board of directors concerning the Group's financial performance. The Group's presentation of EBITDA is not
necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be
used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance
with IFRS, as issued by the IASB. Instead, the Group's management believes EBITDA should be used to supplement the Group's
financial measures derived in accordance with IFRS, as issued by the IASB, to provide a more complete understanding of the trends affecting
the business.
Liquidity
and Capital Resources
ESGL
was incorporated in the Cayman Islands as a holding company and it did not have active business operations as of December 31, 2023. The
Group's consolidated assets and liabilities, consolidated revenue and net income are mainly the operation results of
its subsidiary in Singapore. In assessing the Group's liquidity, the Group monitors and analyzes its cash on-hand and its operating
expenditure commitments. The Group's liquidity needs are to meet its working capital requirements and operating expense obligations.
Historically, the Group has financed its operations primarily through the (i) issuance of common stock, (ii) cash generated by operations,
(iii) loans from Directors and (iv) borrowings from banks. The Group has no other debt instruments other than those stated here.
35
As
of December 31, 2023, the Group's working capital was approximately negative US$13.8 million, its cash and cash equivalents amounted
to approximately US$367,000, its current assets were approximately US$1.5 million and its current liabilities were approximately US$15.2
million. The negative working capital was primarily attributable to the deferred underwriting fee payable and the classification of
certain bank loan balances of approximately US$5.7 million as current liabilities as the relevant bank loan agreements allow the banks
to demand immediate repayments even though they were not due for repayment within a year.
The
following table illustrates the maturity profile of the Group's borrowings:
As
    of December 31,
2023
(US$)
2022
(US$)
Within 1 year or on demand
3,233,637
5,427,538
Between 1 year and 2 years
2,544,842
371,103
Between 2 and 5 years
-
-
Total
5,778,479
5,798,641
Interest
rates for the Group's borrowings range from a fixed rate of 2% per annum to a floating rate of 2% above the lending
bank's cost of funds on a reducing balance basis. The Group's treasury policy is to maintain controls on all exposures, to
adhere to stringent counterparty credit standards, and to actively monitor marketplace exposures.
The
capital expenditure contracted for as of December 31, 2023 and 2022 but not recognized in the financial statements is approximately US$1.3
million and US$1.3 million, respectively.
Based
on the Group's current operating plan, the Group believes that its existing cash and cash equivalents and anticipated cash generated
from operating activities will be sufficient to meet its anticipated working capital and capital expenditures for at least the next 12
months. The Group's future working capital requirements will depend on many factors, including the rate of its revenue growth,
its introduction of new products and processes, and its expansion of sales and marketing and product development activities. To the extent
that the Group's cash and cash equivalents and cash flow from operating activities are insufficient to fund its future activities,
the Group may need to raise additional funds through bank credit arrangements, public or private equity or debt financings. The Group
also may need to raise additional funds in the event it decides in the future to acquire businesses, technologies and products that will
complement its existing operations. In the event additional funding is required, the Group may not be able to obtain bank credit arrangements
or equity or debt financing on terms acceptable to it or at all.
Cash
Flows for the Years Ended December 31, 2023 and 2022
The
following summarizes the key components of the Group's cash flows for the years ended December 31, 2023 and 2022:
For the Year
    Ended
December
    31,
2023
2022
(US$)
(US$)
Net cash generated from operating
    activities
5,282,766
1,969,910
Net cash used in investing activities
(2,019,189
)
(1,484,274
)
Net cash used in financing
    activities
(3,149,215
)
(370,251
)
Net increase in cash
    and bank balances
114,362
115,385
36
Operating
Activities
For
the year ended December 31, 2023, the Group generated net cash from operating activities of approximately US$5.3 million despite a loss
before income tax of approximately US$94.8 million. The significant loss before taxation was mainly due to listing expense of US$93.1
million and primarily arose from the accounting effects of the acquisition of GUCC and has no impact on operational cash flows. Net cash
generated from operating activities was primarily attributable to (i) positive cash inflows after the adjustments for the depreciation
of property, plant and equipment and the amortization of intangible assets of approximately US$2.4 million, and (ii) the overall improvements
in working capital.
For
the year ended December 31, 2022, the Group generated net cash from operating activities of approximately US$2.0 million despite a loss
before income tax of approximately US$2.4 million. This was primarily attributable to (i) positive cash inflows after the adjustments
for the depreciation of property, plant and equipment and the amortization of intangible assets of approximately US$2.3 million, and
(ii) the overall improvements in working capital.
Investing
Activities
Net
cash used in investing activities was approximately US$2.0 million for the year ended December 31, 2023 and was primarily attributable
to (i) the purchase of approximately US$651,000 of property, plant and equipment, and (ii) the addition of approximately US$1.4 million
of intangible assets.
Net
cash used in investing activities was approximately US$1.5 million for the year ended December 31, 2022 and was primarily attributable
to (i) the purchase of approximately US$503,000 of property, plant and equipment, and (ii) the addition of approximately US$1.0 million
of intangible assets.
Financing
Activities
Net
cash used in financing activities was approximately US$3.1 million for the year ended December 31, 2023 and was primarily attributable
to (i) the repayment of approximately US$3.8 million of bank borrowings, (ii) the settlement of approximately US$3.2 of promissory note
to shares, (iii) the repayment of approximately US$186,000 of lease liabilities, and (iv) the payment of approximately US$389,000 of
interest, which was partially offset by the share issuance of approximately US$754,000 and draw down of bank borrowings of approximately
US$3.6 million.
Net
cash used in financing activities was approximately US$370,000 for the year ended December 31, 2022 and was primarily attributable to
(i) the repayment of approximately US$1.5 million of bank borrowings, (ii) the repayment of approximately US$186,000 of lease liabilities,
and (iii) the payment of approximately US$246,000 of interest, which was partially offset by the share issuance of approximately US$1.6
million.
37
Trade
Receivables
The
Group's trade receivables increased by approximately US$72,000 from approximately US$390,000 as of December 31, 2022 to approximately
US$461,000 as of December 31, 2023, which is in line with the increase in sales as mentioned above.
The
Group seeks to maintain strict control over its outstanding receivables, and overdue balances are reviewed regularly by its senior management.
The following table sets out an ageing analysis of the Group's trade receivables that are past due but not impaired, as of the
dates indicated:
For the Year
    Ended
December
    31,
2023
2022
(US$)
(US$)
Less than 30 days
44,543
22,473
30 to 90 days
15,214
1,895
More than 90 days
-
2,117
59,757
26,485
As
of December 31, 2023, the Group's trade receivables that are past due but not impaired amounted to approximately US$60,000. These
trade receivables were all subsequently settled as of date of this Report.
The
following table sets out the Group's average trade receivables turnover days for the periods indicated:
Average
                                            Trade
Receivables
Turnover Days
As of December 31, 2023
25
As of December 31, 2022
23
Average
trade receivables turnover days indicates the average time required for the Group to collect cash payments from its provision of goods
or services. The Group's average trade receivables turnover days were 25 and 23 as of December 31, 2023 and 2022, respectively.
The increase in the Group's average trade receivables turnover days as of December 31, 2023 as compared to 2022 was
mainly attributable to the increased sales from the provision of waste disposal services to multi-national companies which generally
require an average credit term of 60 days.
The
Group has applied the simplified approach by using the provision matrix to measure the lifetime expected credit loss ("ECL")
for trade receivables.
The
Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry
or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has
significant exposure to individual customers. At the end of the financial year, 48.0% of the total trade receivables were from three
of the Group's largest customers. In 2022, 48.0% of the total trade receivables were from three of the Group's largest customers.
Individual
credit evaluations are performed on all customers. These evaluations focus on the customer's past history of making payments when
due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment
in which the customer operates. Unless agreed the otherwise, trade receivables are generally due within 30 days from the date of billing.
Normally, the Group does not obtain collateral from customers.
38
The
Group measures loss allowances for trade receivables at an amount equal to lifetime ECLs, which is calculated with reference to the credit
spread for each of the groupings (which taking into consideration of historical credit loss experience, average actual date of receipt,
customers' background, listing status and size as groupings of various debtors), which reflect the credit risk of the debtors,
over the expected life of the debtors and are adjusted for forward-looking information that is available without undue cost or effort.
As the Group's historical credit loss experience does not indicate significantly different loss patterns for different customer
segments, the loss allowance based on past due status is not further distinguished between the Group's different customer bases.
Expected
loss rates are based on actual loss experience. These rates are adjusted to reflect differences between economic conditions during the
period over which the historic data has been collected, current conditions and the Group's view of economic conditions over the
expected lives of the receivables. The movements in loss allowance for trade receivables during the periods indicated:
For
    the Year Ended December 31,
2023
(US$)
2022
(US$)
At January 1
46,768
150,000
Impairment losses recognized
-
46,768
Amount written off as uncollectible
-
150,000
At December 31
46,768
46,768
Trade
Payables
Trade
payables represent primarily the Group's obligations to pay for goods or services that have been engaged in the ordinary course
of business from suppliers, including purchases of raw materials and utilities, as well as payment to its logistics providers. The Group
is generally granted credit periods ranging from 30 to 60 days.
There
were no significant changes to the Group's trade payables balance for the two financial years under review.
Lease
Liabilities
The
Group recognized and measured lease liabilities in accordance with IFRS 16 "Leases". The Group leases properties in Singapore
mainly for use as factory space for the processing and storage of waste. The table below sets forth the breakdown of the Group's
lease liabilities as of the dates indicated:
For the Year
    Ended
December
    31,
2023
2022
(US$)
(US$)
Current
192,282
185,764
Non-current
1,974,524
2,071,571
2,166,806
2,257,335
39
The
Group's lease liabilities (comprising current and non-current liabilities) decreased approximately US$91,000 from approximately
US$2.3 million as of December 31, 2022 to approximately US$2.2 million as of December 31, 2023, in line with the normal utilization of
the lease tenure.
Capital
Commitments
During
the years ended December 31, 2023 and 2022, the Group incurred capital expenditures mainly for the procurement of property, plant and
equipment. The following table sets out the Group's capital expenditure contracted for as of December 31, 2023 and 2022 but not
recognized in the financial statements:
As
    of December 31,
2023
(US$)
2022
(US$)
Property, plant and equipment
1,328,306
1,339,532
Off-Balance
Sheet Arrangements
The
Group has no off-balance sheet arrangements including arrangements that would affect its liquidity, capital resources, market risk support
and credit risk support or other benefits.
Critical
Accounting Estimates
The
preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, contingent assets and liabilities, each as of the date of the financial statements, and revenues and
expenses during the periods presented. On an ongoing basis, management evaluates their estimates, assumptions and judgments, and the
effects of any such revisions are reflected in the financial statements in the period in which they are determined to be necessary. Management
bases their estimates on historical experience and on various other factors, including expectations of future events, that they believe
are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and
liabilities that are not readily apparent from other sources. Actual outcomes could differ materially from those estimates in a manner
that could have a material effect on the Group's consolidated financial statements. While the Group's significant accounting
policies are more fully described in the notes to its consolidated financial statements appearing elsewhere in this Report,
the Group believes that the following accounting policies and estimates are critical to the process of making significant judgments and
estimates in the preparation of the Group's financial statements and understanding and evaluating its reported financial results.
Revenue
recognition
Revenue
is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services
to a customer, excluding amounts collected on behalf of third parties.
Revenue
is recognized when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is
when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time.
The amount of revenue recognized is the amount allocated to the satisfied performance obligation.
Revenue
from contracts with customers
(a)
Rendering of services
Revenue
from rendering of services is recognized when the entity satisfies the performance obligation at a point in time, generally when the
significant acts have been completed and when transfer of control occurs, or for services that are not significant, transactions revenue
is recognized as the services are provided. The Group's primary service consists of collecting and disposing of industrial wastes
for its customers.
40
(b)
Sale of goods
Revenue
from sale of goods is recognized at a point in time when the performance obligation is satisfied by transferring a promised good to the
customer. Control of the goods is transferred to the customer, generally on delivery of the goods (in this respect, incoterms are considered).
Other
revenue
(c)
Interest income
Interest
income is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset, or where appropriate, a shorter period.
Critical
judgements in applying the entity's accounting policies
(a)
Determination
    of functional currency
In
determining the functional currency of the Group, judgment is used by the management to determine the currency of the primary economic
environment in which the Group operates. Consideration factors include the currency that mainly influences sales prices of goods and
services and the currency of the country whose competitive forces and regulations mainly determines the sales prices of its goods and
services.
(b)
Determination
    of lease term of contracts with extension options
The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.
The
Group has several lease contracts that include extension options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the extension. After the commencement date, the Group reassesses the lease term to consider whether there
is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to extend (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
The
Group includes the extension option in the lease term for leases of leasehold buildings because of the leasehold improvements made and
the significant costs that would arise to replace the assets. The extension options for leases of motor vehicles are not included as
part of the lease term because the Group typically leases motor vehicles for not more than five years and, hence, will not exercise the
extension options.
Critical
accounting estimates and assumptions
(a)
Useful
    lives of property, plant and equipment
The
useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical
experience with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than
anticipated or the asset experiences an unexpected level of wear and tear, the useful life will be adjusted accordingly. The
carrying amount of the Group's property, plant and equipment as of December 31, 2023 was US$21,786,365 (as of December 31,
2022: US$22,493,283).
(b)
Inventory
    valuation method
Inventory
write-down is made based on the current market conditions, historical experience and selling goods of a similar nature. It could change
significantly as a result of changes in market conditions. A review is made periodically for excess inventories, obsolescence and declines
in net realizable value and an allowance is recorded against the inventory balances for any such declines. The realizable value represents
the best estimate of the recoverable amount and is based on the most reliable evidence available and inherently involves estimates regarding
the future expected realizable value. The carrying amount of the Group's inventories as of December 31, 2023 was US$64,184 (as
of December 31, 2022: US$221,151).
41
(c)
Provision
    for expected credit losses of trade receivables
The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.
The
provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust
historical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated and
changes in the forward-looking estimates are analyzed.
The
assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group's historical credit
loss experience and forecast of economic conditions may also not be representative of customers' actual default in the future.
The
carrying amount of the Group's trade receivables as of December 31, 2023 was US$461,497 (as of December 31, 2022: US$389,648).
(d)
Impairment
    of non-financial assets
The
impairment testing of non-financial assets requires assumptions about the future cash flows projections as well as about the discount
rate to be applied. The assumptions used to arrive at the cash flow projections are dependent on the future market shares, the market
trend and the profitability of the Group's products.
Impairment
testing of non-financial assets requires estimates about the extent and probability of the occurrence of future events. As far as possible,
estimates are derived from past experience taking into account current market conditions and the stage of technological advancement.
(e)
Capitalization
    of intangible assets
The
costs of internally generated intangible assets are capitalized in accordance with the accounting policy in Note 2.6 to the financial
statements. Initial capitalization of costs is based on management's judgement that technological and economic feasibility is confirmed,
usually when a development project has reached a defined milestone according to an established project management model.
In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project,
discount rates to be applied and the expected period of benefits. The carrying amount of the intangible assets as of December
31, 2023 was US$2,381,465 (as of December 31, 2022: US$1,845,912).
The
Group's internally generated intangible assets consist of software development projects. These include an inventory management
system, a proprietary software for tracking real time used catalytic converters to facilitate buying and selling decisions, a database
to facilitate reporting, analysis and certification in its laboratory, a thermal treatment and desiccation system, an acid treatment
and renewal system and a system to convert waste plastics to oil. These intangible assets were developed to improve efficiency,
increase productivity and generate circular products. The costs incurred for each project consist principally of the salaries of the
employees working directly on the projects and include time to develop business requirements, programming and coding, software architecture
design and version deployment and testing.
42
Emerging
Growth Company Status
ESGL
is an "emerging growth company", as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act.
As such, the Group is eligible to take advantage of specified reduced reporting and other requirements that are otherwise applicable
generally to SEC reporting companies that are not emerging growth companies. For so long as ESGL remains an emerging growth company,
it will not be required to, among other things:
●
present
    more than two years of audited consolidated financial statements and two years of related selected financial data and management's
    discussion and analysis of financial condition and results of operations disclosure;
●
have
    an auditor report on its internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; and
●
disclose
    certain executive compensation related items.
ESGL
will remain an emerging growth company until the earlier of (i) the last day of the fiscal year following the fifth anniversary of the
closing of the Business Combination, (ii) the last day of the fiscal year during which ESGL has total annual gross revenue of at least
US$1.07 billion, (iii) the date on which ESGL is deemed to be a "large accelerated filer" under the Exchange Act, which means
the market value of its ordinary shares that are held by non-affiliates exceeds US$700.0 million as of the last business day of its most
recently completed second fiscal quarter, and (iv) the date on which ESGL has issued more than US$1.0 billion in non-convertible debt
during the prior three-year period.
ESGL
has taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private
issuer. Among those advantages, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with
new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting
standards. ESGL has elected not to opt out of such extended transition period. Accordingly, when a standard is issued or revised and
it has different application dates for public or private companies, ESGL, as an emerging growth company, can defer adopting the new or
revised standard until the later of the two application dates. As a result, the information that ESGL provides here may be different
than the information you may receive from other public companies in which you hold equity interests. If some investors find ESGL's
securities less attractive as a result, there may be a less active trading market for its securities and the prices of its securities
may be more volatile.
Quantitative
and Qualitative Disclosures about Market Risk
Risk
management overview
The
Group has exposure to market risk (including currency risk and interest rate risk), credit risk, liquidity risk, capital risk and commodity
price risk. The Group's exposure to each of these risks, and its objectives, policies and processes for measuring and managing
risk are more fully described in the notes to its consolidated financial statements appearing elsewhere in this Report.
Market
Risk
(i)
Currency
    Risk
While
the Group's reporting currency is the U.S. dollar, almost all of its sales and purchases are denominated in Singapore dollars.
As a result, the Group is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations
in the exchange rate between the U.S. dollar and Singapore dollar. If the Singapore dollar depreciates against the U.S. dollar, the value
of the Group's Singapore dollar revenues, earnings and assets as expressed in the Group's U.S. dollar consolidated financial
statements will decline. The Group does not have a policy to hedge its exposure to foreign exchange risk.
(ii)
Interest
    Rate Risk
The
Group is exposed to interest rate risk on its non-current borrowings at variable rates.
The
Group's borrowings at variable rates are denominated mainly in Singapore dollars. At December 31, 2023, if the Singapore dollar
interest rates had increased/decreased by 0.5% (at December 31, 2022: 0.5%) with all other variables including tax rate being held constant,
the loss after tax for the financial year would have been lower/higher by US$18,830 (2022: US$18,554) as a result of higher/lower interest
expense on these borrowings.
43
Credit
risk
The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties'
financial conditions and generally do not require collateral.
Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.
Liquidity
risk
The
Group is exposed to liquidity risk, which is risk that it will be unable to provide sufficient capital resources and liquidity to meet
its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, the Group will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity
shortage.
Capital
risk
The
primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders' value. The capital structure of the Group comprises issued share
capital and retained earnings.
The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.
Commodity
Price Risk
As
the Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc, precious metals
and base metals, the Group is exposed to commodity price risk, which is risk on its financial performance and profitability upon fluctuations
in the prevailing market prices of these commodities that are out of its control since they are primarily driven by external market forces.
44
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
    and Executive Officers
Our
directors and executive officers are as follows:
Name
Age
Position(s)
Quek
    Leng Chuang
58
Chief
    Executive Officer and Chairman
Ho
    Shian Ching
55
Chief
    Financial Officer
Law
    Beng Hui
49
Chief
    Growth and Sustainability Officer and Director
Lee
    Meng Seng
55
Chief
    Operating Officer
Anita
    Pushparani Dorett
(1)
57
Independent
    Director
Lim
    Boon Yew Gary
(1)
50
Independent
    Director
Yap
    Chin Yee Richard
(1)
58
Independent
    Director
Ernest
    Fong
(1)
53
Independent
    Director
(1)
Member
    of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.
Quek
Leng Chuang
has served as ESGL's Chief Executive Officer and Chairman of the Board since August 2023 and as ESA's
Chief Executive Officer since December 2020. Mr. Quek founded ESA in May 1999 and has since served as its director and chairman since
that time. From June 1996 to January 1997, Mr. Quek served as an operations manager of Green Singapore Pte Ltd, a waste paper recycling
and industrial commercial solid waste recycling company. From February 1997 to December 1998, Mr. Quek served as an operations engineer
at Eco Industrial Environmental Engineering Pte Ltd, an environmental engineering firm with particular focus on solid waste recovery
facilities. Mr. Quek was awarded a Singapore Armed Force Scholarship to pursue Engineering in 1986, and subsequently served full time
in the Singapore Army as an officer with Elite Infantry Division. He continued service honorably in the reserve till 2016, and attained
the rank of Lieutenant Colonel. Mr. Quek received a Bachelor of Engineering (Chemical Engineering) from the National University of Singapore
in 1990, and a Master of Business Administration from Leicester University in 1996. We believe Mr. Quek's wealth of industry experience
qualifies him to serve on our Board.
Ho
Shian Ching
has served as ESGL's Chief Financial Officer since August 2023. From January 2015 to May 2022, Mr. Ho served
as the financial controller of ETH Enterprises Pte Ltd, a leading manufacturer of quality timber products. From May 2007 to May 2017,
Mr. Ho served as the Chief Financial Officer of Fujian Zhenyun Plastics Industry Co., Ltd (SGX:5KT), a company principally engaged in
research and development and manufacturing of plastic pipes and fittings. From January 2005 to February 2007, Mr. Ho served as the group
financial controller of China Great Land Holdings Ltd (SGX:D50), an investment holding company. From March 2004 to January 2005, Mr.
Ho served as company secretary, director and financial controller of Planet Fitness Co., Pte Ltd, a fitness gym company. From January
2001 to January 2004, Mr. Ho served as the commercial manager of Hanson Building Materials (S) Pte Ltd, a building materials company.
From September 1999 to December 2000, Mr. Ho served as the internal auditor for NatSteel Electronics Ltd, a leading electronic manufacturer
which offered box-building and related services. From December 1995 to July 1999, Mr. Ho was an external auditor with KPMG LLP, an audit
firm, where he primarily performed statutory audits. Mr. Ho is a member of CPA Australia and is a Chartered Accountant of Singapore CA.
Mr. Ho received a Bachelor of Commerce from Murdoch University in 1995.
Law
Beng Hui
has served as ESGL's director and Chief Growth and Sustainability Officer since August 2023 and as ESA's
Chief Growth and Sustainability Officer and director since December 2020 and January 2021, respectively. Mr. Law co-founded NewOil Solutions
Pte Ltd in July 2020, a chemical recycling company. Mr. Law is an Internationally Certified Practicing Management Consultant registered
with Singapore Business Advisors and Consultants Council (SBACC). He currently sits on the board of consultants for Diageo plc's
carbon neutral whisky distillery investment in China and has taken on various leadership positions at Diageo plc since June 2011. From
January 2005 to August 2008, Mr. Law served as regional client services director at Young and Rubicam Brands Ltd, one of the advertising
groups owned by WPP plc (LON:WPP), an advertising and media conglomerate. Mr. Law received a Bachelor of Business Administration from
the National University of Singapore in 1999 and an Executive Master of Business Administration from INSEAD Business School in 2021.
We believe Mr. Law's extensive experience qualifies him to serve on the Board, including his over 20 years of experience in business
strategy, brand portfolio and marketing management at leading consumer packaged goods companies and advertising agencies, working across
global and regional markets.
Lee
Meng Seng
has served as ESGL's Chief Operating Officer since August 2023 and served as ESA's Chief Operating Officer
since August 2022. From June 2019 to June 2022, Mr. Lee served various roles with SembWaste Pte Ltd., a subsidiary of Sembcorp (SGX:U96)
that primarily engages in solid waste management. Mr. Lee first joined SembWaste Pte Ltd as the Head of Operations Hub, and was later
promoted to Head of Operations in 2021 and the Head of Maintenance of its maintenance department and the Head of Risk and Compliance
in 2022. From June 2018 to March 2019, Mr. Lee was the Head of Operations of Global Ritz Protection Pte Ltd., a private security systems
and management company in Singapore. Prior to that, Mr. Lee was re-enlisted and has served at the Singapore Armed Forces for almost 20
years since 1998 with his last appointment as the Head of Division/Brigade Training Branch and Deputy Head Civil Military Relations Training
Centre. From April 1996 to June 1998, Mr. Lee was the Director of Operations at Edra Creations and Renovation, an interior design service
provider in Singapore. Mr. Lee graduated in 1988 with an Advanced Certificate from Singapore-Cambridge General Certificate of Education.
Anita
Pushparani Dorett
has served as ESGL's independent director since August 2023. Since September 2018, Ms. Dorett has worked
with the Investor Alliance for Human Rights, an initiative of the Interfaith Center on Corporate Responsibility. Ms. Dorett took on the
leadership role of director of the Investor Alliance since January 2021, providing support to investors on international laws and standards
in relation to human rights risks and developing programs, tools and guidance for investors, to inform and advance their responsibility
to respect human rights. From January 2015 to June 2017, Ms. Dorett served as Associate General Counsel at International Business Machines
Corporation (NYSE:IBM). From October 2009 to December 2014, Ms. Dorett served as legal counsel for Dell Global BV, a computer hardware
company, in Singapore and was the global legal lead for Dell Services Business, providing legal advice on regional and global strategy,
as well as business planning. From August 1997 to August 2009, Ms. Dorett was employed by British Telecommunications Singapore Pte Ltd,
a telecommunications company, as head legal counsel for Southeast Asia and as counsel for mergers and acquisitions in Asia Pacific and
Japan. In July 1991, Ms. Dorett qualified as an advocate and solicitor from the Supreme Court of Singapore, and engaged in private legal
practice with Wong Partnership. Ms. Dorett received a Bachelor of Laws from the National University of Singapore in 1990 and a Master
of Laws from the Columbia University in 2018. We believe Ms. Dorett's extensive legal experience and tenure serving as legal counsel
to multinational corporations qualifies her to serve on the Board.
45
Lim
Boon Yew Gary
has served as ESGL's independent director since August 2023. He is presently an Executive Director in Rockpool
Capital Limited. Rockpool Capital is a multi-family office licensed by the Securities and Futures Commission in Hong Kong. He manages
the various relationships and advises the families on their wealth management matters. Mr. Lim served as an independent advisory director
of A.Plus International Corporation Limited from February 2022 to January 2023. In January 2019, Mr. Lim served as an independent non-executive
director and chairman of the remuneration committee of ZACD Group Limited (HKG:8313), an integrated real estate asset manager, although
he has since stepped down from this role in June 2023 as part of the scheduled rotation of directors of the firm. Since June 2017, Mr.
Lim served as a committee member of the Singapore Chamber of Commerce in Hong Kong. During the period from January 2012 to January 2022,
Mr. Lim co-founded A.Plus International Corporation Limited, a financial documentation services company, a subsidiary of A.Plus Group
Holdings Limited (HKG: 1841). In addition, Mr. Lim served as the assistant general manager of Toppan Vite Limited, a company providing
financial printing services, in Hong Kong from August 2002 to December 2012. Mr. Lim received a Bachelor's of Engineering in Mechanical
Engineering (Honors) from Nanyang Technology University in 1999 and a Master's of Business Administration from University of Chicago,
Booth School of Business in 2008. We believe Mr. Lim's extensive experience as a founder, executive and a director of publicly-traded
companies qualifies him to serve on the Board.
Yap
Chin Yee Richard
has served as ESGL's independent director since August 2023. Since June 2020, Dr. Yap has served various
board roles with HCA Hospice Care, a charity organization that provides palliative care to patients. Since October 2020, Dr. Yap has
served as a council member and a member of the finance and investment committee of Dyslexia Association of Singapore, a charity association
that provides learning support for learning differences students. From July 2019 to February 2020, Dr. Yap served in Deloitte Consulting
LLP as the subject matter expert on a project for a conglomerate in southeast Asia. From May 2015 to May 2019, Dr. Yap served as chief
executive officer of Q Fund Management Ltd., an alternative asset manager licensed under the Securities and Futures Commission of Hong
Kong ("SFC") specializing in fundamental equity investment in Chinese companies, where he oversaw risk, operations, regulatory,
and technology matters, and investor relations. From September 2009 to April 2015, Dr. Yap served as managing director of Gemini Capital
Ltd., a family office. From March 2009 to September 2009, Dr. Yap served as a consultant of the Bank of China (Hong Kong) Limited (HKG:1988)
where he advised the senior management and its board of directors on establishing an offshore asset management business for the group.
From April 2008 to January 2009, he served in Nomura International (Hong Kong) Limited as head of structured credit markets in Asia.
From August 1994 to March 2008, Dr. Yap served as the managing director of Lehman Brothers and was responsible for sales management in
Singapore until December 1999 and in Hong Kong until March 2008. Dr. Yap has obtained licenses for dealing in securities (type 1), advising
on securities (type 4), corporate finance (type 6) and asset management (type 9) from the SFC. Dr. Yap further obtained Series 7 qualification
from the US National Association of Securities Dealers in 1994. Dr. Yap received a Bachelor of Science in Computer and Information Science
from the University of Oregon in 1986, a Master of Business Administration from New York University in 1994 and a Doctor of Business
Administration from the City University of Hong Kong in 2018. We believe Dr. Yap's extensive experience in the banking, investment
and charitable giving fields qualifies him to serve on the Board.
Ernest
Fong
has served as ESGL's independent director since August 2023. Since October 2021, Mr. Fong has been the Asia Pacific
CEO of Optimas Capital, an Asian-based Hedge Fund with offices in Hong Kong, Singapore and Taiwan. Mr. Fong joined Credit Suisse in March
1998 and after spending more than 21 years in its Singapore, Taiwan and Hong Kong offices, he retired from Credit Suisse in December
2019. His last position in Credit Suisse was as the Head of Markets Research in Asia Pacific and he was responsible for a team of almost
300 across 14 offices and 12 markets. Prior to Credit Suisse, Mr. Fong was an equity research analyst at Credit Lyonnais Securities Asia
from June 1995 to February 1998. Since June 2020, Mr. Fong is also a non-executive director of Vincom Retail, listed in Vietnam, which
is part of the Vincom group, the largest privately-owned company in Vietnam. Mr. Fong graduated from National University of Singapore
with a Bachelor of Arts degree, majoring in Economics and Statistics. We believe Mr. Fong's extensive experience in the banking
and investment fields qualifies him to serve on the Board.
46
B.
Compensation
Decisions
with respect to the compensation of ESGL's executive officers, including its named executive officers, will be made by the compensation
committee of the Board. The actual compensation of the named executive officers will depend on the judgment of the members of the compensation
committee and may differ from that set forth in the following discussion.
The
compensation for ESGL's executive officers has the following components: base salary, cash bonus opportunities, share incentive
award, broad-based employee benefits, supplemental executive perquisites and severance benefits. Base salaries, broad-based employee
benefits, supplemental executive perquisites and severance benefits are designed to attract and retain senior management talent. ESGL
also uses cash bonuses and long-term equity awards to promote performance-based pay that aligns the interests of its named executive
officers with the long-term interests of its equity owners and to enhance executive retention.
Base
Salary
ESGL's
named executive officers' base salaries in effect will continue to be subject to increases made in connection with
ESGL's annual review of its named executive officers' base salaries, and be reviewed annually by the Compensation
Committee. For the year ended December 31, 2023, base salary paid to our named executive officers, including Quek Leng Chuang, Ho
Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$445,111. For the year ended December 31, 2022, base salary paid to our
named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to
US$288,105.
Annual
Bonuses
ESGL
uses annual cash incentive bonuses for the named executive officers to motivate their achievement of short-term performance goals and
tie a portion of their cash compensation to performance. No annual bonuses were paid to our named executive officers, including Quek
Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, in the year ended December 31, 2023. No annual bonuses were paid to our
named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, in the year ended December 31,
2022.
Other
Compensation
ESGL
continues to maintain various broad-based employee benefit plans similar to those in effect prior to the Business Combination. ESGL
continues to provide its named executive officers with specified perquisites and personal benefits currently provided by ESGH prior
to the Business Combination. For the year ended December 31, 2023, ESGL's contribution to its defined contribution plan for
the named executive officers, including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$35,745. For
the year ended December 31, 2022, ESGL's contribution to its defined contribution plan for the named executive officers,
including Quek Leng Chuang, Ho Shian Ching, Law Beng Hui and Lee Meng Seng, amounted to US$39,508.
Director
Compensation
Non-employee
directors of ESGL will receive varying levels of compensation for their services as directors and members of committees of the Board.
ESGL anticipates that director compensation will be determined in accordance with industry practice and standards. ESGL's non-employee
directors' total remuneration for the year ended December 31, 2023 was US$55,252. There were no annual bonuses paid to the non-employee
directors. ESGL's non-employee directors' total remuneration for the year ended December 31, 2022 was US$nil. There were
no annual bonuses paid to the non-employee directors.
47
C.
Board
    Practices
Board
of Directors
The
Board consists of six directors, including four independent directors, namely Anita Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee
Richard and Ernest Fong. A director is not required to hold any shares in ESGL to qualify as a director.
Board
Committees
The
Board has established an audit committee, a compensation committee and a nomination and governance committee, which have the responsibilities
and authority necessary to comply with applicable Nasdaq and SEC rules. The audit committee is comprised of Anita Pushparani Dorett,
Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong. The compensation committee is comprised of Anita Pushparani Dorett, Lim Boon
Yew Gary, Yap Chin Yee Richard and Ernest Fong. The nomination and governance committee is comprised of Anita Pushparani Dorett, Lim
Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong. We have adopted a charter for each of these committees that complies with Nasdaq
rules. The Board may establish other committees as it deems necessary or appropriate from time to time.
Audit
Committee
Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the audit committee of the Company (the
"Audit Committee"). Yap Chin Yee Richard serves as the chair of the Audit Committee. Each of the members of the Audit Committee
satisfies all independence requirements under the applicable rules and regulations of the SEC and Nasdaq. Our Board has determined that
Yap Chin Yee Richard possesses accounting or related financial management experience that qualifies him as an "audit committee
financial expert" as defined by the rules and regulations of the SEC and Nasdaq.
The
Audit Committee oversees our accounting and financial reporting processes and the audits of our financial statements. The Audit Committee
is generally responsible for, among other things:
●
appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing
    with the independent auditors any audit problems or difficulties and management's response;
●
discussing
    the annual audited financial statements with management and the independent auditors;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;
●
reviewing
    and approving all proposed related party transactions;
●
meeting
    separately and periodically with management and the independent auditors; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
Compensation
Committee
Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the compensation committee of the Company
(the "Compensation Committee"). Lim Boon Yew Gary serves as the chair of the Compensation Committee. Each of the members
of the Compensation Committee satisfies the independence requirements under the applicable rules and regulations of the SEC and Nasdaq.
48
The
Compensation Committee is generally responsible for overseeing and making recommendations to the Board regarding the salaries and other
compensation of our Executive Officers and general employees and providing assistance and recommendations with respect to our compensation
policies and practices. The Compensation Committee is generally responsible for, among other things:
●
reviewing
    and approving annually the corporate goals and objectives applicable to the compensation of the chief executive officer, evaluating
    the chief executive officer's performance at least annually, and determining and approving the chief executive officer's
    compensation level based on this evaluation;
●
reviewing
    and approving the compensation of all other Executive Officers;
●
reviewing,
    approving and recommending incentive compensation plans and equity-based plans to the Board and shareholders of the Company for approval,
    and administering the Company's incentive compensation plans and equity-based plans;
●
reviewing,
    approving and recommending employment agreements and severance arrangements or plans to the Board for approval;
●
reviewing
    all Director compensation and benefits for service on the Board and Board committees at least once a year, and recommending any changes
    to the Board as necessary; and
●
overseeing,
    in conjunction with the Nominating and Corporate Governance Committee, engagement with shareholders and proxy advisory firms on executive
    compensation matters.
Nominating
and Governance Committee
Anita
Pushparani Dorett, Lim Boon Yew Gary, Yap Chin Yee Richard and Ernest Fong serve as members of the nominating and governance committee
of ESGL (the "Nominating and Governance Committee"). Anita Pushparani Dorett serves as the chair of the Nominating and Governance
Committee. Each of the members of the Nominating and Governance Committee satisfies all independence requirements under the applicable
rules and regulations of the SEC and Nasdaq.
The
Nominating and Governance Committee is generally responsible for identifying and proposing new potential director nominees to the Board
for consideration and for reviewing our corporate governance policies. The Nominating and Governance Committee is generally responsible
for, among other things:
●
determining
    the qualifications, qualities, skills, and other expertise required to be a Director, and developing and recommending to the Board
    the criteria to be considered in selecting director nominees for the Board's approval;
●
identifying
    and screening individuals qualified to become members of the Board, and considering any director candidates recommended by the Company's
    shareholders pursuant to the procedures described in the Company's annual report;
●
selecting
    and approving the director nominees to be submitted to a shareholder vote at the shareholders' annual meeting, subject to approval
    by the Board;
●
developing
    and recommending to the Board a set of corporate governance guidelines applicable to the Company, reviewing these principles at least
    once a year and recommending any changes to the Board;
●
overseeing
    the Company's corporate governance practices and procedures, including identifying best practices, and reviewing and recommending
    to the Board for approval any changes to the documents, policies and procedures in the Company's corporate governance framework;
●
reviewing
    the Board's committee structure and composition and to make recommendations to the Board annually regarding the appointment
    of directors to serve as members of each committee and committee chairmen;
●
if
    a vacancy on the Board and/or any Board committee occurs, identifying and making recommendations to the Board regarding the selection
    and approval of candidates to fill such vacancy either by election by shareholders or appointment by the Board;
●
developing
    and overseeing a Company orientation program for new Directors and a continuing education program for current Directors, periodically
    reviewing these programs and updating them as necessary;
●
reviewing,
    approving and overseeing any transaction between the Company and any related person on an ongoing basis in accordance with the Company's
    related party transaction approval policy;
●
reviewing
    and discussing with management disclosure of the Company's corporate governance practices;
●
developing
    and recommending to the Board for approval an officer succession plan, to review such succession plan periodically with the chief
    executive officer, developing and evaluating potential candidates for executive positions, and recommending to the Board any changes
    to and any candidates for succession under the succession plan.
49
Duties
and Functions of Directors
As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests
of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a
duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty
to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience.
However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these
authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to the Company, the directors must ensure
compliance with our Amended and Restated Memorandum and Articles of Association. The Company has the right to seek damages if a duty
owed by any of the directors is breached.
Terms
of Directors and Officers
ESGL's
officers are appointed by and serve at the discretion of the Board. Each director holds office for the term fixed by the resolution of
shareholders or the resolution of directors appointing him until such time as his successor takes office or until the earlier of his
or her death, resignation or removal from office by resolution of directors with or without cause or by resolution of shareholders for
cause. The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors.
Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person
who has ceased to be a director ceased to hold office. A vacancy in relation to directors occurs if a director dies or otherwise ceases
to hold office prior to the expiration of his term of office.
Interested
Transactions
A
director may, subject to any separate requirements for Audit Committee approval under applicable laws or applicable Nasdaq Stock Market
Listing Rules, vote on a matter relating to the transaction in which he or she is interested, provided that the interest of any directors
in such transaction is disclosed by him or her to all other directors.
D.
Employees
As
of December 31, 2023, ESGL had 72 full-time employees, all of whom are based in Singapore.
The
following table sets forth the number of its employees by function as of December 31, 2023.
Function:
Management
4
Operations – Office staff
12
Operations – workers
41
Engineering
6
Finance
2
HR & Admin
2
Sales & Marketing
2
Laboratory
3
Total
72
50
E.
Share
    Ownership
The
following table sets forth information regarding the beneficial ownership of our ordinary shares by:
●
each
    person or "group" (as such term is used in Section 13(d)(3) of the Exchange Act) known by us to be the beneficial owner
    of more than 5% of our ordinary shares;
●
each
    of our current executive officers and directors; and
●
all
    executive officers and directors of the Company as a group.
The
beneficial ownership of ordinary shares of the Company is based on 22,998,039 ordinary shares issued and outstanding as of April 16,
2024.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently
exercisable or exercisable within sixty (60) days.
Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all of our
ordinary shares beneficially owned by them, subject to applicable community property laws. Any shares of our ordinary shares subject
to options or warrants exercisable within 60 days of the consummation of this annual report are deemed to be outstanding and beneficially
owned by the persons holding those options or warrants for the purpose of computing the number of shares beneficially owned and the percentage
ownership of that person. They are not, however, deemed to be outstanding and beneficially owned for the purpose of computing the percentage
ownership of any other person.
Name
    and Address of Beneficial Owner
(1)
Number
    of Shares
Percentage
    of Shares
Five
    Percent or Greater Holders:
Samuel Lui
(2)
1,742,191
7.58
%
Samuel Wu
(3)
10,000,000
43.48
%
Directors
    and Executive Officers:
Quek Leng Chuang
3,970,471
17.26
%
Ho Shian Ching
44,648
*
Law Beng Hui
521,104
2.27
%
Lee Meng Seng
103,966
*
Anita Pushparani Dorett
—
—
Lim Boon Yew Gary
—
—
Yap Chin Yee Richard
26,789
*
Ernest Fong
234,439
1.02
%
All
    Directors and Executive Officers as a group (8 individuals)
4,901,417
20.42
%
*
Less than 1%.
(1)
Unless
    otherwise indicated, the business address of each of our officers and directors is 101 Tuas South Avenue 2, Singapore 637226.
(2)
Samuel
    Lui, is the sole member and manager of Genesis Unicorn Capital, LLC. By virtue of this relationship, Samuel Lui, may be deemed to
    share beneficial ownership of the securities held of record by Genesis Unicorn Capital, LLC. The address of Genesis Unicorn Capital,
    LLC is 281 Witherspoon Street, Suite 120, Princeton, New Jersey 08540.
(3)
The
    address of Samuel Wu is 55 Li Hwan Drive, Singapore 557089.
51
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    Shareholders
See
"Item 6. Directors, Senior Management and Employees— E. Share Ownership."
B.
Related
    Party Transactions
Related
Party Transactions of GUCC
On
March 15, 2021, GUCC issued an aggregate of 2,875,000 founder shares to the Sponsor for an aggregate purchase price of $25,000 in cash,
or approximately $0.012 per share. On November 19, 2021, GUCC cancelled 718,750 founder shares due to a downsize of the proposed IPO,
effective retroactively, resulting in an aggregate of 2,156,250 founder shares of Class B common stock issued and outstanding. The number
of founder shares issued was determined based on the expectation that such founder shares would represent 20% of the issued and outstanding
shares upon completion of the IPO (excluding the Private Placement Units and underlying securities and assuming the underwriters do not
exercise the over-allotment option and purchase any units in the IPO).
On
March 15, 2021, the Sponsor transferred 20,000 founder shares to each of GUCC's Chief Executive Officer and Chief Operating Officer,
and 2,500 founder shares to each of GUCC's Chief Scientific Officer and Scientific Advisor. On October 27, 2021, the Sponsor transferred
17,500 founder shares to GUCC's Chief Scientific Officer, 10,000 founder shares to GUCC's Chief Executive Officer, 30,000
founder shares to each of GUCC's two independent directors, 25,000 founder shares to each of GUCC's other two independent
directors, 5,500 founder shares to GUCC's Scientific Advisor, and 15,000 founder shares to GUCC's Strategic and Scientific
Advisor. In addition, the Sponsor has separately agreed to transfer to our Chief Operating Officer an aggregate of 30,000 of its founder
shares at the time of the Business Combination.
The
Sponsor purchased simultaneously at the time of the completion of the IPO an aggregate of 377,331 Private Placement Units at a price
of $10.00 per Private Placement Unit for an aggregate purchase price of $3,773,310.
Commencing
from February 14, 2022, GUCC agreed to pay Genesis Unicorn Capital, LLC, the Sponsor, a total of $10,000 per month for office space,
utilities and secretarial and administrative support. Upon Closing, GUCC ceased paying these monthly fees.
No
compensation of any kind, including any finder's fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
has been paid by GUCC to the Sponsor, GUCC's officers or directors or any affiliate of the Sponsor, prior to, or in connection
with any services rendered in order to effectuate, the consummation of a Business Combination (regardless of the type of transaction
that it is). However, these individuals were reimbursed for any out-of-pocket expenses incurred in connection with activities on GUCC's
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. GUCC's audit
committee will review on a quarterly basis all payments that were made to the Sponsor, GUCC's officers, directors or GUCC's
or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling
on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on GUCC's behalf.
On
February 23, 2021, GUCC issued an unsecured promissory note to the Sponsor pursuant to which GUCC may borrow up to an aggregate principal
amount of $300,000 to be used for payment of costs related to the IPO. On February 4, 2022, the promissory note was amended and pursuant
to that certain Amended and Restated Promissory Note dated as of February 4, 2022, the loan was due to be paid in full at the earlier
of March 31, 2022 or the closing of the IPO. As of December 31, 2021, GUCC had borrowed $174,147 under the promissory note with the Sponsor.
Following the closing of the IPO on February 17, 2022, GUCC repaid the Sponsor a total of $183,753 on February 25, 2022, and this promissory
note was deemed terminated and no longer in effect. Accordingly, GUCC can no longer borrow from this loan.
On
October 12, 2022, GUCC issued an unsecured promissory note in the principal amount of up to $500,000 to the Sponsor (the "Original
Note"). The Original Note is non-interest bearing and payable upon the earlier of August 17, 2023 or the date on which GUCC consummates
its initial business combination. On March 1, 2023, GUCC issued an amended and restated promissory note (the "2023 Note")
in the principal amount of up to $2,000,000 to the Sponsor. The 2023 Note supersedes the Original Note. The 2023 Note is non-interest
bearing and payable upon the earlier of February 17, 2024 or the date on which GUCC consummates its initial business combination. There
is an outstanding balance of $2,450,000 on the 2023 Note as of July 3, 2023.
52
GUCC
entered into agreements with its officers and directors to provide contractual indemnification in addition to the indemnification. GUCC
also purchased a policy of directors' and officers' liability insurance that insures its officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures GUCC against its obligations to indemnify its
officers and directors.
The
founder shares, Private Units, and securities contained therein, are each subject to transfer restrictions pursuant to lock-up provisions
in the Letter Agreement entered into by the Sponsor, officers and directors. These lock-up provisions provide that such securities are
not transferable or salable (i) in the case of the founder shares (or shares of common stock issuable upon conversion thereof), until
the earlier to occur of: (A) one year after the completion of GUCC's initial business combination and (B) subsequent to GUCC's
initial business combination, if the reported last sale price of the GUCC Class A common stock equals or exceeds $12.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing after GUCC's initial business combination, and (ii) in the case of the Private Units, including the component
securities therein, until 30 days after the completion of GUCC's initial business combination, except in each case (a) to GUCC's
officers or directors, any affiliates or family members of any of GUCC's officers or directors, any members of the Sponsor, or
any affiliates of the Sponsor, (b) in the case of an individual, by gift to a member of one of the members of the individual's
immediate family or to a trust, the beneficiary of which is a member of one of the individual's immediate family, an affiliate
of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of any of GUCC's officers, directors, the Initial Stockholders or members of the Sponsor; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial
business combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of GUCC's
liquidation prior to the completion of an initial business combination; (g) by virtue of the laws of Delaware or the Sponsor's
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of GUCC's liquidation, merger, capital
stock exchange, reorganization or other similar transaction which results in all of GUCC's stockholders having the right to exchange
their shares of common stock for cash, securities or other property subsequent to GUCC's completion of an initial business combination;
provided, however, that in the case of clauses (a) through (e) or (g) these permitted transferees must enter into a written agreement
agreeing to be bound by these transfer restrictions and the other restrictions contained in the Letter Agreement and by the same agreements
entered into by the Sponsor with respect to such securities.
Certain
Related Party Transactions of ESGL
ESGL
had entered into a facility letter with a bank for a term loan in the amount of S$3 million (the "Term Loan VII", details
of which are set out below) and a revolving credit loan in the amount of S$3 million (the "Revolving Credit Loan II", details
of which are set out below) on March 30, 2023. As security for the monies owing under the loans with the bank, a fresh first legal mortgage
was created on the property located at 101 Tuas South Avenue 2, Singapore 637226. The Term Loan VII was obtained for refinancing ESA's
existing loan with another bank as well as capital investment and general corporate purposes. The Term Loan VII is repayable in 35 monthly
instalments of S$43,000 each plus monthly interest and a final instalment of the outstanding balance amount and interest. The Revolving
Credit Loan II was obtained for capital investment and general corporate purposes. The Revolving Credit Loan II is repayable on demand.
The interest rate charged for both the Term Loan VII and the Revolving Credit Loan II is 2% per annum above the bank's prevailing
cost of funds, with its current cost of funds at 5.25% per annum. The monies owing under the loans were also secured by, among others,
a director of the Group, namely Mr. Quek Leng Chuang in his personal capacity.
Upon
the closing of the Business Combination, ESGL entered into employment agreements with each of its executive officers. ESGL also entered
into director agreements with each of its directors and indemnification agreements with each of its directors and executive officers.
C.
Interests
    of Experts and Counsel
Not
Applicable.
53
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated
    Statements and Other Financial Information
See
Item 18 of this Report.
B.
Significant
    Changes
Except
as otherwise disclosed in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included herein.
ITEM
9. THE OFFER AND LISTING
A.
Offer
    and Listing Details
Our
ordinary shares and warrants are listed on the Nasdaq Capital Market under the symbols "ESGL" and "ESGLW," respectively.
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
Our
ordinary shares and warrants are listed on the Nasdaq Capital Market under the symbols "ESGL" and "ESGLW," respectively.
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
Share
    Capital
As
of the date of this Report, we are authorized to issue a maximum of 500,000,000 shares with a par value of $0.0001 per share. As of April
16, 2024, there were 22,998,039 ordinary shares outstanding. There were also 9,002,331 warrants outstanding, each exercisable to
purchase one ordinary share at a price of $11.50 per full share.
B.
Memorandum
    and Articles of Association
We
are a Cayman Islands company incorporated under the laws of the Cayman Islands and our affairs are governed by our memorandum and articles
of association, as amended and restated from time to time, and the Companies Act (As Revised) of the Cayman Islands.
The
following are summaries of material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act
insofar as they relate to the material terms of our ordinary shares.
54
Registered
Office
Our
registered office is at the offices of Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman,
KY1-1106, Cayman Islands.
Board
of Directors
See
"Item 6. Directors, Senior Management and Employees."
Ordinary
Shares
The
following includes a summary of the terms of the ordinary shares based on our Amended and Restated Memorandum and Articles of Association
and Cayman Islands law. According to our Amended and Restated Memorandum and Articles of Association, the authorized share capital is
$50,000 divided into 500,000,000 ordinary shares of par value of $0.0001 each.
General.
ESGL's authorized share capital is US$50,000 divided into 500,000,000 ordinary shares, with a par value of US$0.0001 each.
All of ESGL's issued and outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary
shares are issued in registered form. ESGL may not issue share to bearer. ESGL's shareholders who are non-residents of the Cayman
Islands may freely hold and transfer their ordinary shares.
Dividends.
Subject to the Companies Act and our Amended and Restated Articles of Association and except as otherwise provided by the rights
attached to any ESGL's shares, ESGL's directors may resolve to pay dividends and other distributions on ESGL's shares
in issue and authorise payment of the dividends or other distributions out of the funds of ESGL lawfully available therefor. A dividend
shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which ESGL's directors resolve to pay
such dividend specifically state that such dividend shall be a final dividend. No dividend or other distribution shall be paid except
out of the realised or unrealised profits of ESGL, out of the share premium account or as otherwise permitted by law.
Voting
Rights.
In respect of all matters subject to a shareholders' vote, each ordinary share is entitled to one vote. Votes may
be cast either personally or by proxy (or in the case of a corporation or other non-natural person by its duly authorised representative
or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments to attend and vote at a meeting.
Where a Member appoints more than one proxy the instrument of proxy shall specify the number of ordinary shares in respect of which each
proxy is entitled to exercise the related votes.
A
Member holding more than one share need not cast the votes in respect of their shares in the same way on any resolution and therefore
may vote a share or some or all such shares either for or against a resolution and/or abstain from voting a share or some or all of the
shares and, subject to the terms of the instrument appointing the proxy, a proxy appointed under one or more instruments may vote a Share
or some or all of the shares in respect of which they are appointed either for or against a resolution and/or abstain from voting a share
or some or all of the ordinary shares in respect of which they are appointed.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast by those shareholders entitled to vote who are present in person or by proxy at a general meeting, while
a special resolution also requires the affirmative vote of no less than two-thirds of the votes attaching to the ordinary shares cast
by those shareholders entitled to vote who are present in person or by proxy at a general meeting. A special resolution will be required
for important matters such as a change of name or making changes to our Amended and Restated Memorandum and Articles of Association.
Transfer
of Ordinary Shares.
Subject to the restrictions in our Amended and Restated Articles of Association as set out below, any of
our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in writing in the usual or common
form or in a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or
any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by ESGL's Board of Directors
and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and
may be under hand or, if the transferor or transferee is a Clearing House or its nominee(s), by hand or by machine imprinted signature
or by such other manner of execution as the Directors may approve from time to time. The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.
55
If
the ordinary shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Amended and Restated
Articles of Association on terms that one cannot be transferred without the other, the ESGL's directors shall refuse to register
the transfer of any such ordinary share without evidence satisfactory to them of the like transfer of such right, option or warrant.
Redemption,
Repurchase and Surrender of Ordinary Shares.
Subject to the provisions of the Companies Act, and, where applicable, the rules
and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority
or otherwise under Applicable Law, the Company may issue ordinary shares that are to be redeemed or are liable to be redeemed at the
option of the Member or the Company. The redemption of such Shares shall be effected in such manner and upon such other terms as the
Company may, by Special Resolution, determine before the issue of the ordinary shares.
Subject
to the provisions of the Companies Act, and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities
and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may purchase its
own ordinary shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant
Member.
The
Company may make a payment in respect of the redemption or purchase of its own ordinary shares in any manner permitted by the Companies
Act, including out of capital.
The
Directors may accept the surrender for no consideration of any fully paid ordinary share.
Variations
of Rights of Shares.
Subject to Amended and Restated Articles of Association, if at any time the share capital of the Company
is divided into different classes of ordinary shares, all or any of the rights attached to any class (unless otherwise provided by the
terms of issue of the ordinary shares of that class) may, whether or not the Company is being wound up, be varied without the consent
of the holders of the issued ordinary shares of that class where such variation is considered by the Directors not to have a material
adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of not less
than two-thirds of the issued Shares of that class, or with the approval of a resolution passed by a majority of not less than two-thirds
of the votes cast at a separate meeting of the holders of the ordinary shares of that class. For the avoidance of doubt, the Directors
reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders
of ordinary shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply
mutatis mutandis, except that the necessary quorum shall be one person holding or representing by proxy at least one third of the issued
ordinary shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll.
Inspection
of Books and Records.
Holders of ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of
ESGL's list of shareholders or its corporate records. However, ESGL will provide its shareholders with annual audited financial
statements.
Issuance
of Additional Shares.
Subject to the provisions, if any, in our Amended and Restated Memorandum of Association (and to any direction
that may be given by the Company in general meeting) and, where applicable, the rules and regulations of Nasdaq, the Securities and Exchange
Commission and/or any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached
to any existing ordinary shares, the Directors may allot, issue, grant options over or otherwise dispose of ordinary shares (including
fractions of an ordinary share) with or without preferred, deferred or other rights or restrictions, whether in regard to dividend or
other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper,
and may also (subject to the Companies Act and the Amended and Restated Articles of Association) vary such rights.
56
C.
Material
    Contracts
Forward
Purchase Agreement
On
July 27, 2023, GUCC, ESGL, and ESGH entered into an agreement ("Forward Purchase Agreement") with Vellar Opportunities Fund
Master, Ltd. ("Vellar") for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated 50% of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC ("ARRT",
together with Vellar, the "Sellers"). Following the assignment and novation, the rights and obligations of each Seller under
its Forward Purchase Agreement were and are separate and distinct from the those of the other Seller, with each Seller acting independently
of the other, without reference to or knowledge of the other Seller's actions or inactions. None of the Company, GUCC, ESGL or
their directors, officers, advisors or respective affiliates had any material relationship with Vellar or ARRT at the time the Forward
Purchase Agreement was negotiated.
The
primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing of the Business Combination
(the "Closing"). For purposes of the Forward Purchase Agreement, GUCC is referred to as the "Counterparty" prior
to the Closing, while ESGL is referred to as the "Counterparty" after the Closing. Capitalized terms used, but not otherwise
defined, in this subsection entitled "Forward Purchase Agreement" shall have the meanings ascribed to such terms in the Forward
Purchase Agreement filed as Exhibit 10.3 to this annual report.
Pursuant
to the terms of the Forward Purchase Agreement, each Seller intended, but was not obligated, to purchase up to 2,200,000 shares (the
"Maximum Number of Shares") of GUCC Class A common stock, or 4,400,000 in total. The Sellers made their purchases after the
expiration of the redemption deadline for holders to redeem shares in connection with the Business Combination, in brokered transactions
in the open market, typically from holders that had elected to redeem their shares. In aggregate, Vellar purchased 931,915 shares, and
ARRT 500,000 shares of GUCC Class A common stock (the "Recycled Shares"). In connection with these purchases, the Sellers
revoked any redemption elections.
The
Forward Purchase Agreement provides that each Seller be paid directly an aggregate cash amount (the "Prepayment Amount")
equal to the product of (i) the number of Recycled Shares set forth in a Pricing Date Notice delivered by that Seller and (ii) the redemption
price paid by GUCC at Closing to holders of its common stock who exercised their redemption rights in connection with the Business Combination
(the "Initial Price"). Following the Closing, GUCC paid the Prepayment Amounts of $10,141,403.28 to Vellar and $5,427,750.00
to ARRT directly from the Counterparty's trust account maintained by Continental Stock Transfer and Trust Company.
The
Forward Purchase Agreement grants each Seller the right to purchase from us additional shares (the "Additional Shares") up
to an amount equal to the difference between the number of Recycled Shares for such Seller and 2,200,000 shares (which is the maximum
number of shares for each Seller). On August 14, 2023, Vellar delivered a Pricing Date Notice to ESGL for 1,268,085 Additional Shares,
which were issued by ESGL effective as of that date. On August 4, 2023, ARRT delivered a Pricing Date Notice to ESGL for 550,000 Additional
Shares, which were issued by ESGL effective as of that date. The sum of the Recycled Shares and the Additional Shares under the Forward
Purchase Agreement is referred to as the "Number of Shares."
From
time to time and on any date following the Closing (any such date, an "OET Date"), each Seller may, in its absolute discretion,
terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty (the "OET Notice")
that specifies the number of shares for which the Forward Purchase Agreement will be terminated (such quantity, the "Terminated
Shares"). The effect of an OET Notice will be to reduce the Number of Shares by the number of Terminated Shares specified in such
OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from the Seller
delivering the OET Notice, equal to the product of (x) the number of Terminated Shares and (y) the reset price as of the OET Date. The
reset price will initially be the Initial Price, but is subject to reduction in the event that the Counterparty issues Ordinary Shares
or securities convertible into or exchangeable or executable for Ordinary Shares at a price that is less than the reset price, subject
to certain exceptions.
57
The
valuation date (the "Valuation Date") for each Forward Purchase Agreement will be the earliest to occur of (a) the date that
is 24 months after the Closing, (b) the date specified by the Seller in a written notice to be delivered to the Counterparty at Seller's
discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP
Trigger Event (x) a Delisting Event, or (y) a Registration Failure and (c) the date specified by the Seller in a written notice to be
delivered to Counterparty at the Seller's sole discretion (which Valuation Date shall not be earlier than the day such notice is
effective).
In
connection with the occurrence of the Valuation Date, each Seller will pay to the Counterparty an amount in cash based on the value of
the Ordinary Shares over a Valuation Period (the "Settlement Amount"). The Valuation Period begins on the business day after
the Valuation Date and ends on the date on which the number of shares traded over the Valuation Period equals ten times the Number of
Shares. The Seller will pay the Settlement Amount on the Cash Settlement Payment Date, which is the 30th business day immediately following
the last day of the Valuation Period.
The
determination of the Settlement Amount depends upon the trigger for the Valuation Date. In the event the Valuation Date is determined
by Seller delivering to Counterparty written notice at its sole discretion, the Settlement Amount will equal (1) the Number of Shares
as of the Valuation Date multiplied by (2) the closing price of the Shares on the immediately preceding trading day. In all other cases,
the Settlement Amount will equal (1) the Number of Shares as of the Valuation Date that are registered for resale under an effective
Registration Statement or may be transferred without any restrictions (including the current public information requirement or the volume
and manner of sale limitations under Rule 144 under the Securities Act) multiplied by the average of the daily VWAP Price over the Valuation
Period less (2) the Settlement Amount Adjustment. The Settlement Amount Adjustment is equal to the product of (1) (a) the Maximum Number
of Shares less (b) any Terminated Shares as of the Valuation Date, multiplied by (2) $2.00. However, pursuant to the terms of the Forward
Purchase Agreement, if the Settlement Amount is a negative number, neither the Seller nor the Counterparty is liable to the other party
for any payment under this section of the Forward Purchase Agreement.
On
one occasion, during the period beginning 30 days after the Closing Date and ending on the Valuation Date, Counterparty may request in
writing that each Seller provide it with additional funding of up to $1,000,000 (for an aggregate of $2,000,000), subject to the terms
of the Forward Purchase Agreement (the "Additional Funds"). If a Seller provides Additional Funds to Counterparty, that Seller
may deliver to Counterparty a Number of Shares Adjustment Notice, the effect of which is to reduce the Number of Shares by the number
of shares specified in that notice with aggregate proceeds equal to the Additional Funds the Seller provided. On September 15, 2023,
the Company requested Additional Funds from Vellar in the amount of $1,000,000 even though the Company was not eligible to submit a request
for Additional Funds on such date pursuant to the terms of the Forward Purchase Agreement. On September 20, 2023, Vellar provided Additional
Funds in the amount of $1,000,000 to the Company upon a Funding Request by the Company as defined in the Forward Purchase Agreement,
which amount comprises the aggregate net proceeds received by the Company from the Forward Purchase Agreement. The Company does not expect
to receive any additional funds pursuant to the Forward Purchase Agreement.
Each
Seller agreed to waive any redemption rights with respect to any Recycled Shares in connection with the Business Combination and agreed
not to vote the shares it purchases pursuant to the Forward Purchase Agreement in favor of the Business Combination. Each Forward Purchase
Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements
of all tender offer regulations applicable to the Business Combination, including Rule 14e-5 under the Securities Exchange Act of 1934.
On
November 16, 2023, the Company received written notice from ARRT that the Valuation Date of the Forward Purchase Agreement with ARRT
shall be deemed to be November 16, 2023, as a result of the occurrence of a Registration Failure due to a failure to have an effective
registration statement as of 90 days following the date of ARRT's registration request (which was August 16, 2023). In no event
will any additional cash amounts be paid by the Sellers, including ARRT as a result of accelerating the maturity date as described above,
or the Company at the Valuation Date or otherwise. On or about December 4, 2023, the Company and ARRT mutually agreed to terminate the
Forward Purchase Agreement. ARRT will continue to hold all 1,050,000 shares following termination of the Forward Purchase Agreement and
no amounts will be paid by ARRT to the Company.
58
On
March 21, 2024, the Company received a termination notice from Vellar, dated March 14, 2024, pursuant to the Forward Purchase Agreement.
Pursuant to the termination notice, Vellar notified the Company that the Valuation Date was March 15, 2024 as a result of the occurrence
of a VWAP Trigger Event.
On
March 22, 2024, the Company and Vellar entered into a Valuation Period Agreement pursuant to which the parties agreed that the Valuation
Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal to 52,641, calculated as
2,200,000 Shares (the Recycled Shares and Additional Shares) less 2,147,359 Shares (the Number of Shares Adjustment). As 52,641 Shares
multiplied by the VWAP of $0.45 less $4,400,000 (being the Settlement Amount Adjustment, calculated as the product of the Maximum Number
of Shares and $2.00) is a negative number, neither Vellar nor the Company is liable to the other party for any payment under the Forward
Purchase Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and the Company under the Forward
Purchase Agreement have been terminated.
Private
Placement
On
March 27, 2024, the Company entered into a Share Purchase Agreement dated March 27, 2024 (the "Purchase Agreement") with
an accredited investor (the "Purchaser"), pursuant to which the Company shall issue in a private placement up to an aggregate
of 10,000,000 ordinary shares to the Purchaser at a purchase price of US$0.25 per share. The initial closing occurred on March 28, 2024,
pursuant to which the Purchaser purchased 2,000,000 ordinary shares for an aggregate purchase price of US$500,000. The second and final
closing under the Purchase Agreement took place on April 3, 2024 pursuant to which the Purchaser purchased 8,000,000 ordinary shares.
The Company received gross proceeds of $2,500,000 in the private placement. The Company shall use 85% of the net proceeds received from
the private placement for working capital and general corporate purposes and the remaining 15% to pay outstanding professional fees.
The
ordinary shares are being offered by the Company in a private placement pursuant to the exemption provided in Section 4(a)(2) under the
United States Securities Act of 1933, as amended (the "Securities Act"). The Company has agreed to use its commercially reasonable
efforts to prepare and file a resale registration statement with the Securities and Exchange Commission registering the ordinary shares
issued pursuant to the Purchase Agreement for resale on behalf of the Purchaser. The Company also agreed to use its commercially reasonable
efforts to cause such registration statement to be declared effective under the Securities Act as promptly as possible after the filing
thereof, and shall use its commercially reasonable efforts to keep such registration statement continuously effective under the Securities
Act until the date that all of the shares covered by such registration statement (i) have been sold thereunder or pursuant to Rule 144,
or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144.
D.
Exchange
    Controls and Other Limitations Affecting Security Holders
Under
the laws of the Cayman Islands, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our ordinary shares.
E.
Taxation
Material
U.S. Federal Income Tax Considerations for U.S. Holders
The
following is a discussion of the material U.S. federal income tax considerations for U.S. Holders (as defined below) of the ownership
and disposition of our ordinary shares and public warrants. For purposes of this discussion, a "Holder" is a beneficial owner
of our ordinary shares or public warrants. This discussion applies only to our ordinary shares and public warrants, as the case may be,
that are held as "capital assets" within the meaning of Section 1221 of the Code for U.S. federal income tax purposes (generally,
property held for investment). This discussion is based on the provisions of the Code, U.S. Treasury regulations ("Treasury Regulations"),
administrative rules, and judicial decisions, all as in effect on the date hereof, and all of which are subject to change or differing
interpretations, possibly with retroactive effect. Any such change or differing interpretation could significantly alter the tax considerations
described herein. 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. Such statements, positions and conclusions are not free from doubt, and there can be no assurance that your
tax advisor, the IRS, or a court will agree with such statements, positions, and conclusions.
59
This
summary does not address the Medicare tax on certain investment income, U.S. federal estate or gift tax laws, any U.S. state or local
or non-U.S. tax laws, or any tax treaties. Furthermore, this discussion does not address all U.S. federal income tax considerations that
may be relevant to particular holders in light of their personal circumstances or that may be relevant to certain categories of investors
that may be subject to special rules under the U.S. federal income tax laws, such as:
●
banks,
    insurance companies, or other financial institutions;
●
tax-exempt
    or governmental organizations;
●
"qualified
    foreign pension funds" as defined in Section 897(l)(2) of the Code (or any entities all of the interests of which are held
    by a qualified foreign pension fund);
●
dealers
    in securities or foreign currencies;
●
persons
    whose functional currency is not the U.S. dollar;
●
traders
    in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes;
●
"controlled
    foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid
    U.S. federal income tax;
●
entities
    or arrangements treated as partnerships or other pass-through entities for U.S. federal income tax purposes or holders of interests
    therein;
●
persons
    deemed to sell our ordinary shares or public warrants under the constructive sale provisions of the Code;
●
persons
    that acquired our ordinary shares or public warrants through the exercise of employee stock options or otherwise as compensation
    or through a tax-qualified retirement plan;
●
persons
    that hold our ordinary shares or public warrants as part of a straddle, appreciated financial position, synthetic security, hedge,
    conversion transaction, or other integrated investment or risk reduction transaction;
●
certain
    former citizens or long-term residents of the United States;
●
except
    as specifically provided below, persons that actually or constructively own 5% or more (by vote or value) of any class of shares
    of the Company;
●
holders
    of private placement warrants;
●
the
    Company's officers or directors; and
●
holders
    who are not U.S. Holders.
If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our ordinary shares
or public warrants, the tax treatment of a partner in such partnership generally will depend upon the status of the partner, upon the
activities of the partnership and upon certain determinations made at the partner level. Accordingly, partners in partnerships (including
entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our ordinary shares or public warrants
are urged to consult with their own tax advisors regarding the U.S. federal income tax consequences to them relating to the matters discussed
below.
ALL
HOLDERS SHOULD CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY
POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY OTHER TAX LAWS, INCLUDING
U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR ANY U.S. STATE OR LOCAL OR NON-U.S. TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.
60
U.S.
Holder Defined
For
purposes of this discussion, a "U.S. Holder" is a Holder that, for U.S. federal income tax purposes, is:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the
    laws of the United States, any state thereof, or the District of Columbia;
●
an
    estate the income of which is subject to U.S. federal income tax regardless of its source; or
●
a
    trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more "United
    States persons" (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions
    of the trust or (ii) that has made a valid election under applicable Treasury Regulations to be treated as a United States person.
Passive
Foreign Investment Company Rules
Certain
adverse U.S. federal income tax consequences could apply to a U.S. Holder if we are treated as a PFIC for any taxable year during which
U.S. Holders hold our securities. A foreign (i.e., non-U.S.) corporation will be classified as a PFIC for U.S. federal income tax purposes
if at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any entity in which it is
considered to own at least 25% of the interest by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at
least 50% of its assets in a taxable year, ordinarily determined based on fair market value and averaged quarterly over the year, including
its pro rata share of the assets of any entity in which it is considered to own at least 25% of the interest by value, are held for the
production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents
or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.
The
determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies
that in some circumstances are unclear and subject to varying interpretation. Under the income test described above, our status as a
PFIC depends on the composition of our income which will depend on the transactions we enter into in the future and our corporate structure.
The composition of our income and assets is also affected by the spending of the cash we raise in any offering. We are not currently
expected to be treated as a PFIC for U.S. federal income tax purposes, but this conclusion is a factual determination made annually and,
thus, is subject to change. Our U.S. counsel expresses no opinion with respect to our PFIC status for
any taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules
in light of their individual circumstances.
Taxation
of Distributions
Subject
to the PFIC rules discussed above, a U.S. holder generally will be required to include in gross income any distribution paid on our ordinary
shares that is treated as a dividend for U.S. federal income tax purposes. A distribution on such shares generally will be treated as
a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles). Because we may not maintain calculations of earnings and profits under
U.S. federal income tax principles, it is possible that the full amount of distributions paid by us will need to be reported as dividends
for U.S. federal income tax purposes.
Distributions
in excess of such earnings and profits generally will be applied against and reduce the U.S. holder's basis in its ordinary shares
(but not below zero) and, to the extent in excess of such tax basis, will be treated as gain from the sale or exchange of such ordinary
shares.
Dividends
paid by the Company will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction
generally allowed to domestic corporations in respect of dividends received from other domestic corporations. Dividends the Company pays
to a non-corporate U.S. Holder generally will constitute "qualified dividends" that will be subject to U.S. federal income
tax at the lower applicable long-term capital gains tax rate only if (i) our ordinary shares are readily tradable on an established securities
market in the United States, and (ii) a certain holding period and other requirements are met. If such requirements are not satisfied,
a non-corporate U.S. Holder may be subject to tax on the dividend at regular ordinary income tax rates instead of the preferential rate
that applies to qualified dividend income.
Possible
Constructive Distributions
The
terms of the public warrants provide for an adjustment to the number of our ordinary shares for which Public Warrants may be exercised
or to the exercise price of the public warrants in certain events. An adjustment which has the effect of preventing dilution generally
is not taxable. U.S. Holders of public warrants would, however, be treated as receiving a constructive distribution from the Company
if, for example, the adjustment increases the warrantholders' proportionate interest in the Company's assets or earnings
and profits (e.g., through an increase in the number of our ordinary shares that would be obtained upon exercise or through a decrease
in the exercise price of the public warrants) as a result of a distribution of cash or other property to the U.S. Holders of shares of
our ordinary shares. Any such constructive distribution would be treated in the same manner as if U.S. Holders of public warrants received
a cash distribution from the Company generally equal to the fair market value of the increased interest and would be taxed in a manner
similar to distributions to U.S. Holders of our ordinary shares described herein. Please see the section entitled "
Taxation
of Distributions
" above. For certain information reporting purposes, the Company is required to determine the date and amount
of any such constructive distributions. Proposed Treasury Regulations, which the Company may rely on prior to the issuance of final Treasury
Regulations, specify how the date and amount of any such constructive distributions are determined.
61
Gain
or Loss on Sale or Other Taxable Exchange or Disposition of our ordinary shares and public warrants
Subject
to the PFIC rules discussed above, upon a sale or other taxable disposition of our ordinary shares or public warrants (which, in general,
would include a redemption of our ordinary shares or public warrants that is treated as a sale of such securities), a U.S. Holder generally
will recognize capital gain or loss in an amount equal to the difference between (i) the sum of the amount of cash and the fair market
value of any property received in such disposition and (ii) the U.S. Holder's adjusted tax basis in our ordinary shares or public
warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for
our ordinary shares or public warrants, as applicable, so disposed of exceeds one year. Long-term capital gains recognized by non-corporate
U.S. Holders may be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
Exercise
or Lapse of a Public Warrant
Subject
to the PFIC rules discussed above, a U.S. Holder generally will not recognize gain or loss on the acquisition of our ordinary shares
upon the exercise of a public warrant for cash. The U.S. Holder's tax basis in our ordinary shares received upon exercise of a
public warrant generally will be an amount equal to the sum of the U.S. Holder's tax basis in the public warrant and the exercise
price of such public warrant. It is unclear whether a U.S. Holder's holding period for our ordinary shares received upon exercise
of the public warrant will commence on the date of exercise of the public warrant or the immediately following date. In either case,
the holding period will not include the period during which the U.S. Holder held the public warrant. If a public warrant is allowed to
expire unexercised, a U.S. Holder generally will recognize a capital loss equal to such U.S. Holder's tax basis in the public warrant.
The deductibility of capital losses is subject to certain limitations.
The
tax characterization of a cashless exercise of a public warrant is not clear under current U.S. federal tax law. A cashless exercise
could potentially be characterized as any of the following for U.S. federal income tax purposes: (i) not a realization event and thus
tax-deferred, (ii) a realization event that qualifies as a tax-deferred "recapitalization," or (iii) a taxable realization
event. The tax consequences of all three characterizations are generally described below. U.S. Holders should consult with their own
tax advisors regarding the tax consequences of a cashless exercise.
If
a cashless exercise were characterized as either not a realization event or as a realization event that qualifies as a recapitalization,
a U.S. Holder would not recognize any gain or loss on the exchange of public warrants for our ordinary shares. A U.S. Holder's
basis in our ordinary shares received would generally equal the U.S. Holder's aggregate basis in the exchanged public warrants.
If
the cashless exercise were not a realization event, it is unclear whether a U.S. Holder's holding period in our ordinary shares
would be treated as commencing on the date of exchange of the public warrants or on the immediately following date, but the holding period
would not include the period during which the U.S. Holder held the public warrants. On the other hand, if the cashless exercise were
characterized as a realization event that qualifies as a recapitalization, the holding period of our ordinary shares would include the
holding period of the warrants exercised therefor.
If
the cashless exercise were treated as a realization event that does not qualify as a recapitalization, the cashless exercise could be
treated in whole or in part as a taxable exchange in which gain or loss would be recognized by the U.S. Holder. Under this characterization,
a portion of the public warrants to be exercised on a cashless basis would be deemed to have been surrendered in payment of the exercise
price of the remaining portion of such warrants, which would be deemed to be exercised. In such a case, a U.S. Holder would effectively
be deemed to have sold a number of Public Warrants having an aggregate value equal to the exercise price of the remaining public warrants
deemed exercised. The U.S. Holder would recognize capital gain or loss in an amount generally equal to the difference between the value
of the portion of the warrants deemed sold and its adjusted tax basis in such warrants (generally in the manner described in the section
entitled "Gain or Loss on Sale or Other Taxable Exchange or Disposition of our ordinary shares and public warrants" above),
and the U.S. Holder's tax basis in our ordinary shares received would generally equal the sum of the U.S. Holder's tax basis
in the remaining public warrants deemed exercised and the exercise price of such warrants. It is unclear whether a U.S. Holder's
holding period for our ordinary shares would commence on the date of exercise of the public warrants or on the date following the date
of exercise of the public warrants, but the holding period would not include the period during which the U.S. Holder held the Public
Warrants.
62
Due
to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any,
of the alternative tax characterizations and resultant tax consequences would be adopted by the IRS or upheld by a court of law. Accordingly,
U.S. Holders should consult with their own tax advisors regarding the tax consequences of a cashless exercise.
Redemption
or Repurchase of Public Warrants for Cash
If
the Company redeems the public warrants for cash as permitted under the terms of the warrant agreement or if the Company repurchases
public warrants in an open market transaction, such redemption or repurchase generally will be treated as a taxable disposition to the
U.S. Holder, taxed as described in the section entitled "Gain or Loss on Sale or Other Taxable Exchange or Disposition of our Ordinary
Shares and Public Warrants" above.
Information
Reporting and Backup Withholding
Certain
U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial
assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified
foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions
(including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose
penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.
In
addition, dividend payments with respect to our ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares
or Public Warrants may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding
will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification
on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally
must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the
U.S. information reporting and backup withholding rules.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions
effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such
brokers or intermediaries may be required by law to withhold such taxes.
THE
PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE
INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING,
HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.
F.
Dividends
    and Paying Agents
Not
applicable.
63
G.
Statement
    by Experts
Not
applicable.
H.
Documents
    on Display
We
are subject to certain of the informational filing requirements of the Exchange Act. Since we are a "foreign private issuer,"
we are exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our
officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions
contained in Section 16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required
to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act. However, we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited
by an independent accounting firm. The SEC also maintains a website at http://www.sec.gov that contains reports and other information
that we file with or furnish electronically with the SEC.
I.
Subsidiary
    Information
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
Risk
management overview
The
Group has exposure to market risk (including currency risk and interest rate risk), credit risk, liquidity risk, capital risk and commodity
price risk. The Group's exposure to each of these risks, and its objectives, policies and processes for measuring and managing
risk are more fully described in the notes to its consolidated financial statements appearing elsewhere in this annual report.
Market
Risk
(i)
Currency
    Risk
While
the Group's reporting currency is the U.S. dollar, almost all of its sales and purchases are denominated in Singapore dollars.
As a result, the Group is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations
in the exchange rate between the U.S. dollar and Singapore dollar. If the Singapore dollar depreciates against the U.S. dollar, the value
of the Group's Singapore dollar revenues, earnings and assets as expressed in the Group's U.S. dollar consolidated financial
statements will decline. The Group does not have a policy to hedge its exposure to foreign exchange risk.
(ii)
Interest
    Rate Risk
The
Group is exposed to interest rate risk on its non-current   borrowings at variable rates.
The
Group's borrowings at variable rates are denominated mainly in Singapore dollars. At December 31, 2023, if the Singapore dollar
interest rates had increased/decreased by 0.5% (at December 31, 2022: 0.5%) with all other variables including tax rate being held
constant, the loss after tax for the financial year would have been lower/higher by US$18,830 (2022: US$18,554) as a result of
higher/lower interest expense on these borrowings.
Credit
risk
The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties'
financial conditions and generally do not require collateral.
64
Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.
Liquidity
risk
The
Group is exposed to liquidity risk, which is risk that it will be unable to provide sufficient capital resources and liquidity to meet
its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures.
When necessary, the Group will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity
shortage.
Capital
risk
The
primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders' value. The capital structure of the Group comprises issued share
capital and retained earnings.
The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.
Commodity
Price Risk
As
the Group derives part of its revenue from the sales and trading of its circular products, which typically include zinc, precious metals
and base metals, the Group is exposed to commodity price risk, which is risk on its financial performance and profitability upon fluctuations
in the prevailing market prices of these commodities that are out of its control since they are primarily driven by external market forces.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not
applicable.
65
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not
required
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
required
ITEM
15. CONTROLS AND PROCEDURES
Not
required
ITEM
16. [RESERVED]
Not
required
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Not
required
ITEM
16B. CODE OF ETHICS
Not
required
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Auditor
Fees
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external auditors, MSPC Certified Public Accountants and Advisors, A Professional Corporation ("MSPC"),
the independent registered public accounting firm of Legacy ESGL and our former auditor after the Business Combination, and MaloneBailey,
LLP, the independent registered public accounting firm of Genesis Unicorn Capital Corp. before the Business Combination, for the periods
indicated. We did not pay any other fees to MSPC and MaloneBailey, LLP during the periods indicated below.
Year Ended December 31,
Services
2022
2023
US$
US$
Audit Fees
(1)
262,000
98,000
Note:
(1)
"Audit
    fees" means the aggregate fees billed in each of the fiscal years listed for professional services rendered by the independent
    registered public accounting firms for the audit of the annual financial statements and the review of the interim financial information,
    included in our Form 20-F, registration statements and other required filings with the SEC. We did not pay MSPC and MaloneBailey,
    LLP for any other audit-related and tax fees in each of the fiscal years listed.
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our independent registered public
accounting firm, including audit services, audit-related services and tax services as described above, other than those for
de
minimis
services which are approved by the audit committee prior to the completion of the audit.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
required
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
None
ITEM
16G. CORPORATE GOVERNANCE
Not
required.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
66
ITEM
16J. INSIDER TRADING POLICIES
The
Company has adopted an Insider Trading Policy governing the purchase, sale and other dispositions of the Company's securities by
directors, senior management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules
and regulations, and all applicable listing standards. A copy of the policy is filed as Exhibit 11.2 hereto.
ITEM
16K. CYBERSECURITY
Although
we are unable to eliminate all risks associated with cybersecurity threats and we cannot provide full assurance that our cybersecurity
risk management processes will be fully complied with or effective, we have adopted policies and procedures that are designed to facilitate
the identification, assessment, and management of those risks, including any such risks that have the potential to be material.
Risk
management and strategy
We
have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability
of our critical systems and information. Our cybersecurity risk management program is aligned to the Company's business strategy
and shares common methodologies, reporting channels and governance processes that apply to other areas of enterprise risk, including
legal, compliance, strategic, operational, and financial risk. Key elements of our cybersecurity risk management program include:
●
risk assessments designed
  to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise
  information technology environment;
●
the use of external service
  providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
●
training and awareness programs
  for team members that include periodic and ongoing assessments to drive adoption and awareness of cybersecurity processes and controls;
●
a cybersecurity incident
  response plan that includes procedures for responding to cybersecurity incidents; and a third-party risk management process for service
  providers, suppliers, and vendors.
In
the last three fiscal years, the Company has not experienced any material cybersecurity incidents, and expenses incurred from cybersecurity
incidents were immaterial.
Governance
As
part of our overall enterprise risk management program, we prioritize the identification and management of cybersecurity risk at several
levels. Our Board of Directors has overall oversight responsibility for our risk management, and delegates cybersecurity risk management
oversight to the Audit Committee, which is responsible for ensuring that management has processes in place designed to identify and evaluate
cybersecurity risks and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents.
Management
is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to
ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining
cybersecurity programs.
67
PART
III
ITEM
17. FINANCIAL STATEMENTS
See
"Item 18. Financial Statements."
ITEM
18. FINANCIAL STATEMENTS
The
consolidated financial statements ESGL Holdings Ltd. are included at the end of this annual report.
ITEM
19. EXHIBITS
Exhibit
    No.
Description
2.1
Merger
    Agreement dated November 29, 2022 among Genesis Unicorn Capital Corp. ("GUCC"), Environmental Solutions Group Holdings
    Limited ("ESGL"), ESGL Holdings Limited, ESGH Merger Sub Corp and the shareholder representative (incorporated by reference
    to Exhibit 1.1 of the Company's registration statement on Form F-4 (File No. 333-269078), initially filed with the SEC on December
    30, 2022)).
3.1
Amended
    and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 of the Company's
    registration statement on Form F-1 (File No. 333-278644 ), initially filed with the SEC on April 12, 2024).
4.1
Specimen
    of ordinary share certificate of the Company (incorporated by reference to Exhibit 4.1 to ESGL's Form 20FR12B filed on August
    8, 2023).
4.2
Specimen
    of warrant certificate of the Company (incorporated by reference to Exhibit 4.2 to ESGL's Form 20FR12B filed on August 8, 2023).
4.3
Warrant
    Agreement (incorporated by reference to Exhibit 4.1 of GUCC's current report on Form 8-K filed with the SEC on February 17,
    2022).
8.1
List of Principal Subsidiaries
10.1
Form
    of Lock-Up Agreement dated November 29, 2022 (incorporated by reference to Exhibit 10.1 to GUCC's current report on Form 8-K
    filed with the SEC on November 30, 2022).
10.2
Form
    of Registration Rights Agreement (incorporated by reference to Exhibit 10.4 to GUCC's current report on Form 8-K filed with
    the SEC on November 30, 2022).
10.3
Forward
    Purchase Agreement dated July 27, 2023, by and among GUCC, Environmental Solutions Group Holdings Limited, ESGL Holdings Limited,
    and Vellar Opportunities Fund Master, Ltd. (incorporated by reference to Exhibit 10.1 to GUCC's current report on Form 8-K
    filed with the SEC on July 27, 2023).
10.4
Share
    Purchase Agreement (incorporated by reference to Exhibit 10.1 to ESGL's report of foreign private issuer on Form 6-K filed
    with the SEC on April 1, 2024).
11.1
Insider Trading Policy.
12.1
CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2
CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1
CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2
CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1*
Clawback Policy.
*
Filed herewith
68
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.
ESGL
    HOLDINGS LIMITED
May 15, 2024
By:
/s/
    Quek Leng Chuang
Name:
Quek
    Leng Chuang
Title:
Chief
    Executive Officer
69
ESGL
Holdings Limited
Annual
Report for the Financial Year Ended
December
31, 2023 and 2022
ESGL
Holdings Limited
Index
to Consolidated Financial Statements
Page
Report
    of Assentsure PAC, Independent Registered Public Accounting Firm (fiscal year ended December 31, 2023)
F-2
Report of MSPC, Independent Registered Public Accounting Firm
(fiscal year ended December 31, 2022)
F-3
Consolidated Statement of Financial Position as at December 31, 2022 and 2023
F-4
Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Financial Years ended December 31, 2022 and 2023
F-5
Consolidated Statement of Changes in Equity for the Financial Years ended December 31, 2022 and 2023
F-6
Consolidated Statement of Cash Flows for the Financial Years ended December 31, 2022 and 2023
F-7
Notes to the consolidated financial statements
F-9
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of ESGL Holdings Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statement of financial position of ESGL Holdings Limited and subsidiaries (the "Company")
as of December 31, 2023, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity
and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2023 and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board.
Company's
Ability to Continue as a Going Concern
As
discussed in Note 2.1 to the financial statements the accompanying consolidated financial statements and notes have been prepared assuming
that the Company will continue as a going concern. The Company had net losses of U$ 94,979,338, and U$ 2,383,812 for the year ended 2023
and 2022 respectively. As of December 31, 2023, the Company has net current liabilities of U$ 13,764,230. These conditions raise doubt
about the Company's ability to continue as a going concern. Management's outlook regarding these matters are also described
in Note 2.1 The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
Assentsure PAC
We
have served as the Company's auditor since 2023.
Singapore
May
15, 2024
PCAOB
ID No:
6783
F-
2
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of
Environmental
Solutions Group Holdings Ltd
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated statements of financial position of Environmental Solutions Group Holdings Ltd (the "Company")
as of December 31, 2022, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity,
and cash flows for the year ended December 31, 2022, and the related notes (collectively referred to as the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.
MSPC
Certified Public Accountants and Advisors,
A Professional Corporation
We
have served as the Company's auditor since 2022.
New
York, New York
March
15, 2023
www.mspc.cpa
An
    independent firm associated with
340
    North Avenue, Cranford, NJ 07016-2496
908
    272-7000
Moore
    Global Network Limited
546
    5
th
Avenue, 6
th
Floor, New York, NY 10036-5000
212
    682-1234
F-
3
ESGL
Holdings Limited
Consolidated
Statement of Financial Position
As
at December 31, 2023 and 2022
December 31, 2023
December 31, 2022
Note
US$
US$
ASSETS
Current assets
Cash and cash equivalents
366,761
252,399
Trade and other receivables
12
1,032,522
815,128
Prepaid forward purchase agreement
969
-
Inventories
13
64,184
221,151
1,464,436
1,288,678
Non-current assets
Property, plant and equipment, net
10
21,786,365
22,493,283
Intangible assets, net
11
2,381,465
1,845,912
24,167,830
24,339,195
Total assets
25,632,266
25,627,873
LIABILITIES
Current liabilities
Trade and other payables
16
6,560,559
4,285,345
Lease liabilities
15
192,282
185,764
Borrowings
17
5,666,160
5,427,538
Deferred underwriting fee payable
2,753,125
-
Tax liabilities
56,540
-
15,228,666
9,898,647
Non-current liabilities
Lease liabilities (non-current)
15
1,974,524
2,071,571
Borrowings (non-current)
17
112,319
371,103
Deferred tax liabilities
18
296,000
163,000
2,382,843
2,605,674
Total liabilities
17,611,509
12,504,321
Net assets
8,020,757
13,123,552
EQUITY
Share capital
19
10,892
10,000
Accumulated losses
(
99,985,928
)
(
5,006,590
)
Other reserves
3,422,799
3,422,799
Share premium reserve
14
89,725,052
-
Exchange reserves
14
(
123,198
)
(
460,481
)
Revaluation surplus
14
14,971,140
15,157,824
Total equity
8,020,757
13,123,552
The
accompanying notes form an integral part of these consolidated financial statements.
F-
4
ESGL
                                                                                                                                   Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
2023
2022
Note
US$
US$
Revenue
4
6,164,173
4,992,034
Other income
5
169,819
396,373
Cost of inventory
(
977,619
)
(
1,093,194
)
Logistics costs
(
925,225
)
(
689,762
)
Depreciation of property, plant and equipment
(
1,501,809
)
(
1,661,403
)
Amortization of intangible assets
(
853,030
)
(
638,849
)
Employee benefits expense
7
(
1,364,214
)
(
933,124
)
Finance expense
8
(
388,717
)
(
246,359
)
Other operating expenses
6
(
2,102,392
)
(
1,527,827
)
Listing expenses
25
(
93,067,324
)
(
981,701
)
Loss before income tax
(
94,846,338
)
(
2,383,812
)
Income tax expense
9
(
133,000
)
(
8,000
)
Net loss and comprehensive loss
(
94,979,338
)
(
2,391,812
)
Items that will not be reclassified subsequently to profit or loss:
Net (loss)/surplus on revaluation of leasehold land and buildings
(
186,684
)
8,016,869
Items that may be reclassified subsequently to profit or loss:
Exchange difference on revaluation of leasehold land and buildings
337,283
52,737
Total comprehensive (loss)/income
(
94,828,739
)
5,677,794
Basic and diluted loss per share
(
14.69
)
(
0.37
)
The
accompanying notes form an integral part of these consolidated financial statements.
F-
5
ESGL
Holdings Limited
Consolidated
Statement of Changes in Equity for the Financial Years ended December 31, 2023 and 2022
Share capital
Revaluation reserve
Exchange reserve
Share premium reserve
Other reserve
Share subscription
Accumulated losses
Total equity
US$
US$
US$
US$
US$
US$
US$
US$
2022
Beginning of financial year
10,000
7,140,955
(
513,218
)
-
1,822,799
-
(
2,614,778
)
5,845,758
Issuance of new shares
-
-
-
-
1,600,000
5,000,000
-
6,600,000
Less : Share subscription receivables
-
-
-
-
-
(
5,000,000
)
-
(
5,000,000
)
Net surplus on revaluation of leasehold property
-
8,016,869
52,737
-
-
-
-
8,069,606
Loss for the year
-
-
-
-
-
-
(
2,391,812
)
(
2,391,812
)
Balance as of December 31, 2022
10,000
15,157,824
(
460,481
)
-
3,422,799
-
(
5,006,590
)
13,123,552
2023
Beginning of financial year
10,000
15,157,824
(
460,481
)
-
3,422,799
-
(
5,006,590
)
13,123,552
Issuance of new shares
892
-
-
89,725,052
-
-
-
89,725,944
Net surplus on revaluation of leasehold property
-
(
186,684
)
337,283
-
-
-
-
150,599
Loss for the year
-
-
-
-
-
-
(
94,979,338
)
(
94,979,338
)
Balance as of December 31, 2023
10,892
14,971,140
(
123,198
)
89,725,052
3,422,799
-
(
99,985,928
)
8,020,757
The
accompanying notes form an integral part of these consolidated financial statements.
F-
6
ESGL
Holdings Limited
Consolidated
Statement of Cash Flows for the Financial Years ended December 31, 2023 and 2022
2023
2022
Note
US$
US$
Cash flows from operating activities
Loss before income tax
(
94,846,338
)
(
2,383,812
)
Adjustments for:
- Impairment loss on receivable
-
44,271
- Depreciation of property, plant and equipment
10
1,501,809
1,661,403
- Amortisation of intangible assets
11
853,030
638,849
- Interest income
(
18,308
)
(
4
)
- Interest expense
8
388,717
246,359
- Loss/(gain) on disposal of property, plant and equipment
5
12,852
(
26,586
)
- Listing expense
25
93,067,324
-
- Foreign exchange adjustment
256,558
3,331
1,215,644
183,811
Changes in operating assets and liabilties :
- Trade and other receivables
(
210,649
)
(
384,221
)
- Inventories
156,967
378,606
- Trade and other payables
1,368,648
1,791,714
- Prepaid forward purchase agreement
969
-
- Deferred underwriting fees payable
2,753,125
-
Net cash generated from operating activities
5,282,766
1,969,910
Cash flows from investing activities
Purchase of property, plant and equipment
(
651,044
)
(
502,677
)
Proceeds from disposal of property, plant and equipment
2,130
29,592
Additions to intangible assets
(
1,388,583
)
(
1,011,193
)
Interest received
18,308
4
Net cash used in investing activities
(
2,019,189
)
(
1,484,274
)
Cash flows from financing activities
Proceeds from bank borrowings
3,596,071
-
Repayment of bank borrowings
(
3,775,481
)
(
1,537,495
)
Shares issuance
754,448
1,600,000
Settlement of Promissory Note
(
3,150,000
)
-
Repayments of lease liabilities
(
185,536
)
(
186,397
)
Interest paid
(
388,717
)
(
246,359
)
Net cash used in financing activities
(
3,149,215
)
(
370,251
)
Net increase in cash and bank balances
114,362
115,385
Cash and cash equivalents
Beginning of the financial year
252,399
137,014
End of the financial year
366,761
252,399
The
accompanying notes form an integral part of these financial statements.
F-
7
ESGL
Holdings Limited
Consolidated
Statement of Cash Flows for the Financial Years ended December 31, 2023 and 2022
Reconciliation
of liabilities arising from financing activities
Interest-
bearing bank
and other
Lease liabilities
borrowings
Total
US$
US$
US$
At January 1 2022
1,150,764
7,347,025
8,497,789
Changes from financing cash flows:
Repayment of bank loans
-
(
1,537,495
)
(
1,537,495
)
Principal element of lease payments
(
186,397
)
-
(
186,397
)
Borrowing cost paid
(
28,558
)
(
217,801
)
(
246,359
)
Total change from financing cash flows
(
214,955
)
(
1,755,296
)
(
1,970,251
)
Other changes:
Exchange adjustments
(
3,850
)
(
10,889
)
(
14,739
)
Lease modification
1,296,818
-
1,296,818
Interest expenses
28,558
217,801
246,359
Total other changes
1,321,526
206,912
1,528,438
At December 31, 2022
2,257,335
5,798,641
8,055,976
Changes from financing cash flows:
Proceeds from bank borrowings
-
3,596,071
3,596,071
Repayment of bank loans
-
(
3,775,481
)
(
3,775,481
)
Principal element of lease payments
(
185,536
)
-
(
185,536
)
Borrowing cost paid
(
55,934
)
(
332,783
)
(
388,717
)
Total change from financing cash flows
(
241,470
)
(
512,193
)
(
753,663
)
Other changes:
Exchange adjustments
86,777
159,248
246,025
Lease modification
8,230
-
8,230
Interest expenses
55,934
332,783
388,717
Total other changes
150,941
492,031
642,972
At December 31, 2023
2,166,806
5,778,479
7,945,285
The
accompanying notes form an integral part of these financial statements.
F-
8
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
These
notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1.
General information and reorganization transactions
On
November 29, 2022, Genesis Unicorn Capital Corp ("GUCC"), entered into an agreement and plan of merger (the "Merger
Agreement") with ESGL Holdings Limited ("ESGL"), ESGH Merger Sub Corp ("Merger Sub"), Environmental Solutions
Group Holdings Limited ("ESGH"), and Quek Leng Chuang, solely in his capacity as the shareholder representative, agent and
attorney-in-fact of the shareholders (the "Shareholder Representative"). Upon the closing of the transactions contemplated
by the Merger Agreement, (a) GUCC will be merged with and into ESGL (the "Reincorporation Merger"), with ESGL surviving the
Reincorporation Merger, and (b) Merger Sub will be merged with and into the ESGH (the "Acquisition Merger"), with ESGH surviving
the Acquisition Merger as a direct wholly owned subsidiary of ESGL (collectively, the "Merger" or the "Business Combination").
The
Business Combination was successfully completed on August 3, 2023. Following which, ESGL is a publicly traded company listed on Nasdaq.
ESGL's stock commenced trading August 4, 2023.
Genesis
Unicorn Capital Corp
GUCC
was incorporated as a Delaware corporation on February 23, 2021. It is a blank check company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more
target businesses.
ESGL
Holdings Limited
ESGL
Holdings Limited ("ESGL" or the "Company") was incorporated in the Cayman Islands on November 18, 2022 for the
sole purpose of the Reincorporation Merger. Following the consummation of the Reincorporation Merger, GUCC will have merged with and
into ESGL, with ESGL as the surviving publicly traded entity.
Environmental
Solutions Group Holdings Limited
Environmental
Solutions Group Holdings Limited ("ESGH") is a holding company incorporated under the laws of the Cayman Islands as an
exempted company with limited liability on June 14, 2022. The address of its registered office is 71 Fort Street, PO Box 500, George
Town, Grand Cayman, KY1-1106, Cayman Islands. As a holding company with no material operations of its own, ESGH conducts all of its
operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd.
Environmental
Solutions Asia Holdings Limited ("ESAH")
ESAH,
a wholly-owned subsidiary of the ESGH, was incorporated on June 29, 2022 and domiciled in the British Virgin Islands with its registered
office at Mandar House, 3
rd
Floor, Johnson's Ghut, Tortola, British Virgin Islands.
Environmental
Solutions (Asia) Pte. Ltd. ("ESA")
ESA
was incorporated and domiciled in Singapore, with its registered office at 101 Tuas, South Avenue 2, Singapore 637226. ESA is a waste
management, treatment and recycling company involved in the collection and recycling of hazardous and non-hazardous industrial waste
from customers such as pharmaceutical, semiconductor, petrochemical and electroplating companies.
F-
9
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
1.
General information and reorganization transactions (continued)
ESGH
Merger Sub Corp
ESGH
Merger Sub Corp was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on November 18, 2022
and is a wholly-owned subsidiary of ESGL formed to consummate the Business Combination. Following the consummation of the Business Combination,
Merger Sub will have merged with and into ESGH, with ESGH surviving the merger as a wholly-owned subsidiary of ESGL.
As
ESGL, ESGH, ESAH and ESA (collectively the "Group") were under common control, the Merger constituted a reorganization under
common control and are required to be retrospectively applied to the consolidated financial statements at their historical amounts. The
consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods.
This includes a retrospective presentation for all equity related disclosures, including issued shares, which have been revised to reflect
the effects of the reorganization in accordance with International Financial Reporting Standards ("IFRS") as of December
31, 2023 and 2022. The financial statements were authorized for issuance by the Directors on May 15, 2024.
GUCC
will be treated as the acquired company for accounting purposes, whereas ESGH will be treated as the accounting acquirer. Because GUCC
does not meet the accounting definition of a business, the Business Combination will be treated as the equivalent of ESGH issuing stock
for the net assets of GUCC, accompanied by a recapitalization. The net assets of ESGH will be stated at historical cost, with no goodwill
or other intangible assets recorded, and the historical results of operations prior to the Business Combination will be those of ESGH.
ESGH has been determined to be the accounting acquirer for purposes of the Business Combination based on an evaluation of the following
facts and circumstances:
(i)
After
                                            the close of the business combination, persons affiliated with ESGH are expected to control
                                            a majority of the combined company's board of directors;
(ii)
ESGH
                                            shareholders have the largest voting interest under both redemption scenarios;
(iii)
ESGH
                                            is the largest entity based on the entity's operations and number of employees
(iv)
ESGH's
                                            operations prior to the Business Combination will comprise the ongoing operations of the
                                            Combined Company; and
(v)
ESGH's
                                            existing executive officers and senior management team will comprise the executive officers
                                            and senior management team of the Combined Company.
The
Business Combination, which is not within the scope of IFRS 3 (Business Combination) since GUCC does not meet the definition of a business
in accordance with IFRS 3 (Business Combination), is accounted for within the scope of IFRS 2 (Share-Based Payment). Any excess of fair
value of the consideration shares issued over the fair value of GUCC's identifiable net assets acquired represents a listing fee
for the service of a stock exchange listing for its shares and is expensed as incurred.
2.1
Basis of preparation
The
consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board ("IASB").
These
financial statements have been prepared on a historical cost convention, except for Prepaid forward purchase agreement and leasehold
land and buildings which are measured at fair value.
The
preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying
the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions.
The financial statements of the Group have been prepared on a going concern basis notwithstanding that the net current liabilities as
of December 31, 2023 amounted to approximately US$
13.8
million (2022 : US$
8.6
million). As of December 31, 2023, the Group's current assets
were approximately US$
1.5
million and its current liabilities were approximately US$
15.2
million. The negative working capital was primarily
attributable to the deferred underwriting fee payable and the classification of certain bank loan balances of approximately US$
5.7
million
as current liabilities as the relevant bank loan agreements allow the banks to demand immediate repayments even though they were not due
for repayment within a year. To-date, the Group has been able to service its loan repayments and there were no indications that the banks
intend to recall the loans.
The Group's ability to continue as a going concern is largely dependent on its ability to continue growing its revenue to fully
utilize its production capacity as well as raising funds from the capital market. The Group successfully raised US$
2.5
million in a private
share placement to an investor subsequent to year end.
F-
10
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.1
Basis of preparation (continued)
The
areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 3.
2.2
Basis of Consolidation
The
financial statements are presented in United States Dollars ("US$"), which is the Group's functional currency. All
financial information presented in United States Dollars has been rounded to the nearest dollar, unless otherwise indicated.
The
consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2023 and 2022.
A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when
the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee (i.e., existing rights that give the Company the current ability to direct the relevant activities
of the investee).
When
the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Company considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:-
●
Power
                                            over the investee (i.e., existing rights that give it the current ability to direct the relevant
                                            activities of the investee);
●
Exposure,
                                            or rights, to variable returns from its involvement with the investee; and
●
The
                                            ability to use its power over the investee to affect its returns.
The
financial statements of subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.
The results of subsidiaries are consolidated from the date on which the Company obtains control, and continue to be consolidated until
the date that such control ceases.
Generally,
there is a presumption that a majority of voting rights results in control. To support this presumption and when the Company has less
than a majority of the voting or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing
whether it has power over an investee, including:
●
The
                                            contractual arrangement(s) with the other vote holders of the investee;
●
Rights
                                            arising from other contractual arrangements;
●
The
                                            Company's voting rights and potential voting rights.
The
Company assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three
elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company
loses control of the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control
the subsidiary.
Profit
or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the parent of the
Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting
policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A
change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company
loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other
components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair
value.
F-
11
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.3
Revenue recognition
Revenue
is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services
to a customer, excluding amounts collected on behalf of third parties.
Revenue
is recognized when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is
when the customer obtains control of the goods or services. A performance obligation may be satisfied at a point in time or over time.
The amount of revenue recognized is the amount allocated to the satisfied performance obligation.
Revenue
from contracts with customers
(a)
Rendering
                                            of services
Revenue
from rendering of services is recognized when the entity satisfies the performance obligation at a point in time, generally when the
significant acts have been completed and when transfer of control occurs, or for services that are not significant, transactions revenue
is recognized as the services are provided. The Group's primary service consists of collecting and disposing of industrial wastes
for its customers.
(b)
Sale
                                            of goods
Revenue
from sale of goods is recognized at a point in time when the performance obligation is satisfied by transferring a promised good to the
customer. Control of the goods is transferred to the customer, generally on delivery of the goods (in this respect, incoterms are considered).
Other
revenue
Interest
income
Interest
income is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset, or where appropriate, a shorter period.
Contract
assets
The
contract assets are for the Group's rights to consideration for work completed but not billed at the reporting date on its contracts;
costs incurred to obtain or fulfil a contract with a customer; and any impairment losses recognized in the reporting year. The contract
assets are transferred to receivables when the right to payment becomes unconditional.
2.4
Government grants
Grants
from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received
and the Group will comply with all the attached conditions.
Government
grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to
compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.
Government
grants relating to non-monetary assets are deducted against the carrying amount of the non-monetary assets.
F-
12
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.5
Property, plant and equipment
(a)
Measurement
(i)
Property,
                                            plant and equipment
Property,
plant and equipment other than leasehold land and buildings are initially recognized at cost and subsequently carried at cost less accumulated
depreciation and accumulated impairment losses.
Leasehold
land and buildings are measured at fair value less accumulated depreciation and impairment losses recognized after the date of the revaluation.
Valuations are performed frequently to ensure that the fair value of a revalued asset does not differ materially from its carrying amount.
Any revaluation surplus is credited to the property revaluation reserve in equity, except to the extent that it reverses a revaluation
decrease of the same asset previously recognized in the Statement of Profit or Loss and Other Comprehensive Income, in which case the
increase is recognized in the statement of profit or loss.
A
revaluation deficit is recognized in the statement of profit or loss, except to the extent that it offsets an existing surplus on the
same asset recognized in the asset revaluation reserve.
An
annual transfer from the property revaluation reserve to accumulated losses is made for the difference between depreciation based on
the revalued carrying amount of the assets and depreciation based on the assets original cost. Upon disposal, any revaluation reserve
relating to that particular asset being sold is transferred to retained profits.
(ii)
Components
                                            of costs
The
cost of an item of property, plant and equipment initially recognized includes its purchase price and any cost that is directly attributable
to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
(b)
Depreciation
Depreciation
is calculated using the straight-line method to allocate depreciable amounts over the estimated useful lives as follows:
Useful
    lives
Leasehold
    land and buildings
Over
    the lease term period ranging from 2 to 30 years
Plant
    and equipment
3
to
5
years
Machineries
2
to
10
years
Renovation
5
years
Motor
    vehicles
10
years
Furniture
    and fittings
5
years
The
residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate,
at each reporting date. The effects of any revision are recognized in profit or loss when the changes arise.
Fully
depreciated property, plant and equipment are retained in the financial statements until they are no longer in use.
(c)
Subsequent
                                            expenditure
Subsequent
expenditure relating to property, plant and equipment that has already been recognized is added to the carrying amount of the asset only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.
F-
13
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.5
Property, plant and equipment (continued)
(d)
Disposal
On
disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognized
in profit or loss.
2.6
Intangible assets
Intangible
assets acquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses. Internally generated intangible assets, excluding capitalized development
costs, are not capitalized and expenditure is reflected in profit or loss in the year in which the expenditure is incurred.
Intangible
assets with finite useful lives are amortized over the estimated useful lives and assessed for impairment whenever there is an indication
that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial
year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset
are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates.
Amortization
is calculated using the straight-line method to allocate depreciable amounts over the estimated useful lives of the assets. The estimated
useful lives are as follows:
Useful
    lives
Software
3
years
2.7
Borrowing costs
Borrowing
costs are recognized in profit or loss using the effective interest method.
2.8
Impairment of non-financial assets
Intangible
assets, property, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication
that these assets may be impaired or when annual impairment testing for an asset is required.
For
the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use)
is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from
other assets. If this is the case, the recoverable amount is determined for the cash-generating units ("CGU") to which the
asset belongs.
If
the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU)
is reduced to its recoverable amount.
The
difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss.
An
impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset's
recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable
amount, provided that this amount does not exceed the carrying amount that would have been determined (net of accumulated depreciation)
had no impairment loss been recognized for the asset in prior years.
A
reversal of impairment loss for an asset is credited to profit or loss in the period in which it arises.
F-
14
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.9
Financial assets
(a)
Classification
                                            and measurement
The
Group classifies its financial assets at amortized cost.
The
classification of debt instruments depends on the Group's business model for managing the financial assets as well as the contractual
terms of the cash flows of the financial assets.
Financial
assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal
and interest.
The
Group reclassifies debt instruments when and only when its business model for managing those assets changes.
At
initial recognition
At
initial recognition, the Group measures a financial asset at its fair value plus, in the case of the financial assets not a fair value
through profit or loss, transactions costs that are directly attributable to the acquisition of the financial asset.
At
subsequent measurement
Debt
instruments are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest
are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of
a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial
assets is included in interest income using the effective interest rate method.
(b)
Impairment
                                            of financial assets
The
Group recognizes a loss allowance for expected credit loss ("ECL") on financial assets which are subject to impairment under
IFRS 9 (including trade and other receivables). The amount of ECL is updated at each reporting date to reflect changes in credit risk
since initial recognition.
Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessments are done based on the Group's historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.
The
Group always recognizes lifetime ECL for trade and other receivables. The ECL on these assets are assessed individually for debtors with
significant balances and/or collectively using a provision matrix with appropriate groupings.
For
all other instruments, the Group measures the loss allowance as equal to 12m ECL, unless there has been a significant increase in credit
risk since initial recognition for which the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
F-
15
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.9
Financial assets
(continued)
(b)
Impairment
                                            of financial assets (continued)
(i)
 Significant increase in credit risk
In
assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring
on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date
of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable
and supportable, including historical experience and forward-looking information that is available without undue cost or effort.
In
particular, the following information is taken into account when assessing whether credit risk has increased significantly:
●
An
                                            actual or expected significant deterioration in the financial instrument's external
                                            (if available) or internal credit rating;
●
Significant
                                            deterioration in external market indicators of credit risk, e.g. a significant increase in
                                            the credit spread, or the credit default swap prices for the debtor;
●
Existing
                                            or forecast adverse changes in business, financial or economic conditions that are expected
                                            to cause a significant decrease in the debtor's ability to meet its debt obligations;
●
An
                                            actual or expected significant deterioration in the operating results of the debtor;
●
An
                                            actual or expected significant adverse change in the regulatory, economic, or technological
                                            environment of the debtor that results in a significant decrease in the debtor's ability
                                            to meet its debt obligations.
Irrespective
of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition
when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates
otherwise.
The
Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk
and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the
amount becomes past due.
(ii)
Definition of default
For
internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from
external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account
any collateral held by the Group).
Irrespective
of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has
reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.
(iii)
 Credit-impaired financial assets
A
financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows
of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following
events:
(a)
Significant
                                            financial difficulty of the issuer or the borrower;
(b)
A
                                            breach of contract, such as a default or past due event;
(c)
The
                                            lender(s) of the borrower, for economic or contractual reasons relating to the borrower's
                                            financial difficulty, having granted to the borrower a concession that the lender(s) would
                                            not otherwise consider.
F-
16
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.9
Financial assets
(continued)
(b)
Impairment
                                            of financial assets (continued)
(iii)
 Credit-impaired financial assets (continued)
(d)
It
                                            is becoming probable that the borrower will enter bankruptcy or other financial reorganization;
                                            or
(e)
The
                                            disappearance of an active market for that financial asset because of financial difficulties.
(iv)
 Write-off policy
The
Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there
is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy
proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets
written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice
where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss.
(v)
 Measurement and recognition of ECL
The
measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default)
and the exposure to default. The assessment of the probability of default and loss given default is based on historical data adjusted
by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective
risks of default representing the weights.
Generally,
the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows
that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.
Where
ECL is measured on a collective basis or for cases where evidence at the individual instrument level may not yet be available, the financial
instruments are grouped on the following basis:
●
Nature
                                            of financial instruments;
●
Past-due
                                            status;
●
Nature,
                                            size and industry of debtors; and
●
External
                                            credit ratings where available.
The
groups are regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.
Interest
income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which
case interest income is calculated based on amortized cost of the financial asset.
(c)
Recognition
                                            and derecognition
Regular
way purchases and sales of financial assets are recognized on the trade date – the date on which the Group commits to purchase
or sell the asset.
Financial
assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group has transferred substantially all risks and rewards of ownership.
On
disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss. Any
amount previously recognized in other comprehensive income relating to that asset is reclassified to profit or loss.
F-
17
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.10
Financial Liabilities
Borrowings
are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the
reporting date, in which case they are presented as non-current liabilities.
Borrowings
are initially recognized at fair values (net of transaction costs) and subsequently carried at amortized cost. Any difference between
the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using
the effective interest method.
Trade
and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year which are
unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the
business if longer). Otherwise, they are presented as non-current liabilities.
Trade
and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.
(a)
Derecognition
A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognized in the statement of profit or loss.
(b)
Offsetting
                                            of financial instruments
Financial
assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently
enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and
settle the liabilities simultaneously.
2.11
Leases
When
the Group is the lessee
At
the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required
when the terms and conditions of the contract are changed.
Right-of-use
assets
The
Group recognizes a right-of-use asset and lease liability at the date at which the underlying asset is available for use. Right-of-use
assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before
the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right-of-use assets.
The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease term.
Right-of-use
assets are presented within "Property, plant and equipment".
F-
18
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.11
Leases (continued)
Lease
liabilities
The
initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in
the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing
rate.
Lease
payments include the following:
●
Fixed
    payments (including in-substance fixed payments), less any lease incentives receivable;
●
Variable
    lease payment that is based on an index or rate, initially measured using the index or rate as at the commencement date;
●
Amount
    expected to be payable under residual value guarantees;
●
The
    exercise price of a purchase option if it is reasonably certain the option will be exercised; and
●
Payment
    of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
For
a contract that contains both lease and non-lease components, the Group allocates the consideration to each lease component on the basis
of the relative stand-alone price of the lease and non-lease components. The Group has elected to not separate lease and non-lease components
for property leases and accounts for these as one single lease component.
Lease
liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when:
●
There
    is a change in future lease payments arising from changes in an index or rate;
●
There
    is a change in the Group's assessment of whether it will exercise an extension option; or
●
There
    is modification in the scope or the consideration of the lease that was not part of the original term.
Lease
liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero. The Group presents lease liabilities as a separate line item on the statement
of financial position.
Short-term
and low-value leases
The
Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months
or less and leases of low value. Payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease
term.
Variable
lease payments
Variable
lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease
liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.
Lease
modifications
The
Group accounts for a lease modification as a separate lease if:
●
The
    modification increases the scope of the lease by adding the right to use one or more underlying assets; and
F-
19
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.11
Leases (continued)
●
The
    consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate
    adjustments to that stand-alone price to reflect the circumstances of the particular contract.
For
a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term
of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.
The
Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When
the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration
in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate
stand-alone price of the non-lease components.
When
the Group is the lessor
Classification
and measurement of leases
Leases
for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially
all the risks and rewards incidental to ownership of an underlying asset to the lessee, the contract is classified as a finance lease.
All other leases are classified as operating leases.
Amounts
due from lessees under finance leases are recognized as receivables at commencement date at amounts equal to net investments in the leases,
measured using the interest rate implicit in the respective leases. Initial direct costs are included in the initial measurement of the
net investments in the leases. Interest income is allocated to accounting periods so as to reflect a constant periodic rate of return
on the Group's net investment outstanding in respect of the leases.
Rental
income from operating leases is recognized in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset, and such costs are
recognized as an expense on a straight-line basis over the lease term except for investment properties measured under the fair value
model. Variable lease payments for operating leases that depend on an index or a rate are estimated and included in the total lease payments
to be recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate are recognized
as income when they arise.
Refundable
rental deposits
Refundable
rental deposits received are accounted for under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition
are considered as additional lease payments from lessees.
Lease
modification
Changes
in consideration of lease contracts that were not part of the original terms and conditions are accounted for as lease modifications,
including lease incentives provided through forgiveness or reduction of rentals.
The
Group accounts for a modification to an operating lease as a new lease from the effective date of the modification, considering any prepaid
or accrued lease payments relating to the original lease as part of the lease payments for the new lease.
F-
20
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.12
Inventories
Inventories
are stated at the lower of cost or net realizable value. Cost is calculated using the specific identification method and includes all
costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Net realizable value
is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.
When
necessary, allowance is provided for damaged, obsolete and slow moving items to adjust the carrying values of inventories to the lower
of cost and net realizable value.
2.13
Income taxes
Income
tax represents the sum of current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside
profit or loss, either in other comprehensive income or directly in equity.
Current
tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax
rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations
and practices prevailing in the countries in which the Group operates.
Deferred
tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred
tax liabilities are recognized for all taxable temporary differences, except:-
●
When
    the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not
    a business combination and, at the time of the transaction, affects neither the accounting profit or loss nor taxable profit or loss;
    and
●
In
    respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing
    of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse
    in the foreseeable future.
Deferred
tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses.
Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible
temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:
●
When
    the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability
    in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit or
    loss nor taxable profit or loss; and
●
In
    respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred
    tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future
    and taxable profit will be available against which the temporary differences can be utilized.
The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized
deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.
F-
21
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.13
Income Taxes
(continued)
Deferred
tax is calculated, without discounting, at the tax rates that are expected to apply in the period when the asset is realized or the liability
is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred
tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Current
and deferred taxes are recognized as income or expenses in profit or loss, except to the extent that the tax arises from a transaction
which is recognized directly in equity.
The
Group accounts for investment tax credits similar to accounting for other tax credits where a deferred tax asset is recognized for unused
tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be
utilized.
Provisions
are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and the amount of the obligation can be estimated
reliably.
Provisions
are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that
an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value
of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to
the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
2.14
Employee benefits
Employee
benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.
(a)
Defined
    contribution plans
Defined
contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the
Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid.
(b)
Short-term
    employees benefits
Short-term
employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is
recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee, and the obligation can be estimated reliably.
F-
22
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.15
Currency translation
The financial statements are presented in
United States Dollar ("US$"). Our business and operations are primarily conducted in Singapore through our subsidiary, ESA,
that is domiciled there. The functional currency of ESA is US$ and transactions in a currency other than the United States Dollar ("foreign
currency") are translated into the United States Dollar using the exchange rates at the dates of the transactions. Currency exchange
differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated
in foreign currencies at the closing rates at the reporting date are recognized in profit or loss. Non-monetary items measured at fair
values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.
All
foreign exchange gains and losses impacting profit or loss are presented in statement of comprehensive income within "Other operating
expenses".
2.16
Cash and cash equivalents
For
the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand and deposits with financial
institutions which are subject to any insignificant risk of changes in value, and have a short maturity of generally within three months
when acquired.
2.17
Share capital
Ordinary
shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against
the share capital account.
2.18
Related parties
(a)
A
    person, or a close member of that person's family, is related to the Company if that person :
(i)
Has
    control or joint control over the Company;
(ii)
Has
    significant influence over the Company; or
(iii)
Is
    a member of key management personnel of the Company or the Company's parent;
or
(b)
An
    entity is related to the Company if any of the following conditions applies:-
(i)
The
    entity and the Company are members of the same group;
(ii)
One
    entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the
    other entity is a member);
(iii)
The
    entity and the Company are joint ventures of the same third party;
(iv)
One
    entity is a joint venture of a third entity and the other entity is an associate of the third entity;
(v)
The
    entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company;
(vi)
The
    entity is controlled or jointly controlled by a person identified in (a);
(vii)
A
    person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity
    (or of a parent of the entity); and
(viii)
The
    entity, or any member of a group of which it is a part, provides key management personnel services to the Company or to the Company's
    parent.
F-
23
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.18
Related parties (continued)
Close
members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their
dealings with the entity and include:
(a)
That person's children and spouse or domestic partner;
(b)
Children of that person's spouse or domestic partner;
and
(c)
Dependents of that person or that person's spouse or
domestic partner.
2.19
Fair value measurement
The
Group measures its properties at the end of each reporting period. Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement
is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market
for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The
principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using
the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their
economic best interest.
A
fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.
The
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All
assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within
the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as
a whole:-
Level
1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level
2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable,
either directly or indirectly
Level
3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For
assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.
F-
24
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
2.
Significant accounting policies (continued)
2.20
Application of amendments to IFRS
In
the preparation of the financial statements for the year ended December 31, 2023, the Group has applied the following amendments to
IFRSs, for the first time, which are mandatorily effective for the annual periods beginning on or after January 1, 2023:
Amendments
    to IFRS 17
Insurance
    Contracts
Amendments
    to IAS 1 and IFRS Practice Statement 2
Disclosure
    of Accounting Policies
Amendments
    to IAS 8
Definition
    of Accounting Estimates
Amendments
                                            to IAS 12
Deferred
    Tax related to Assets and Liabilities arising from a Single Transaction
The
application of the amendments to IFRSs in the current year has had no material impact on the Group's financial positions and performance
for the current and prior years and/or on the disclosures set out in these financial statements.
3.
Critical accounting estimates, assumptions and judgements
Estimates,
assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
Critical
judgements in applying the entity's accounting policies
(a)
Determination
    of functional currency
In
determining the functional currency of the Group, judgment is used by the management to determine the currency of the primary economic
environment in which the Group operates. Consideration factors include the currency that mainly influences sales prices of goods and
services and the currency of the country whose competitive forces and regulations mainly determines the sales prices of its goods and
services.
(b)
Determination
    of lease term of contracts with extension options
The
Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain
not to be exercised.
The
Group has several lease contracts that include extension options. The Group applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to extend the lease. That is, it considers all relevant factors that create an economic
incentive for it to exercise the extension. After the commencement date, the Group reassesses the lease term to consider whether there
is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the
option to extend (e.g. construction of significant leasehold improvements or significant customization to the leased asset).
The
Group includes the extension option in the lease term for leases of leasehold buildings because of the leasehold improvements made and
the significant costs that would arise to replace the assets. The extension options for leases of motor vehicles are not included as
part of the lease term because the Group typically leases motor vehicles for not more than five years and, hence, will not exercise the
extension options.
F-
25
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
3.
Critical accounting estimates, assumptions and judgements (continued)
Critical
accounting estimates and assumptions
(a)
Useful
    lives of plant and equipment
The
useful life of an item of property, plant and equipment is estimated at the time the asset is acquired and is based on historical experience
with similar assets and takes into account anticipated technological or other changes. If changes occur more rapidly than anticipated
or the asset experiences an unexpected level of wear and tear, the useful life will be adjusted accordingly. The carrying amount of the
Group's plant and equipment as at December 31, 2023 was US$
21,786,365
(2022: US$
22,493,283
).
(b)
Inventory
    valuation method
Inventory
write-down is made based on the current market conditions, historical experience and selling goods of a similar nature. It could
change significantly as a result of changes in market conditions. A review is made periodically for excess inventories, obsolescence
and declines in net realizable value and an allowance is recorded against the inventory balances for any such declines. The
realizable value represents the best estimate of the recoverable amount and is based on the most reliable evidence available and
inherently involves estimates regarding the future expected realizable value. The carrying amount of the Group's inventories
as at December 31, 2023 was US$
64,184
(2022:
US$
221,151
).
(c)
Provision
    for expected credit losses of trade receivables
The
Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of
various customer segments that have similar loss patterns.
The
provision matrix is initially based on the Group's historical observed default rates. The Group will calibrate the matrix to adjust
historical credit loss experience with forward-looking information. At every reporting date, historical default rates are updated and
changes in the forward-looking estimates are analysed.
The
assessment of the correlation between historical observed default rates, forecasted economic conditions and ECLs is a significant estimate.
The amount of ECLs is sensitive to changes in circumstances and of forecasted economic conditions. The Group's historical credit
loss experience and forecast of economic conditions may also not be representative of customers' actual default in the future.
The
carrying amount of the Group's trade receivables as at December 31, 2023 was US$
461,497
(2022: US$
389,648
).
(d)
Impairment
    of non-financial assets
The
impairment testing of non-financial assets requires assumptions about the future cash flows projections as well as about the discount
rate to be applied. The assumptions used to arrive at the cash flow projections are dependent on the future market shares, the market
trend and the profitability of the Group's products.
Impairment
testing of non-financial assets requires estimates about the extent and probability of the occurrence of future events. As far as possible,
estimates are derived from past experience taking into account current market conditions and the stage of technological advancement.
F-
26
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
3.
Critical accounting estimates, assumptions and judgements (continued)
Critical
accounting estimates and assumptions (continued)
(e)
Capitalization
    of intangible assets
The
costs of internally generated intangible assets are capitalized in accordance with the accounting policy in Note 2.6 to the financial
statements. Initial capitalization of costs is based on management's judgement that technological and economic feasibility is confirmed,
usually when a development project has reached a defined milestone according to an established project management model. In determining
the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates
to be applied and the expected period of benefits. The carrying amount of the intangible assets at the reporting date is US$
2,381,465
(2022:
US$
1,845,912
).
(f)
Forward
    Purchase Agreement
On
July 27, 2023, the Company, ESGL entered into an agreement ("Forward Purchase Agreement") with Vellar Opportunities Fund
Master, Ltd. ("Vellar") for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated
50
% of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC ("ARRT",
together with Vellar, the "Sellers").
In
aggregate, Vellar purchased
931,915
shares, and ARRT
500,000
shares of the Company's Class A common stock (the "Recycled Shares"). In connection with these purchases, the
Sellers revoked any redemption elections. The purchases were recognized as a current asset in the financial statements as Prepaid
Forward Purchase Agreement ("Prepaid FPA"), at the fair value at the time of the purchase transaction. For the
financial year ended December 31, 2023, the fair value of the Prepaid FPA was assessed using a Monte Carlo simulation model to be
US$
969
and accordingly, an adjustment to the carrying amount of the Prepaid FPA was made.
F-
27
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
4.
Revenue
Revenue
classified by type of good or service is as follows :
2023
2022
US$
US$
Revenue from:
- Sales of circular products
2,305,646
2,746,097
- Waste disposal services
3,858,527
2,245,937
6,164,173
4,992,034
The
revenue from sales of goods and other service income is recognized based on a point in time.
5.
Other income
2023
2022
US$
US$
Interest income
18,308
4
Gain from disposal of motor vehicle
-
26,586
Government grants
42,819
76,588
Grant from AEPW
1
72,000
116,000
Warehousing and logistic services
36,357
175,650
Others
335
1,545
169,819
396,373
1
The Alliance to End
                                                                                                                                                                         Plastic Waste ("AEPW") is an industry-founded and funded non-governmental and non-profit organization based in
                                                                                                                                                                         Singapore. Founding members include BASF, Chevron Phillips Chemical, ExxonMobil, Dow Chemical, Mitsubishi Chemical Holdings, Proctor
                                                                                                                                                                         & Gamble and Shell
6.
Other operating expenses
2023
2022
US$
US$
Foreign exchange loss
189,426
22,287
Foreign worker levy
168,137
97,703
Impairment loss on receivables
-
44,271
Insurance
55,694
43,589
Professional fees
109,703
93,978
Property tax
108,412
105,771
Rental and storage
594,748
290,481
Utilities
189,982
157,974
Upkeep, repair and maintenance
230,037
317,267
Chemical and incineration fees
396,428
229,204
Bank service charges
50,427
8,203
Others
9,398
117,099
2,102,392
1,527,827
F-
28
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
7.
Employee benefits expense
2023
2022
US$
US$
Salaries, wages and bonuses
2,258,195
1,571,124
Directors' remuneration
272,659
211,853
Directors' fees
52,252
-
Employer's contribution to defined contribution plans including Central Provident Fund
142,749
107,263
Other short term benefit
26,943
54,077
2,752,798
1,944,317
Less: Amount capitalized as internal development of intangible assets
(
1,388,584
)
(
1,011,193
)
1,364,214
933,124
8.
Finance expense
2023
2022
US$
US$
Interest expenses:
- Lease liabilities
55,934
28,559
- Borrowings
284,112
217,800
- Loans from Directors
48,671
-
388,717
246,359
9.
Income tax expense
2023
2022
US$
US$
Tax expense attributable to loss is made up of:
- Movements in deferred tax liabilities
133,000
8000
133,000
8,000
The
tax on profit or loss before income tax differs from the theoretical amount that would arise using the Singapore standard rate of income
tax expense as follows :
2023
2022
US$
US$
Loss before income tax
(
94,846,338
)
(
2,383,812
)
Tax calculated at tax rate of
17
% (2022:
17
%)
(
16,123,877
)
(
405,248
)
Effects of:
- Listing expenses
15,821,445
-
- Expenses not deductible for tax purposes
467,334
172,993
- Income not subject to tax
(
3,112
)
(
310
)
- Utilization of tax losses
-
(
11,000
)
- Temporary difference
(
28,790
)
251,565
133,000
8,000
F-
29
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
10.
Property, plant and equipment, net
Leasehold
land and
buildings
Plant and
equipment
Machineries
Renovation
Motor
vehicles
Furniture
and
fittings
Total
US$
US$
US$
US$
US$
US$
US$
2023
Cost
Beginning of financial year
19,828,888
4,385,903
1,213,687
487,229
692,142
127,487
26,735,336
Additions
-
580,125
-
3,010
63,423
4,486
651,044
Disposal
-
(
5,721
)
-
-
(
60,974
)
-
(
66,695
)
Lease modifications
8,230
-
-
-
-
-
8,230
Revaluation
(
910,055
)
-
-
-
-
-
(
910,055
)
Exchange difference
337,283
-
-
-
-
-
337,283
End of financial year
19,264,346
4,960,307
1,213,687
490,239
694,591
131,973
26,755,143
Accumulated depreciation
Beginning of financial year
523,495
1,689,985
874,266
486,040
545,593
122,674
4,242,053
Depreciation charge
932,231
416,516
100,536
1,490
46,695
4,341
1,501,809
Disposal
-
(
2,574
)
-
-
(
49,139
)
-
(
51,713
)
Revaluation
(
723,371
)
-
-
-
-
-
(
723,371
)
End of financial year
732,355
2,103,927
974,802
487,530
543,149
127,015
4,968,778
Net book value
End of financial year
18,531,991
2,856,380
238,885
2,709
151,442
4,958
21,786,365
F-
30
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
10.
Property, plant and equipment, net (continued)
Leasehold
land and
buildings
Plant and
equipment
Machineries
Renovation
Motor
vehicles
Furniture
and
fittings
Total
US$
US$
US$
US$
US$
US$
US$
2022
Cost
Beginning of financial year
11,414,034
3,898,326
1,213,687
487,229
684,093
127,487
17,824,856
Additions
-
487,577
-
-
15,100
-
502,677
Disposal
(
7,051
)
(
7,051
)
Lease modifications
1,296,818
-
-
-
-
1,289,767
Revaluation
7,065,299
-
7,065,299
Exchange difference
52,737
-
-
-
-
-
52,737
End of financial year
19,828,888
4,385,903
1,213,687
487,229
692,142
127,487
26,735,336
Accumulated depreciation
Beginning of financial year
348,207
1,315,480
772,407
478,565
506,219
115,387
3,536,265
Depreciation charge
1,126,858
374,505
101,859
7,475
43,419
7,287
1,661,403
Disposal
-
-
-
-
(
4,045
)
-
(
4,045
)
Revaluation
(
951,570
)
-
-
-
-
-
(
951,570
)
End of financial year
523,495
1,689,985
874,266
486,040
545,593
122,674
4,242,053
Net book value
End of financial year
19,305,393
2,695,918
339,421
1,189
146,549
4,813
22,493,283
Right-of-use
assets acquired under leasing arrangements are presented together with the owned assets of the same class. Details of such leased assets
are disclosed in Note 15.
During
the financial year, leasehold land and buildings with carrying amount of approximately US$
16,532,686
(2022: US$
17,105,459
) were mortgaged
to secure a term loan (Note 17).
F-
31
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
10.
Property, plant and equipment, net (continued)
Fair
value hierarchy
Independent
valuations were performed by the valuers, CKS Property Consultants Pte Ltd and GB Global Pte Ltd to determine the fair value of leasehold
land and buildings as at December 31, 2023 and 2022, respectively. The revaluation surplus net of applicable deferred income taxes was
credited to revaluation reserve. The following table presents the fair value measurement hierarchy of the Group's leasehold land
and buildings carried at fair value:-
Fair value measurements as at
December 31, 2023 categorized into
Quoted prices in
Significant
Significant
active markets for
other observable
unobservable
Fair value at
identical assets
inputs
inputs
December 31, 2023
(Level 1)
(Level 2)
(Level 3)
US$
US$
US$
US$
Recurring fair value
measurement
Leasehold land and buildings:
- Industrial – Singapore
16,532,686
-
-
16,532,686
Fair value measurements as at
December 31, 2022 categorized into
Quoted prices in
active markets
for
Significant
other
Significant
Fair value at
identical
assets
observable inputs
unobservable
inputs
December 31, 2022
(Level 1)
(Level 2)
(Level 3)
US$
US$
US$
US$
Recurring fair value
measurement
Leasehold land and buildings:
- Industrial - Singapore
17,105,459
-
-
17,105,459
During
the years ended December 31, 2023 and 2022, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.
F-
32
ESGL
Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
10.
Property, plant and equipment, net (continued)
Reconciliation
of fair value measurements categorized within Level 3 of the fair value hierarchy:-
Leasehold land
and buildings
US$
Carrying amount at December 31, 2022
17,105,459
Depreciation charge on revaluation of properties held for own use
(
723,371
)
Net gain from a fair value adjustment recognized in the
consolidated statement of profit or loss and other comprehensive income
150,598
Carrying amount at December 31, 2023
16,532,686
Valuation
techniques
There
has been no change from the valuation techniques used in the financial years ended December 31, 2023 and 2022. For all leasehold land
and buildings, the valuation was determined using a market comparison approach. The fair value of leasehold land and buildings is based
on prices for recent market transactions in similar properties and adjusted to reflect the conditions and locations of the Group's
properties. The significant input into this valuation approach is price per square foot, which has been adjusted to reflect the location,
size, tenure, age and condition, standard of finishes, use, facilities provided, date of transaction and the prevailing economic conditions.
Below
is a summary of the valuation techniques used and the key inputs to the valuation of leasehold land and buildings:-
Valuation
    techniques
Significant
unobservable
    inputs
Range
    or weighted average
2023
2022
Leasehold
                                            land
and buildings in Singapore
Market
comparison approach
Price
    per square foot
US$
113
to
US$
396
per
                                            square foot
US$
67
to US$
141
per square foot
The
fair value measurements are based on the above leasehold land and buildings' highest and best use, which does not differ from their
actual use.
Had
the Group's leasehold land and buildings been carried at cost less accumulated depreciation, the carrying amount of the Group's
leasehold land and buildings as at December 31, 2023 and 2022 would have been approximately US$
3,645,289
and US$
4,118,381
respectively.
F-
33
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
11.
Intangible assets, net
2023
2022
US$
US$
Cost
Beginning of financial year
2,961,256
1,950,063
Additions - internal development
1,388,583
1,011,193
End of financial year
4,349,839
2,961,256
Accumulated amortisation
Beginning of financial year
1,115,344
476,495
Amortization
853,030
638,849
End of financial year
1,968,374
1,115,344
Net book value
End of financial year
2,381,465
1,845,912
12.
Trade and other receivables
2023
2022
US$
US$
Trade receivables
- Non-related parties
461,497
389,648
461,497
389,648
Non-trade receivables
- Advance payment to suppliers
329,597
337,488
- Deposits
46,035
59,857
- Goods and services tax recoverable
184
2,294
- Prepayments
195,209
25,841
571,025
425,480
1,032,522
815,128
F-
34
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
12.
Trade and other receivables (continued)
Receivables
that are past due but not impaired
The
Group had trade receivables amounting to US$
59,757
(2022: US$
26,485
) that were past due at the reporting date but were not impaired.
These receivables were unsecured and the analysis of their aging based on their trade date at the reporting date is as follows:
2023
2022
US$
US$
Less than 30 days
44,543
22,473
30 to 90 days
15,214
1,895
More than 90 days
-
2,117
59,757
26,485
The
trade receivables and contract assets are subject to the expected credit loss model under the financial reporting standard on financial
instruments. At all reporting dates the historical observed default rates are updated and changes in the forward-looking estimates are
analyzed. Details of impairment of trade and other receivables are set out in Note 23(b)(ii).
As of December 31, 2023, the Group
has made allowance for expected credit loss amounting to US$
47,691
(2022 : US$
46,768
).
13.
Inventories
2023
2022
US$
US$
Raw materials
64,184
116,721
Finished goods
-
104,430
64,184
221,151
The
cost of inventories recognized as an expense amounted to US$
977,619
(2022: US$
1,093,194
) for the year ended December 31, 2023.
14.
Reserves
(a)
Revaluation
    surplus
Revaluation
surplus represents increases in the fair value of leasehold land and buildings, net of tax, and decreases to the extent that such decrease
relates to an increase on the same asset previously recognized in other comprehensive income.
(b)
Other
    reserve
Other
reserve represents member's deemed contribution arising from reorganization.
(c)
Exchange
    reserve
The
exchange reserve represents the exchange differences relating to the translation of the Group's leasehold land and building from
the revaluation. The exchange differences are recognized directly in other comprehensive income and accumulated in the exchange reserve.
Such exchange differences accumulated in the exchange reserve are reclassified to the consolidated income statement on the disposal of
the leasehold land and building.
(d)
Share
    premium reserve
The
share premium reserve represents the excess amounts paid by shareholders above the par value of the shares issued.
F-
35
ESGL Holdings Limited
Notes
to the Consolidated Financial Statements for Financial Years ended December 31, 2023 and 2022
15.
Leases – The Group as a lessee
Nature
of the Group's leasing activities
The
Group has lease contracts for land, buildings, machineries and equipment. The Group's obligations under these leases are secured
by the lessor's title to the leased assets. The Group is restricted from assigning and subleasing the leased assets.
The
Group regularly enters into short-term leases of 12 months or less for certain plant and equipment and machineries. The Group applies
the 'short-term lease' recognition exemptions for these leases.
(a)
Carrying amounts
ROU
assets classified within property, plant and equipment
2023
2022
US$
US$
Carrying amounts
Leasehold land and buildings
1,999,304
2,199,934
Plant and equipment
270
8,151
Motor vehicles
130,642
113,707
2,130,216
2,321,792
(b)
Depreciation charge during the financial year
2023
2022
US$
US$
Leasehold land and buildings
208,860
175,287
Plant and equipment
7,882
7,882
Motor vehicles
40,480
35,217
257,222
218,386
Interest
expense
2023
2022
US$
US$
Interest expense on lease liabilities
55,934
28,559
(c)
Short-term leases
2023
2022
US$
US$
Expense relating to short-term leases
372,721
157,687
Total cash outflow for leases
614,191
372,642
Note:
Amount includes payments of principal and interest portion of lease liabilities and short-term leases.
For
both years, the Group leases various offices and machineries for its operations.
Lease contracts are entered into for fixed term of 1
month to 30 years.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. At the
end of the current financial year, the lease for one of the properties was extended by 20 years, ending in November 2050.
F-
36
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
15.
Leases – The Group as a lessee (continued)
The
Group regularly enters into short-term leases for certain office premises. As at December 31, 2023 and 2022, the portfolio of short-term
leases was similar to the portfolio of short-term leases to which the short-term leases expense is disclosed above.
(d)
There were no addition of ROU assets during the financial years ended December 31, 2023 and 2022.
(e)
Lease liabilities
2022
2022
(US$)
(US$)
Current
192,282
185,764
Non-current
1,974,524
2,071,571
2,166,806
2,257,335
16.
Trade and other payables
2023
2022
US$
US$
Trade payables
- Non-related parties
528,865
525,588
528,865
525,588
Other payables
- Amount due to shareholder
189,595
-
- Contract liabilities
2,077,358
2,162,274
- Amount due to directors
910,541
927,885
- Deposit from customers
-
19,411
- Accruals for operating expenses
2,837,205
645,861
- Goods and services tax payable
6,340
50
- Withholding tax
10,655
4,276
6,031,694
3,759,757
6,560,559
4,285,345
The
amounts due to directors are non-trade in nature, unsecured, bear interests at
6
% per annum and are repayable on demand. As of December
31, 2023 the interest on the amount due to directors was US$
48,671
(2022 : US$
8,893
).
The
contract liabilities primarily relate to the advance consideration received from customers for unsatisfied performance obligations. The
Company recognizes revenue for each respective performance obligation when control of the product or service transfers to the customer
and the right to payment becomes unconditional. In 2023, US$
85,536
(2022 : US$
544,311
) of contract liabilities was recognized as revenue
in the profit or loss statement.
F-
37
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
17.
Borrowings
2023
2022
US$
US$
Term loan I
201,945
271,035
Term loan II
-
1,266,912
Term loan IV
378,323
626,714
Term loan V
426,589
697,233
Term loan VI
924,276
1,278,261
Term loan VII
2,014,258
-
Trade receivables financing
81,231
-
Revolving credit
1,751,857
1,658,486
5,778,479
5,798,641
2023
2022
US$
US$
Analysed as :
Non-current portion
112,319
371,103
Current portion
5,666,160
5,427,538
5,778,479
5,798,641
Details
of the repayment schedule in respect of the interest-bearing borrowings are as follows :
2023
2022
US$
US$
Bank borrowings repayable :
Within one year or on demand
5,666,160
5,427,538
Within a period of more than one year but not exceeding two years
112,319
371,103
5,778,479
5,798,641
(i)
Term
    loan I was obtained for refinancing the outstanding loan amount in relation to the leasehold land and building of the Group. This
    loan is repayable by monthly instalments over a
120
months period commencing 2015. The interest rates charged were between
2.30
%
    to
1.30
% per annum below the bank's commercial rate 2 for the 1st to 3rd year of the loan and thereafter at the bank's
    Commercial Rate 2 ("CR2") of
4.68
% to
5.68
% per annum. It contains a repayment on demand clause and therefore it is classified
    as current liabilities as at December 31, 2023 and 2022.
During
the current financial year, the Group entered into a trade receivables financing agreement with one of its lenders. The arrangement will
provide immediate payment of up to
90
% of the receivables upon presentation of relevant documents by the Group. The remaining
10
% will
be paid upon settlement of the receivables by the customer. This arrangement has recourse and the Group is liable for any unpaid receivables.
F-
38
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
17.
Borrowings (continued)
(ii)
Term
    loan II was obtained to finance the construction of the proposed erection of a single user 1-story factory with part 3-story ancillary.
    This loan is repayable by monthly instalments over a
7
year period commencing from 2016. The interest rates charged were between
2.65
% to
3.45
% per annum below the bank's prevailing Enterprise Financing Rate for the 1st to 3rd year of the loan and thereafter
    at Singapore Interbank Offered Rate ("SIBOR") plus
3
% per annum. Term loan II was fully repaid during the financial year
    2023.
(iii)
Term
    loan IV was obtained for working capital purposes. This loan is repayable by monthly instalments over a
5
year period commencing
    from year 2021. The interest rates charged are
2.00
% per annum on monthly rests.
(iv)
Term
    loan V was obtained for working capital purposes. This loan is repayable by monthly instalments over a
5
year period commencing from
    year 2021. The interest rates charged are
2
% per annum. It contains a repayment on demand clause and therefore it is classified as
    current liabilities as at December 31, 2023 and 2022.
(v)
Term
    loan VI was obtained for purchasing of machineries for core business operations. This loan is repayable by monthly instalments over
    a
5
year period commencing from year 2021. The interest rates charged are
2.50
% per annum on monthly rests. It contains a repayment
    on demand clause and therefore it is classified as current liabilities as at December 31, 2023 and 2022.
(vi)
Term
    loan VII was obtained as a replacement for Term Loan II and also for working capital purposes. This loan is repayable by monthly
    instalments over a
3
year period commencing year 2023. The interest rates charged are
2.0
% above the Bank's Cost of Funds.
    It contains a repayment on demand clause and therefore it is classified as current liabilities as at December 31, 2023 and 2022.
(vii)
Revolving
    credit is obtained for working capital purposes. These loans are repayable
1
to
6
months from the date of each drawdown. The interest
    rates charged are
2.00
% per annum above the Bank's Cost of Funds or
2.00
% above the prevailing SIBOR per annum. It contains
    a repayment on demand clause and therefore it is classified as current liabilities as at December 31, 2023 and 2022.
Security
granted
The
Group's borrowings are secured by:
(a)
A
    legal mortgage on the Group's leasehold land and buildings with net book value of US$
16,532,686
(2022: US$
17,105,459
) (Note
    10);
(b)
Several
    guarantees from a director and a former director of the Group in their personal capacities.
18.
Deferred tax
Deferred
tax assets and liabilities are offset when there is legally enforceable right to offset current income tax assets against current income
tax liabilities and when the deferred taxes relate to the same taxation authority. The Group's deferred tax liabilities arose mainly
from differences in depreciation for tax and revaluation of leasehold properties whilst deferred tax assets arose from tax losses carried
forward. As at December 31, 2023, the Group has tax losses of approximately US$
NIL
(2022 : US$
442,000
) which can be carried forward indefinitely
to offset future taxable profits.
2023
2022
US$
US$
Deferred tax assets recognized
-
75,070
Deferred tax liabilities recognized
296,000
238,070
Net deferred tax liabilities
296,000
163,000
F-
39
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
18.
Deferred tax (continued)
The
movement in deferred tax liabilities (prior to offsetting of balances) during the financial year is as follows:
2023
2022
US$
US$
Balance as at beginning of financial year
163,000
155,000
Movements in deferred tax liabilities
133,000
8,000
Balance as at end of financial year
296,000
163,000
19.
Share capital
2023
2022
No. of ordinary shares
12,683,039
10,000
Pursuant
to the terms of the Merger Agreement, the aggregate consideration paid at the closing of the Business Combination to existing shareholders
of the ESGH was
6,764,150
newly issued ordinary shares of ESGL at a deemed price of $
10.00
per share.
In
addition, at the closing of the Business Combination and after giving
effect
to the payments to GUCC's redeeming stockholders,
4,100,804
GUCC's shares remains in the share capital of ESGL.
Subsequent
to the Business Combination and pursuant to an agreement for an OTC Equity Prepaid Forward Transaction (the "Forward Purchase Agreement")
with ACM ARRT K LLC ("ACM") and Vellar Opportunities Fund Master Ltd ("Vellar") dated July 27, 2023, ESGL issued
1,268,085
and
550,000
shares ("Additional Shares") to Vellar and ACM respectively upon receipt of a Pricing Date notice from
both parties (Note 24) on August 14 and 4, 2023.
F-
40
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
20.
Related party transactions
(a)
Directors' remuneration
2023
2022
US$
US$
Salaries and bonuses
255,471
195,654
Directors' fees
52,252
-
Personal guarantee fee
-
152,689
Employer's contribution to the Central Provident Fund
17,188
16,199
324,911
364,542
(b)
Key
    management personnel compensation
2023
2022
US$
US$
Salaries and bonuses
229,840
92,451
Employer's contribution to the Central Provident Fund
22,826
8,806
252,666
101,257
F-
41
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
21.
Capital commitments
Capital
expenditures contracted for at the end of the reporting period but not recognized in the financial statements are as follows:
2023
2022
US$
US$
Property, plant and equipment
1,328,306
1,339,532
22.
Group information
Subsidiaries
The
consolidated financial statements of the Group include :
Name
    of subsidiary
Principal
    activities
Place
    of incorporation and business
Effective
    equity held by the Group
2023
2022
%
%
Held
    by the Company
Environmental
    Solutions Group Holdings Limited
Investment
    holding company
Cayman
    Island
100
100
Held
    by Subsidiary
Environmental
    Solutions Asia Holdings Limited
Investment
    holding company
British
    Virgin Islands
100
100
Environmental
    Solutions (Asia) Pte Ltd
Waste
    management and recycling of industrial wastes
Singapore
100
100
F-
42
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management
Financial
risk factors
The
Group's activities expose it to market risk (including currency risk, price risk and interest rate risk), credit risk, liquidity
risk and capital risk.
The
Directors review and agree to the policies and procedures for the management of these risks, which are executed by the management team.
It is and has been throughout the current and previous financial year, the Group's policy that no trading in derivatives for speculative
purposes shall be undertaken. The following sections provide details regarding the Group's exposure to the abovementioned financial
risks and the objectives, policies, and processes for the management of these risks. There has been no change to the Group's exposure
to these financial risks or the manner in which it manages and measures the risks.
(a)
Market
    risk
(i)
Currency
    risk
Currency
risk arises from sales or purchases that are denominated in currencies other than the functional currency of the Group.
The
foreign currency in which these transactions are denominated is mainly Singapore Dollar ("SGD"). The Group does not have
a policy to hedge its exposure to foreign exchange risk.
The
Group's currency exposure based on the information provided to key management is as follows:
SGD
USD
Total
US$
US$
US$
December 31, 2023
Financial assets
Cash and cash equivalents
248,391
118,370
366,761
Trade and other receivables
1,001,109
31,413
1,032,522
Prepaid forward purchase agreement
-
969
969
1,249,500
150,752
1,400,252
Financial liabilities
Trade and other payables
5,189,728
1,370,831
6,560,559
Borrowings
5,778,479
-
5,778,479
Deferred underwriting fee payable
-
2,753,125
2,753,125
Lease liabilities
2,166,806
-
2,166,806
13,135,013
4,123,956
17,258,969
Net financial liabilities
(
11,885,513
)
(
3,973,204
)
(
15,858,717
)
Currency exposure of financial liabilities, net of those denominated in the Company's functional currency
(
11,885,513
)
(
3,973,204
)
(
15,858,717
)
F-
43
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(a)
Market
    risk (continued)
(i)
Currency
    risk
(continued)
SGD
USD
Total
US$
US$
US$
December 31, 2022
Financial assets
Cash and cash equivalents
118,411
133,985
252,396
Trade and other receivables
747,634
67,494
815,128
866,045
201,479
1,067,524
Financial liabilities
Trade and other payables
3,972,893
312,452
4,285,345
Borrowings
5,798,641
-
5,798,641
Lease liabilities
2,257,335
-
2,257,335
12,028,869
312,452
12,341,321
Net financial (liabilities)/assets
(
11,162,824
)
(
110,973
)
(
11,273,797
)
F-
44
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(a)
Market
    risk
(continued)
(i)
Currency
    risk
(continued)
If
the USD changes against the SGD by
10
% (2022:
10
%) respectively with all other variables including tax rate being held constant, the
effects arising from the net financial liabilities/assets position will be as follows:
Increase/(decrease)
in profit or loss before tax
2023
2022
US$
US$
SGD against USD
- strengthened
(
1,188,551
)
(
1,116,282
)
- weakened
1,188,551
1,116,282
(ii)
Interest
    rate risk
The
Group is exposed to interest rate risk on its non-current borrowings at variable rates.
The
Group's borrowings at variable rates are denominated mainly in SGD. At December 31, 2023, if the SGD interest rates had increased/decreased
by
0.5
% (2022:
0.5
%) with all other variables including tax rate being held constant, the loss after tax for the financial year would
have been lower/higher by US$
18,831
(2022: US$
18,554
) as a result of higher/lower interest expense on these borrowings.
(b)
Credit
    risk
Credit
risk refers to the risk that counterparty will default on its contractual obligation, resulting in financial loss to the Group.
(i)
Risk
    management
The
Group has adopted the following policy to mitigate its credit risk.
The
Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as
a means of mitigating the risk of financial loss from defaults. The Group performs ongoing credit evaluation of its counterparties'
financial conditions and generally does not require collateral.
Financial
assets are potentially subject to concentrations of credit risk and failures by counterparties to discharge their obligations in full
or in a timely manner. These arise principally from cash and cash equivalents, receivables and other financial assets. The maximum exposure
to credit risk is the total of the fair value of the financial assets at the end of the reporting year. Credit risk on cash balances
with banks and any other financial instruments is limited because the counter-parties are entities with acceptable credit ratings.
F-
45
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(b)
Credit
    risk
(continued)
(ii)
Impairment
    of trade receivables
The
Group has applied the simplified approach by using the provision matrix to measure the lifetime ECL for trade receivables and the general
approach for other financial assets at amortized cost.
Trade
receivables
The
Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer rather than the industry
or country in which the customers operate and therefore significant concentrations of credit risk primarily arise when the Group has
significant exposure to individual customers. At the end of the financial year,
58.8
% of the total trade receivables were from three
of the Group's largest customers. In 2022,
48.0
% of total trade receivables were from three of the Group largest customers.
Individual
credit evaluations are performed on all customers. These evaluations focus on the customer's past history of making payments when
due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment
in which the customer operates. Unless agreed the otherwise, trade receivables are generally due within 30 days from the date of billing.
Normally, the Group does not obtain collateral from customers.
The
Group measures loss allowances for trade receivables at an amount equal to lifetime ECLs, which is calculated with reference to the credit
spread for each of the groupings (which taking into consideration of historical credit loss experience, average actual date of receipt,
customers' background, listing status and size as groupings of various debtors), which reflect the credit risk of the debtors,
over the expected life of the debtors and are adjusted for forward-looking information that is available without undue cost or effort.
As the Group's historical credit loss experience does not indicate significantly different loss patterns for different customer
segments, the loss allowance based on past due status is not further distinguished between the Group's different customer bases.
The
following table provides information about the Group's exposure to credit risk and ECLs for trade receivables:
2023
Gross
Expected
carrying
Loss
loss
amount
allowance
rate
US$
US$
Current (not past due)
0
%
406,305
-
Less than 3 months past due
5
%
59,333
3,218
3 months to 6 months past due
0
%
-
-
More than 6 months past due
100
%
43,550
43,550
509,188
46,768
F-
46
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(b)
Credit
    risk
(continued)
(ii)
Impairment
    of trade receivables (continued)
2022
Expected
Gross
loss
carrying
Loss
rate
amount
allowance
US$
US$
Current (not past due)
0
%
363,164
-
Less than 3 months past due
66
%
71,136
46,768
3 months to 6 months past due
0
%
2,116
-
More than 6 months past due
0
%
-
-
436,416
46,768
Expected
loss rates are based on actual loss experience. These rates are adjusted to reflect differences between economic conditions during the
period over which the historic data has been collected, current conditions and the Group's view of economic conditions over the
expected lives of the receivables.
The
movements in loss allowance for trade receivables during the years are as follows:-
2023
2022
US$
US$
At January 1
46,768
150,000
Impairment losses recognized (Note 3)
-
46,768
Amount written off as uncollectible
-
150,000
At December 31
46,768
46,768
Other
financial assets, at amortized cost
The
Group's other financial assets recognized at amortized cost are mainly comprised of cash and bank balances, non-trade receivables
from non-related parties, deposits and prepayments. These other financial assets are subject to immaterial credit loss.
In
determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties,
adjusted for factors that are specific to these receivables in estimating the probability of default of each of these other financial
assets.
F-
47
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(c)
Liquidity
    risk
The
table below analyses non-derivative financial liabilities of the Group based on the remaining period from December 31, 2022 to the contractual
maturity date. The amounts disclosed in the table below are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying amounts as the impact of discounting is not significant.
Less
    than
1 year
US$
Between
2
                                            and 5 years
US$
More
    than
5 years
US$
At December 31,2023
Trade and other payables
6,540,559
-
-
Deferred underwriting fee payable
2,753,125
-
-
Borrowings
5,953,741
112,880
-
Lease liabilities
192,282
256,215
1,718,309
15,439,707
369,095
1,718,309
At December 31,2022
Trade and other payables
4,285,345
-
-
Borrowings
5,579,034
376,708
-
Lease liabilities
185,764
329,200
1,742,371
10,050,143
705,908
1,742,371
(d)
Capital
    risk
The
primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and a net current asset
position to support its business and maximize its shareholders' value. The capital structure of the Group comprises of issued share
capital and retained earnings.
The
Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
The
Group is in compliance with all externally imposed capital requirements for the financial years ended December 31, 2023 and 2022.
(e)
Fair
    value measurements
The
notional amounts of financial assets and financial liabilities with a maturity of less than one year are assumed to approximate their
fair values.
The
fair value of the non-trade balances with the related parties has not been determined as the timing of the expected cash flows of these
balances cannot be reasonably determined because of the relationship.
F-
48
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
23.
Financial risk management (continued)
(f)
Warrants
As of December 31, 2023, ESGL
has
8,625,000
public warrants and
377,331
private warrants. The warrant entitles the holder thereof to purchase one ESGL ordinary share
at a price of $
11.50
per full share. ESGL will not issue fractional shares. The warrants will expire five years after the consummation
of the Business Combination.
ESGL
may redeem the outstanding warrants (excluding the private warrants that are part of the Private Placement Units), in whole and not in
part, at a price of $
0.01
per warrant:
●
at
    any time while the warrants are exercisable,
●
upon
    a minimum of 30 days' prior written notice of redemption,
●
if,
    and only if,
the last sales price of ESGL ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30
    trading day period ending three business days before ESGL sends the notice of redemption
, and
●
if,
    and only if, there is a current registration statement in effect with respect to ESGL ordinary shares underlying the warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.
As
of December 31, 2023, none of the warrants have been exercised.
Based on the closing price of warrants as at December 31, 2023 of US$
0.0038
,
value of ESGL's total outstanding warrants was approximately US$
34,200
.
(g)
Financial
    Instruments by Category
The
carrying amounts of the different categories of financial instruments are as follows:
2023
2022
US$
US$
Financial assets, at amortised cost
874,477
480,318
Financial liabilities, at amortised cost
15,150,956
9,529,631
24.
Forward Purchase Agreements ("FPA")
On
July 27, 2023, the Company, ESGL entered into an agreement ("Forward Purchase Agreement") with Vellar Opportunities Fund
Master, Ltd. ("Vellar") for an OTC Equity Prepaid Forward Transaction. On the same date as the execution of the Forward Purchase
Agreement, Vellar assigned and novated
50
%
of its rights and obligations under the Forward Purchase Agreement to ACM ARRT K LLC ("ARRT",
together with Vellar, the "Sellers"). Following the assignment and novation, the rights and obligations of each Seller under
its Forward Purchase Agreement were and are separate and distinct from the those of the other Seller, with each Seller acting independently
of the other, without reference to or knowledge of the other Seller's actions or inactions.
The
primary purpose of entering into the Forward Purchase Agreement was to provide cash to ESGL following the closing of the Business Combination
(the "Closing"). For purposes of the Forward Purchase Agreement, ESGL is referred to as the "Counterparty".
Pursuant
to the terms of the Forward Purchase Agreement, each Seller intended, but was not obligated, to purchase up to
2,200,000
shares (the
"Maximum Number of Shares") of Company Class A common stock, or
4,400,000
in total. The Sellers made their purchases after
the expiration of the redemption deadline for holders to redeem shares in connection with the Business Combination, in brokered transactions
in the open market, typically from holders that had elected to redeem their shares. In aggregate, Vellar purchased
931,915
shares, and
ARRT
500,000
shares of the Company's Class A common stock (the "Recycled Shares"). In connection with these purchases,
the Sellers revoked any redemption elections.
F-
49
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
24.
Forward Purchase Agreements ("FPA") (continued)
The
Forward Purchase Agreement provides that each Seller be paid directly an aggregate cash amount (the "Prepayment Amount")
equal to the product of (i) the number of Recycled Shares set forth in a Pricing Date Notice delivered by that Seller and (ii) the redemption
price paid by the Company at Closing to holders of its common stock who exercised their redemption rights in connection with the Business
Combination (the "Initial Price"). Following the Closing, the Prepayment Amounts of $
10,141,403.28
was paid to Vellar and
$
5,427,750.00
paid to ARRT directly from the GUCC's trust account maintained by Continental Stock Transfer and Trust Company
The
Forward Purchase Agreement grants each Seller the right to purchase from the Counterparty additional shares (the "Additional Shares")
up to an amount equal to the difference between the number of Recycled Shares for such Seller and
2,200,000
shares (which is the maximum
number of shares for each Seller). On August 14, 2023, Vellar delivered a Pricing Date Notice to the Purchaser for
1,268,085
Additional
Shares, which were issued by the Purchaser effective as of that date. On August 4, 2023, ARRT delivered a Pricing Date Notice to ESGL
for
550,000
Additional Shares, which were issued by the Purchaser effective as of that date. The sum of the Recycled Shares and the Additional
Shares under the Forward Purchase Agreement is referred to as the "Number of Shares."
The
valuation date (the "Valuation Date") for each Forward Purchase Agreement will be the earliest to occur of (a) the date that
is 24 months after the Closing, (b) the date specified by the Seller in a written notice to be delivered to the Counterparty at Seller's
discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP
Trigger Event (x) a Delisting Event, or (y) a Registration Failure and (c) the date specified by the Seller in a written notice to be
delivered to Counterparty at the Seller's sole discretion (which Valuation Date shall not be earlier than the day such notice is
effective).
In
connection with the occurrence of the Valuation Date, each Seller will pay to the Counterparty an amount in cash based on the value of
the Ordinary Shares over a Valuation Period (the "Settlement Amount"). The Valuation Period begins on the business day after
the Valuation Date and ends on the date on which the number of shares traded over the Valuation Period equals ten times the Number of
Shares. The Seller will pay the Settlement Amount on the Cash Settlement Payment Date, which is the 30th business day immediately following
the last day of the Valuation Period.
The
determination of the Settlement Amount depends upon the trigger for the Valuation Date. In the event the Valuation Date is determined
by Seller delivering to Counterparty written notice at its sole discretion, the Settlement Amount will equal (1) the Number of Shares
as of the Valuation Date multiplied by (2) the closing price of the Shares on the immediately preceding trading day. In all other cases,
the Settlement Amount will equal (1) the Number of Shares as of the Valuation Date that are registered for resale under an effective
Registration Statement or may be transferred without any restrictions (including the current public information requirement or the volume
and manner of sale limitations under Rule 144 under the Securities Act) multiplied by the average of the daily VWAP Price over the Valuation
Period less (2) the Settlement Amount Adjustment.
The Settlement Amount Adjustment is equal to the product of (1) (a) the Maximum Number
of Shares less (b) any Terminated Shares as of the Valuation Date, multiplied by (2) $2.00.
On
one occasion, during the period beginning 30 days after the Closing Date and ending on the Valuation Date, Counterparty may request in
writing that each Seller provide it with additional funding of up to $
1,000,000
(for an aggregate of $
2,000,000
), subject to the terms
of the Forward Purchase Agreement (the "Additional Funds"). If a Seller provides Additional Funds to Counterparty, that Seller
may deliver to Counterparty a Number of Shares Adjustment Notice, the effect of which is to reduce the Number of Shares by the number
of shares specified in that notice with aggregate proceeds equal to the Additional Funds the Seller provided.
F-
50
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
24.
Forward Purchase Agreements ("FPA") (continued)
On
September 15, 2023, the Company requested Additional Funds from Vellar in the amount of $
1,000,000
notwithstanding that the Company was
not eligible to submit a request for Additional Funds on such date pursuant to the terms of the Forward Purchase Agreement. On September
20, 2023, Vellar provided Additional Funds in the amount of $
1,000,000
to the Company upon a Funding Request by the Company as defined
in the Forward Purchase Agreement, which amount comprises the aggregate net proceeds received by the Company from the Forward Purchase
Agreement. The Company does not expect to receive any additional funds pursuant to the Forward Purchase Agreement.
Each
Seller agreed to waive any redemption rights with respect to any Recycled Shares in connection with the Business Combination and agreed
not to vote the shares it purchases pursuant to the Forward Purchase Agreement in favor of the Business Combination. Each Forward Purchase
Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements
of all tender offer regulations applicable to the Business Combination, including Rule 14e-5 under the Securities Exchange Act of 1934.
On
November 16, 2023, ESGL received written notice from ARRT that the Valuation Date of the Forward Purchase Agreement with ARRT shall be
deemed to be November 16, 2023, as a result of the occurrence of a Registration Failure due to a failure to have an effective registration
statement as of 90 days following the date of ARRT's registration request (which was August 16, 2023). In no event will any additional
cash amounts be paid by the Sellers, including ARRT as a result of accelerating the maturity date as described above, or ESGL at the
Valuation Date or otherwise. On or about December 4, 2023, ESGL and ARRT mutually agreed to terminate the Forward Purchase Agreement.
ARRT will continue to hold all
1,050,000
shares following termination of the Forward Purchase Agreement and ARRT will pay
no
amounts
to ESGL.
Subsequent
to the year end, ESGL received written notice from Vellar that the Valuation Date of the Forward Purchase Agreement with Vellar shall
be deemed March 14, 2024 for the same reason stated above. ESGL and Vellar mutually agreed to terminate the agreement on March 21, 2024.
On March 22, 2024, ESGL and Vellar entered into a Valuation Period Agreement pursuant to which the parties agreed that the Valuation
Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal to
52,641
, calculated as
2,200,000
Shares (the Recycled Shares and Additional Shares) less
2,147,359
Shares (the Number of Shares Adjustment). As
52,641
Shares
multiplied by the VWAP of $
0.45
less $
4,400,000
(being the Settlement Amount Adjustment, calculated as the product of the Maximum Number
of Shares and $
2.00
) is a negative number, neither Vellar nor ESGL is liable to the other party for any payment under the Forward Purchase
Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and ESGL under the Forward Purchase Agreement
have been terminated.
F-
51
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
25.
Listing expenses
Listing
expenses were non-recurring expenses incurred in connection with the Business Combination and are as follows:
2023
2022
US$
US$
Share issued as consideration
67,641,500
-
Net assets of SPAC
(
590,526
)
-
Revaluation of FPA
24,241,261
-
Professional fees
1,680,198
981,701
Printing, courier, and others
94,891
-
93,067,324
981,701
Total
Quantity
Price
Amount
Issuance of shares
6,764,150
10.00
67,641,500
26.
New or revised IFRSs not yet adopted
Effective
                                            for annual
reporting
    periods
beginning
    on or after
Amendments
    to IFRS 16
Lease
                                            liability in a Sale and Leaseback
January
    1, 2024
Amendments
    to IAS 1
Classification
    of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
January
    1, 2024
Amendments
                                            to IAS 7
and
    IFRS 7
Amendments
    to IAS 21
Disclosure:
                                            Supplier Finance Arrangements
Lack
    of exchangeability
January
                                            1, 2024
January
    1, 2025
The
directors anticipate that the application of all new and amendments to IFRSs will have no material impact on the financial statements
in the foreseeable future.
F-
52
ESGL Holdings Limited
Notes
to the Financial Statements for the Financial Years ended December 31, 2023 and 2022
27.
Subsequent events
1)
Termination of FPA by Vellar
On
March 21, 2024, the Company received a termination notice from Vellar, dated March 14, 2024, pursuant to the Forward Purchase Agreement.
Pursuant to the termination notice, Vellar notified the Company that the Valuation Date was March 15, 2024 as a result of the occurrence
of a VWAP Trigger Event. On March 22, 2024, the Company and Vellar entered into a Valuation Period Agreement pursuant to which the parties
agreed that the Valuation Period concluded at 4:00 p.m. on March 21, 2024 and the Number of Shares as of the Valuation Date was equal
to
52,641
, calculated as
2,200,000
Shares (the Recycled Shares and Additional Shares) less
2,147,359
Shares (the Number of Shares Adjustment).
As
52,641
Shares multiplied by the VWAP of $
0.45
less $
4,400,000
(being the Settlement Amount Adjustment, calculated as the product of
the Maximum Number of Shares and $
2.00
) is a negative number, neither Vellar nor the Company is liable to the other party for any payment
under the Forward Purchase Agreement. As a result of the conclusion of the Valuation Period, the obligations of Vellar and the Company
under the Forward Purchase Agreement have been terminated.
2)
Private placement of 10 million shares
On
March 27, 2024, the Company entered into a Share Purchase Agreement dated March 27, 2024 (the "Purchase Agreement") with
an accredited investor (the "Purchaser"), pursuant to which the Company shall issue in a private placement up to an aggregate
of
10,000,000
Ordinary Shares to the Purchaser at a purchase price of US$
0.25
per share. The initial closing under the Purchase Agreement
took place on March 28, 2024 pursuant to which the Purchaser purchased
2,000,000
Ordinary Shares. The second and final closing under
the Purchase Agreement took place on April 3, 2024 pursuant to which the Purchaser purchased
8,000,000
Ordinary Shares. The Company received
gross proceeds of $
2,500,000
in the private placement.
3)
Application to transfer to Nasdaq Capital Market
On
October 24, 2023, ESGL Holdings Limited (the "Company") received notification letters dated October 24, 2023, from the Staff
of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that (i) the minimum bid price per share was below $1.00
for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq
Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule"), and (ii) the Company's Minimum Market Value of Publicly Held
Shares ("MVPHS") was less than $5,000,000 for the last 30 consecutive business days prior to the date of the notification
letter, which does not meet the requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(C) (the "MVPHS Rule").
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) and 5810(c)(3)(D), Nasdaq provided the Company with 180 calendar days, or until
April 22, 2024 (the "Compliance Period"), to regain compliance with the Minimum Bid Price Rule and the MVPHS Rule.
The
Company did not regain compliance with the Minimum Bid Price Rule or the MVPHS Rule by April 22, 2024, the end of the Compliance Period.
Accordingly, on April 19, 2024, the Company applied to transfer the Company's securities to the Nasdaq Capital Market (the "Capital
Market") by submitting an on-line transfer application and paying a non-refundable $5,000 application fee to Nasdaq. The Company
also provided written notice to Nasdaq of its intention to cure the deficiency during the second 180-day compliance period, if granted,
including by effecting a reverse stock split, if necessary.
On
May 2, 2024, the Company receives notification from Nasdaq that its application to transfer to Capital Market is approved. The Company's
securities will be transferred to the Capital Market at the opening of business on May 3, 2024, and the Company will be eligible for
an additional 180 calendar day period, or until October 21, 2024, to regain compliance. If at any time during this additional time period
the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq
will provide written confirmation of compliance and this matter will be closed.
28.
Loss per share
Loss
per share is computed by dividing net loss by the weighted average number of the Company's common shares outstanding during the
period. Loss per share calculation for the period prior to the Business Combination has been retrospectively restated to the equivalent
number of shares reflecting the ratio established during the Business Combination.
2023
2022
US$
US$
Calculation of basic earnings per share:
Net loss
(
94,979,338
)
(
2,391,812
)
Loss attributable to ordinary shareholders
(
94,979,338
)
(
2,391,812
)
Weighted average number of ordinary shares
6,466,527
6,378,267
Basic and diluted loss per share
(
14.69
)
(
0.37
)
1
The number of shares for 2022 has been retrospectively restated to the equivalent number of shares reflecting the ratio established during the Business Combination
29.
Comparative information
Professional
fees amounting to US$
981,701
in the year ended December 31, 2022 has been reclassified as Listing Expenses for the year ended December
31, 2023.
F-
53