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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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>UNITED
STATES</b></span></p><div>

</div><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>SECURITIES
AND EXCHANGE COMMISSION</b></span></p><div>

</div><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>Washington,
D.C. 20549</b></span></p><div>

</div><p style="font: 8pt 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><div>

</div><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>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><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><div>

</div><p style="font: 8pt 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><div>

</div><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"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric> <b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


</div><p style="font: 8pt 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><div>

</div><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><div>

</div><p style="font: 8pt 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><div>

</div><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"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric> <b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


</div><p style="font: 8pt 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><div>

</div><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>For
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</div><p style="font: 8pt 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><div>

</div><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>OR</b></span></p><div>

</div><p style="font: 8pt 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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>For
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</div><p style="font: 8pt 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><div>

</div><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>OR</b></span></p><div>

</div><p style="font: 8pt 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><div>

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</div><p style="font: 8pt 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><div>

</div><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>Date
of event requiring this shell company report __________</b></span></p><div>

</div><p style="font: 8pt 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><div>

</div><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">Commission
file number <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber"><b>001-41606</b></ix:nonNumeric></span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brera Holdings PLC</b></span></ix:nonNumeric></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> </table><div>
</div><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 the Registrant as specified in its charter)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><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">(Translation
of Registrant&#8217;s name into English)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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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</div><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">(Jurisdiction
of incorporation or organization)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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: 20%"><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; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Connaught House</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">5th Floor, One Burlington Road</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Dublin 4</ix:nonNumeric>, <br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">D04 C5Y6</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Ireland</ix:nonNumeric></ix:nonNumeric></b></span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> </table><div>
</div><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">(Address
of principal executive offices)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daniel
J. McClory, Executive Chairman</b></span></ix:nonNumeric></p><div>

</div><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>Tel:
<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+39 02</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">72605550</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
info@breraholdings.com</b></span></ix:nonNumeric></p><div>

</div><table cellpadding="0" cellspacing="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: 20%"><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; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Connaught House</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">5th Floor, One Burlington Road</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Dublin 4</ix:nonNumeric>,<br/> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">D04 C5Y6</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Ireland</ix:nonNumeric></b>&#160;</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> </table><div>
</div><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">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><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">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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: bottom"> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</span></td> <td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol</span></td> <td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Class B Ordinary Shares, nominal value $0.005 per share</span></ix:nonNumeric></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">BREA</span></ix:nonNumeric></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The Nasdaq Stock Market LLC</span></ix:nonNumeric></td></tr> </table><div>
</div><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><div>

</div><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">Securities
registered or to be registered pursuant to Section 12(g) of the Act:</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</div><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">(Title
of Class)</span></p><div>

</div><p style="font: 8pt 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><div>

</div><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">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p><div>

</div><p style="font: 8pt 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><div>

</div><table cellpadding="0" cellspacing="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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</div><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">(Title
of Class)</span></p><div>

</div><p style="font: 8pt 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><div>

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 8pt 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: <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">7,700,000</ix:nonFraction> Class A Ordinary Shares, nominal value $0.005 per share, and <ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">2,205,000</ix:nonFraction> Class B Ordinary shares, nominal
value $0.005 per share, as of December 31, 2022.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>



</div><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.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Yes</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer"><span style="font-size: 10pt">No</span></ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Yes</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers"><span style="font-size: 10pt">No</span></ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus"><span style="font-size: 10pt">Yes</span></ix:nonNumeric></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; No</span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent"><span style="font-size: 10pt">Yes</span></ix:nonNumeric></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; No</span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 33%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large Accelerated filer &#160;&#9744;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#160;&#9744;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> &#160;</span><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company &#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; 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><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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 a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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.&#160;&#9744;</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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).&#160;&#9744;</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US GAAP &#160;&#9744;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-0">International Financial Reporting Standards as issued</span></span></td> <td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#160;&#9744;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><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">by the International Accounting Standards Board</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#9746;</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">&#160;</span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; text-align: right"><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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&#160;
    Item 17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&#160;
    Item 18</span></td></tr>
  </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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).</span></p><div>

</div><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: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Yes</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric> <span style="font-size: 10pt">No</span></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; background-color: white; 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: 78%; 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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    Yes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
    No</span></td></tr>
  </table><div>
</div><p style="font: 8pt 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: 8pt">&#160;</span></p><div>

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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: 7pt">&#160;</span></p><div>

</div><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"><img alt="" src="image_001.jpg"/></span></p><div>

</div><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: 7pt">&#160;</span></p><div>

</div><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>Annual
Report on Form 20-F</b></span></p><div>

</div><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>Year
Ended December 31, 2022</b></span></p><div>

</div><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: 7pt">&#160;</span></p><div>

</div><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><div>

</div><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: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 12%"><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: 1%"><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: 77%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><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; width: 9%"><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: rgb(204,238,255)">
    <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: center"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_075"><span style="font-size: 10pt"><b>PART
    I</b></span></a></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: 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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#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: 7pt">&#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: 7pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#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: 7pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_001"><span style="font-size: 10pt">Item
    1.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_001"><span style="font-size: 10pt">Identity
    of Directors, Senior Management and Advisers</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_002"><span style="font-size: 10pt">Item
    2.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_002"><span style="font-size: 10pt">Offer
    Statistics and Expected Timetable</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_003"><span style="font-size: 10pt">Item
    3.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_003"><span style="font-size: 10pt">Key
    Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_004"><span style="font-size: 10pt">3.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_004"><span style="font-size: 10pt">[Reserved]</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_005"><span style="font-size: 10pt">3.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_005"><span style="font-size: 10pt">Capitalization
    and Indebtedness</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_006"><span style="font-size: 10pt">3.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_006"><span style="font-size: 10pt">Reasons
    for the Offer and Use of Proceeds</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_007"><span style="font-size: 10pt">3.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_007"><span style="font-size: 10pt">Risk
    Factors</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_008"><span style="font-size: 10pt">Item
    4.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_008"><span style="font-size: 10pt">Information
    on the Company</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_009"><span style="font-size: 10pt">4.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_009"><span style="font-size: 10pt">History
    and Development of the Company</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">16</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_010"><span style="font-size: 10pt">4.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_010"><span style="font-size: 10pt">Business
    Overview</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_011"><span style="font-size: 10pt">4.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_011"><span style="font-size: 10pt">Organizational
    Structure</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_012"><span style="font-size: 10pt">4.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_012"><span style="font-size: 10pt">Property,
    Plants and Equipment</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_013"><span style="font-size: 10pt">Item
    4A.</span></a></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"><a href="#a_013"><span style="font-size: 10pt">Unresolved
    Staff Comments</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_014"><span style="font-size: 10pt">Item
    5.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_014"><span style="font-size: 10pt">Operating
    and Financial Review and Prospects</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_015"><span style="font-size: 10pt">5.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_015"><span style="font-size: 10pt">Operating
    Results</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_016"><span style="font-size: 10pt">5.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_016"><span style="font-size: 10pt">Liquidity
    and Capital Resources</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_017"><span style="font-size: 10pt">5.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_017"><span style="font-size: 10pt">Research
    and Development, Patents and Licenses, etc.</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_018"><span style="font-size: 10pt">5.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_018"><span style="font-size: 10pt">Trend
    Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_019"><span style="font-size: 10pt">5.E.</span></a></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"><a href="#a_019"><span style="font-size: 10pt">Critical
    Accounting Estimates</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_020"><span style="font-size: 10pt">Item
    6.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_020"><span style="font-size: 10pt">Directors,
    Senior Management and Employees</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_021"><span style="font-size: 10pt">6.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_021"><span style="font-size: 10pt">Directors
    and Senior Management</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_022"><span style="font-size: 10pt">6.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_022"><span style="font-size: 10pt">Compensation</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_023"><span style="font-size: 10pt">6.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_023"><span style="font-size: 10pt">Board
    Practices</span></a></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: center"><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: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_024"><span style="font-size: 10pt">6.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_024"><span style="font-size: 10pt">Employees</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_025"><span style="font-size: 10pt">6.E.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_025"><span style="font-size: 10pt">Share
    Ownership</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_026"><span style="font-size: 10pt">6.F.</span></a></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"><a href="#a_026"><span style="font-size: 10pt">Disclosure
    of a registrant&#8217;s action to recover erroneously awarded compensation</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_027"><span style="font-size: 10pt">Item
    7.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_027"><span style="font-size: 10pt">Major
    Shareholders and Related Party Transactions</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_028"><span style="font-size: 10pt">7.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_028"><span style="font-size: 10pt">Major
    Shareholders</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_029"><span style="font-size: 10pt">7.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_029"><span style="font-size: 10pt">Related
    Party Transactions</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_030"><span style="font-size: 10pt">7.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_030"><span style="font-size: 10pt">Interests
    of Experts and Counsel</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_031"><span style="font-size: 10pt">Item
    8.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_031"><span style="font-size: 10pt">Financial
    Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_032"><span style="font-size: 10pt">8.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_032"><span style="font-size: 10pt">Consolidated
    Statements and Other Financial Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_033"><span style="font-size: 10pt">8.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_033"><span style="font-size: 10pt">Significant
    Changes</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_034"><span style="font-size: 10pt">Item
    9.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_034"><span style="font-size: 10pt">The
    Offer and Listing</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_035"><span style="font-size: 10pt">9.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_035"><span style="font-size: 10pt">Offer
    and Listing Details</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_036"><span style="font-size: 10pt">9.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_036"><span style="font-size: 10pt">Plan
    of Distribution</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_037"><span style="font-size: 10pt">9.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_037"><span style="font-size: 10pt">Markets</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_038"><span style="font-size: 10pt">9.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_038"><span style="font-size: 10pt">Selling
    Shareholders</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_039"><span style="font-size: 10pt">9.E.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_039"><span style="font-size: 10pt">Dilution</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_040"><span style="font-size: 10pt">9.F.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_040"><span style="font-size: 10pt">Expenses
    of the Issue</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_041"><span style="font-size: 10pt">Item
    10.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_041"><span style="font-size: 10pt">Additional
    Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_042"><span style="font-size: 10pt">10.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_042"><span style="font-size: 10pt">Share
    Capital</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_043"><span style="font-size: 10pt">10.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_043"><span style="font-size: 10pt">Memorandum
    and Articles of Association</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_044"><span style="font-size: 10pt">10.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_044"><span style="font-size: 10pt">Material
    Contracts</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_045"><span style="font-size: 10pt">10.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_045"><span style="font-size: 10pt">Exchange
    Controls</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_046"><span style="font-size: 10pt">10.E.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_046"><span style="font-size: 10pt">Taxation</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_047"><span style="font-size: 10pt">10.F.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_047"><span style="font-size: 10pt">Dividends
    and Paying Agents</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">6<span style="font-size: 10pt">2</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_048"><span style="font-size: 10pt">10.G.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_048"><span style="font-size: 10pt">Statements
    by Experts</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_049"><span style="font-size: 10pt">10.H.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_049"><span style="font-size: 10pt">Documents
    on Display</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_050"><span style="font-size: 10pt">10.I.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_050"><span style="font-size: 10pt">Subsidiary
    Information</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_051"><span style="font-size: 10pt">10.J.</span></a></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"><a href="#a_051"><span style="font-size: 10pt">Annual
    Report to Security Holders</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
</table><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

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

</div><table cellpadding="0" cellspacing="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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 12%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_052"><span style="font-size: 10pt">Item
    11.</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1%"><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: 77%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_052"><span style="font-size: 10pt">Quantitative
    and Qualitative Disclosures About Market Risk</span></a></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_053"><span style="font-size: 10pt">Item
    12.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_053"><span style="font-size: 10pt">Description
    of Securities Other Than Equity Securities</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_054"><span style="font-size: 10pt">12.A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_054"><span style="font-size: 10pt">Debt
    Securities</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_055"><span style="font-size: 10pt">12.B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_055"><span style="font-size: 10pt">Warrants
    and Rights</span></a></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: center"><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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_056"><span style="font-size: 10pt">12.C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_056"><span style="font-size: 10pt">Other
    Securities</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_057"><span style="font-size: 10pt">12.D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_057"><span style="font-size: 10pt">American
    Depositary Shares</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">64</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 12%"><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: 1%"><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; width: 77%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_058"><span style="font-size: 10pt"><b>PART
    II</b></span></a></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 9%"><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 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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: 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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_059"><span style="font-size: 10pt">Item
    13.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_059"><span style="font-size: 10pt">Defaults,
    Dividend Arrearages and Delinquencies</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_060"><span style="font-size: 10pt">Item
    14.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_060"><span style="font-size: 10pt">Material
    Modifications to the Rights of Security Holders and Use of Proceeds</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_061"><span style="font-size: 10pt">Item
    15.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_061"><span style="font-size: 10pt">Controls
    and Procedures</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_062"><span style="font-size: 10pt">Item
    16.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_062"><span style="font-size: 10pt">[Reserved]</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_063"><span style="font-size: 10pt">16A.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_063"><span style="font-size: 10pt">Audit
    Committee and Financial Expert</span></a></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: center"><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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_064"><span style="font-size: 10pt">16B.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_064"><span style="font-size: 10pt">Code
    of Ethics</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_076"><span style="font-size: 10pt">16C.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_076"><span style="font-size: 10pt">Principal
    Accountant Fees and Services</span></a></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: center"><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: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_065"><span style="font-size: 10pt">16D.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_065"><span style="font-size: 10pt">Exemptions
    from the Listing Standards for Audit Committees</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_066"><span style="font-size: 10pt">16E.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_066"><span style="font-size: 10pt">Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_067"><span style="font-size: 10pt">16F.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_067"><span style="font-size: 10pt">Change
    in Registrant&#8217;s Certifying Accountant</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">67</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_068"><span style="font-size: 10pt">16G.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_068"><span style="font-size: 10pt">Corporate
    Governance</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_069"><span style="font-size: 10pt">16H.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_069"><span style="font-size: 10pt">Mine
    Safety Disclosure</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_070"><span style="font-size: 10pt">16I.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_070"><span style="font-size: 10pt">Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_071"><span style="font-size: 10pt">16J.</span></a></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"><a href="#a_071"><span style="font-size: 10pt">Insider
    Trading Policies</span></a></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: center"><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 style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: center"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_077"><span style="font-size: 10pt"><b>PART
    III</b></span></a></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: 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: bottom; background-color: White">
    <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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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: 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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_072"><span style="font-size: 10pt">Item
    17.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_072"><span style="font-size: 10pt">Financial
    Statements</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_073"><span style="font-size: 10pt">Item
    18.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_073"><span style="font-size: 10pt">Financial
    Statements</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_074"><span style="font-size: 10pt">Item
    19.</span></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_074"><span style="font-size: 10pt">Exhibits</span></a></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td></tr>
  </table><div>
</div><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><div>

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




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

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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>CERTAIN
INFORMATION</b></span></p><div>

</div><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><div>

</div><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">As
used in this Annual Report on Form 20-F (the &#8220;Annual Report&#8221;), unless otherwise indicated or the context otherwise requires,
references to:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;we,&#8221;
                                            &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company,&#8221; &#8220;our company,&#8221;
                                            or &#8220;Brera Holdings&#8221; are to Brera Holdings PLC, including its subsidiaries.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Class
                                            A Ordinary Shares&#8221; are to our Class A Ordinary Shares, nominal value $0.005 per share.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Class
                                            B Ordinary Shares&#8221; are to our Class B Ordinary Shares, nominal value $0.005 per share.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Nasdaq&#8221;
                                            are to the Nasdaq Capital Market tier operated by The Nasdaq Stock Market LLC.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Exchange
                                            Act&#8221; are to the Securities Exchange Act of 1934, as amended.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Securities
                                            Act&#8221; are to the Securities Act of 1933, as amended.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Commission&#8221;
                                            are to the Securities and Exchange Commission.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;football&#8221;
                                            are to the sport commonly referred to as &#8220;soccer&#8221; in the United States.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Brera
                                            Milano&#8221; and &#8220;KAP&#8221; are to Brera Milano S.r.l., formerly KAP S.r.l., an Italian
                                            limited liability company (societ&#224; a responsabilit&#224; limitata), which is our
                                            wholly-owned subsidiary.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Fudbalski
                                            Klub Akademija Pandev,&#8221; &#8220;FKAP,&#8221; and &#8220;Akademija Pandev&#8221; are
                                            to Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North
                                            Macedonia, which is our 90%-owned subsidiary.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;FIFA&#8221;
                                            are to the Federation Internationale de Football Association, or International Federation
                                            of Association Football, the international governing body of association football.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;CONIFA&#8221;
                                            are to the Confederation of Independent Football Associations, the international governing
                                            body for association football teams that are not affiliated with FIFA.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;UEFA&#8221;
                                            are to the Union of European Football Associations, the governing body of European football
                                            and the umbrella organization for 55 national associations.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;FIGC&#8221;
                                            are to the Federazione Italiana Giuoco Calcio, or Italian Football Federation, the governing
                                            body of football in Italy and organizes the Italian football league.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;NOIF&#8221;
                                            are to the Norme organizzative interne della FIGC, or Internal Organizational Rules of the
                                            FIGC, the rules that govern all aspects of Italian football.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;Italian
                                            football&#8221; are to the Italian football league system, which consists of nine national
                                            and regional tournament levels, the first three being professional, while the remaining six
                                            are amateur, from highest level to lowest level are: Serie A, Serie B, Serie C, Serie D,
                                            Eccellenza, Promozione, Prima Categoria, Seconda Categoria, and Terza Categoria.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;FCD
                                            Brera,&#8221; &#8220;Brera FC,&#8221; &#8220;Brera Calcio&#8221; and &#8220;third team of
                                            Milan&#8221; are to the &#8220;Brera Football Club&#8221;.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;first
                                            team&#8221; are to the players selected to play for the most senior team in a football club.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">&#8220;FENIX
                                            Trophy&#8221; are to the FENIX Trophy, which is a non-professional pan-European football
                                            tournament recognized by UEFA, which inaugurally ran from September 2021 to June 2022 and
                                            was organized by Brera FC. &#8220;FENIX&#8221; is intended to be an acronym for &#8220;Friendly
                                            European Non-professional Innovative Xenial&#8221;.</span></td></tr></table><div>

</div><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><div>

</div><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">In
this Annual Report, references to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;USD&#8221; and &#8220;$&#8221; are to the
legal currency of the United States, all references to &#8220;EUR euros&#8221;, &#8220;euros&#8221; and &#8220;&#8364;&#8221; are to the
legal currency of the European Union, and all references to &#8220;MKD&#8221; are to the legal currency of North Macedonia. Our reporting
currency and our functional currency is EUR euros.</span></p><div>

</div><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><div>

</div><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">Solely
for the convenience of the reader, this Annual Report contains translations of certain EUR euros into U.S. dollars at specified rates.
Except as otherwise stated in this Annual Report, all translations from EUR euros into U.S. dollars in this Annual Report were made at
a rate of &#8364;0.9346 per $1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board
in effect as of December 30, 2022. On April 21, 2023, the noon buying rate for EUR euros was &#8364;0.9113 per $1.00. No representation
is made that the EUR euro or U.S. dollar amounts referred to in this Annual Report could have been or could be converted into U.S. dollars
or EUR euros, as the case may be, at any particular rate or at all. Any discrepancies in any table between totals and sums of the amounts
listed are due to rounding.</span></p><div>

</div><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><div>

</div><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">The
audited consolidated financial statements and notes thereto as of and for fiscal years ended 2022, 2021 and 2020 included elsewhere in
this Annual Report have been prepared in accordance with International Financial Reporting Standards, or IFRS. Our fiscal year end is
December 31.</span></p><div>

</div><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><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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>FORWARD-LOOKING
STATEMENTS</b></span></p><div>

</div><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><div>

</div><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">This
Annual Report contains many statements that are &#8220;forward-looking&#8221; and uses forward-looking terminology such as &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;ought to,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potentially,&#8221; &#8220;predicts,&#8221;
&#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; negatives of such terms or other similar statements.
You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific.
Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge
of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As
a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual
Report include, without limitation, statements relating to:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    goals and strategies;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    future business development, financial condition and results of operations;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    projected revenues, profits, earnings and other estimated financial information;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    ability to secure additional funding necessary for the expansion of our business;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    growth of and competition trends in our industry;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    expectations regarding the popularity and competitive success of Brera FC;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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
    ability to maintain strong relationships with our fans, supporters and sponsors;</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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">fluctuations
    in general economic and business conditions in the markets in which we operate; and</span></td></tr>
  </table><div>
</div><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><div>

</div><table cellpadding="0" cellspacing="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">&#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">relevant
    government policies and regulations relating to our industry.</span></td></tr>
  </table><div>
</div><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><div>

</div><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">The
forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about
our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee
of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements
as a result of risk factors, some of which are described under the headings &#8220;Risk Factors&#8221;, &#8220;Operating and Financial
Review and Prospects,&#8221; &#8220;Information on our Company&#8221; and elsewhere in this Annual Report. Such risks and uncertainties
are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact our business and financial
performance. The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained
from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by
the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required
by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect
events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.</span></p><div>

</div><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><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><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><div>

</div><div><a id="a_075"></a></div><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>PART
I</b></span></p><div>

</div><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><div>

</div><div><a id="a_001"></a></div><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>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b>&#160;</span></p><div>

</div><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><div>

</div><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">Not
applicable.</span></p><div>

</div><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><div>

</div><div><a id="a_002"></a></div><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>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p><div>

</div><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><div>

</div><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">Not
applicable.</span></p><div>

</div><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><div>

</div><div><a id="a_003"></a></div><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>ITEM
3. KEY INFORMATION</b></span></p><div>

</div><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><div>

</div><div><a id="a_004"></a></div><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>3.A.&#160;[Reserved]</b></span></p><div>

</div><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;<b>&#160;</b></span></p><div>

</div><div><a id="a_005"></a></div><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>3.B.&#160;Capitalization
and Indebtedness</b></span></p><div>

</div><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><div>

</div><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">Not
applicable.</span></p><div>

</div><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><div>

</div><div><a id="a_006"></a></div><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>3.C.</b>&#160;<b>Reasons
for the Offer and Use of Proceeds</b></span></p><div>

</div><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><div>

</div><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">Not
applicable.</span></p><div>

</div><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><div>

</div><div><a id="a_007"></a></div><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>3.D.&#160;Risk
Factors</b></span></p><div>

</div><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><div>

</div><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>You
should carefully consider the following risk factors and all of the information contained in this Annual Report, including but not limited
to, the matters addressed in the section titled &#8220;Forward-Looking Statements,&#8221; and our financial information before you decide
whether to invest in our securities. One or more of a combination of these risks could materially impact our business, financial condition
or results of operations. In any such case, the market price of our Class B Ordinary Shares could decline, and you may lose all or part
of your investment. Additional risks and uncertainties not currently known to us or that we currently do not consider to be material
may also materially and adversely affect our business, financial condition or results of operations.</i></span></p><div>

</div><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><div>

</div><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>Summary
Risk Factors</b></span></p><div>

</div><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><div>

</div><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>Risks
Related to Our Business and Industry</i></b></span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 is substantially dependent on the popularity and/or competitive success of our acquired
                                            teams, which cannot be assured.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            had a concentration of credit risk because we derived our revenue from a limited number of
                                            customers.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            source our materials from a limited number of suppliers. If we lose one or more of the suppliers,
                                            our operation may be disrupted, and our results of operations may be adversely and materially
                                            impacted.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">If
                                            we are unable to maintain and enhance our brand and reputation, or if events occur that damage
                                            our brand and reputation, our ability to expand our fanbase, sponsors, and commercial partners
                                            or to sell significant quantities of our services may be impaired.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 is dependent upon our ability to attract players and staff, including management,
                                            recruiters, and coaches for our acquired clubs.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Injuries
                                            to, and illness of, players in our acquired clubs could hinder our success.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            may pursue acquisitions and other strategic transactions to complement or expand our business
                                            that may not be successful.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">If
                                            we are unable to maintain, train and build an effective international sales and marketing
                                            infrastructure, we will not be able to commercialize and grow our brand successfully.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">It
                                            may not be possible to renew or replace key commercial and sponsorship agreements on similar
                                            or better terms or attract new sponsors.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">There
                                            could be a decline in the popularity of football.</span></td></tr></table><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 is subject to seasonal fluctuations and our operating results and cash flow can
                                            vary substantially from period to period.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            operate in a highly competitive market and there can be no assurance that we will be able
                                            to compete successfully.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            digital media strategy may not generate the revenue we anticipate.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            operations and operating results have been, and may continue to be, materially impacted by
                                            the COVID-19 pandemic and government and league actions taken in response.</span></td></tr></table><div>

</div><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><div>

</div><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><div>

</div><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>Risks
Related to the Ownership of Our Class B Ordinary Shares</i></b>&#160;</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            dual class voting structure has the effect of concentrating the voting control to holders
                                            of our Class A Ordinary Shares, which will limit or preclude your ability to influence corporate
                                            matters, and your interests may conflict with the interests of these shareholders. It may
                                            also adversely affect the trading market for our Class B Ordinary Shares due to exclusion
                                            from certain stock market indices.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            may not be able to maintain a listing of our Class B Ordinary Shares on Nasdaq.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            operating results and share price may fluctuate, and you could lose all or part of your investment.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 currently intend to pay dividends on our securities and, consequently, your ability
                                            to achieve a return on your investment will depend on appreciation in the price of our Class
                                            B Ordinary Shares. In addition, any distribution of dividends must be in accordance with
                                            the rules and restrictions applying under Irish law.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            to taxation or the interpretation or application of tax laws could have an adverse impact
                                            on our results of operations and financial condition.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Shareholders
                                            could be diluted in the future if we increase our issued share capital because of the disapplication
                                            of statutory preemption rights. In addition, shareholders in certain jurisdictions, including
                                            the United States, may not be able to exercise their preemption rights even if those rights
                                            have not been disapplied.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Irish
                                            law differs from the laws in effect in the United States and U.S. investors may have difficulty
                                            enforcing civil liabilities against us, our directors or members of senior management named
                                            in this Annual Report.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Provisions
                                            of our constitution, as well as provisions of Irish law, could make an acquisition of us
                                            more difficult, limit attempts by our shareholders to replace or remove our current directors,
                                            and limit the market price of our ordinary shares.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            are a foreign private issuer within the meaning of the rules under the Exchange Act, and
                                            as such we are exempt from certain provisions applicable to U.S. domestic public companies.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">As
                                            a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate
                                            governance standards applicable to domestic U.S. issuers. This may afford less protection
                                            to holders of our shares.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            may lose our foreign private issuer status in the future, which could result in significant
                                            additional costs and expenses.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">As
                                            a &#8220;controlled company&#8221; under the rules of Nasdaq, we may choose to exempt our
                                            company from certain corporate governance requirements that could have an adverse effect
                                            on our public shareholders.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">There
                                            is a risk that we will be a passive foreign investment company for any taxable year, which
                                            could result in adverse U.S. federal income tax consequences to U.S. investors in our shares.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            are subject to ongoing public reporting requirements that are less rigorous than Exchange
                                            Act rules for companies that are not emerging growth companies, and our shareholders could
                                            receive less information than they might expect to receive from more mature public companies.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            are a smaller reporting company within the meaning of the Securities Act, and if we take
                                            advantage of certain exemptions from disclosure requirements available to smaller reporting
                                            companies, this could make our securities less attractive to investors and may make it more
                                            difficult to compare our performance with other public companies.</span></td></tr></table><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">As
                                            a &#8220;smaller reporting company,&#8221; we may choose to exempt our company from certain
                                            corporate governance requirements that could have an adverse effect on our public shareholders.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Future
                                            issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or
                                            exchangeable for, our Class B Ordinary Shares, or the expiration of lock-up agreements that
                                            restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
                                            could cause the market price of our Class B Ordinary Shares to decline and would result in
                                            the dilution of your holdings.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Future
                                            issuances of debt securities, which would rank senior to our Class B Ordinary Shares upon
                                            our bankruptcy or liquidation, and future issuances of preferred shares, which could rank
                                            senior to our Class B Ordinary Shares for the purposes of dividends and liquidating distributions,
                                            may adversely affect the level of return you may be able to achieve from an investment in
                                            our Class B Ordinary Shares.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">If
                                            securities or industry analysts either do not publish research about us or publish inaccurate
                                            or unfavorable research about us, our business or our market, if they adversely change their
                                            recommendations regarding our Class B Ordinary Shares, or if our operating results do not
                                            meet their expectations or any financial guidance we may provide, the trading price or trading
                                            volume of our Class B Ordinary Shares could decline.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">If
                                            our Class B Ordinary Shares become subject to the penny stock rules, it would become more
                                            difficult to trade our shares.</span></td></tr></table><div>

</div><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><div>

</div><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
Related to Our Business and Industry </b></span></p><div>

</div><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><div>

</div><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
business is substantially dependent on the popularity and/or competitive success of our acquired teams, which cannot be assured.</i></b></span></p><div>

</div><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><div>

</div><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">Our
financial results are dependent on, and are expected to continue to depend in large part on, the football clubs we acquire remaining
popular with their fanbases and, in varying degrees, on each club&#8217;s first team achieving competitive success, which can generate
fan enthusiasm, resulting in sustained ticket, premium seating, suite, food and beverage and merchandise sales during the season. Competitive
success can also lead to revenues related to access to continental (mainly European) competitions, the transfer market for the footballers
we develop, and sponsorships. However, due to the sheer unpredictability of the on-the-pitch results, which do not strictly depend on
the amount invested in the club, there can be no assurance that Brera-controlled clubs will achieve competitive success and ultimately
thereby generate substantial increased revenues from related rights.</span></p><div>

</div><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><div>

</div><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">We
believe that the past performance and proficiency of our first and currently only team under management, Brera FC, would not, due to
its amateur club status, provide a meaningful indicator of interest from fans, sponsors, consulting clients, investors, or others in
either Brera FC or the professional clubs that we plan to acquire or manage, or our football management abilities in general. We view
Brera FC&#8217;s role in our business as one of supporting our primary revenue-generating initiatives, and do not expect significant
direct revenue to be generated by its performance. We therefore believe that its performance record would not affect our ability to win
professional European football competitions, professionally train players for the transfer market, win sponsorship opportunities, and
enter into consulting service agreements. However, we cannot guarantee that the prior history and performance of Brera FC will not adversely
our business plans to the extent that they may in fact affect such interest or act as an accurate indicator of our football club management
and related revenue-generating abilities.</span></p><div>

</div><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><div>

</div><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">The
competitive record for our acquired club, Brera FC, is mixed. Due to repeated relegations from season losses, we have gradually fallen
from the Serie D, or highest amateur Italian football league level, to Seconda Categoria, the second-lowest level. We may therefore face
substantial challenges in overcoming our history of competitive defeats in order to win crucial fan loyalty and related revenues, attract
or retain talented players and coaching staff, convince sponsors to view our club association as an asset, or gain consulting work. Brera
FC recently promoted and participated in the FENIX Trophy, a newly formed non-professional pan-European football tournament recognized
by the Union of European Football Associations (UEFA), which inaugurally ran from September 2021 to June 2022 and was intended to allow
Brera FC to connect with the local community, increase our fanbase, and develop important relationships with other football clubs; however,
this inaugural tournament is not guaranteed to succeed in any of these aims or, even if it does, to continue to do so in the future.
Moreover, there can be no assurance that Brera FC will maintain or increase in popularity and therefore play a supportive role for our
revenue-generating initiatives. Without such revenues, our results of operations and financial condition will be severely impacted, and
you may lose most or all of the value of your investment in our Class B Ordinary Shares.</span></p><div>

</div><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><div>

</div><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
had a concentration of credit risk because we derived our revenue from a limited number of customers. </i></b></span></p><div>

</div><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><div>

</div><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">For
the year ended December 31, 2021, we had 11 customers, among which three customers accounted for 45%, 21% and 10%, respectively, of our
revenue, or 75% of revenue in aggregate. For the year ended December 31, 2022, we had 6 customers, among which 1 customer accounted for
74% of our revenue. As a result, our credit risk in respect of accounts receivable was concentrated in 3 customers and 1 customer accounting
for at least 10% of revenue for each of the years ended December 31, 2021 and 2022, respectively. In order to minimize the credit risk,
our management has created a team responsible for the determination of credit limits and credit approvals for our customers. We cannot
assure you that we will not see concentration of accounts receivable from a small number of customers in the future. In such case, if
any of these customers defaults on its payment obligations to us, we will not be able to recover the related accounts receivable, and
our business, financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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
source our services from a limited number of service suppliers. If we lose one or more of these service suppliers, our operation may
be disrupted, and our results of operations may be adversely and materially impacted. </i></b></span></p><div>

</div><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><div>

</div><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">Four
and three service suppliers each accounted for over 10% of our total cost of revenue, representing 88% and 56% of our cost of revenue
for the years ended December 31, 2022 and 2021, respectively. If we lose service suppliers and are unable to swiftly engage new service
suppliers, our operations may be disrupted or suspended, and we may not be able to deliver products to our customers on time. We may
also have to pay a higher price to source from a different service supplier on short notice. While we are actively searching for and
negotiating with new service suppliers, there is no guarantee that we will be able to locate appropriate new service suppliers or service
supplier merger targets in our desired timeline. As such, our results of operations may be adversely and materially impacted.</span></p><div>

</div><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><div>

</div><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
we are unable to maintain and enhance our brand and reputation, or if events occur that damage our brand and reputation, our ability
to expand our fanbase, sponsors, and commercial partners or to sell significant quantities of our services may be impaired.</i></b></span></p><div>

</div><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><div>

</div><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">The
success of our business depends on the value and strength of our brand and reputation. Our brand and reputation are also integral to
the implementation of our strategies for expanding our fanbase, sponsors and commercial partners. To be successful in the future, particularly
outside of Europe, we believe we must preserve, grow and leverage the value of our brand across all of our revenue streams. For example,
we must increase the amount of media coverage we receive in order to expand our fanbase and brand awareness. Unfavorable publicity regarding
the competition performances of any of our acquired clubs or their behavior off the field, our ability to attract and retain certain
players and coaching staff or actions by or changes in our ownership, could negatively affect our brand and reputation. Failure to respond
effectively to negative publicity could also further erode our brand and reputation. Our brand may also be adversely affected if our
public image or reputation is tarnished by negative social media campaigns or poor reviews of our services, events or fan experiences.
In addition, events in the football industry as whole, even if unrelated to us, may negatively affect our brand or reputation. As a result,
the size, engagement, and loyalty of our fanbase and related revenues may decline. Damage to our brand or reputation or loss of our fans&#8217;
commitment for any of these reasons could impair our ability to expand our fanbase, and increase crucial revenues from ticket, premium
seating, suite, sponsorship, food and beverage and merchandise sales, which may have a material adverse effect on our business, results
of operations, financial condition and cash flow, as well as require additional resources to rebuild our brand and reputation.</span></p><div>

</div><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><div>

</div><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">In
addition, maintaining and enhancing our brand and reputation may require us to make substantial investments. We cannot assure you that
such investments will be successful. Failure to successfully maintain and enhance the Brera brand or our reputation or excessive or unsuccessful
expenses in connection with this effort could have a material adverse effect on our business, results of operations, financial condition
and cash flow.</span></p><div>

</div><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><div>

</div><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
business is dependent upon our ability to attract players and staff, including management, recruiters, and coaches for our acquired clubs.</i></b></span></p><div>

</div><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><div>

</div><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">We
are highly dependent on our players and members of our staff, such as our management, recruiters, and coaches. Competition for talented
players and staff is, and will continue to be, intense. Our ability to attract and retain high quality staff, especially recruiters with
local connections and networks, is critical to our success in attracting talented players for our acquired clubs, and, consequently,
critical to our business, results of operations, financial condition and cash flow. If we fail to attract talented players for our acquired
clubs and youth system, we will be unable to engage in the global transfer market and it will limit our ability to compete and potentially
win significant revenue in UEFA and other regional competitions. In addition, our popularity in certain countries or regions may depend,
at least in part, on fielding certain players from those countries or regions. Our failure to attract key personnel could have a negative
impact on our ability to effectively manage and grow our business.</span></p><div>

</div><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><div>

</div><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>Injuries
to, and illness of, players in our acquired clubs could hinder our success.</i></b></span></p><div>

</div><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><div>

</div><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">To
the degree that our financial results are dependent on our acquired club&#8217;s popularity and/or competitive success, the likelihood
of achieving such popularity or competitive success may be substantially impacted by serious and/or untimely injuries to or illness of
key players. Our strategy is to maintain squads of first team players sufficient to mitigate the risk of player injuries or illnesses.
However, this strategy may not be sufficient to mitigate all financial losses in the event of an injury or illness, and as a result such
injury or illness may affect the performance of our acquired clubs. In addition, even with team and league-wide health and safety precautions
in place and compliance with governmental guidance and other COVID-19 protocols we may adopt, our players may nevertheless contract COVID-19
and, as a result, our ability to participate in games may be substantially impacted. Replacement of an injured or ill player may result
in an increase in our salary expenses.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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
may pursue acquisitions and other strategic transactions to complement or expand our business that may not be successful.</i></b></span></p><div>

</div><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><div>

</div><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">We
may explore opportunities to purchase or invest in other businesses, football clubs or assets that we believe will complement, enhance
or expand our current business or that might otherwise offer us growth opportunities. In connection with our anticipated acquisitions
of clubs outside Italy, different cultures, languages, and traditions, or political instability, could have material adverse effects
on our business plans. As a result, our strategy of providing access to football talent from outside Western Europe could be unsuccessful.</span></p><div>

</div><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><div>

</div><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">Any
transactions that we are able to identify and complete may involve risks, including the commitment of significant capital, the incurrence
of indebtedness, the payment of advances, the diversion of management&#8217;s attention and resources, litigation or other claims in
connection with acquisitions or against companies we invest in or acquire, our lack of control over certain joint venture companies and
other minority investments, the inability to successfully integrate such business into our operations or even if successfully integrated,
the risk of not achieving the intended results and the exposure to losses if the underlying transactions or ventures are not successful.</span></p><div>

</div><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><div>

</div><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
we fail to properly manage our anticipated growth, our business could suffer. </i></b></span></p><div>

</div><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><div>

</div><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">The
planned growth of our commercial operations may place a significant strain on our management and on our operational and financial resources
and systems. To manage growth effectively, we will need to maintain a system of management controls, and attract and retain qualified
personnel, as well as develop, train and manage management-level and other employees. Failure to manage our growth effectively could
cause us to over-invest or under-invest in infrastructure, and result in losses or weaknesses in our infrastructure, which could have
a material adverse effect on our business, results of operations, financial condition and cash flow. Any failure by us to manage our
growth effectively could have a negative effect on our ability to achieve our development and commercialization goals and strategies.</span></p><div>

</div><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><div>

</div><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
we are unable to maintain, train and build an effective international sales and marketing infrastructure, we will not be able to commercialize
and grow our brand successfully. </i></b></span></p><div>

</div><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><div>

</div><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">As
we grow, we may not be able to secure sales personnel or organizations that are adequate in number or expertise to successfully market
and sell our brand and products on a global scale. If we are unable to expand our sales and marketing capability, train our sales force
effectively or provide any other capabilities necessary to commercialize our brand internationally, we will need to contract with third
parties to market and sell our brand. If we are unable to establish and maintain compliant and adequate sales and marketing capabilities,
we may not be able to increase our revenue, may generate increased expenses, and may not continue to be profitable.</span></p><div>

</div><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><div>

</div><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>It
may not be possible to renew or replace key commercial and sponsorship agreements on similar or better terms or attract new sponsors.</i></b></span></p><div>

</div><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><div>

</div><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">Our
commercial revenue for each of the years ended 2022 and 2021 represented a major part of our total revenue. The substantial majority
of our commercial revenue is generated from commercial agreements with our sponsors, and these agreements have finite terms. When these
contracts do expire, we may not be able to renew or replace them with contracts on similar or better terms or at all.</span></p><div>

</div><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><div>

</div><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
we fail to renew or replace these key commercial agreements on similar or better terms, we could experience a material reduction in our
commercial and sponsorship revenue. Such a reduction could have a material adverse effect on our overall revenue and our ability to continue
to compete with the other football clubs in Italy and Europe.</span></p><div>

</div><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><div>

</div><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">As
part of our business plan, we intend to continue to grow our sponsorship portfolio by developing and expanding our geographic and service
categorized approach, which will include partnering with additional global sponsors, regional sponsors, and mobile and media operators.
We may not be able to successfully execute our business plan in promoting our brand to attract new sponsors. We cannot assure you that
we will be successful in implementing our business plan or that our commercial and sponsorship revenue will continue to grow at the same
rate as it has in the past or at all. Any of these events could negatively affect our ability to achieve our development and commercialization
goals, which could have a material adverse effect on our business, results of operations, financial condition and cash flow.</span></p><div>

</div><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><div>

</div><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">The
performance of the Company&#8217;s acquired professional football clubs in UEFA and other tournaments will be material to the Company&#8217;s
results. Therefore, any failure for these teams to compete and earn sufficient prizes and sponsor interests as a result of any failure
by us to supervise and manage these teams would have a material adverse effect on our business plans and results of operations.</span></p><div>

</div><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><div>

</div><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>An
economic downturn and adverse economic conditions may harm our business. </i></b></span></p><div>

</div><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><div>

</div><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">The
recent economic downturn and adverse conditions in Italy and global markets may negatively affect our operations in the future. Our revenue
in part depends on personal disposable income and corporate marketing and hospitality budgets. Further, our sponsorship and commercial
revenue are contingent upon the expenditures of businesses across a wide range of industries, and as these industries continue to cut
costs in response to the economic downturn, our revenue may similarly decline. Continued weak economic conditions could cause a reduction
in our commercial and sponsorship revenue, each of which could have a material adverse effect on our business, results of operations,
financial condition and cash flow.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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>There
could be a decline in the popularity of football. </i></b></span></p><div>

</div><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><div>

</div><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">There
can be no assurance that football will retain its popularity as a sport around the world or its status in Italy as the most popular sport.
Any decline in football&#8217;s popularity could result in lower ticket sales, sponsorship revenue, a reduction in the value of our players
or our brand, or a decline in the value of our securities, including our Class B Ordinary Shares. Any one of these events or a combination
of such events could have a material adverse effect on our business, results of operations, financial condition and cash flow.</span></p><div>

</div><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><div>

</div><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
business is subject to seasonal fluctuations and our operating results and cash flow can vary substantially from period to period.</i></b></span></p><div>

</div><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><div>

</div><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">Our
revenues and expenses have been seasonal, and we expect they will continue to be seasonal. Due to the playing season, revenues from our
business are typically concentrated in the third and fourth fiscal quarters of each fiscal year ended December 31. As a result, our operating
results and cash flow reflect significant variation from period to period and will continue to do so in the future. Therefore, period-to-period
comparisons of our operating results may not necessarily be meaningful and the operating results of one period are not indicative of
our financial performance during a full fiscal year. This variability may adversely affect our business, results of operations and financial
condition.</span></p><div>

</div><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><div>

</div><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
operate in a highly competitive market and there can be no assurance that we will be able to compete successfully.</i></b></span></p><div>

</div><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><div>

</div><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">We
face competition from other football clubs not only in Italy and Europe, but on a global scale. Many of those football clubs are larger,
more experienced and better funded than us, which enables them to acquire top players and coaching staff and could result in improved
performance from those teams in domestic and European competitions. In addition, from a commercial perspective, we actively compete across
many different industries and within many different markets. We believe our primary sources of competition, both in Europe and internationally,
include, but are not limited to:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">other
                                            businesses seeking corporate sponsorships and commercial partners such as sports teams, other
                                            entertainment events and television and digital media outlets;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">providers
                                            of sports apparel and equipment seeking retail, merchandising, apparel and product licensing
                                            opportunities;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">digital
                                            content providers seeking consumer attention and leisure time, advertiser income and consumer
                                            e-commerce activity; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">other
                                            types of television programming seeking access to broadcasters and advertiser income.</span></td></tr></table><div>

</div><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><div>

</div><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">All
of the above forms of competition could have a material adverse effect on any of our revenue streams and our overall business, results
of operations, financial condition and cash flow.</span></p><div>

</div><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><div>

</div><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
digital media strategy may not generate the revenue we anticipate.</i></b></span></p><div>

</div><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><div>

</div><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">We
maintain contact with, and provide entertainment to, our global fanbase through a number of digital and other media channels, including
the internet, mobile services and social media. While we have attracted a significant number of followers to our digital media assets,
including our website, the future revenue and income potential of our new media business is uncertain. You should consider our business
and prospects in light of the challenges, risks and difficulties we may encounter in this new and rapidly evolving market, including:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            digital media strategy will require us to provide offerings such as video on demand, highlights
                                            and international memberships that have not previously been a substantial part of our business;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to retain our current global fanbase, build our fanbase and increase engagement with
                                            our followers through our digital media assets;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to enhance the content offered through our digital media assets and increase our
                                            subscriber base;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to effectively generate revenue from interaction with our followers through our digital
                                            media assets;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to attract new sponsors and advertisers, retain existing sponsors and advertisers
                                            and demonstrate that our digital media assets will deliver value to them;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to develop our digital media assets in a cost effective manner and operate our digital
                                            media services profitably and securely;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to identify and capitalize on new digital media business opportunities; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to compete with other sports and other media for users&#8217; time.</span></td></tr></table><div>

</div><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><div>

</div><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">Failure
to successfully address these risks and difficulties could affect our overall business, financial condition, results of operations, cash
flow, liquidity and prospects.</span></p><div>

</div><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><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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>Exchange
rate fluctuations could negatively affect our financial condition.</i></b></span></p><div>

</div><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><div>

</div><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">Although
we operate globally, our consolidated financial statements are presented in euros. In addition to conducting business in the European
Union, we also operate in North America and the UK. Therefore, we have revenues and expenses denominated in euros, U.S. dollars, and
British pound sterling, among others. As a result, our business and share price may be affected by fluctuations between, the euro and
the U.S. dollar and the euro and the British pound sterling, which may have a significant impact on our reported results of operations
and cash flows from period to period.</span></p><div>

</div><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><div>

</div><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>Failure
to adequately protect our intellectual property and curb the sale of counterfeit merchandise could injure our brand.</i></b></span></p><div>

</div><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><div>

</div><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">Like
other popular brands, we are susceptible to instances of brand infringement (such as counterfeiting and other unauthorized uses of our
intellectual property rights). We seek to protect our brand assets by ensuring that we own and control certain intellectual property
rights in and to those assets and, where appropriate, by enforcing those intellectual property rights. For example, we own the copyright
in our logo, and our logo and trade name are registered as trademarks (or are the subject of applications for registration) in a number
of jurisdictions in Europe, Asia Pacific, Africa, North America and South America. However, it is not possible to detect all instances
of brand infringement. Additionally, where instances of brand infringement are detected, we cannot guarantee that such instances will
be prevented as there may be legal or factual circumstances which give rise to uncertainty as to the validity, scope and enforceability
of our intellectual property rights in the brand assets. Furthermore, the laws of certain countries in which we license our brand and
conduct operations may not offer the same level of protection to intellectual property rights holders as those in Europe and the United
States, or the time required to enforce our intellectual property rights under these legal regimes may be lengthy and delay recovery.
If we were to fail or be unable to secure, protect, maintain and/or enforce the intellectual property rights which vest in our brand
assets, then we could lose our exclusive right to exploit such brand assets. Infringement of our trademark, copyright and other intellectual
property rights could have an adverse effect on our business. We also license our intellectual property rights to third parties. In an
effort to protect our brand, we enter into licensing agreements with these third parties which govern the use of our intellectual property,
and which require our licensees to abide by quality control standards with respect to such use. Although we make efforts to police our
licensees&#8217; use of our intellectual property, we cannot assure you that these efforts will be sufficient to ensure their compliance.
The failure of our licensees to comply with the terms of their licenses could have a material adverse effect on our business, results
of operations, financial condition and cash flow.</span></p><div>

</div><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><div>

</div><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
operations and operating results have been, and may continue to be, materially impacted by the COVID-19 pandemic and government and league
actions taken in response. </i></b></span></p><div>

</div><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><div>

</div><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">As
discussed in the &#8220;<i>Business Overview</i>&#8221; section of this Annual Report, our business depends on the activities of our
acquired clubs. Due to the global COVID-19 pandemic, for our acquired club Brera FC, the 2019-20 and 2020-21 season championships were
suspended, and as a result, virtually all of our business operations were suspended.</span></p><div>

</div><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><div>

</div><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">While
capacity limitations were eased for the end of 2021-22 season, a resurgence in the COVID-19 pandemic, such as the Omicron variant, or
another major epidemic or pandemic could impact future seasons. Accordingly, no assurances can be made as to whether and when the 2022-23
seasons will occur, the number of games played for the 2022-23 seasons, or if the games will be played with any in-arena audiences or
without limited-capacity in-arena audiences. Additionally, it is unclear whether and to what extent COVID-19 and related concerns will
impact the demand for attending those games and for our sponsorship, tickets and other premium inventory.</span></p><div>

</div><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><div>

</div><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">Given
that our acquired clubs may operate in various countries, with different levels of emergency and response to COVID-19, it is not predictable
whether in the future a resurgence of the COVID-19 pandemic will have severe repercussions on the sports sector and alter our clubs&#8217;
season and course of business.</span></p><div>

</div><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><div>

</div><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">As
a result of a resurgence in COVID-19, such as the Omicron variant, our business could be subject to additional governmental regulations
and/or league determinations, including updated COVID-19 protocols for the 2022-23 seasons, which could have a material impact on our
business.</span></p><div>

</div><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><div>

</div><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">Even
with additional protective measures to provide for the health and safety of all of those in attendance, including compliance with governmental
requirements, league restrictions, and other measures we may adopt, there can be no assurances that players, fans attending games or
vendors and employees will not contract COVID-19. Any such occurrence could result in litigation, legal and other costs and reputational
risk that could materially impact our business and results of operations. In addition, such additional measures will increase operating
expenses.</span></p><div>

</div><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><div>

</div><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">In
addition, the spread of the virus in many countries continues to adversely impact global economic activity and has contributed to significant
volatility and negative pressure in financial markets and supply chains. The pandemic has had, and could have a significantly greater,
material adverse effect on the Italian economy as a whole, as well as the local economy where we conduct our operations. The pandemic
has resulted, and may continue to result for an extended period, in significant disruption of global financial markets, which may reduce
our ability to access capital in the future, which could negatively affect our liquidity.</span></p><div>

</div><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><div>

</div><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
the COVID-19 pandemic does not continue to slow and the spread of COVID-19 is not contained, our business operations, could be further
delayed or interrupted. We expect that government and health authorities may announce new or extend existing restrictions, which could
require us to make further adjustments to our operations in order to comply with any such restrictions. We may also experience limitations
in employee or player resources. In addition, our operations could be disrupted if any of our employees or players were suspected of
having COVID-19, which could require quarantine of some or all such employees or players or closure of our facilities for disinfection.
The duration of any business disruption cannot be reasonably estimated at this time but may materially affect our ability to operate
our business and result in additional costs.</span></p><div>

</div><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><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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">The
extent to which the pandemic may impact our results will depend on future developments, which are highly uncertain and cannot be predicted
as of the date of this Annual Report, including the effectiveness of vaccines and other treatments for COVID-19, and other new information
that may emerge concerning the severity of the pandemic and steps taken to contain the pandemic or treat its impact, among others. Nevertheless,
the pandemic and the current financial, economic and capital markets environment, and future developments in the global supply chain
and other areas present material uncertainty and risk with respect to our performance, financial condition, results of operations and
cash flows.</span></p><div>

</div><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><div>

</div><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
Related to the Ownership of Our Class B Ordinary Shares</b></span></p><div>

</div><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><div>

</div><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
dual class voting structure has the effect of concentrating the voting control to holders of our Class A Ordinary Shares, which will
limit or preclude other shareholders&#8217; ability to influence corporate matters, and their interests may conflict with the interests
of the Class A Ordinary shareholders. It may also adversely affect the trading market for our Class B Ordinary Shares due to exclusion
from certain stock market indices.</i></b></span></p><div>

</div><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><div>

</div><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">We
adopted a dual class voting structure such that our ordinary shares consist of Class A Ordinary Shares and Class B Ordinary Shares, and
we are authorized to issue any number of classes of preferred shares. Class A Ordinary Shares are entitled to ten votes per share on
proposals requiring or requesting shareholder approval, and Class B Ordinary Shares are entitled to one vote on any such matter. Our
Class B Ordinary Shares were listed and began trading on the Nasdaq Capital Market on January 27, 2023, under the symbol &#8220;BREA.&#8221;
Prior to the listing, there was no public market for our ordinary shares.</span></p><div>

</div><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><div>

</div><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">As
of the date of this Annual Report, our founders, the holders of our outstanding Class A Ordinary Shares, collectively held approximately
95.4% of the voting power of our outstanding share capital and collectively are therefore our controlling shareholders. The holders of
our Class A Ordinary Shares are Alessandro Aleotti, our Chief Strategy Officer and a director; Leonardo Aleotti, the adult son of Alessandro
Aleotti; Daniel Joseph McClory, our Executive Chairman and a director; Pinehurst Partners LLC, which is controlled by Daniel Joseph McClory;
Marco Sala, a former director; and Niteroi Spa, which is controlled by Adrio Maria de Carolis, a former director.</span></p><div>

</div><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><div>

</div><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">Alessandro
Aleotti, Chief Strategy Officer and a director, Daniel Joseph McClory, Executive Chairman and a director, and Adrio Mario de Carolis
directly or indirectly control approximately 31.6%, 28.5% and 31.0% of all voting rights as of the date of this Annual Report, respectively.
Therefore, each of these beneficial owners may have controlling voting power.</span></p><div>

</div><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><div>

</div><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">Our
key officers and directors collectively beneficially own approximately 46.9% of our outstanding share capital as of the date of this
Annual Report. In addition, our key officers and directors collectively have approximately 60.7% of voting power in the Company as of
the date of this Annual Report. As a result, they have controlling voting power and the ability to approve all matters submitted to our
shareholders for approval.</span></p><div>

</div><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><div>

</div><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">Our
founders collectively and our key officers and director collectively have, and the Class A Ordinary Shareholders named above may have,
the ability to control the outcome of most matters requiring shareholder approval, including:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            election of our board and, through our board, decision making with respect to our business
                                            direction and policies, including the appointment and removal of our officers;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">mergers,
                                            de-mergers and other significant corporate transactions;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            to our constitution; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            capital structure.</span></td></tr></table><div>

</div><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><div>

</div><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">This
voting control and influence may discourage transactions involving a change of control of the Company, including transactions in which
shareholders of our Class B Ordinary Shares might otherwise receive a premium for their shares.</span></p><div>

</div><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><div>

</div><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">S&amp;P
Dow Jones and FTSE Russell have implemented changes to their eligibility criteria for inclusion of shares of public companies on certain
indices, including the S&amp;P 500, namely, to exclude companies with multiple classes of shares of common stock from being added to
such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures.
As a result, the dual class structure of our ordinary shares may prevent the inclusion of the Class B Ordinary Shares in such indices
and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to
cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class
B Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital
structure could also adversely affect the value of our Class B Ordinary Shares.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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
may not be able to maintain a listing of our Class B Ordinary Shares on Nasdaq.</i></b></span></p><div>

</div><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><div>

</div><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">We
must meet certain financial and liquidity criteria to maintain such listing. If we violate Nasdaq&#8217;s listing requirements, or if
we fail to meet any of Nasdaq&#8217;s continued listing standards, our Class B Ordinary Shares may be delisted. In addition, our board
of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such
listing. A delisting of our Class B Ordinary Shares from Nasdaq may materially impair our shareholders&#8217; ability to buy and sell
our Class B Ordinary Shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our
Class B Ordinary Shares. The delisting of our Class B Ordinary Shares could significantly impair our ability to raise capital and the
value of your investment.&#160;</span></p><div>

</div><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><div>

</div><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
operating results and share price may fluctuate, and you could lose all or part of your investment. </i></b></span></p><div>

</div><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><div>

</div><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">Our
quarterly operating results are likely to fluctuate as a publicly traded company. In addition, securities markets worldwide have experienced,
and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic,
market, or political conditions, could subject the market price of our shares to wide price fluctuations regardless of our operating
performance. You may not be able to resell your shares at or above price you paid or at all. Our operating results and the trading price
of our Class B Ordinary Shares may fluctuate in response to various factors, including:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">market
                                            conditions in the broader stock market;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 fluctuations in our quarterly financial and operating results;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">introduction
                                            of new products or services by us or our competitors;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">issuance
                                            of new or changed securities analysts&#8217; reports or recommendations;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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 debt ratings;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">results
                                            of operations that vary from expectations of securities analysts and investors;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">guidance,
                                            if any, that we provide to the public, any changes in this guidance or our failure to meet
                                            this guidance;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">strategic
                                            actions by us or our competitors;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">announcement
                                            by us, our competitors, or our vendors of significant contracts or acquisitions;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">sales,
                                            or anticipated sales, of large blocks of our Class B Ordinary Shares;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">additions
                                            or departures of key personnel;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">regulatory,
                                            legal, or political developments;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">public
                                            response to press releases or other public announcements by us or third parties, including
                                            our filings with the SEC;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">litigation
                                            and governmental investigations;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">changing
                                            economic conditions;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">other
                                            events or factors, including those from natural disasters, pandemic, pet disease, war, acts
                                            of terrorism, or responses to these events.</span></td></tr></table><div>

</div><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><div>

</div><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">These
and other factors, many of which are beyond our control, may cause our operating results and the market price and demand for our Class
B Ordinary Shares to fluctuate substantially. While we believe that operating results for any particular quarter are not necessarily
a meaningful indication of future results, fluctuations in our quarterly operating results could limit or prevent investors from readily
selling their shares and may otherwise negatively affect the market price and liquidity of our shares. In addition, in the past, when
the market price of a stock has been volatile, holders of that stock have sometimes brought securities class action litigation against
the company that issued the stock. If any of our shareholders brought a lawsuit against us, we could incur substantial costs defending
the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business, which could significantly harm
our profitability and reputation.&#160;</span></p><div>

</div><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><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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 currently intend to pay dividends on our securities and, consequently, your ability to achieve a return on your investment will
depend on appreciation in the price of our Class B Ordinary Shares. In addition, any distribution of dividends must be in accordance
with the rules and restrictions applying under Irish law. </i></b></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">We
have not declared or paid any cash dividends on any class of our ordinary shares since our formation and do not currently intend to pay
cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the sole discretion of our board
of directors after considering our financial condition, results of operations, capital requirements, contractual restrictions, general
business conditions and other factors our board of directors deems relevant, and subject to compliance with applicable laws, including
the Irish Companies Act 2014 (as amended), or the Irish Companies Act, which requires Irish companies to have distributable reserves
available for distribution equal to or greater than the amount of the proposed dividend. Distributable reserves are the accumulated realized
profits of the Company that have not previously been utilized in a distribution or capitalization less accumulated realized losses that
have not previously been written off in a reduction or reorganization of capital. Unless the Company creates sufficient distributable
reserves from its business activities, the creation of such distributable reserves would involve a reduction of the Company&#8217;s share
premium account or other undenominated capital account, which would require the approval of (i) 75% of our shareholders present and voting
at a shareholder meeting, and (ii) the Irish High Court. In the event that we do not undertake a reduction of capital to create distributable
reserves, no distributions by way of dividends, share repurchases or otherwise will be permitted under Irish law until such time as the
Company has created sufficient distributable reserves from its business activities. The determination as to whether or not the Company
has sufficient distributable reserves to fund a dividend must be made by reference to &#8220;relevant financial statements&#8221; of
the Company. The &#8220;relevant financial statements&#8221; are either the last set of unconsolidated annual audited financial statements
or unaudited financial statements prepared in accordance with the Irish Companies Act, which give a &#8220;true and fair view&#8221;
of the Company&#8217;s unconsolidated financial position in accordance with accepted accounting practice in Ireland.</span></p><div>

</div><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: 8pt">&#160;</span></p><div>

</div><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">Moreover,
even if we are or become able to declare and pay dividends, we expect to retain all earnings, if any, generated by our operations for
the development and growth of our business. Therefore, you are not likely to receive any dividends on your ordinary shares for the foreseeable
future.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">As
a result, the success of an investment in our Class B Ordinary Shares will depend upon any future appreciation in our value and investors
may need to sell all or part of their holdings of Class B Ordinary Shares after price appreciation, which may never occur, as the only
way to realize any future gains on their investment. There is no guarantee that our Class B Ordinary Shares will appreciate in value
or even maintain the price at which our shareholders have purchased our Class B Ordinary Shares. If the price of our Class B Ordinary
Shares declines before we pay dividends, you will incur a loss on your investment, without the likelihood that this loss will be offset
in part or at all by potential future cash dividends. Investors seeking cash dividends should not purchase Class B Ordinary Shares.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">In
addition, exchange rate fluctuations may affect the amount of euros that we are able to distribute, and the amount in dollars that our
shareholders receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. These factors could
harm the value of our Class B Ordinary Shares, and, in turn, the dollar proceeds that holders receive from the sale of our Class B Ordinary
Shares.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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
to taxation or the interpretation or application of tax laws could have an adverse impact on our results of operations and financial
condition.</i></b></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">Our
business is subject to various taxes in different jurisdictions (mainly Italy), which include, among others, the Italian corporate income
tax (&#8220;<i>IRES</i>&#8221;), regional trade tax (&#8220;<i>IRAP</i>&#8221;), value added tax (&#8220;<i>VAT</i>&#8221;), excise duty,
registration tax and other indirect taxes. We are exposed to the risk that our overall tax burden may increase in the future.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">Changes
in tax laws or regulations, or in the position of the relevant Italian and non-Italian authorities regarding the application, administration
or interpretation of these laws or regulations, particularly if applied retrospectively, could have a material adverse effect on our
business, results of operations and financial condition. These changes include the introduction of a global minimum tax at a rate of
15% under the Two-Pillar Solution to Address the Tax Challenges of the Digitalisation of the Economy, agreed upon by over 130 jurisdictions
under the Organisation for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting and to be
implemented as from January 1, 2024.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">In
addition, tax laws are complex and subject to subjective valuations and interpretive decisions, and we periodically may be subject to
tax audits aimed at assessing our compliance with direct and indirect taxes. The tax authorities may not agree with our interpretations
of, or the positions we have taken or intend to take on, tax laws applicable to our ordinary activities and extraordinary transactions.
In case of challenges by the tax authorities to our interpretations, we could face long tax proceedings that could result in the payment
of additional tax and penalties, with potential material adverse effects on our business, results of operations and financial condition.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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>Shareholders
could be diluted in the future if we increase our issued share capital because of the disapplication of statutory preemption rights.
In addition, shareholders in certain jurisdictions, including the United States, may not be able to exercise their preemption rights
even if those rights have not been disapplied.</i></b></span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

</div><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">As
a matter of Irish law, holders of our ordinary shares will have a preemption right with respect to any issuance of our ordinary shares
for cash consideration or the granting of rights to subscribe for our ordinary shares for cash consideration, unless such preemption
right is disapplied, in whole or in part, either in our constitution or by resolution of our shareholders at a general meeting of shareholders
or otherwise. However, we have opted out of these preemption rights in our constitution as permitted under Irish company law (for a period
of five years). Thus, our board of directors will be permitted to issue up to all of our authorized but unissued share capital on a non-preemptive
basis for cash consideration at any stage during the period of five years after the date of adoption of our constitution. In addition,
even if the disapplication of preemption rights contained in our constitution expires (and is not renewed by shareholders at a general
meeting) or is terminated by our shareholders in a general meeting, due to laws and regulations in certain jurisdictions outside Ireland,
shareholders in such jurisdictions may not be able to exercise their preemption rights unless we take action to register or otherwise
qualify the rights offering under the laws of that jurisdiction. For example, in the United States, U.S. holders of our ordinary shares
may not be able to exercise preemption rights unless a registration statement under the Securities Act is declared effective with respect
to our ordinary shares issuable upon exercise of such rights or an exemption from the U.S. registration requirements is available. If
shareholders in such jurisdictions are unable to exercise their preemption rights, their ownership interest would be diluted. Any future
issuance of shares or debt instruments convertible into shares where preemption rights are not available or are excluded would result
in the dilution of existing shareholders and reduce the earnings per share, which could have a material adverse effect on the price of
shares.</span></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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>Irish
law differs from the laws in effect in the United States and U.S. investors may have difficulty enforcing civil liabilities against us,
our directors or members of senior management.</i></b></span></p><div>

</div><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><div>

</div><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">Most
of the members of our board of directors and senior management reside outside of the United States and all or a substantial portion of
their assets are located outside the United States. As a result, it may not be possible to serve process on these directors, or us, in
the United States or to enforce court judgments obtained in the United States against these individuals or us in Ireland based on the
civil liability provisions of the U.S. federal or state securities laws. The United States currently does not have a treaty with Ireland
providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for
the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal
or state securities laws, would not automatically be enforceable in Ireland. A judgment obtained against us will be enforced by the courts
of Ireland if the following general requirements are met:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">U.S.
                                            courts must have had jurisdiction in relation to the particular defendant according to Irish
                                            conflict of law rules (the submission to jurisdiction by the defendant would satisfy this
                                            rule); and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            judgment must be final and conclusive and the decree must be final and unalterable in the
                                            court which pronounces it.</span></td></tr></table><div>

</div><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><div>

</div><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">A
judgment can be final and conclusive even if it is subject to appeal or even if an appeal is pending. But where the effect of lodging
an appeal under the applicable law is to stay execution of the judgment, it is possible that in the meantime the judgment may not be
actionable in Ireland. It remains to be determined whether a final judgment given in default of appearance is final and conclusive. Irish
courts may also refuse to enforce a judgment of the U.S. courts that meets the above requirements for one of the following reasons:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            judgment is not for a definite sum of money;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            judgment was obtained by fraud;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            enforcement of the judgment in Ireland would be contrary to natural or constitutional justice;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            judgment is contrary to Irish public policy or involves certain U.S. laws that will not be
                                            enforced in Ireland; or</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">jurisdiction
                                            cannot be obtained by the Irish courts over the judgment debtors in the enforcement proceedings
                                            by personal service in Ireland or outside Ireland under Order 11 of the Irish Superior Courts
                                            Rules.</span></td></tr></table><div>

</div><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><div>

</div><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">As
an Irish company, we are principally governed by Irish law, which differs in some material respects from laws generally applicable to
U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and
shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders
of Irish companies generally do not have a personal right of action against directors or other officers of the company and may exercise
such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our ordinary shares may have more
difficulty protecting their interests than would holders of shares of a corporation incorporated in a jurisdiction of the United States.
You should also be aware that Irish law does not allow for any form of legal proceedings directly equivalent to the class action available
in the United States.</span></p><div>

</div><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><div>

</div><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>Provisions
of our constitution, as well as provisions of Irish law, could make an acquisition of us more difficult, limit attempts by our shareholders
to replace or remove our current directors, and limit the market price of our ordinary shares.</i></b></span></p><div>

</div><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><div>

</div><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">Our
constitution, together with certain provisions of the Irish Companies Act, could delay, defer or prevent a third party from acquiring
us, even where such a transaction would be beneficial to the holders of ordinary shares, or could otherwise adversely affect the market
price of our ordinary shares. For example, certain provisions of our constitution:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">permit
                                            our board of directors to issue preferred shares with such rights and preferences as they
                                            may designate, subject to applicable law;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">permit
                                            our board of directors to adopt a shareholder rights plan upon such terms and conditions
                                            as it deems expedient and in our best interests;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">impose
                                            advance notice requirements for shareholder proposals and director nominations to be considered
                                            at annual shareholder meetings; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">require
                                            the approval of 75% of the votes cast at a general meeting of shareholders to amend or repeal
                                            any provisions of our constitution.</span></td></tr></table><div>

</div><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><div>

</div><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">We
believe these provisions, if implemented in compliance with applicable law, may provide some protection to holders of ordinary shares
from coercive or otherwise unfair takeover tactics. These provisions are not intended to make us immune from takeovers. They will, however,
apply even if some holders of ordinary shares consider an offer to be beneficial and could delay or prevent an acquisition that our board
of directors determines is in the best interest of the holders of ordinary shares. Certain of these provisions may also prevent or discourage
attempts to remove and replace incumbent directors.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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">In
addition, mandatory provisions of Irish law could prevent or delay an acquisition of the Company by a third party. For example, Irish
law does not permit shareholders of an Irish public limited company to take action by written consent with less than unanimous consent.
Furthermore, an effort to acquire us may be subject to various provisions of Irish law relating to mandatory bids, voluntary bids, requirements
to make a cash offer and minimum price requirements, as well as substantial acquisition rules and rules requiring the disclosure of interests
in ordinary shares in certain circumstances.</span></p><div>

</div><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><div>

</div><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">Irish
law differs from the laws in effect in the United States with respect to defending unwanted takeover proposals and may give our board
of directors less ability to control negotiations with hostile offerors.</span></p><div>

</div><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><div>

</div><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
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U.S.&#160;domestic public companies.</i></b></span></p><div>

</div><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><div>

</div><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">Because
we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United&#160;States that are applicable to U.S.&#160;domestic issuers, including:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form&#160;10-Q
                                            or current reports on Form&#160;8-K;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
                                            in respect of a security registered under the Exchange&#160;Act;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            sections of the Exchange Act requiring insiders to file public reports of their stock ownership
                                            and trading activities and liability for insiders who profit from trades made in a short
                                            period of time; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">the
                                            selective disclosure rules by issuers of material nonpublic information under Regulation&#160;FD.</span></td></tr></table><div>

</div><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><div>

</div><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">Upon
the completion of this offering, we will be required to file an annual report on Form&#160;20-F within four months of the end of each
fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases and material events will also be furnished
to the SEC on Form&#160;6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less
timely compared to that required to be filed with the SEC by U.S.&#160;domestic issuers. As a result, you may not be afforded the same
protections or information that would be made available to you were you investing in a U.S.&#160;domestic issuer.</span></p><div>

</div><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><div>

</div><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>As
a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic
U.S. issuers. This may afford less protection to holders of our shares.</i></b></span></p><div>

</div><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><div>

</div><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">We
are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private
issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements
of Nasdaq. As result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers.
For instance, we are not required to:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">have
                                            a majority of the board be independent (although all of the members of the audit committee
                                            must be independent under the Exchange Act); or</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">have
                                            a compensation committee and a nominating committee to be comprised solely of &#8220;independent
                                            directors&#8221;.</span></td></tr></table><div>

</div><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><div>

</div><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">In
the future, we may take advantage of these home country exemptions. As a result, our shareholders may not be provided with the benefits
of certain corporate governance requirements of Nasdaq and may not have the same protections afforded to shareholders of other companies
that are subject to these Nasdaq requirements.</span></p><div>

</div><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><div>

</div><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
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.</i></b></span></p><div>

</div><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><div>

</div><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">While
we currently qualify as a foreign private issuer, the determination of foreign private issuer status is made annually on the last business
day of an issuer&#8217;s most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status
if we to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date.
For example, if more than 50% of our securities are held by U.S. residents and more than 50% of either our directors or executive officers
are residents or citizens of the United States, we could lose our foreign private issuer status.</span></p><div>

</div><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><div>

</div><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">The
regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly more than costs we incur
as a foreign private issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements
on U.S. domestic issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign
private issuer. We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP, rather
than IFRS. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost, and we would still be required
to prepare financial statements in accordance with IFRS as required by Irish law. In addition, we may lose our ability to rely upon exemptions
from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones
described above and exemptions from procedural requirements related to the solicitation of proxies.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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>As
a &#8220;controlled company&#8221; under the rules of Nasdaq, we may choose to exempt our company from certain corporate governance requirements
that could have an adverse effect on our public shareholders.</i></b></span></p><div>

</div><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><div>

</div><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">Under
Nasdaq&#8217;s rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a &#8220;controlled
company&#8221; and may elect not to comply with certain corporate governance requirements, including, without limitation, (i) the requirement
that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers
be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent directors,
and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors
or a nominating committee comprised solely of independent directors.</span></p><div>

</div><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><div>

</div><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">As
of the date of this Annual Report, our founders, the holders of our outstanding Class A Ordinary Shares, collectively held approximately
95.4% of the voting power of our outstanding share capital and collectively are therefore our controlling shareholders. The holders of
our Class A Ordinary Shares are Alessandro Aleotti, our Chief Strategy Officer and a director; Leonardo Aleotti, the adult son of Alessandro
Aleotti; Daniel Joseph McClory, our Executive Chairman and a director; Pinehurst Partners LLC, which is controlled by Daniel Joseph McClory;
Marco Sala, a former director; and Niteroi Spa, which is controlled by Adrio Maria de Carolis, a former director.</span></p><div>

</div><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><div>

</div><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">Alessandro
Aleotti, Chief Strategy Officer and a director, Daniel Joseph McClory, Executive Chairman and a director, and Adrio Mario de Carolis
directly or indirectly control approximately 31.6%, 28.5% and 31.0% of all voting rights as of the date of this Annual Report, respectively.
Therefore, each of these beneficial owners may have controlling voting power.</span></p><div>

</div><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><div>

</div><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">Our
key officers and directors collectively beneficially own approximately 46.9% of our outstanding share capital as of the date of this
Annual Report. In addition, our key officers and directors collectively have approximately 60.7% of voting power in the Company as of
the date of this Annual Report. As a result, they have controlling voting power and the ability to approve all matters submitted to our
shareholders for approval.</span></p><div>

</div><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><div>

</div><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">As
a result, we are a &#8220;controlled company&#8221; under Nasdaq&#8217;s rules. Although we currently do not intend to rely on the &#8220;controlled
company&#8221; exemption, we could elect to rely on this exemption in the future as a controlled company. If we elected to rely on the
&#8220;controlled company&#8221; exemption, a majority of the members of our board of directors might not be independent directors and
our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as
a controlled company could cause our Class B Ordinary Shares to look less attractive to certain investors or otherwise harm our trading
price.</span></p><div>

</div><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><div>

</div><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>There
is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income
tax consequences to U.S. investors in our shares.</i></b></span></p><div>

</div><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><div>

</div><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">In
general, a non-U.S. corporation is a passive foreign investment company, or PFIC, for any taxable year in which (i)&#160;75% or more
of its gross income consists of passive income or (ii)&#160;50% or more of the average quarterly value of its assets consists of assets
that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that
owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the
other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes
dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.</span></p><div>

</div><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><div>

</div><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">Based
on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for
our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely
clear. Because we hold a substantial amount of cash as the result of our initial public offering, and because our PFIC status for any
taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined,
in part, by reference to the market price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC
for our current taxable year or any future taxable year.</span></p><div>

</div><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><div>

</div><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
we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could
apply to such U.S. investor.</span></p><div>

</div><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><div>

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</div><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
are subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging
growth companies, and our shareholders could receive less information than they might expect to receive from more mature public companies.
</i></b></span></p><div>

</div><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><div>

</div><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">We
qualify as an &#8220;emerging growth company&#8221; under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions
from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section&#160;404
of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company&#8217;s internal control over financial reporting.
In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an
emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore
not be comparable to those of companies that comply with such new or revised accounting standards.</span></p><div>

</div><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><div>

</div><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">We
will remain an emerging growth company until the earliest of (i)&#160;the last day of the fiscal year during which we have total annual
gross revenues of at least $1.235 billion; (ii)&#160;the last day of our fiscal year following the fifth anniversary of the completion
of our initial public offering; (iii)&#160;the date on which we have, during the preceding three year period, issued more than US$1.0&#160;billion
in non-convertible debt; or (iv)&#160;the date on which we are deemed to be a &#8220;large accelerated filer&#8221; under the Exchange
Act, which could occur if the market value of our ordinary shares that are held by non-affiliates exceeds $700&#160;million as of the
last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be
entitled to the exemptions provided in the JOBS Act discussed above.</span></p><div>

</div><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><div>

</div><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">Because
we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not
emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public
companies. We cannot predict if investors will find our ordinary shares less attractive if we elect to rely on these exemptions, or if
taking advantage of these exemptions would result in less active trading or more volatility in the price of our ordinary shares.</span></p><div>

</div><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><div>

</div><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
are a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to smaller reporting companies, this could make our securities less attractive to investors and may make it more
difficult to compare our performance with other public companies.</i></b></span></p><div>

</div><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><div>

</div><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">Rule
12b-2 of the Exchange Act defines a &#8220;smaller reporting company&#8221; as an issuer that is not an investment company, an asset-backed
issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">had
                                            a public float of less than $250 million as of the last business day of its most recently
                                            completed second fiscal quarter, computed by multiplying the aggregate worldwide number of
                                            shares of its voting and non-voting common equity held by non-affiliates by the price at
                                            which the common equity was last sold, or the average of the bid and asked prices of common
                                            equity, in the principal market for the common equity; or</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">in
                                            the case of an initial registration statement under the Securities Act or the Exchange Act
                                            for shares of its common equity, had a public float of less than $250 million as of a date
                                            within 30 days of the date of the filing of the registration statement, computed by multiplying
                                            the aggregate worldwide number of such shares held by non-affiliates before the registration
                                            plus, in the case of a Securities Act registration statement, the number of such shares included
                                            in the registration statement by the estimated public offering price of the shares; or</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">in
                                            the case of an issuer whose public float as calculated under paragraph (1) or (2) of this
                                            definition was zero or whose public float was less than $700 million, had annual revenues
                                            of less than $100 million during the most recently completed fiscal year for which audited
                                            financial statements are available.</span></td></tr></table><div>

</div><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><div>

</div><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">As
a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our annual
reports or proxy statements, if any; we will provide only two years of financial statements; and we need not provide the table of selected
financial data required for other public companies. We also will have other &#8220;scaled&#8221; disclosure requirements that are less
comprehensive than issuers that are not smaller reporting companies which could make our Class B Ordinary Shares less attractive to potential
investors, which could make it more difficult for our shareholders to sell their shares.</span></p><div>

</div><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><div>

</div><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>As
a &#8220;smaller reporting company,&#8221; we may choose to exempt our company from certain corporate governance requirements that could
have an adverse effect on our public shareholders.</i></b></span></p><div>

</div><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><div>

</div><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">Under
Nasdaq rules, a &#8220;smaller reporting company,&#8221; as defined in Rule 12b-2 under the Exchange Act, is not subject to certain corporate
governance requirements otherwise applicable to companies listed on Nasdaq. For example, a smaller reporting company is exempt from the
requirement of having a compensation committee composed solely of directors meeting certain enhanced independence standards, as long
as the compensation committee has at least two members who do meet such standards. Although we have not yet determined to avail ourselves
of this or other exemptions from Nasdaq requirements that are or may be afforded to smaller reporting companies, while we will seek to
maintain our shares on Nasdaq in the future we may elect to rely on any or all of them. By electing to utilize any such exemptions, our
company may be subject to greater risks of poor corporate governance, poorer management decision-making processes, and reduced results
of operations from problems in our corporate organization. Consequently, our share price may suffer, and there is no assurance that we
will be able to continue to meet all continuing listing requirements of Nasdaq from which we will not be exempt, including minimum share
price requirements.</span></p><div>

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</div><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>Future
issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or exchangeable for, our Class B Ordinary Shares,
or the expiration of lock-up agreements that restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
could cause the market price of our Class B Ordinary Shares to decline and would result in the dilution of your holdings.</i></b></span></p><div>

</div><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><div>

</div><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">Future
issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or exchangeable for, our Class B Ordinary Shares,
or the expiration of lock-up agreements that restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
could cause the market price of our Class B Ordinary Shares to decline. We cannot predict the effect, if any, of future issuances of
our securities, or the future expirations of lock-up agreements, on the price of our Class B Ordinary Shares. In all events, future issuances
of our Class B Ordinary Shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities
could occur, or the perception that locked-up parties will sell their securities when the lock-ups expire, could adversely affect the
market price of our Class B Ordinary Shares. In connection with our initial public offering, we, all of our directors and officers and
Class A Ordinary Share shareholders, have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose
of, directly or indirectly, any of our ordinary shares or securities convertible into or exercisable or exchangeable for our ordinary
shares for a period of 12 months after our initial public offering. In addition to any adverse effects that may arise upon the expiration
of these lock-up agreements, the lock-up provisions in these agreements may be waived, at any time and without notice. If the restrictions
under the lock-up agreements are waived, our Class B Ordinary Shares may become available for resale, subject to applicable law, including
without notice, which could reduce the market price for our Class B Ordinary Shares.</span></p><div>

</div><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><div>

</div><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>Future
issuances of debt securities, which would rank senior to our Class B Ordinary Shares upon our bankruptcy or liquidation, and future issuances
of preferred shares, which could rank senior to our Class B Ordinary Shares for the purposes of dividends and liquidating distributions,
may adversely affect the level of return you may be able to achieve from an investment in our Class B Ordinary Shares.</i></b></span></p><div>

</div><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><div>

</div><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">In
the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of
our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior
to any distributions being made to holders of our Class B Ordinary Shares. Moreover, if we issue preferred shares, the holders of such
preferred shares could be entitled to preferences over holders of Class B Ordinary Shares in respect of the payment of dividends and
the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money
from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount,
timing or nature of any such future offerings or borrowings. Holders of our Class B Ordinary Shares must bear the risk that any future
offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment
in our Class B Ordinary Shares.</span></p><div>

</div><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><div>

</div><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 either do not publish research about us or publish inaccurate or unfavorable research about us, our business
or our market, if they adversely change their recommendations regarding our Class B Ordinary Shares, or if our operating results do not
meet their expectations or any financial guidance we may provide, the trading price or trading volume of our Class B Ordinary Shares
could decline. </i></b></span></p><div>

</div><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><div>

</div><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">The
trading market for our Class B Ordinary Shares depends, in part, on the research and reports that securities or industry analysts publish
about us or our business. We do not have any control over independent analysts. If we obtain independent securities or industry analyst
coverage and if one or more of the analysts who covers us downgrades our Class B Ordinary Shares, changes their opinion of our Class
B Ordinary Shares or publishes inaccurate or unfavorable research about our business, our share price would likely decline. If one or
more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our Class B Ordinary Shares could
decrease and we could lose visibility in the financial markets, which could cause our Class B Ordinary Shares and trading volume to decline.
In addition, we may be expected to provide various measures of financial guidance, possibly including guidance related to non-GAAP financial
measures, and, if we do not meet any financial guidance that we may provide to the public, if we do not meet expectations of securities
analysts or investors, or if our guidance is misunderstood by securities analysts or investors, the trading price of our Class B Ordinary
Shares could decline significantly. Our operating results may fluctuate significantly from period to period as a result of changes in
a variety of factors affecting us or our industry, many of which are difficult to predict. As a result, we may experience challenges
in forecasting our operating results for future periods.</span></p><div>

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    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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
our Class B Ordinary Shares become subject to the penny stock rules, it would become more difficult to trade our shares.</i></b></span></p><div>

</div><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><div>

</div><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">The
SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized
for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions
in such securities is provided by the exchange or system. If we do not retain a listing on Nasdaq or another national securities exchange
and if the price of our Class B Ordinary Shares is less than $5.00, our Class B Ordinary Shares could be deemed a penny stock. The penny
stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized
risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction
in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock
is a suitable investment for the purchaser and receive (i) the purchaser&#8217;s written acknowledgment of the receipt of a risk disclosure
statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability
statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our Class B
Ordinary Shares, and therefore shareholders may have difficulty selling their shares.</span></p><div>

</div><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><div>

</div><div><a id="a_008"></a></div><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>ITEM
4. INFORMATION ON THE COMPANY</b></span></p><div>

</div><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><div>

</div><div><a id="a_009"></a></div><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>4.A.&#160;History
and Development of the Company</b></span></p><div>

</div><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><div>

</div><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
Corporate History</i></b></span></p><div>

</div><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><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We were incorporated pursuant to the laws of Ireland
as Brera Holdings Limited, a private company limited by shares, on June 30, 2022, to become the holding company for Brera Milano S.r.l.,
an Italian limited liability company (societ&#224; a responsabilit&#224; limitata), or Brera Milano. Brera Milano, the operating company
and subsidiary of Brera Holdings Limited, was formed on December 20, 2016, and was named KAP S.r.l. until September 9, 2022. KAP was acquired
by us on July 29, 2022. KAP was renamed Brera Milano S.r.l. on September 9, 2022. Brera Holdings Limited re-registered as an Irish public
limited company and was renamed as Brera Holdings PLC on October 27, 2022. On April 28, 2023, we acquired 90% of the outstanding common
shares of Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North Macedonia on June 9, 2017, or Akademija
Pandev or FKAP, which owns the football club of the same name that was founded in 2010.</p><div>

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

</div><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><div>

</div><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">Our
corporate address and registered office are located at Connaught House, 5th Floor, One Burlington Road, Dublin 4, DO4 C5Y6, Ireland.
The phone number of our registered office is +353 1 237 3700.</span></p><div>

</div><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><div>

</div><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">Our
agent for service of process in the United States is Cogency Global Inc.,122 East 42nd Street, 18th Floor, New York, NY 10168, (800)
221-0102.</span></p><div>

</div><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><div>

</div><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">Our
website can be found at www.breraholdings.com. Brera FC&#8217;s website is www.brerafc.com. The information contained on our websites
is not a part of this Annual Report, nor is such content incorporated by reference herein, and should not be relied upon in determining
whether to make an investment in our Class B Ordinary Shares.</span></p><div>

</div><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><div>

</div><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">On
July 18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and a director, and MAX SRL. We also agreed to contribute &#8364;253,821 to Brera Milano upon the final completion
of the formal obligations under this agreement at the Milan Register of Companies, in order to restore Brera Milano&#8217;s share capital
due to a &#8364;253,821 liability indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer,
paid &#8364;253,821 for purposes of restoring Brera Milano&#8217;s share capital, and completed certain other required formalities. As
a result, the share transfer became effective under Italian law, and Brera Milano became our wholly-owned subsidiary.</span></p><div>

</div><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><div>

</div><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">On
July 13, 2022, Brera Milano entered into a private deed with Alessandro Aleotti and Leonardo Aleotti in which Brera Milano agreed to
purchase the trademarks &#8220;Brera&#8221; and &#8220;FENIX Trophy&#8221; for the cost of the trademarks&#8217; registration.</span></p><div>

</div><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><div>

</div><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">On
July 13, 2022, Brera Milano entered into a private deed with FCD Brera in which FCD Brera was granted the non-exclusive license to use
the trademarks &#8220;Brera&#8221; and &#8220;FENIX Trophy&#8221; in connection with its football activities. Under the agreement, FCD
Brera agreed to carry out certain requested sports activities relating to the trademarks in exchange for fees to be agreed between the
parties. Costs attributable to the sports activities relating to the trademarks will be borne by FCD Brera, and revenues attributable
to such activities will be recognized by Brera Milano. If appropriate fees cannot be agreed to in exchange for the requested sports activities,
Brera Milano may decline to carry out the activities. Any costs that are sustained by FCD Brera in carrying out agreed-to sports activities
in the manner requested by Brera Milano may be expensed to Brera Milano for reimbursement. FCD Brera may otherwise continue to operate
independently of Brera Milano and the Company.</span></p><div>

</div><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><div>

</div><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">On
July 14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of
Brera Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.</span></p><div>

</div><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><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><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><div>

</div><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">The
following table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board
of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms
of these purchases were the same for all purchasers of our ordinary shares.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shareholder</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">Class&#160;A<br/>
    Ordinary<br/> Shares</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>
    <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">Class&#160;B<br/>
    Ordinary Shares</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>
    <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">Aggregate<br/>
    Purchase Price Paid</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Daniel
    Joseph McClory, Executive Chairman and Director</span></td><td style="width: 1%"><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: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><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: 9%; 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: 1%"><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">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Niteroi
    Spa<sup>(1)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,500</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="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Alessandro
    Aleotti, Chief Strategy Officer and Director</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">2,500,000</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">-</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonardo
    Aleotti<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">250,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,250</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="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Marco
    Sala, former Director</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">350,000</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">-</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">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,750</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KAP
    Global Holding Limited<sup>(3)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">100,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Niteroi
Spa is an Italian joint-stock company. Niteroi Spa&#8217;s sole director is Adrio Maria de Carolis, a former director of Brera Holdings.
Adrio Maria de Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive
powers over its shares. Niteroi Spa&#8217;s corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.</span></td>
</tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonardo
Aleotti is the adult son of Alessandro Aleotti, our Chief Strategy Officer and director.</span></td>
</tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KAP
Global Holding Limited is a Hong Kong limited company. KAP Global Holding Limited&#8217;s director is Stefano Locatelli. Marco Sala,
Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and
director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary
Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited&#8217;s
registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.</span></td>
</tr></table><div>

</div><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><div>

</div><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">On
September 21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and
we issued 2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000
Class B Ordinary Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250,
$1,000 and $250, respectively.</span></p><div>

</div><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><div>

</div><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">On
October 5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class
B Ordinary Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy
Officer and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran
Pandev, our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each,
and 250,000 Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory&#8217;s adult son, for $1,250.</span></p><div>

</div><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><div>

</div><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">On
November 11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares
to Sergio Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.</span></p><div>

</div><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><div>

</div><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">On
July 22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class
B Ordinary Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15)
of the Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities
Act, and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead Securities, LLC, or Boustead, acted as placement agent
in this private placement. Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350,
or 7% of the total purchase price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or
1% of the total purchase price of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase
up to 105,350 Class B Ordinary Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.</span></p><div>

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</div><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>Recent
Developments</i></b></span></p><div>

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</div><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><span style="text-decoration:underline">Initial
Public Offering</span></i></span></p><div>

</div><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><div>

</div><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">On
January 26, 2023, we entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with Revere Securities, LLC, as
representative of the underwriters named on Schedule 1 thereto (the &#8220;Representative&#8221;), relating to the Company&#8217;s initial
public offering (the &#8220;Offering&#8221;) of 1,500,000 Class B Ordinary Shares (the &#8220;Offering Shares&#8221;) of the Company,
at an Offering price of $5.00 per share (the &#8220;Offering Price&#8221;). Pursuant to the Underwriting Agreement, in exchange for the
Representative&#8217;s firm commitment to purchase the Offering Shares, the Company agreed to sell the Offering Shares to the Representative
at a purchase price of $4.65 (93% of the public offering price per share). The Company also granted the Representative a 45-day over-allotment
option to purchase up to an additional 225,000 Class B Ordinary Shares at the Offering Price, representing fifteen percent (15%) of the
Class B Ordinary Shares sold in the Offering, from the Company, less underwriting discounts and commissions and a non-accountable expense
allowance.</span></p><div>

</div><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><div>

</div><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">The
Offering Shares commenced trading on the Nasdaq Capital Market under the symbol &#8220;BREA.&#8221; The closing of the Offering took
place on January 31, 2023. After deducting underwriting discounts and commissions and non-accountable expense allowance, the Company
received net proceeds of approximately $6,900,000.</span></p><div>

</div><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><div>

</div><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">The
Company also issued the Representative a warrant to purchase up to 105,000 Class B Ordinary Shares (7% of the Class B Ordinary Shares
sold in the Offering) (the &#8220;Representative&#8217;s Warrants&#8221;). The Representative&#8217;s Warrants are exercisable at any
time from July 26, 2023 to July 26, 2028 for $5.00 per share (100% of the Offering Price per Class B Ordinary Share). The Representative&#8217;s
Warrants contain customary anti-dilution provisions for share dividends, splits, mergers, and any future issuance of ordinary shares
or ordinary shares equivalents at prices (or with exercise and/or conversion prices) below the exercise price. The Representative&#8217;s
Warrant also contains piggyback registration rights in compliance with FINRA Rule 5110.</span></p><div>

</div><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><div>

</div><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">The
Offering Shares were offered and sold and the Representative&#8217;s Warrant was issued pursuant to the Company&#8217;s Registration
Statement on Form F-1 (File No. 333-268187), as amended (the &#8220;Registration Statement&#8221;), initially filed with the Commission
on November 4, 2022, and declared effective by the Commission on January 26, 2023, and the final prospectus filed with the Commission
on January 30, 2023 pursuant to Rule 424(b)(4) of the Securities Act. The Offering Shares, Representative&#8217;s Warrant and the Class
B Ordinary Shares underlying the Representative&#8217;s Warrant were registered as a part of the Registration Statement. The Company
intends to use the net proceeds from the Offering to purchase acquisition or management rights of football clubs; continued investment
in social impact football; sales and marketing; and working capital and general corporate purposes.</span></p><div>

</div><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><div>

</div><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">The
Underwriting Agreement contained customary representations, warranties and covenants by the Company, customary conditions to closing,
indemnification obligations of the Company and the underwriters, including for liabilities under the Securities Act, other obligations
of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were
made only for purposes of such agreement and as of specific dates were solely for the benefit of the parties to such agreement and may
be subject to limitations agreed upon by the contracting parties.</span></p><div>

</div><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><div>

</div><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">The
Company&#8217;s officers, directors, and Class A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer,
issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any ordinary shares or other securities
convertible into or exercisable or exchangeable for ordinary shares for a period of 12 months without the prior written consent of the
Representative.</span></p><div>

</div><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><div>

</div><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><span style="text-decoration:underline">Entry
into a Letter of Intent with Fudbalski Klub Akademija Pandev</span></i></span></p><div>

</div><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><div>

</div><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">On
February 13, 2023, we entered into a binding letter of intent (the &#8220;Letter of Intent&#8221;) with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia (&#8220;FKAP&#8221;), and its sole equity holder, Goran Pandev, our
director (the &#8220;FKAP Owner&#8221;), relating to the acquisition of FKAP by the Company or Brera Milano.</span></p><div>

</div><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><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Letter of Intent, the Company, FKAP
and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the &#8220;Definitive Agreements&#8221;)
that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from the FKAP Owner
a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting 90% of the outstanding common
shares of FKAP after such acquisition. The Company will pay the FKAP Owner &#8364;600,000 on the date that the parties enter into the Definitive
Agreements. Additionally, for a period of ten years beginning with December 31, 2023, and following each year thereafter until December
31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient
of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes of the Letter of
Intent, the &#8220;Applicable Net Income Amount&#8221; shall be equal to the sum of (i) 15% of the net income actually received by FKAP
from players&#8217; transfer market fees received during the applicable year; plus (ii) 15% of the net income actually received by FKAP
from Union of European Football Associations prize money paid for access to European qualifying rounds (not including group stages, and
only including such rounds) during the applicable year; and &#8220;VWAP Per Share&#8221; means the average of the daily Volume-Weighted
Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading day immediately
prior to the measurement date.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><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><div>

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</div><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><div>

</div><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">The
Letter of Intent will automatically terminate, and be of no further force and effect except as provided, upon the earlier of (i) execution
of the Definitive Agreements, (ii) mutual agreement between the Company and the FKAP Owner, or (iii) at least ten days&#8217; written
notice of termination from one party to the other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary
covenants including as to due diligence, exclusivity, and expenses.</span></p><div>

</div><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><div>

</div><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><span style="text-decoration:underline">Entry
into a Contract with Tchumene FC Sports Association</span></i></span></p><div>

</div><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><div>

</div><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">On
March 17, 2023, we entered into a contract (the &#8220;Contract&#8221;) with Tchumene FC Sports Association, a football club organized
under the laws of Mozambique (&#8220;Tchumene FC&#8221; or the &#8220;Club&#8221;), relating to a strategic partnership through the establishment
of sponsorship and franchising relationships between us and Tchumene FC.</span></p><div>

</div><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><div>

</div><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">Pursuant
to the Contract, for the 2023 football season, Tchumene FC will be rebranded as &#8220;Brera Tchumene FC&#8221; with simultaneous modification
of its logo and corporate colors. We will determine the Club&#8217;s game shirt sponsor, deliver media relating to the Club on its communication
channels, manage external media relations, use the Club&#8217;s brand for any communication activity and promotion, and promote the Club
around the world through its relationship network with football operators and finance partners in the United States. We will not intervene
or assume responsibility over the sports management of the Club and all of the Club&#8217;s sporting activity will remain under the exclusive
control of Tchumene FC. The Company will pay Tchumene FC &#8364;25,000, of which &#8364;15,000 was paid upon signing the Contract and &#8364;10,000
will be paid by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual
term as described below, the Company will pay &#8364;25,000 in one lump sum within thirty days of such renewal of the Contract for the
following football season. We will decide the shirt sponsor of the Club&#8217;s football shirts. If the sponsor is an Italian company
that already works with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique,
we will negotiate with Tchumene FC the division of the sponsorship revenue in accordance with market standards.</span></p><div>

</div><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><div>

</div><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">The
Contract will automatically renew for each subsequent football season in which Tchumene FC plays in the Mozambique second division, unless
terminated at the end of any football season by either party upon 30 days&#8217; notice or upon a breach of contract with 30 days&#8217;
notice. If Tchumene FC enters Mozambique football&#8217;s first division, the Contract will be terminated with the intent to renegotiate
the terms to include greater commitments between the parties.</span></p><div>

</div><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><div>

</div><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">The
Contract also provides that no exclusivity obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements
with any company operating in the sports industry.</span></p><div>

</div><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><div>

</div><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><span style="text-decoration:underline">Entry
into a Share Purchase Agreement with Fudbalski Klub Akademija Pandev</span></i></span></p><div>

</div><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><div>

</div><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">On
April 28, 2023, we entered into an agreement for the purchase and sale of outstanding common shares (the &#8220;Share Purchase Agreement&#8221;)
with Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North Macedonia (&#8220;FKAP&#8221;), and its
sole equity holder, Goran Pandev, our director (the &#8220;FKAP Owner&#8221;), relating to the acquisition of FKAP by the Company.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Share Purchase Agreement, the Company
acquired from the FKAP Owner 2,250 common shares of FKAP, constituting 90% of the outstanding common shares of FKAP, and the Company paid
the FKAP Owner &#8364;600,000 upon the signing of the Share Purchase Agreement. Additionally, for a period of ten years beginning with
December 31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted
Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP
Per Share (as defined below). For purposes of the Share Purchase Agreement, the &#8220;Applicable Net Income Amount&#8221; shall be equal
to the sum of (i) 15% of the net income actually received by FKAP from players&#8217; transfer market fees received during the applicable
year; plus (ii) 15% of the net income actually received by FKAP from Union of European Football Associations prize money paid for access
to European qualifying rounds (not including group stages, and only including such rounds) during the applicable year; and &#8220;VWAP
Per Share&#8221; means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the
ten consecutive trading days beginning on the trading day immediately prior to the measurement date.</p><div>
</div><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><div>

</div><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">The
Share Purchase Agreement may be terminated, amended, supplemented, waived or modified only by written instrument signed by the party
against which the enforcement of the termination, amendment, supplement, waiver or modification is sought. The Share Purchase Agreement
contains customary covenants including as to due diligence, representation and warranties, and indemnification.</span></p><div>

</div><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><div>

</div><div><a id="a_010"></a></div><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>4.B.&#160;Business
Overview</b></span></p><div>

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</div><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><div>

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</div><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">Brera
Holdings PLC is an Irish holding company focused on expanding social impact football by developing a global portfolio of emerging football
clubs with increased opportunities to earn tournament prizes, gain sponsorships, and provide other professional football and related
consulting services. We seek to build on the legacy and brand of Brera FC, the first football club that we acquired in July 2022. Brera
FC is an amateur football association which has been building an alternative football legacy since its founding in 2000.</span></p><div>

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</div><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">Brera
FC began its football activity by taking over a sports club in the fourth division &#8211; the Italian football pyramid is made up of
nine categories &#8211; and immediately established itself as an alternative to the two mainstream Milanese clubs: Football Club Internazionale
Milano, or Inter Milan, and Associazione Calcio Milan, or AC Milan. In its 20-year history, Brera FC&#8217;s alternative vision of football
has been validated by its ability to manage locally-meaningful and socially-impactful initiatives, including reopening the ancient Arena
Civica stadium in Milan to football, hiring of Milanese football icons as coaches, including Walter Zenga, and focusing on a message
of social integration and acceptance. Since being founded, our club&#8217;s DNA includes initiating social impact football projects and
innovative uses for football, having adopted the same name as the Brera &#8220;artists&#8217; quarter&#8221; of Milan, including its
logo being designed by the director of the Brera Academy of Fine Arts.</span></p><div>

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</div><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">We
are focused on bottom-up value creation from sports clubs and talent outside mainstream markets, innovation-powered business growth,
and socially-impactful outcomes. To that end, we are developing our &#8220;Global Football Group&#8221; portfolio of professional football
clubs. Our Global Football Group will be modeled on the collaborative, brand-aligned holding company structure of Manchester, England-based
City Football Group Limited. Under our Global Football Group structure, we intend to acquire top-division football teams in Africa, South
America, Eastern Europe, and potentially other emerging markets, and give them access to the global transfer market. We likewise expect
that acquisitions of Eastern European and other non-mainstream market teams will enable us to compete and potentially win significant
revenue in UEFA and potentially other regional competitions. We believe that Brera FC&#8217;s brand of social impact football and our
Global Football Group portfolio of local football club favorites will also allow us to gain increasing sponsorship revenue. We intend
to expand on our noncompetitive children&#8217;s football school offerings, which we expect will generate significant revenue as well
as enhance our social impact football brand and related value. Based on these and other innovative initiatives, we expect that our experience
with innovative capital-raising and revenue-generating activities will draw further revenue in the form of consulting opportunities from
football clubs, associations, investors and others.</span></p><div>

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</div><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>Our
Industry</b></span></p><div>

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</div><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">Football
is one of the most popular spectator sports on Earth. Global follower interest in football has enabled the sport to commercialize its
activities through sponsorship, retail, merchandising, apparel and product licensing, new media and mobile, broadcasting, and match day
contests. According to a report published by Allied Market Research (&#8220;Global football market by type, manufacturing process and
distribution channel: global opportunity analysis and industry forecast, 2021&#8211;2027,&#8221; May 2021), the global football market
was valued at $1.8 billion in 2019, and it is projected to reach $3.8 billion by 2027, registering a compound annual growth rate, or
CAGR, of 18.3% from 2021 to 2027. Europe was the largest market and is estimated to grow at a CAGR of 17.7% during the forecast period.</span></p><div>

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</div><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">The
effect that football and widely publicized events can have on economic development, social impact, and large-scale growth, are well established.
Based on a study of the 2006 FIFA World Cup hosted by Germany (https://www.supplier.io/blog/economic-impact-of-hosting-a-world-cup),
the overall financial impact to Germany was &#8364;2.86 billion ($3.31 billion) with &#8364;104 million ($120 million) being direct tax
income generated, 50,000 additional jobs during the eight months before and during the event, and it boosted the German GDP by 0.3%.
This impact also extended to the construction, public utility, transportation, and tourism industries.</span></p><div>

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</div><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">While
the FIFA World Cup&#8217;s economic impact is undeniable, we believe that there has been a clear trend in all enterprises, including
football teams, toward the need to demonstrate an awareness of social issues. We believe that teams that do not demonstrate such awareness
will not succeed, as supported by the recent experience of the short-lived European Super League in 2021. As described by a National
Law Review article (&#8220;Off Pitch &#8211; What the Super League Fiasco Can Teach Us About ESG,&#8221; April 30, 2022), on April 18,
2021, twelve elite football teams announced a break with UEFA to form the European Super League, financed by JP Morgan Chase, which would
offer mid-week matches between member teams in addition to the teams&#8217; regular league schedules. The twelve initial members were
to be permanent league members, with a handful of additional qualifying teams that would not have permanent membership. The member teams
expected to reap significant earnings for participating. Also, the Super League teams would play each other instead of participating
in UEFA tournaments. Once announced, the backlash was immediate and fierce. Fans, players, coaches, excluded teams, and, perhaps most
importantly, the UEFA felt betrayed &#8211; it appeared that no effort had been made to solicit, much less consider, input from anyone
outside the Super League&#8217;s leadership. By April 20, 2021, fewer than three days after its public debut, the Super League succumbed
to the backlash, particularly potential sanctions from UEFA, and it appears to be almost entirely disbanded. We believe that the European
Super League demonstrates how excluding all but the biggest money-making teams from a competition will not &#8220;save football,&#8221;
as its proponents argued, but instead shows that the football industry needs to make a commitment to the interests of the whole football
community.</span></p><div>

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</div><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">In
June 2021, Brera FC formed the FENIX Trophy, a non-professional pan-European football tournament recognized by UEFA, which inaugurally
ran from September 2021 to June 2022 and was intended to allow Brera FC to connect with the local community, increase our fanbase, and
develop important relationships with other football clubs. The FENIX Trophy&#8217;s emphasis is on promoting inclusive fellowship among,
enthusiasm for, and commercial opportunities around European football clubs, instead of exclusive blockbuster events like the European
Super League, with the slogan, &#8220;making friends, not millionaires.&#8221; Based in part on favorable press coverage of the FENIX
Trophy, such as the article by German media outlet Deutsche Welle (&#8220;FENIX Trophy: Amateur clubs competing in alternative European
Super League,&#8221; September 23, 2021), we believe that our vision of the future direction of the European football industry is shared
by many.</span></p><div>

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</div><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">We
also believe that the European football market has great unmet demand for underutilized player talent both in Eastern Europe and markets
outside UEFA. We believe clubs in such regions can provide much-needed opportunities with UEFA and other football competition prizes,
the global transfer market, sponsorships, and other innovative projects, due to lower costs of operations, and, in some cases, substantial
existing local and global fanbases, iconic local stadia, or other attributes.</span></p><div>

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</div><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">We
further believe that the European football industry is also signaling a need for socially-impactful ways to generate much-needed capital
and revenues. We believe that our founders&#8217; experience in accessing the public capital markets can also be applied to football
club operators, and gaining sponsors, fans and followers. We plan on offering initiatives such as noncompetitive football schools and
occupational-training courses to enable prison inmates to become referees, will be recognized as part of a credible, revenue-generative
basis for social-impact football consulting services for under-capitalized clubs. In addition, each acquisition or operation will be
conducted with respect for local partners, traditions and cultures while promoting our social impact mission. For example, we plan to
develop a women&#8217;s football section in every country we acquire a club in, to increase awareness and social impact.</span></p><div>

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</div><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">We
also expect that social awareness and impact will become a growing public focus due to the 2022 FIFA World Cup. As such, while the &#8220;transfer
market,&#8221; in which teams can transfer players and managers in exchange for significant compensation both to the transferring teams
and the transferred individuals, is expected to continue, we believe that it must ultimately be part of a vision of football that includes
a bottom-up nurturing of players, including those from disadvantaged backgrounds or communities, such as those historically and currently
competing for Brera FC.</span></p><div>

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</div><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">We
intend to be a leader in guiding the industry toward a more inclusive approach to professional football, through the use of unconventional
routes and undiscovered markets with the aim to unleash their full potential.</span></p><div>

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</div><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>Our
Market Opportunity</b></span></p><div>

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</div><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">Our
target markets are:</span></p><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Market
                                            for Football Competition Prizes</i></b>. In the European countries in which we intend to
                                            operate, we intend to pursue the UEFA competitions market with at least three top-division
                                            teams. There are three UEFA competitions: The Champions League, or the CL, the Europa League,
                                            or the EL, and the Europa Conference League, or the Conference. A base participation prize
                                            is awarded to each of the 32 clubs that are admitted to the &#8220;group stage&#8221; of
                                            each UEFA competition. For the 2021-2022 season, the base participation prize for each club
                                            was &#8364;15.64 million for the CL, &#8364;3.63 million for the EL and &#8364;2.94 million
                                            for the Conference. Each competition has different rules for how a club may take one of the
                                            32 places in the competition&#8217;s group stage, but generally they are admitted either
                                            automatically based on UEFA&#8217;s access criteria or gain admission through qualifiers.
                                            For the CL, 26 clubs are automatically admitted to the group stage based on UEFA&#8217;s
                                            criteria, and the remaining six places are divided between clubs that qualify by being league
                                            champions or by finishing second to fourth in their national championship. For the EL, 12
                                            clubs are automatically admitted based on UEFA&#8217;s criteria, 10 are admitted by transfer
                                            from the CL by losing either of the CL&#8217;s play-off or third qualifying rounds, and 10
                                            are winners of the EL play-off round. For the Conference, 10 are admitted after losing the
                                            EL play-off round, and 22 are admitted after winning the Conference play-off round. Clubs
                                            from smaller European countries, including the Eastern European countries where we are exploring
                                            club acquisition opportunities as discussed below, generally cannot gain automatic admission
                                            to the CL or EL due to the effect of certain coefficients that the UEFA uses to form the
                                            automatic access lists for these competitions, but they can potentially reach the group stage
                                            through the CL, EL or Conference qualifiers. In addition, participants in certain competition
                                            qualifiers can also receive participation prizes without reaching a competition&#8217;s group
                                            stage, ranging from &#8364;150,000 in case of elimination in the first round of the Conference
                                            qualifiers, up to &#8364;5 million in the event of elimination in the last round of the CL
                                            play-off round. These prizes can generate high profit margins, especially for those clubs
                                            with lower operating costs which we are targeting for acquisition. In African, South American,
                                            or other non-European markets in which we expect to acquire clubs, we likewise expect that
                                            our anticipated clubs will compete for substantial competition prizes.</span></td></tr></table><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Global
                                            Transfer Market</i></b>. Each professional club we may own or manage as part of our Global
                                            Football Group is expected to provide us with professional players, and we may negotiate
                                            advantageous fees for such players&#8217; transfers to other clubs. We believe that we can
                                            take advantage of player demographics and geographic locations that have not previously been
                                            fully utilized in the global transfer market. In particular, we believe that the markets
                                            for younger players, particularly from Eastern Europe, Africa and South America, are underutilized,
                                            and we plan to access, and provide access to other clubs to these potentially important transfer
                                            market resources. In all these regions, we believe that we can capitalize on their lower
                                            levels of football league development and less-well-resourced local competition in accessing
                                            and developing significant football talent that would otherwise not realize its full potential.
                                            For example, South American players, who do not have dual citizenship with a European country,
                                            represent a particularly large percentage of the football population in South America and
                                            only very few are involved in transfers, leaving a significant amount of talent unrealized.
                                            We likewise see substantial potential from some of the clubs in these regions due to existing
                                            local and global fanbases, iconic local stadia, and other attributes. Our goal is to build
                                            a valuable niche through participation in international tournaments and major showcases for
                                            the 17-19 age bracket. This opportunity will require our acquisition model to be flexible
                                            in order to comply with applicable local immigration laws and regulations. See &#8220;<i>Laws
                                            and Regulations</i>&#8221; below. The regions in which we will focus initially include the
                                            following:</span></td></tr></table><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">o</span></td><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><i>Eastern
                                            Europe</i></b>. We expect that we will acquire Eastern European clubs in the Serie A (highest
                                            level) or equivalent level of smaller countries. Since all European countries have the right
                                            to participate in the three major UEFA competitions, described above, the goal of our strategy
                                            is to reach the qualifications of these competitions through smaller countries. We believe
                                            these top clubs in smaller countries have lower operational costs, with a significant savings
                                            of resources otherwise required to access the large cash prizes and linked investments. As
                                            stated above, on February 13, 2023, we entered into a Letter of Intent with Akademija Pandev
                                            relating to our acquisition of the club, and on April 28, 2023, we entered into a Share Purchase
                                            Agreement pursuant to which we acquired 90% of its outstanding common shares. This club is
                                            already among the leading teams in its country and this year the club has also had access
                                            to the qualifier matches of UEFA competitions. This club may be a vehicle to also facilitate
                                            the exchange and transfer market of players from other clubs in Africa and South America,
                                            especially in the 18-21 age group. This club is also eligible to register for major youth
                                            tournaments, such as the Viareggio tournament, in which it will have the opportunity to compete
                                            against teams of the same age group as the major international clubs, and which represent
                                            the best showcase for the sale of young players, with evident transfer market opportunities.</span></td></tr></table><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">o</span></td><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><i>Africa</i></b>.
                                            In Africa, a market opportunity presents itself both in terms of a lower amount of necessary
                                            investment and the possibility of reaching important targets in the training of players by
                                            providing greater access to needed technical and management staff. We believe the talent
                                            coming from the African continent is significant but not fostered to reach its full potential.
                                            We believe the clubs acquired in Africa will act as a recruiting hub not only for the intra-African
                                            transfer market but also for a future international transfer market, and therefore fully
                                            capitalize on local talent on the international stage. Some of the great European clubs&#8217;
                                            investments in Africa are concentrated in competitive training schools that take into consideration
                                            only a pre-adolescent group, 8-14 years old, to then transfer the main talents to Europe.
                                            Delays in football players&#8217; talent development can have serious adverse effects on
                                            their career outlooks due to poor access to training resources. We expect that by offering
                                            the right resources to more African players, we can provide access to more marketable transfer
                                            market positions, making this market work for many more participants and generating much
                                            greater value from it. We therefore believe that there is an untapped market of extraordinary
                                            African players who do not have the ability to grow to their full potential and reach more
                                            mature markets such as the ones in Europe and have not been enabled to reach their true social
                                            and economic value. By operating with our Italian management club in Africa we believe it
                                            will be possible to recruit excellent players and build an effective transfer bridge with
                                            our prospective clubs that play in the European first division, giving great opportunities
                                            to these players. We thus remain committed to foster and develop local African teams, all
                                            the while facilitating exchanges with their European counterparts. On this front, on March
                                            17, 2023, we entered into a contract with Tchumene FC Sports Association relating to a strategic
                                            partnership through the establishment of sponsorship and franchising relationships for the
                                            2023 football season.</span></td></tr></table><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">o</span></td><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><i>South
                                            America</i></b>. Similar to the plans described above with respect to Africa-based players,
                                            we believe there will be a market for a recruiting hub in South America providing access
                                            to the global transfer market. In this case, however, we expect to take control of a club&#8217;s
                                            management rather than acquiring ownership of the club, due to regulatory limits on foreign
                                            club ownership, sale of football association clubs or multiple club ownership. To that end,
                                            we are in negotiations with a football club located in Buenos Aires. There we will carry
                                            out a &#8220;managerial operation&#8221;, i.e., a five-year licensing of management rights
                                            of a Serie C-equivalent professional club, a common structure in South America.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Sponsorships</i></b>.
                                            By seeking to own or manage clubs in different countries and continents
in our Global Football Group, we believe we will be able to attract more companies and organizations as partners/sponsors for international
communication campaigns. We believe that the marketability of Brera FC&#8217;s social impact football brand will have great sponsorship
potential, based on a business model that combines the anticipated lower operational costs of football clubs that we would potentially
own or manage in countries with lower costs of goods and services in general, which may allow us to provide more competitive terms for
sponsors with limited sponsorship budgets, even those of large international commercial brands. We expect that the social impact aspects
of our teams and FENIX Trophy tournament may appeal to sponsors whose brands or management are seeking to promote their social impact-related
goals. On August 16, 2022, we entered into a sponsorship agreement with Akademija Pandev for their use of the Brera trademarks during
the 2022-23 football season, which we extended through December 31, 2023, on November 25, 2022. On October 7, 2022, the Internet Marketing
Association at its IMPACT 22 Conference named Brera FC as its award recipient for &#8220;Social Impact Through Soccer,&#8221; recognizing
the Company&#8217;s focus at an international level with this distinction. We believe that the additional awareness that the IMPACT Award
may create for the Company will better position it for approaching corporate and foundation sponsors for our various global initiatives.
In addition, by pooling more clubs under one brand or management structure, we believe that we may be able to offer the benefit of greater
economies of scale for potential sponsors, as demonstrated by the creation of global football brands such as City Football Group Limited.</span></td></tr></table><div>

</div><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><div>

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</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Football
                                            School Services</i></b>. Parents and children are seeking constructive, noncompetitive sports
                                            and social engagement for children with one other and adult figures and role models like
                                            coaches and parents to emphasize the cooperative and fun aspects of football. Our football
                                            school has grown over the years, and now engages over 350 children at our two school locations
                                            in Italy: Arena Civica and Brera Football Village. We believe that as one of our most appreciated
                                            enterprises at the local community level, as well as an important source of revenue, there
                                            is significant demand for this service.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Consulting</i></b>.
                                            We believe that football clubs, associations, investors, and others are seeking innovative
                                            ways to enhance access to capital and revenue opportunities for football clubs. Our social
                                            impact football experience provides a basis for us to provide consulting services to assist
                                            them with these needs. Part of the unique consultancy support we expect to offer is to assist
                                            companies with products and services related to the concept of &#8220;italicity&#8221;. This
                                            concept, coined by Piero Bassetti, a Milan-based intellectual and author of several books,
                                            refers to a sense of belonging to the Italian culture regardless of citizenship status, through
                                            a perceived affinity with Italian traditions, fashions, lifestyles, arts, cuisines, or other
                                            aspects of Italian culture. Mr. Bassetti is expected to be an important partner on Brera
                                            Holdings&#8217; consultancy projects.</span></td></tr></table><div>

</div><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><div>

</div><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>Our
Business Model and Revenue Drivers</b></span></p><div>

</div><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><div>

</div><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">Building
on the Brera FC brand and existing network of business relationships, we will utilize Brera Milano&#8217;s more than ten years of know-how
in communications, marketing, and consulting capabilities, to deliver effective, monetizable projects. We expect to leverage our knowledge
in talent training by providing the following revenue-generating activities and services:</span></p><div>

</div><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><div>

</div><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>Services</i></span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Competitions
                                            and football division progression</i></b>: With an expected growing roster of acquired or
                                            managed football teams, we intend to compete in a number of cash-generative competitions
                                            with substantial monetary prizes, particularly in the UEFA&#8217;s CL, EL and Conference
                                            tournaments, as described above. Furthermore, should our teams progress through higher local,
                                            national and international football divisions, considerable additional funding, revenues
                                            and other opportunities may become available in the form of sponsorships and consulting services.
                                            We expect that our intended international acquisition of first- or higher-division clubs
                                            in Eastern Europe to be the initial focus in competing for these revenue opportunities. For
                                            further discussion, see &#8220;<i>Our Market Opportunity &#8211; Market for football competition
                                            prizes</i>&#8221; above.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Global
                                            transfer market</i></b>: We intend to acquire or manage first- or higher-division clubs in
                                            Eastern Europe, Africa and South America for our Global Football Group, as reflected in the
                                            recent agreements with Akademija Pandev and Tchumene FC Sports Association, and we are currently
                                            in discussions with other potential targets. This planned expansion will position us to offer
                                            candidates for the highly lucrative international football player transfer market as well
                                            as burnish our social impact football brand appeal to fans, sponsors and investors. For further
                                            discussion, see &#8220;<i>Our Market Opportunity &#8211; Global Transfer Market</i>&#8221;
                                            above.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Sponsorships</i></b>:
                                            The FIFA 2022 World Cup attracted unprecedented sponsorship interest with FIFA selling out
                                            of all sponsorship tiers, as companies and organizations were highly motivated to maintain
                                            or gain visibility of their products. We intend to offer sponsorship opportunities for existing,
                                            as well as for future, potentially acquired football teams, providing the showcase for brands
                                            to associate their logos on the team&#8217;s uniform kits and facilities, and help them reach
                                            a larger market audience. Our sponsorship opportunities are also expected to extend to the
                                            FENIX Trophy tournament, recently highlighted on TV with Sky Sports Italia. We expect that
                                            the social impact aspects of our teams and FENIX Trophy may appeal to sponsors whose brands
                                            or managements are seeking to promote their social impact-related goals. On August 16, 2022,
                                            we entered into a sponsorship agreement with Akademija Pandev for their use of the Brera
                                            trademarks during the 2022-23 football season. On October 7, 2022, the Internet Marketing
                                            Association at its IMPACT 22 Conference named Brera FC as its award recipient for &#8220;Social
                                            Impact Through Soccer,&#8221; recognizing the Company&#8217;s focus at an international level
                                            with this distinction. We believe that the additional awareness that the IMPACT Award may
                                            create for the Company will better position it for approaching corporate and foundation sponsors
                                            for our various global initiatives. For further discussion, see &#8220;<i>Our Market Opportunity
                                            &#8211; Sponsorships</i>&#8221; above.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Football
                                            school services</i></b>: We offer our noncompetitive sports and social engagement for children
                                            in the Milan area. With plans to more than double our current enrolled school attendees from
                                            approximately 350 to 1,000, we believe that we can generate significant additional annual
                                            revenues from this service. For further discussion, see &#8220;<i>Our Market Opportunity
                                            &#8211; Football School Services</i>&#8221; above.</span></td></tr></table><div>

</div><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><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Consulting</i></b>:
                                            We intend to offer consulting services and advice on innovative football projects for football
                                            clubs, associations, investors, and others seeking to raise capital or generate higher revenue,
                                            both within Italy and internationally. We expect to provide clubs with &#8220;turnkey&#8221;
                                            management of the sale of minority shares to fans based on our experience in doing so with
                                            Brera FC, and to the broader global investor market through this IPO. We also plan to provide
                                            consulting to the holders of football television rights, such as Lega di Serie A and FIGC,
                                            for greater international penetration of sales to global broadcasters. We believe that the
                                            limited exploitation of Italian television rights in foreign markets is one of the main economic
                                            shortcomings of the Italian football system. Our consulting function is expected to grow
                                            in the proportion of its impact on our business and support our mission of football innovation.
                                            For further discussion, see &#8220;<i>Our Market Opportunity &#8211; Consulting</i>&#8221;
                                            above.</span></td></tr></table><div>

</div><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><div>

</div><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>Collaborations</i></span></p><div>

</div><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><div>

</div><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">We
work in tandem with others to provide services and products and expect to develop other collaborative relationships. Our current collaborations
are:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Municipality
                                            of Milan for children&#8217;s football schools, federal referee licensing courses in prisons,
                                            and other initiatives;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Advertising
                                            agencies for the sale of sponsorships as to Brera FC and the FENIX Trophy;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Players&#8217;
                                            agents for player transfers; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Government
                                            agencies and non-governmental organizations from which Brera FC seeks sponsorships, grants
                                            or other financial support.</span></td></tr></table><div>

</div><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><div>

</div><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><div>

</div><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><div>

</div><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">We
believe that the following competitive strengths contribute to our success and differentiate us from our competitors:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Strong
                                            brand recognition</i></b>. Since our founding in 2000, we have gained significant brand recognition
                                            in Italy but particularly in the Milan metropolitan area and the Lombardy region. The Brera
                                            FC registered trademark, &#8220;Brera Football Club,&#8221; which we own and license to Brera
                                            FC, has achieved widespread recognition, as indicated by opinion polls that we commissioned
                                            or conducted from March 2016 to February 2023. Based on these polling results, Brera FC is
                                            clearly recognized as &#8220;the third team of Milan,&#8221; and also as a sports brand particularly
                                            attentive to social initiatives with approximately 58% of those polled agreeing that Brera
                                            strikes the right balance between business and social initiatives. According to the February
                                            2023 polls, after our initial public offering in January 2023, Brera FC&#8217;s brand awareness
                                            was up over 300% and approximately 25% of Milanese residents polled in the study indicated
                                            they would consider investing in the Company on Nasdaq. The relevance of the brand is not
                                            only local or national, but also global, as indicated by the high number of international
                                            followers on social media, such as Facebook, Instagram, YouTube, and Twitter, and substantial
                                            foreign press coverage.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Substantial
                                            international relationships</i></b>. Brera FC has strong international relationships, due
                                            to its long history of international player rosters and &#8220;cult club&#8221; status, with
                                            many fans outside Italy, and its ability to start football projects on an international level.
                                            For example, our first team in the 2003/2004 and 2006/2007 seasons included Italo-Argentine
                                            players; we participated in the Viareggio Tournament with a team which included young Gabonese
                                            football players; our practice of twinning with similar clubs outside Italy, such as the
                                            Brooklyn Italians in the United States; and the organization of the FENIX Trophy, the first
                                            European tournament recognized by UEFA for cult amateur clubs. We intend to build on this
                                            experience by acquiring top-division football teams across a number of emerging geographic
                                            regions with equally emerging football talent, helping them grow like Brera FC, and deriving
                                            the related and potentially substantial revenue opportunities.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Solid
                                            record of social impact programs</i></b>. Brera FC has carried out many projects that have
                                            used football as a tool for social impact. Some of the most significant projects have been
                                            the creation of the MilanoMondo football team from 2000 to 2003 which included immigrants
                                            residing in Milan; the FreeOpera Brera squad from 2003 to 2005, which was the first football
                                            team set up inside a prison to participate in an official FIGC championship; the management
                                            of the European football team of the Roma and Sinti ethnic group, which participated in competitions
                                            organized by CONIFA, from 2015 to 2018; and, in the last five years, managing players with
                                            asylum seeker status, which has been the subject of a research project carried out by the
                                            Department of Psychology of the Catholic University of Milan. On October 7, 2022, the Internet
                                            Marketing Association at its IMPACT 22 Conference named Brera FC as its award recipient for
                                            &#8220;Social Impact Through Soccer,&#8221; recognizing the Company&#8217;s focus at an international
                                            level with this distinction.</span></td></tr></table><div>

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</div><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
Strategies </b></span></p><div>

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</div><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">The
key elements of our strategy to expand our business include the following:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Focus
                                            on long-term fans, supporters, and sponsors</i></b>. We intend to focus on retaining and
                                            strengthening our long-term fans, supporters, and sponsors, building on these existing ongoing
                                            strategic relationships. Our fans and followers have demonstrated substantial brand loyalty
                                            in Milan, based on a recent survey. We have approximately 10,000 followers and over 300,000
                                            unique social media views on our social network platforms, and significant international
                                            brand recognition is reflected by press coverage such as articles by the Italian newspaper
                                            <i>Corriere della Sera</i>, German sports magazine <i>11Freunde</i>, Spanish newspaper <i>El
                                            Mundo</i> and the United Kingdom&#8217;s <i>BBC Sport</i>. We believe that these attributes
                                            will be attractive to many sponsors seeking to target these audiences with a social impact
                                            message. We will aim to enhance all of these attributes in order to seek rapid business growth.</span></td></tr></table><div>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Expansion
                                            of fanbase through local marketing, social media and social-impact initiatives</i></b>. We
                                            intend to capitalize on Brera FC&#8217;s reputation as a socially-impactful sports team.
                                            We will enhance our public relations efforts in the Milan area, aimed at increasing our community
                                            of fans and our followers on social networks, with a viral marketing strategy that will showcase
                                            our brand&#8217;s unique persona in an entertaining and engaging way. Our startup incubator
                                            will seek to sustain and expand acquired fanbases through appropriate brand-alignment. We
                                            will also continue and expand on our popular line of social impact football projects, headed
                                            by our noncompetitive football schools, as well as other special projects. For example, we
                                            recently offered occupational training services to inmates at Milan prison facilities through
                                            participation in courses recognized by the Italian Football Federation to expand opportunities
                                            for earning a federal referee license. We also intend to develop a women&#8217;s football
                                            section in every country in which we acquire a club.</span></td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>International
                                            expansion</i></b>. We intend to simultaneously pursue international expansion and licensing
of the Brera FC brand, in Eastern Europe, Africa, and South America, through the potential acquisition and, where appropriate, renaming
of football teams with the objective of enhancing the players on these teams to place them on the professional transfer market and obtain
prizes related to participation rights in UEFA or other competitions. In North Macedonia, we entered into a Share Purchase Agreement to
acquire 90% of the outstanding common shares of Akademija Pandev, a Serie A-equivalent club; in Mozambique, we entered into a Contract
with Tchumene FC Sports Association for a strategic partnership and club rebranding; and in Buenos Aires, we are in discussions to acquire
a five-year management contract for an Argentinean Serie C-equivalent club. The choice of countries derives from an in-depth analysis
of the football, regulatory and economic parameters that are key to our business model.</span></td></tr></table><div>

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</div><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>Seasonality</b></span></p><div>

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</div><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">Our
revenues and expenses have been seasonal, and we expect they will continue to be seasonal. Due to the playing season, revenues from our
business are typically concentrated in the third and fourth fiscal quarters of each fiscal year ended December 31. As a result, our operating
results and cash flow reflect significant variation from period to period and will continue to do so in the future.</span></p><div>

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</div><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>Our
Football Operations</b></span></p><div>

</div><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><div>

</div><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">Our
football operations are primarily comprised of the following activities: Our Global Football Group, our noncompetitive football school,
and the FENIX Trophy (and its related activities).</span></p><div>

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</div><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>Global
Football Group</i></span></p><div>

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</div><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">Our
main football operation is focused on the management and development of clubs in our Global Football Group&#8217;s portfolio. Our first
football club, Brera FC, was acquired in July 2022. Over the next two years we expect to acquire clubs based in Eastern Europe, Africa
and South America. Specifically, we expect that our next several club acquisitions will occur in North Macedonia, Mozambique and Argentina.</span></p><div>

</div><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><div>

</div><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">Brera
FC plays in the amateur Italian football leagues. We believe that the team presents a compelling social impact story. On October 7, 2022,
the Internet Marketing Association at its IMPACT 22 Conference named Brera FC as its award recipient for &#8220;Social Impact Through
Soccer,&#8221; recognizing the Company&#8217;s focus at an international level with this distinction. We believe that the additional
awareness that the IMPACT Award may create for the Company will better position it for approaching corporate and foundation sponsors
for our various global initiatives. Over most of its 20-year history, it has been comprised of players of a number of different nationalities
who live in Milan for various reasons. We believe the appeal of this range of different identities, combined with an inclusive and unconventional
approach, makes Brera FC a newsworthy football club and particularly suitable for supporting communications projects aimed at increasing
Brera FC&#8217;s fan community and sponsorship base. While the team participates in the local Italian amateur league, it serves in a
support role to our primary revenue-generating services and is not expected to be our prospective primary football operation.</span></p><div>

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</div><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">The
clubs that we have targeted for acquisition, the North Macedonia club will start their next season in the first division, and we expect
the Mozambique club to start their next season in the second division, which are the highest and second-highest football league in each
country, respectively. We expect that these clubs will bear the Brera brand upon acquisition. We expect that these acquisitions will
present significant economic possibilities for talent management and market transfer opportunities due to the target clubs&#8217; low
annual maintenance costs and historical connections to Western Europe.</span></p><div>

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</div><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">We
further expect to acquire the &#8220;gerenciamento&#8221; (management) of a third division club, the third highest football league, in
Buenos Aires, Argentina, where we expect to find and provide access to some of the best talents in South America. Among other attributes,
the target club has rights to a 35,000-seat stadium with an average of 15,000 attendees per game. Due to the club&#8217;s own significant
historical brand appeal, as well as potential regulatory restrictions, we do not plan to change the club&#8217;s name, but expect to
utilize other ways to highlight our brand&#8217;s association with it.</span></p><div>

</div><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><div>

</div><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">We
will provide all acquired clubs with their own Italian professional technical and management personnel from our base in Milan, with supervision
from our headquarters. In addition, each acquisition or operation will be conducted with respect for local partners, while promoting
our social impact mission. For example, we plan to develop a women&#8217;s football section in every country we acquire a club in, to
increase awareness and social impact.</span></p><div>

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</div><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">We
are also exploring other opportunities to enlarge our football club portfolio.</span></p><div>

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</div><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>Noncompetitive
Football School</i></span></p><div>

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</div><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">We
believe one of our most popular assets is our noncompetitive football school. The school has been active for 16 years, and we believe
it radically innovates the traditional logic of football schools by focusing on children and their engagement with adult figures and
role models, including coaches and parents, with the aim of enhancing the playful dimension of football. This project has had continuous
growth over the years and is highly appreciated by the local communities. Currently there are 350 children among our two locations: Arena
Civica and Brera Football Village.</span></p><div>

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</div><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>FENIX
Trophy</i></span></p><div>

</div><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><div>

</div><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">Brera
FC organized, promoted and participated in the FENIX Trophy, our newly formed non-professional pan-European football tournament recognized
by UEFA. As noted above, FENIX is an acronym for &#8220;Friendly European Non-professional Innovative Xenial&#8221;. The FENIX Trophy
was intended to allow Brera FC to connect with the local community, increase our fanbase, and develop important relationships with other
European football clubs. We believe that discussions about the FENIX Trophy spread awareness of these tenets of social impact football.
We also believe that the competition&#8217;s meaning goes beyond the game itself: It is an immersive experience meant to highlight the
best practices within non-professional football: sportsmanship, bonds with the local community, sustainability, use of technology, and
friendship among clubs. We therefore believe the FENIX Trophy will significantly support our social-impact football value proposition.
The FENIX Trophy was inaugurated in 2021 and had its first tournament from September 2021 to June 2022. We believe that the initial competition
met or exceeded our expectations of its value for our social-impact football brand.</span></p><div>

</div><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><div>

</div><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">As
the official organizer of the FENIX Trophy, Brera FC and seven other iconic amateur clubs in Europe took part in the most recent competition.
The seven other clubs were: AFC DWS (Amsterdam, Netherlands), AKS Zly (Warsaw, Poland), AS Lodigiani Calcio 1972 (Rome, Italy), CD Cuenca-Mestallistes
1925 (Valencia, Spain), FC United of Manchester (Manchester, UK), HFC Falke (Hamburg, Germany), and Prague Raptors FC (Prague, Czech
Republic). FC United of Manchester won 2-0 against Prague Raptors FC to become the first tournament champion.</span></p><div>

</div><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><div>

</div><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">FC
United of Manchester&#8217;s status as an iconic amateur club began with its founding. Founded in 2005 by disaffected supporters of Manchester
United catalyzed by the takeover of Manchester United by American businessman Malcolm Glazer, the club operates as a community benefit
society owned by 5,000 of its supporters. Each owner can vote on how the club is run, including voting for board members, uniform designs
and ticket prices. This type of bottom-up value creation aligns with the Brera FC brand.</span></p><div>

</div><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><div>

</div><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">The
tournament was a public relations success &#8211; the Final Eight of the FENIX Trophy tournament, which took place in Rimini, Italy in
June 2022, enjoyed extensive national (SKY Sports TV) and international (ZDF) media coverage. We intend to capitalize on this success
in the FENIX Trophy&#8217;s 2022-2023 tournament.</span></p><div>

</div><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><div>

</div><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">Our
2022-2023 FENIX Trophy tournament, which we call the Second Edition, began in November 2022 and features nine nonprofessional European
football clubs, chosen for their exceptional social, historical and cultural distinctiveness: Brera FC (Milan, Italy), FC United of Manchester
(Manchester, UK), AFC DWS (Amsterdam, Netherlands), BK Skjold (Copenhagen, Denmark), KSK Beveren (Beveren, Belgium), Prague Raptors FC
(Prague, Czech Republic), CD Cuenca-Mestallistes 1925 (Valencia, Spain), Krakow Dragoons (Krakow, Poland) and FK Miljakovac (Belgrade,
Serbia). The final stages of the tournament will be held June 7 and 8, 2023, in the city of Milan with the semifinals at the Arena Civica
and the finals at San Siro Stadium. After a group stage of three groups with three clubs each, the three group winners and the best runner-up
will then face each other to decide the winning team of the Second Edition.</span></p><div>

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</div><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><div>

</div><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><div>

</div><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">The
Company competes in the nascent category of innovative social-impact football, and as such, we believe its world-leading business initiatives
and emerging models transcend the historical sport team metrics of match attendance and player transfer fees. As a result, we do not
believe there is any single market for which we have a well-defined group of competitors. The key metrics will be corporate, government
and foundation sponsorships and grants; merchandising, both domestic and international; youth football academy fees and participants;
player transfer fees; and tournament organization, hosting and sponsorship, among others.</span></p><div>

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</div><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">We
believe that our closest competitor is City Football Group Limited, or CFG, which is a holding company that administers association football
clubs. CFG was founded in 2013 and is owned by three organizations: the Abu Dhabi United Group owns 78%, the Chinese firms China Media
Capital and CITIC Capital own 12% and the American private-equity firm Silver Lake owns 10%. CFG derives its name from Manchester City
Football Club, or Manchester City F.C., which is its flagship football club and acts as the club&#8217;s parent company. Manchester City
F.C. is an English football club based in Bradford, Manchester that competes in the Premier League, which is the top level of the English
football league system. In addition to Manchester City F.C., CFG owns 10 other clubs: New York City Football Club (USA), Melbourne City
Football Club (Australia), Yokohama F. Marinos (Japan), Montevideo City Torque (Uruguay), Girona Futbol Club, S.A.D. (Spain), Lommel
SK (Belgium), Esp&#233;rance Sportive Troyes Aube Champagne (France), Sichuan Jiuniu Football Club (China), Mumbai City Football Club
(India) and Palermo Football Club (Italy), plus it has two partner clubs, Vannes Olympique Club (France) and Club Bol&#237;var (Bolivia).
To the Company&#8217;s knowledge, City Football Group is not organized to take on funding from the public capital markets and has not
attempted an initial public offering of shares and listing on a global stock exchange, such as Nasdaq.</span></p><div>

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</div><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">Our
success depends, in part, on our ability to be efficient in all aspects of the business and achieve the appropriate cost structure. Some
of our competitors have economic resources greater than ours and may have lower cost structures allowing them to better withstand volatility
within the industry and throughout the economy as a whole, while retaining significantly greater operating and financial flexibility
than our company.</span></p><div>

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</div><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>Intellectual
Property </b></span></p><div>

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</div><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">We
consider intellectual property to be important to the operation of our business, and critical to driving growth in our commercial revenue,
particularly with respect to sponsorship revenue. Certain of our commercial partners have rights to use our intellectual property. In
order to protect our brand, we generally have contractual rights to approve uses of our intellectual property by our commercial partners.
For example, Brera FC has a non-exclusive license to use the trademarks &#8220;Brera FC&#8221; and &#8220;FENIX Trophy.&#8221;</span></p><div>

</div><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><div>

</div><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">We
consider our brand to be a key business asset and therefore have a portfolio of Brera FC related registered trademarks and trademark
applications, with an emphasis on seeking and maintaining trademark registrations for the words &#8220;Brera FC&#8221;, &#8220;FENIX
Trophy&#8221; and the club crest. We have applied in Italy and are planning to apply across Europe as well as select countries in Africa,
Asia, and North and South America. We also actively procure copyright protection and copyright ownership of materials such as literary
works, logos, photographic images and audio-visual footage.</span></p><div>

</div><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><div>

</div><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">Enforcement
of our trademark rights is important in maintaining the value of the Brera FC brand. While it would be cost-prohibitive to take action
in all instances, our aim is to consistently reduce the number of Brera FC-related trademark infringements by carrying out coordinated,
cost-effective enforcement actions following investigation of suspected trademark infringements. Enforcement action takes a variety of
forms, such as working with authorities to seize counterfeit goods and stop the activities of unauthorized sellers to taking direct legal
action against infringers, for example, by issuing cease and desist letters.</span></p><div>

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</div><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">In
relation to materials for which copyright protection is available (such as literary works, logos, photographic images and audio-visual
footage), our current practice is generally to secure copyright ownership where possible and appropriate. For example, where we are working
with third parties and copyright protected materials are being created, we generally try to secure an assignment of the relevant copyright
as part of the commercial contract. However, it is not always possible to secure copyright ownership. For example, in the case of audio-visual
footage relating to football competitions, copyright will generally vest in the competition organizer and any exploitation by Brera FC
of such footage will be the subject of a license from the competition organizer.</span></p><div>

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</div><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>Laws
and Regulations</b></span></p><div>

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</div><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">At
the top of the worldwide football hierarchy is FIFA, F&#233;d&#233;ration Internationale de Football Association, whose rules must
be followed by all member football associations organizations. FIFA&#8217;s main objectives are to continuously improve the game of football
and globally promote it, to organize international competitions, to draw up regulations and provisions governing the game of football
and related matters and ensure their enforcement, to control every type of association football by taking appropriate steps to prevent
infringements of the FIFA Statutes, regulations or decisions of FIFA or of the Laws of the Game, to promote integrity, ethics and fair
play with a view to preventing all methods or practices, such as corruption, doping or match manipulation, which might jeopardize the
integrity of matches, competitions, players, officials and member associations or give rise to abuse of association football.</span></p><div>

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</div><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">FIFA&#8217;s
rules and regulations are mainly contained within (i) the FIFA Statutes, regulations for FIFA&#8217;s governing system, and (ii) the
Laws of the Game, codified rules of association football. The FIFA Statutes provide the necessary means to resolve disputes that may
arise between or among member associations, confederations, clubs, officials and players. The Council of FIFA regulates the status of
players and the provisions for their transfer, as well as questions relating to these matters, in particular the encouragement of player
training by clubs and the protection of representative teams, in the form of special regulations. All bodies and officials must observe
the Statutes, regulations, decisions and Code of Ethics of FIFA in their activities. Every person and organization involved in the game
of football is obliged to observe the Statutes and regulations of FIFA as well as the principles of fair play. Each member association
must play association football in compliance with the Laws of the Game issued by the International Football Association Board, or IFAB.
IFAB is a separate organization from FIFA, but FIFA is represented on the board and holds 50% of the voting power. Only IFAB may enact
and alter the Laws of the Game.</span></p><div>

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</div><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">Member
associations from the same continent or region have formed the following six confederations, which are recognized by FIFA: (1) Asian
Football Confederation &#8211; AFC; (2) Confederation of African Football &#8211; CAF; (3) Confederation of North, Central America and
Caribbean Association Football &#8211; CONCACAF; (4) Oceania Football Confederation &#8211; OFC; (5) South American Football Confederation
&#8211; CONMEBOL; and (6) Union of European Football Associations &#8211; UEFA. Each confederation must comply with and enforce compliance
with the Statutes, regulations and decisions of FIFA, must organize its own interclub and international competitions in compliance with
the international match calendar, must ensure that international leagues or any other such groups of clubs or leagues shall not be formed
without its consent and the approval of FIFA, must set up the bodies necessary to fulfil the duties incumbent upon it and must procure
the funds necessary to fulfil its duties.</span></p><div>

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</div><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">FIFA
requires each member association to manage its affairs independently and without undue influence from third parties. Clubs, leagues or
any other groups affiliated with a member association must be subordinate to and recognized by that member association. The member association&#8217;s
statutes must define the scope of authority and the rights and duties of these groups. The statutes and regulations of these groups must
be approved by the member association. Particularly relevant is the provision for which every member association must ensure that its
affiliated clubs can take all decisions on any matters regarding membership independently of any external body. This obligation applies
regardless of an affiliated club&#8217;s corporate structure. In any case, the member association must ensure that neither a natural
nor a legal person (including holding companies and subsidiaries) exercises control in any manner whatsoever (in particular through a
majority shareholding, a majority of voting rights, a majority of seats on the board of directors or any other form of economic dependence
or control, etc.) over more than one club whenever the integrity of any match or competition could be jeopardized.</span></p><div>

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</div><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">The
UEFA, as stated above, governs all European football, including Italian football, which is in turn governed by the Federazione Italiana
Giuoco Calcio &#8211; FIGC. FIGC is the governing body of football in Italy, which carries out its functions in harmony with the resolutions
and guidelines of FIFA and UEFA, in full technical, organizational and management autonomy. The rules dictated by FIGC are called NOIF
(Norme Organizzative Interne della FIGC) and govern all aspects of Italian football: the registration of athletes, technicians, match
officials, managers and other subjects of the federal system. Additionally, referees are part of FIGC and are divided into categories
provided for by the internal regulations of the Italian Referees Association, or AIA, which independently regulates their membership
and activity. All Italian football clubs are committed to exclusively using the sports justice system and cannot turn to the Ordinary
Judicial Authority for the resolution of any disputes.</span></p><div>

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</div><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">European
association football associations have detailed rules governing and restricting the ownership, merger, acquisition, and sale of Italian
teams and players, and certain transactions require association approval. Particularly relevant is NOIF provision 16 bis., which prohibits
any person from controlling, directly or indirectly, more than one football company in the professional league and, if following the
transition of a football company from the amateur league to the professional league any person controls more than one, the person must
terminate control of one of the companies no later than 5 days before the deadline set by federal regulations for filing the application
for admission to the relevant professional championship.</span></p><div>

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</div><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">Mergers,
acquisitions, sales and demergers are also subject to specific rules, such as NOIF provision 20. The merger between two or more companies,
the demerger of a company, the capital contribution of the sports company into a company wholly owned by the transferring company, carried
out in compliance with current regulations and laws, must be approved by the President of the FIGC. In the event of a spin-off of a company
or transfer of the sports company to another company wholly owned by the transferring company, approval can be granted, provided that
the unity of the entire sports company is preserved and the regularity and the continuation of sporting activities. In the event of an
approved merger, the company that remains after the merger remains affiliated with FIGC and retains the highest sporting title and seniority
of affiliation from the companies involved in the merger. In the event of an approved demerger, only one spun-off company can be affiliated
with FIGC; therefore, at the time of the spin-off, the company that will be affiliated with the FIGC is decided and the sporting title
and seniority of affiliation of the original company are attributed to this company. In the event of an approved capital contribution
of the sports company into a company wholly owned by the transferring company, the company which then owns the sports company is the
company that is affiliated with FIGC and the sporting title and seniority of affiliation of the transferring company are attributed to
this company. The merger, demerger and capital contribution of a sports company into a company wholly owned by the transferring company
are permitted under the following conditions: the companies subject to the merger, the company subject to the spin-off or the transferring
company are affiliated with FIGC for at least two sporting seasons; in the professional field, all the companies involved in the merger,
or in the spin-off or transfer must have their registered office, except in cases of absolute exception, in the same Municipality or
in neighboring Municipalities. In the amateur and sector for youth and school activities, the companies involved in the merger, or the
spin-off or transfer must be based in the same Province, or in neighboring Municipalities of different Provinces or Regions. In the event
that the aforementioned transactions are carried out between companies in the professional sector and companies in the amateur and sector
for youth and school, the criterion established in the professional field applies; between companies that, in the two previous sports
seasons, have not transferred their registered office to another municipality, have not been the subject of mergers, spin-offs or company
transfers.</span></p><div>

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</div><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">As
for the registration of players, the players are registered with FIGC upon a signed request and sent through the company for which they
intend to carry out the sporting activity, by 31 March of each year. &#8220;Young&#8221;, &#8220;young amateurs&#8221; and &#8220;young
series&#8221; players can be registered after this deadline. The registration request is drawn up by the Leagues, the Youth and School
Activities Sector, the Divisions and the Committees, duly signed by the legal representative of the company and by the player and, in
the case of minors, by one of the two parents if the membership lasts one year and by both parents if the membership lasts for several
years. The declaration of the player must be attached to the registration request certifying the existence or non-existence of any previous
registrations with foreign football federations, i.e., federations other than the FIGC. The clubs that play in the professional championships
can freely register players from or coming from foreign Federations, as long as they are citizens of countries belonging to the European
Union, or EU. To this end, applications for membership must be accompanied by a certificate of citizenship. The rules on membership for
professional clubs&#8217; players who are citizens of non-EU countries are issued annually by the Federal Council. The clubs of the National
Amateur League can request the registration of only two footballers who are citizens of non-EU countries for male activity who have been
registered for clubs belonging to foreign federations, as well as an unlimited number of players who are citizens of EU countries who
have been registered for clubs belonging to foreign federations, provided that they are in compliance with the laws in force on immigration,
entry and stay in Italy.</span></p><div>

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</div><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">The
UEFA Financial Fair Play Regulations will be of particular significance to our business. Implemented in the 2011-12 season and last updated
in 2018, the UEFA Financial Fair Play Regulations are intended to ensure the financial self-sufficiency and sustainability of football
clubs by discouraging them from continually operating at a loss, introduce more discipline and rationality on club finances, ensure that
clubs settle their liabilities on a timely basis and encourage long term investment in youth development and sporting infrastructure.
The regulations contain a &#8220;break-even&#8221; rule aimed at encouraging football clubs to operate on the basis of their own revenue.
Therefore, owner investments of equity will be allowed only within the acceptable deviation thresholds. Potential sanctions for non-compliance
with the Financial Fair Play Regulations include a reprimand/warning, withholding of prize money, fines, prohibition on registering new
players for UEFA competitions and ultimately exclusion from European competitions.</span></p><div>

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</div><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">Laws,
regulations, or sports association rules in some of the countries in which we expect to acquire clubs prevent any person from owning
more than one club in the same division in the same country. For example, in Argentina, under the Argentinian Sports Ministry&#8217;s
laws, football clubs, due to their associative structure, generally cannot be sold or transferred to different owners. As a result, our
acquisitions of football clubs in Argentina or countries with similar restrictions will be in the form of management and revenue-sharing
agreements with their current owners. Such laws may limit our ability to derive all profits from, or to enforce control over, such clubs.</span></p><div>

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</div><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">In
addition, many of the countries in which we expect to acquire clubs restrict the number of foreign players that are permitted on a football
club&#8217;s first team. For example, in Mozambique, the Mozambican Football Association&#8217;s rules allows clubs to field only six
or fewer foreign players in league games. In North Macedonia, the North Macedonian Football Association&#8217;s rules caps foreign players
to eight in league games, although an unlimited number of foreign players may be registered to play for each team. As a non-member of
the European Union, North Macedonia does not currently require foreign players to hold European Union passports; however, North Macedonia
has been a candidate for European Union membership since 2005 and may impose this requirement were it to become a member. These restrictions
may limit our ability to realize the benefits of our global football club portfolio.</span></p><div>

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</div><div><a id="a_011"></a></div><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>4.C.&#160;Organizational
Structure</b></span></p><div>

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</div><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">The
following diagram depicts our organizational structure, including our subsidiaries, as of the date of this Annual Report. This diagram
includes the holdings of our controlling shareholders of Class A Ordinary Shares, as a group, and our current shareholders of Class B
Ordinary Shares, as a group.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</p><div>

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</div><div><a id="a_012"></a></div><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>4.D.&#160;Plants,
Property and Equipment</b></span></p><div>

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</div><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">Brera
FC operates from two sports facilities in Milan:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Arena
                                            Civica</i></b>. The Arena Civica, which opened August 18, 1807, has a capacity of approximately
                                            10,000, and is situated in the historic Brera district. The Arena Civica is the primary location
                                            for Brera FC&#8217;s first team home stadium matches and is also sometimes used for our football
                                            school program. Use of the stadium for other events must be requested prior to each event.
                                            This facility is located at Viale Giorgio Byron 2, 20154 Milan, Italy. We lease this facility
                                            pursuant to a public concession agreement with the Municipality of Milan under Municipality
                                            of Milan regulation Deliberazione G.C. n. 1881 26/09/2014. On October 19, 2022, we entered
                                            into a new lease for the term of October 24, 2022 to April 27, 2023 that provides for a base
                                            rate of &#8364;30.00 per hour to utilize the stadium for our football school. We enter into
                                            separate public concession agreements for use of the stadium for our matches. Our last public
                                            concession agreement, dated as of April 1, 2022, for our FENIX Trophy matches provided for
                                            a base rate of &#8364;320.00 per hour.</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><b><i>Brera
                                            Football Village</i></b>. The Brera Football Village, located in the Linate neighborhood
                                            of Milan, is Brera FC&#8217;s official sports headquarters. It is used for first team matches
                                            when the Arena Civica is unavailable and our football school. This facility is located at
                                            Via Giovanni Pascoli, 20068 Linate, Italy. We lease this facility pursuant to a nine-year
                                            lease agreement, dated as of January 31, 2019, from the Municipality of Peschiera Borromeo.
                                            The lease provides for a base rent of &#8364;500 per year.</span></td></tr></table><div>

</div><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><div>

</div><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">Our
subsidiary Brera Milano&#8217;s corporate office is located at Piazza San Giorgio 2, 20123 Milan, Italy. We lease this facility pursuant
to a one-year lease agreement, dated March 1, 2023, which will renew for subsequent one-year terms until terminated by either party upon
three (3) months&#8217; notice. The lease provides for a base rent of &#8364;2,500 per month, plus value-added tax.</span></p><div>

</div><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><div>

</div><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">Our
subsidiary Fudbalski Klub Akademija Pandev&#8217;s corporate office is located at Sport Hall PARK-ABA, Gjuro Salaj bb, Strumica 2400,
North Macedonia. We lease this facility pursuant to a one-year lease agreement, dated March 3, 2023, which can be terminated by either
party upon thirty (30) days&#8217; notice. The lease provides for a base rent of MKD 30,000 per month including value-added tax.</span></p><div>

</div><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><div>

</div><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">Our
Irish holding company&#8217;s registered office is located at Connaught House, 5th Floor, One Burlington Road, Dublin 4, DO4 C5Y6, Ireland.</span></p><div>

</div><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><div>

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</div><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><div>

</div><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">We
believe that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our
businesses.</span></p><div>

</div><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><div>

</div><div><a id="a_013"></a></div><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>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p><div>

</div><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><div>

</div><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">None.</span></p><div>

</div><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><div>

</div><div><a id="a_014"></a></div><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>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p><div>

</div><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><div>

</div><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>You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and the related notes included elsewhere in this Annual Report. This discussion may contain forward-looking statements.
Our actual results may differ materially from those anticipated in these forward-looking statements because of various factors, including
those set forth under Item 3 &#8220;Key Information&#8212;3.D. Risk Factors&#8221; or in other parts of this Annual Report. See also
&#8220;Introductory Notes&#8212;Forward-Looking Information.&#8221;</i>&#160;</span></p><div>

</div><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><div>

</div><div><a id="a_015"></a></div><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>5.A.&#160;Operating
Results</b></span></p><div>

</div><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><div>

</div><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">The
following Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) of Brera
Holdings summarizes the significant factors affecting the Company&#8217;s operating results, financial condition, liquidity and cash
flows as of and for the years ended December 31, 2022 and 2021. Certain information called for by this Item 5, including a discussion
of the year ended December 31, 2021 compared to the year ended December 31, 2020 has been reported previously in our Registration Statement
filed on Form F-1 (File No. 333-268187) filed with the SEC and as declared effective on January 26, 2023, under the section entitled
&#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; This MD&amp;A should be read
in conjunction with the Company&#8217;s consolidated financial statements and the related notes thereto for the years ended December
31, 2022 (the &#8220;2022 Financials&#8221;). Amounts are expressed in euros unless otherwise stated. This MD&amp;A contains forward-looking
statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management.
Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors.
See also &#8220;<i>Introductory Notes &#8211; Forward-Looking Information</i>.&#8221;</span></p><div>

</div><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><div>

</div><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">The
2022 Financials and the financial information contained in this MD&amp;A are prepared pursuant to International Financial Reporting Standards
(&#8220;IFRS&#8221;) and in accordance with the standards of the United States Public Company Accounting Oversight Board. As permitted
by the rules of the U.S. Securities and Exchange Commission for foreign private issuers, we do not reconcile our financial statements
to United States generally accepted accounting principles.</span></p><div>

</div><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><div>

</div><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">This
MD&amp;A reports the Company&#8217;s activities through December 31, 2022, unless otherwise indicated. All figures are expressed in euros,
unless otherwise noted.</span></p><div>

</div><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><div>

</div><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>Overview</i></span></p><div>

</div><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><div>

</div><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">We
are an Irish holding company focused on expanding social impact football by developing a global portfolio of emerging football clubs
with increased opportunities to earn tournament prizes, gain sponsorships, and provide other professional football and related consulting
services. We seek to build on the legacy and brand of Brera FC, the first football club that we acquired licensing rights to in July
2022. Brera FC is an amateur football association which has been building an alternative football legacy since its founding in 2000.
We are focused on bottom-up value creation from sports clubs and talent outside mainstream markets, innovation-powered business growth,
and socially-impactful outcomes.</span></p><div>

</div><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><div>

</div><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">Football
is one of the most popular spectator sports on Earth, with a global market valued at $1.8 billion in 2019, projected to reach $3.8 billion
by 2027, with Europe currently being the largest market (&#8220;Global football market by type, manufacturing process and distribution
channel: global opportunity analysis and industry forecast, 2021&#8211;2027,&#8221; May 2021). We believe that the leaders in the football
industry, as with all enterprises, must demonstrate an awareness of social issues. We believe that teams that do not demonstrate such
awareness will not succeed, and that the European football industry is signaling a need for socially-impactful ways to expand access
to capital and revenues.</span></p><div>

</div><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><div>

</div><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">With
this in mind, we organized, promoted and participated in the FENIX Trophy, our newly formed non-professional pan-European football tournament
recognized by UEFA. As noted above, FENIX is an acronym for &#8220;Friendly European Non-professional Innovative Xenial&#8221;. The FENIX
Trophy was intended to allow Brera FC to connect with the local community, increase our fanbase, and develop important relationships
with other European football clubs. We believe that discussions about the FENIX Trophy spread awareness of these tenets of social impact
football. We also believe that the competition&#8217;s meaning goes beyond the game itself: It is an immersive experience meant to highlight
the best practices within non-professional football: sportsmanship, bonds with the local community, sustainability, use of technology,
and friendship among clubs. We therefore believe the FENIX Trophy will significantly support our social-impact football value proposition.
The FENIX Trophy was inaugurated in 2021 and had its first tournament from September 2021 to June 2022. We believe that the initial competition
met or exceeded our expectations of its value for our social-impact football brand. The tournament was a public relations success &#8211;
the Final Eight of the FENIX Trophy tournament, which took place in Rimini, Italy in June 2022, enjoyed extensive national (SKY Sports
TV) and international (ZDF) media coverage. We intend to capitalize on this success and include even more amateur clubs in the FENIX
Trophy&#8217;s 2022-2023 tournament.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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">We
also expect that social awareness and impact will become a growing public focus due to the 2022 FIFA World Cup. As such, while the &#8220;transfer
market,&#8221; in which teams can transfer players and managers in exchange for significant compensation both to the transferring teams
and the transferred individuals, is expected to continue, we believe that it must ultimately be part of a vision of football that includes
a bottom-up nurturing of players, including those from disadvantaged backgrounds or communities, such as those historically and currently
competing for Brera FC. We intend to be a leader in guiding the industry toward a more inclusive approach to professional football, through
the use of unconventional routes and undiscovered markets with the aim to unleash their full potential.</span></p><div>

</div><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><div>

</div><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">To
that end, we are developing our &#8220;Global Football Group&#8221; portfolio of professional football clubs. Our Global Football Group
will be modeled on the collaborative, brand-aligned holding company structure of Manchester, England-based City Football Group Limited.
Under our Global Football Group structure, we intend to acquire top-division football teams in Africa, South America, Eastern Europe,
and potentially other emerging markets, and give them access to the global transfer market. We likewise expect that acquisitions of Eastern
European and other non-mainstream market teams will enable us to compete and potentially win significant revenue in UEFA and potentially
other regional competitions. We believe that Brera FC&#8217;s brand of social impact football and our Global Football Group portfolio
of local football club favorites will also allow us to gain increasing sponsorship revenue. We intend to expand on our noncompetitive
children&#8217;s football school offerings, which we expect will generate significant revenue as well as enhance our social impact football
brand and related value. Based on these and other innovative initiatives, we expect that our experience with innovative capital-raising
and revenue-generating activities will draw further revenue in the form of consulting opportunities from football clubs, associations,
investors and others.</span></p><div>

</div><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><div>

</div><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">Our
revenue currently depends on our business strategy and marketing consultancy services which we provide to commercial clients mainly in
the digital media and broadband sectors, our football school services and our newly formed tournament, the FENIX Trophy. We expect that
our future revenues will depend on expanding these services, acquiring professional football clubs, qualifying for or winning football
tournaments and earning tournament prizes, successfully providing transfer market services, and entering into sponsorship agreements.</span></p><div>

</div><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><div>

</div><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>Recent
Developments</i></span></p><div>

</div><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><div>

</div><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">On
July 14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of
Brera Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.</span></p><div>

</div><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><div>

</div><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">The
following table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board
of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms
of these purchases were the same for all purchasers of our ordinary shares.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Shareholder</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">Class&#160;A<br/> Ordinary<br/> Shares</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">Class&#160;B<br/> Ordinary Shares</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">Aggregate<br/> Purchase Price Paid</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 64%; text-align: justify">Daniel Joseph McClory, Executive Chairman and Director</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,500</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Niteroi Spa <sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Alessandro Aleotti, Chief Strategy Officer and Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonardo Aleotti <sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,250</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify">Marco Sala, former Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">350,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,750</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KAP Global Holding Limited <sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">500</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Niteroi
Spa is an Italian joint-stock company. Niteroi Spa&#8217;s sole director is Adrio Maria de Carolis, a former director of Brera Holdings.
Adrio Maria de Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive
powers over its shares. Niteroi Spa&#8217;s corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.</span></td>
</tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leonardo
Aleotti is the adult son of Alessandro Aleotti, our Chief Strategy Officer and director.</span></td>
</tr></table><div>

</div><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><div>

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

</div><!-- Field: Page; Sequence: 38; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KAP
Global Holding Limited is a Hong Kong limited company. KAP Global Holding Limited&#8217;s director is Stefano Locatelli. Marco Sala,
Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and
director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary
Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited&#8217;s
registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.</span></td>
</tr></table><div>

</div><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><div>

</div><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">On
July 22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class
B Ordinary Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15)
of the Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities
Act, and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead acted as placement agent in this private placement.
Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350, or 7% of the total purchase
price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or 1% of the total purchase price
of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase up to 105,350 Class B Ordinary
Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.</span></p><div>

</div><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><div>

</div><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">On
August 16, 2022, we signed a sponsorship agreement with Fudbalski Klub Akademija Pandev, or Akademija Pandev, wherein we contributed
&#8364;70,000 to Akademija Pandev in exchange for their use of the Brera trademarks during the 2022-23 football season. Goran Pandev,
our director, is the founder and owner of Akademija Pandev, a North Macedonian football club founded in 2010, that plays in the Macedonian
First League. For the entirety of 2022-23 season, Akademija Pandev will provide Brera brand awareness and will use our trademarks on
their game shirts, on their wall poster campaign in the city of Strumica, on their banners, including those used in the sports center
of Goran Pandev, as well as a mutually agreed upon joint communication both to the Macedonian press and on the club&#8217;s official
media channels. The sponsorship agreement is non-exclusive and does not automatically renew. On November 25, 2022, we entered into an
extension to the sponsorship agreement in which we agreed to extend the term of the sponsorship agreement to December 31, 2023, and to
pay Akademija Pandev an additional &#8364;30,000.</span></p><div>

</div><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><div>

</div><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">On
September 21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and
we issued 2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000
Class B Ordinary Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250,
$1,000 and $250, respectively.</span></p><div>

</div><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><div>

</div><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">On
October 5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class
B Ordinary Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy
Officer and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran
Pandev, our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each,
and 250,000 Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory&#8217;s adult son, for $1,250.</span></p><div>

</div><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><div>

</div><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">On
November 11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares
to Sergio Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.</span></p><div>

</div><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><div>

</div><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>Principal
Factors Affecting Our Financial Performance</i></span></p><div>

</div><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><div>

</div><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">Our
operating results are primarily affected by the following factors:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to acquire new fans, supporters and sponsors or retain existing ones;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to offer competitive pricing for our products and services;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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
                                            ability to broaden product and service offerings;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">whether
                                            successful or significant playing seasons or competitions occur during the relevant reporting
                                            periods;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">general
                                            economic conditions affecting the discretionary income of fans, supporters and sponsors;</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">industry
                                            demand and competition; and</span></td></tr></table><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">market
                                            conditions and our market position.</span></td></tr></table><div>

</div><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><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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>Emerging
Growth Company </i></span></p><div>

</div><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><div>

</div><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">Upon
the completion of this offering, we will qualify as an &#8220;emerging growth company&#8221; under the JOBS Act. As a result, we will
be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the
auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company&#8217;s
internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can
take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised
accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our
financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.</span></p><div>

</div><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><div>

</div><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">We
will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross
revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering;
(iii) the date on which we have, during the preceding three year period, issued more than $1.0 billion in non-convertible debt; or (iv)
the date on which we are deemed to be a &#8220;large accelerated filer&#8221; under the Exchange Act, which could occur if the market
value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed
second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS
Act discussed above.</span></p><div>

</div><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><div>

</div><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>Results
of Operations</i></span></p><div>

</div><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><div>

</div><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">The
following sets forth a summary of the Company&#8217;s consolidated results of operations for the periods indicated. The information should
be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical
results presented below are not necessarily indicative of the results that may be expected for any future period.</span></p><div>

</div><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><div>

</div><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>Comparison
of Years December 31, 2022 and 2021</i></b></span></p><div>

</div><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><div>

</div><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">The
following table sets forth key components of our results of operations during the years ended December 31, 2022 and 2021.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.25in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; 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: left">&#160;</td><td style="text-align: right">(1,292,282</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2</td><td style="text-align: left">)%</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="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">(3</td><td style="padding-bottom: 1.5pt; text-align: left">)%</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">(1,226,855</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,292,408</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(755</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(57,725</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14</td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">(7</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.25in; text-align: justify; padding-bottom: 4pt">Net loss</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(1,226,855</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(1,292,408</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><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><div>

</div><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>Revenue</i></span></p><div>

</div><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><div>

</div><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">The
principal activities of the Company for the years ended December 31, 2022 and 2021 were the provision of consultancy services related
to the now-discontinued legacy business of KAP. Revenue for the years ended December 31, 2022 and 2021 was &#8364;162,407 and &#8364;420,167,
respectively, representing a decrease of 61.3%. The decrease was due to a drop in the total amounts of the sales contracts of the Company&#8217;s
consulting services for the year ended December 31, 2022 as compared to the year ended December 31, 2021.</span></p><div>

</div><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><div>

</div><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>Cost
of revenue</i></span></p><div>

</div><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><div>

</div><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">Cost
of revenue for the years ended December 31, 2022 and 2021 was &#8364;90,270 and &#8364;110,588, respectively, representing an decrease
of 18.4%. The decrease was due to a decrease in the Company&#8217;s costs of performing consulting services, which aligned with the decrease
in revenue from these services.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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>General
and administrative expenses</i></span></p><div>

</div><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><div>

</div><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">General
and administrative expenses consisted of professional and consultancy fees, advertising, director remuneration and benefits, rental expenses,
utilities, depreciation, travel and entertainment and other miscellaneous expenses. General and administrative expenses for the years
ended December 31, 2022 and 2021 was &#8364;1,298,873 and &#8364;316,669, respectively, an increase of 310.2%. The increase was due to
(i) increased professional and consultancy services fees primarily related to our initial public offering on Nasdaq; (ii) increased sponsorship
expenses; and (iii) other administrative and operating related expenses.</span></p><div>

</div><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><div>

</div><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>Operating
losses</i></span></p><div>

</div><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><div>

</div><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">Operating
losses for the years ended December 31, 2022 and 2021 was &#8364;1,226,736 and &#8364;7,090, respectively, an increase of 17,202.3%. The
increase was mainly due to (i) decreased revenue for the year ended December 31, 2022 compared to year ended December 31,2021; and (ii)
an increase of &#8364;982,204 in general and administrative expenses which mainly comprised of professional and consultancy service fees,
as well as other listing and miscellaneous expenses related to the initial public offering on Nasdaq.</span></p><div>

</div><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><div>

</div><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>Other
income (expense)</i></span></p><div>

</div><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><div>

</div><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">Other
income (expense) mainly consisted of miscellaneous expenses or income relating to our consulting services and gains or loss not related
to the Company&#8217;s core business. Other income (expense) for the years ended December 31, 2022 and 2021 was &#8364;4,869 and &#8364;(47,942),
respectively. The change was mainly due to the decrease in miscellaneous expenses in relation to the consulting services.</span></p><div>

</div><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><div>

</div><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>Finance
costs </i></span></p><div>

</div><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><div>

</div><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">Finance
costs consisted of loan interest expenses from the small and medium enterprises guarantee fund loan, a loan from a shareholder and the
interest expense on lease liabilities in relation to the rental of office and vehicles. Finance costs for the years ended December 31,
2022 and 2021 was &#8364;4,988 and &#8364;2,693, respectively, an increase of 85.2%. The increase was due to the increase in interest expense
on lease liabilities in relation to the rental of office and vehicles for the year ended December 31, 2022 as compared to the year ended
December 31, 2021.</span></p><div>

</div><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><div>

</div><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>Loss
before income taxes</i></span></p><div>

</div><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><div>

</div><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">Loss
before income taxes for the years ended December 31, 2022 and 2021 was &#8364;1,226,855 and &#8364;57,725, respectively, an increase of
2,025.3%. The increase was mainly due to the increase of general and administrative expenses for the year ended December 31, 2022 compared
to the year ended December 31, 2021.</span></p><div>

</div><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><div>

</div><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>Provision
for income taxes expenses</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provision for income taxes expenses for the years
ended December 31, 2022 and 2021 was &#8364;0 and &#8364;29,331, respectively, a decrease of 100%. The decrease was due to the Company not
generating any tax assessable profit for the year ended December 31, 2022.</p><div>
</div><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><div>

</div><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>Net
loss</i></span></p><div>

</div><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><div>

</div><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">Net
loss for the years ended December 31, 2022 and 2021 was &#8364;1,226,855 and &#8364;87,056, respectively, an increase of 1,309.3%. The
increase was mainly due to (i) decreased revenue for the year ended December 31, 2022 compared to year ended December 31,2021; and (ii)
an increase of &#8364;982,204 in general and administrative expenses which mainly comprised of professional and consultancy service fees,
as well as other listing and miscellaneous expenses related to the initial public offering on Nasdaq.</span></p><div>

</div><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><div>

</div><div><a id="a_016"></a></div><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>5.B.&#160;Liquidity
and Capital Resources</b></span></p><div>

</div><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><div>

</div><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">As
of December 31, 2022 and 2021, we had cash and cash equivalents of &#8364;347,229 (approximately $371,466) and &#8364;26,957 (approximately
$30,512), respectively. To date, we have financed our operations primarily through revenue generated from operations, loans and shares
issued for cash.</span></p><div>

</div><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><div>

</div><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">As
of December 31, 2022, and 2021, we had cash deposits in a non-traditional bank, Wise Europe SA, amounting to &#8364;292,658 (approximately
$313,081) and &#8364;0 (approximately $0), respectively. These deposits are not insured by the local government. The Company performed
a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe SA and determined that the credit risk is low,
based on the following factors: (i) Wise Europe SA safeguards its customers&#8217; funds by holding them in a mix of cash in leading
commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii) Wise Europe SA is authorized by the National
Bank of Belgium (&#8220;NBB&#8221;), which ensures that the bank operates under the regulations and guidelines set by the NBB; and (iii)
the Company has not experienced losses on these bank accounts and does not believe it is exposed to any significant credit risk with
respect to these bank accounts.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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">On
January 27, 2023, the Class B Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market under the symbol &#8220;BREA&#8221;.
The closing of the initial public offering took place on January 31, 2023. After deducting underwriting discounts and commissions and
non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000. As of March 31, 2023, we had cash and
cash equivalents of &#8364;5,985,603 (approximately $6,507,547).</span></p><div>

</div><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><div>

</div><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">Management
has prepared estimates of operations and believes that sufficient funds will be generated from operations to fund our operations and
to service our debt obligations for at least the next twelve months. We may, however, in the future require additional cash resources
due to changing business conditions, implementation of our strategy to expand our business, or other investments or acquisitions we may
decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek to sell additional
equity or debt securities or obtain additional credit facilities. The sale of additional equity securities could result in dilution to
our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to
operating and financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable
to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand
our business operations and could harm our overall business prospects.</span></p><div>

</div><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><div>

</div><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">The
impact of COVID-19 on our business has been considered in these assumptions; however, it is too early to know the full impact of COVID-19
or its timing on a return to more normal operations.</span></p><div>

</div><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><div>

</div><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">The
accompanying consolidated financial statements have been prepared on a going concern basis under which we are expected to be able to
realize our assets and satisfy our liabilities in the normal course of business.</span></p><div>

</div><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><div>

</div><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>Going
Concern</i></span></p><div>

</div><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><div>

</div><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">The
accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. We had minimal cash
and cash equivalents as of December 31, 2022 and 2021 and had a net loss for the year ended December 31, 2022. As of December 31, 2022
and 2021, our net cash was approximately &#8364;347,229 and &#8364;26,957, respectively, and our net loss was approximately &#8364;1,226,855
and &#8364;87,056, respectively.</span></p><div>

</div><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><div>

</div><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">Our
ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or obtain the
necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management
has plans to seek additional capital through public offerings, including this offering, private equity offerings, debt financings, and
government or other third-party funding.</span></p><div>

</div><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><div>

</div><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">However,
the sale of additional equity securities could result in dilution to our shareholders. The incurrence of indebtedness would result in
increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our operations.
Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms
favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.</span></p><div>

</div><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><div>

</div><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">On
January 27, 2023, the Class B Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market under the symbol &#8220;BREA&#8221;.
The closing of the initial public offering took place on January 31, 2023. After deducting underwriting discounts and commissions and
non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000 and management considers the Company
to have sufficient cash and cash equivalents which was &#8364;6,059,848 (approximately $6,482,826) as of March 31, 2023. As a result of
the successful initial public offering and funds raised, management believes that the Company has the necessary resources and liquidity
to meet its obligations and sustain its operations for the foreseeable future (i.e., at least 12 months beyond the date of the issuance
of audited consolidated financial statements for the year ended December 31, 2022). Therefore, these financial statements have been prepared
on a going concern basis and management considered the preparation of the financial statements as a going concern was appropriate.</span></p><div>

</div><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><div>

</div><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>Debt</i></span></p><div>

</div><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><div>

</div><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">On
May 20, 2020, we entered into a loan through the Guarantee Fund for Small and Medium-Size Enterprises under the European Guarantee Fund
Programme with Banca del Mezzogiorno - Mediocredito Centrale S.p.A. for &#8364;25,000. As disclosed in Note 11 of both the June and December
financial statements, the monthly interest rate is 0.0625% and the annualized interest rate is 0.75% per annum. The loan term is 6 years
and repayment of principal begins 2 years from the loan drawdown date.</span></p><div>

</div><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><div>

</div><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">On
October 28, 2021, we entered into a loan with our Chief Executive Officer and director, Sergio Carlo Scalpelli, in the amount of &#8364;20,000.
As disclosed in Note 13 of both the June and December financial statements, the loan is interest-free and with repayment scheduled on
March 31, 2022, June 30, 2022, and September 30, 2022, in the amount of &#8364;7,000, &#8364;7,000 and &#8364;6,000, respectively. Mr. Scalpelli
waived the repayment schedule, and the repayment date of the full amount was rescheduled to September 30, 2022. The full amount of the
loan was repaid to Mr. Scalpelli on September 30, 2022. The outstanding balance of the loan amounted to &#8364;0 and &#8364;20,000 for
the years ended December 31, 2022 and 2021, respectively.</span></p><div>

</div><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><div>

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

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</div><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><div>

</div><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>Summary
of Cash Flow</i></span></p><div>

</div><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><div>

</div><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">The
following table sets forth a summary of the Company&#8217;s consolidated cash flows for the periods indicated. The information should
be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical
results presented below are not necessarily indicative of cash flows that may be expected for any future period.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; 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="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; 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="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; 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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">371,466</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">26,957</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><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><div>

</div><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">To
date the Company has financed its operations primarily through revenue generated from operations and loans and shares issued for cash.</span></p><div>

</div><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><div>

</div><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">Net
cash (used in) provided by operating activities was &#8364;(917,436) and &#8364;26,849 for the years ended December 31, 2022 and 2021,
respectively. The change was mainly due to the decrease of operating profit before working capital.</span></p><div>

</div><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><div>

</div><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">Net
cash used in investing activities was &#8364;26,209 and &#8364;16,353 for the years ended December 31, 2022 and 2021, respectively. The
increase in net cash used in investing activities was primarily due to the acquisition of our subsidiary, Brera Milano, during the year
ended December 31, 2022.</span></p><div>

</div><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><div>

</div><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">Net
cash provided by (used in) financing activities was &#8364;1,237,144 and &#8364;(36,911) for the years ended December 31, 2022 and 2021,
respectively. The increase in net cash provided by financing activities was primarily due to the shares issued for cash during the year
ended December 31, 2022.</span></p><div>

</div><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><div>

</div><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>Contractual
Obligations</b></span></p><div>

</div><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><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">88,436</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">144,273</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">154,343</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">85,289</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">91,242</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">-</td><td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 0.1%">&#160;</td>
    <td style="width: 0.1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">-</td><td style="width: 0.1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Loan payable</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">22,212</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">23,762</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">6,346</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">6,789</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">12,693</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">13,579</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">3,173</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">3,394</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">-</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">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">334,440</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">357,783</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">89,012</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">95,225</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">156,966</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">167,922</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">88,462</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><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><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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</div><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><div>

</div><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">Other
than indicated above, on December 31, 2022 and December 31, 2021, we did not have other long-term debt obligations, capital (finance)
lease obligations, operating lease obligations, purchase obligations or other long-term liabilities reflected on our statements of financial
position.</span></p><div>

</div><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><div>

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

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><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">Commitments
and Contingencies</span>&#160;</span></p><div>

</div><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><div>

</div><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>Capital
Expenditures</i></b></span></p><div>

</div><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><div>

</div><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">During
the years ended December 31, 2022 and 2021, the Company made &#8364;1,209 and &#8364;16,353, respectively, in capital expenditures. We
do not have any contractual obligations for ongoing capital expenditures at this time.</span></p><div>

</div><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><div>

</div><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>Lease
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</div><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><div>

</div><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">We
entered into lease agreements for office space, garage, motor vehicles and office equipment with expiration dates ranging from 2023 to
2027. The Company&#8217;s commitments for minimum lease payments under these leases as of December 31, 2022 and as of December 31, 2021
are as follows:</span></p><div>

</div><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><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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lease<br/> payment<br/> as of<br/> December&#160;31,<br/> 2022</b></span></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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</div><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><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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lease<br/> payment<br/> as of<br/> December&#160;31,<br/> 2021</b></span></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><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><div>

</div><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>Contingencies</i></b></span></p><div>

</div><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><div>

</div><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">We
are currently not a defendant to any material legal proceedings, investigation, or claims.</span></p><div>

</div><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><div>

</div><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>Off-Balance
Sheet Arrangements</i></span></p><div>

</div><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><div>

</div><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">We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.</span></p><div>

</div><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><div>

</div><div><a id="a_017"></a></div><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>5.C.&#160;Research
and Development, Patents and Licenses, etc.</b></span></p><div>

</div><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><div>

</div><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">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview.&#8221;</span></p><div>

</div><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><div>

</div><div><a id="a_018"></a></div><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>5.D.&#160;Trend
Information</b></span></p><div>

</div><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><div>

</div><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">Other
than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demand, commitments or events that
are reasonably likely to have a material effect on our net revenues and income from operations, profitability, liquidity, capital resources,
or would cause reported financial information not to be indicative of future operation results or financial condition.</span></p><div>

</div><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><div>

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

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><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><div>

</div><div><a id="a_019"></a></div><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>5.E.&#160;Critical
Accounting Estimates</b></span></p><div>

</div><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><div>

</div><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">The
following discussion relates to critical accounting policies for our company. The preparation of financial statements in conformity with
IFRS requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto,
and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant
to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition
and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition
and results of operations and require management&#8217;s difficult, subjective, or complex judgment, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates
are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting
the estimate may differ significantly from management&#8217;s current judgments. We believe the following critical accounting policies
involve the most significant estimates and judgments used in the preparation of our financial statements:</span></p><div>

</div><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><div>

</div><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>Judgments</i></span></p><div>

</div><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><div>

</div><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">Information
about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated
financial statements is included in the following notes to the financial statements accompanying this Annual Report.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                                            1: Reverse recapitalization</span></td></tr></table><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition of Brera Milano was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in
accordance with the guidance in paragraphs B19&#8211;B27 of IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting
acquirer based upon the terms of the acquisition and other factors including: (i) former Brera Milano shareholders owning approximately
35% of the combined company (on a fully diluted basis) immediately following the closing of the acquisition and are the largest shareholders&#8217;
party of the Company, (ii) former Brera Milano shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director
of the Company, and (iii) former Brera Milano shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and
a director of the Company; (iv) shareholders of the Company other than the former Brera Milano shareholders continuing as passive investors;
and (v) the combined company continuing the football related business with Brera Milano shareholders being the major subject matter experts
of this industry in the Company and having the power to direct the development and operations of the combined company after the acquisition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of December 31, 2022, the Company, which
was established as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition
completed on July 29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation,
and it was not qualified as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute
as a business combination since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the
consolidated financial statements of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera
Milano and the assets and liabilities are presented at their historical carrying values. As of December 31, 2022, the Company&#8217;s
consolidated financial statements are prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities
within the Group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                                            2(f): Assessment of our future liquidity and cash flows;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                                            10: Assessment of the lease term of lease liabilities depending on whether we are reasonably
                                            certain to exercise the extension options.</span></td></tr></table><div>

</div><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><div>

</div><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>Assumptions
and Estimation Uncertainties</i></span></p><div>

</div><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><div>

</div><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">Information
about assumptions and estimates as of December 31, 2022 and 2021 that have high risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the next financial year is included in the following notes to the financial statements accompanying
this Annual Report.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                                            3: Estimated useful lives, depreciation method and impairment assessment of the property,
                                            plant and equipment and rights-of-use assets.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                                            4: Measurement of the provision for doubtful accounts, for the significant assumptions used
                                            by management in estimating the expected credit losses (weighted-average loss rate or default
                                            rate, current and future financial situation of debtors for individual receivables that management
                                            is aware will be difficult to collect, future general economic conditions).</span></td></tr></table><div>

</div><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><div>

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

</div><!-- Field: Page; Sequence: 45; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><div><a id="a_020"></a></div><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>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p><div>

</div><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><div>

</div><div><a id="a_021"></a></div><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>6.A.&#160;Directors
and Senior Management</b></span></p><div>

</div><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><div>

</div><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">The
following table sets forth certain information regarding our directors and executive officers.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 30%; text-align: left"><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; vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><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; vertical-align: bottom; width: 8%; text-align: center"><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; vertical-align: bottom; width: 1%; padding-bottom: 1.5pt; text-align: center"><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; vertical-align: bottom; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>POSITION</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sergio
    Carlo Scalpelli</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><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">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alessandro
    Aleotti</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><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">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Strategy Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amedeo
    Montonati</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><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">30</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; text-align: justify"><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; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    Joseph McClory</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><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">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Chairman and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alberto
    Libanori</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</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">&#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">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
    Paul Gardner</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</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">&#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">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pietro
    Bersani</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>
    <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; 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goran
    Pandev</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</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">&#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">Director</span></td></tr>
  </table><div>
</div><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><div>

</div><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>Sergio
Carlo Scalpelli</i></b> has served as our Chief Executive Officer and a member of our board of directors since October 2022. Since June
2021, Mr. Scalpelli has been the President of cultural planning activities for Linkiestaclub, an Italian digital newspaper. From January
2001 to May 2021, Mr. Scalpelli was Chief of Institutional and External Relations for Fastweb, the pioneer company of fiber optic connections
in Italy, where he worked on the sponsorships of Juventus (2001-2003), Valentino Rossi (2006-2011), Usain Bolt (2018) and the Frecce
tricolori (2017-2019). During his time at Fastweb, Mr. Scalpelli was also President of ApBiscom, a news agency which was a joint venture
between Fastweb and Associated Press from April 2002 to March 2004. Mr. Scalpelli was a councilor for Sport, Youth and Relationships
with the Milan city council from June 1997 to March 2001 and a member of the executive committee of the council. Mr. Scalpelli was one
of the founders and the first CEO (1996-1999) of one of the most authoritative Italian newspapers: Il Foglio quotidiano. Throughout the
1990s Mr. Scalpelli was on the editorial boards of the magazines MicroMega, Limes, IdeAzione and Critica Sociale, and he was on the board
of directors of Bocconi University.</span></p><div>

</div><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><div>

</div><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>Alessandro
Aleotti </i></b>has served as our Chief Strategy Officer and a member of our board of directors since July 2022. Mr. Aleotti has served
as the President of Brera FC since its founding in 2000. Mr. Aleotti founded the MilanoMetropoli newspaper in 1997 and was its editor
and director until 2004. Mr. Aleotti is the author of numerous essays on economic issues, including a history of the Italian stock exchange,
as well as three books on the philosophy of football. From February 2005 to November 2015, Mr. Aleotti was director of the Milania think
tank, as well as a contributor or columnist for numerous newspapers and television programs, such as Libero, Telecampione and Lombardia
Channel. In February 1990, Mr. Aleotti co-founded Datanord Multimedia, a dotcom company, and served as president until the company was
sold and subsequently listed on the Italian Stock Exchange. Mr. Aleotti received his bachelor&#8217;s degree in business administration
from Bocconi University.</span></p><div>

</div><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><div>

</div><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>Amedeo
Montonati</i></b> has served as our Chief Financial Officer since July 2022. Since October 2021, Mr. Montonati has been the Associate
Director of AOGB Professional Services Group, an international CPA firm based in Hong Kong. Mr. Montonati worked for years in the finance
consultancy sector for international financial firms and in the associated government administration industry. He has extensive expertise
in accounting, corporate finance, corporate tax, management and administration consultancy and corporate services. He worked previously
for Hawksford Financial Services, a leading firm for financial services and trust funds, and as a Manager for The Italian Chamber of
Commerce in Hong Kong and Macao. Mr. Montonati received his Master&#8217;s in Business Administration with specialization in finance
from the University of South Australia in 2022, he obtained a professional certificate in International Tax Law from the University of
Leiden in 2021, he obtained a professional certification in Accounting Principles and Standards from the CFI Corporate Financial Institute
in 2022, he received a Graduate Certificate in Business Administration from the University of South Australia and he also undergone his
initial university program in International Business in 2017 at Melbourne Polytechnic, Australia.</span></p><div>

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</div><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>Daniel
Joseph McClory</i></b> has served as our Executive Chairman and as a member of our board of directors since July 2022. Since October
2022, Mr. McClory has served as co-founder, Executive Chairman and as a member of the board of directors of The RoyaLand Company Ltd.,
a Bermuda holding company focused on creating a royalty-themed experience called <i>myRoyal.World</i>. Mr. McClory has been the Chairman
and Chief Executive Officer of Boustead &amp; Company Limited, a non-bank financial institution, since July 2016, and has served as the
Managing Director, Head of Equity Capital Markets and Head of China for its U.S.-based subsidiary, Boustead Securities, LLC, since July
2016. Prior to working at Boustead, Mr. McClory held Managing Director positions at Bonwick Capital Partners, LLC, Burnham Securities
Inc. and at Hunter Wise Financial Group, LLC from May 2004 to July 2016. Mr. McClory&#8217;s teams have ranked in the Top Ten of League
Tables for placement agents, won &#8220;Deal of the Year&#8221; at the M&amp;A Advisor Awards, and completed IPOs and transactions for
clients listed on NASDAQ, the NYSE, the London Stock Exchange, Toronto Stock Exchange, the Stock Exchange of Hong Kong, and the Irish
Stock Exchange. Mr. McClory serves on the boards of the USA Track &amp; Field Foundation, the American Foundation of Savoy Orders, and
the Alder Foundation, where he listed the first-ever foreign-funded, venture philanthropy-backed IPO on Bovespa&#8217;s Social Stock
Exchange in Brazil. Mr. McClory earned a bachelor&#8217;s degree in English and a master&#8217;s degree in Language and International
Trade from Eastern Michigan University. In 2010, Eastern Michigan University awarded Mr. McClory an honorary Doctor of Public Service
degree.</span></p><div>

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</div><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>Dr.
Alberto Libanori</i></b> has served as a member of our board of directors since July 2022. Since January 2019, Dr. Libanori has served
as Senior Advisor of Boustead &amp; Company Limited. Dr. Libanori has also been a member of the board of directors for Mainz Biomed N.V.
(Nasdaq: MYNZ) since November 2021 and The RoyaLand Company Ltd. since October 2022. Previously, Dr. Libanori founded and helped with
the strategic exits of a number of technology start-ups including Atelier Mnemist SAS and Cutech, which was acquired by Symrise. He also
has 10 years&#8217; work experience at the science-business interface in venture capital, business development &amp; licensing, M&amp;A
and IPOs, focusing on life-sciences, med-tech and cosmeceuticals, working with L&#8217;Or&#233;al Research and Innovation, M-Ventures,
and Novartis Venture Funds. Dr. Libanori has published more than 30 peer-reviewed articles in journals including Nature Electronics,
Advanced Materials, and ACS Nano, and is the holder of two patents. Dr. Libanori holds a PhD and MS in Bioengineering from UCLA, with
focus on wearable and implantable bioelectronics and biomaterials for regenerative medicine, an MPhil in Bioscience Enterprise from Cambridge
University, and a bachelor&#8217;s in Bimolecular Sciences (Hons) from St Andrews University. Dr. Libanori is fluent in English, French,
Spanish, Mandarin Chinese and Portuguese, alongside his native Italian.</span></p><div>

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</div><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>Christopher
Paul Gardner</i></b> has served as a member of our board of directors since January 2023. Since June 2021, Mr. Gardner has been the Senior
Managing Director at Sutter Securities, Inc. Mr. Gardner&#8217;s first book, The Pursuit of Happyness, published in May 2006, became
a New York Times and Washington Post #1 Bestseller that has been translated into over 40 languages and inspired the critically acclaimed
film of the same name, starring Will Smith as Mr. Gardner. Mr. Gardner&#8217;s second bestselling book, &#8220;Start Where You Are,&#8221;
was published in May 2009 and his most recent book, &#8220;Permission to Dream,&#8221; was published in April 2021. Mr. Gardner has over
30 years of experience in the financial services industry and in 1987 established the brokerage firm, Gardner Rich &amp; Co, which he
sold in 2006. Mr. Gardner has also served on the board of the National Education Foundation. We believe that Mr. Gardner is qualified
to serve on our board of directors due to his record of executive and board experience.</span></p><div>

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</div><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>Pietro
Bersani </i></b>has served as a member of our board of directors since January 2023. Since June 2020, Mr. Bersani has served as a member
of the board of directors of Kiromic BioPharma, Inc. (Nasdaq: KRBP) and was appointed Chief Executive Officer in May 2022, after serving
as the interim Chief Executive Officer in January 2022. From April 2020 to January 2022, Mr. Bersani was a Partner with B2B CFO Partners,
LLC, which provides strategic management advisory services to owners of privately held companies. From October 2016 to July 2018 and
November 2019 to March 2020, he served as the President and Chief Executive Officer of K.P. Diamond Eagle, Inc., a consulting firm specialized
in development of innovative commercial and private aviation business models. Mr. Bersani served as a Senior Director within Alvarez
&amp; Marsal&#8217;s Private Equity Performance Improvement Practice, LLP between August 2018 and October 2019. Mr. Bersani is a Certified
Public Accountant and is also a Certified Public Auditor and a Chartered Certified Accountant in Italy where he developed a significant
knowledge of U.S. GAAP and IFRS. Mr. Bersani earned a bachelor&#8217;s degree and a master&#8217;s degree in business economics from
Bocconi University. We believe that Mr. Bersani is qualified to serve on our board of directors due to his record of executive and board
experience.</span></p><div>

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</div><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>Goran
Pandev</i></b> has served as a member of our board of directors since January 2023. Mr. Pandev is a professional football player who
began his career with FK Belasica during the 2000-01 season and has played for Lazio, Inter Milan, Genoa, and Parma, among others, while
also being the captain of the North Macedonian national team until he retired from international football in 2021. After establishing
himself at Lazio, Pandev moved to Inter Milan in early 2010. While playing for the Nerazzurri, Pandev collected a host of honors including
winning the Serie A, the Coppa Italia and the UEFA Champions League in 2010 as part of a treble for the club. On April 22, 2021, he became
the first Macedonian to score 100 goals in one of the top five European football leagues. Mr. Pandev has scored the most goals of any
North Macedonian national team player with a total of 38 goals between 2001 and 2021. Mr. Pandev is the founder and owner of Akademija
Pandev, a North Macedonian football club founded in 2010 that plays in the Macedonian First League and has succeeded in reaching the
qualifiers to the UEFA Europa League during the 2019-2020 season and the UEFA Europa Conference League during the 2022-2023 season. We
believe that Mr. Pandev is qualified to serve on our board of directors due to his extensive football experience.</span></p><div>

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</div><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">No
family relationships exist between any of our directors and executive officers. There are no arrangements or understandings with major
shareholders, customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior
management.</span></p><div>

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</div><div><a id="a_022"></a></div><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>6.B.&#160;Compensation
of Board Members and Executives</b></span></p><div>

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</div><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">We
recorded &#8364;137,685 in total compensation to directors and executive officers for the year ended December 31, 2022, consisting of
&#8364;12,478 in salary to our Chief Executive Officer, Sergio Carlo Scalpelli, &#8364;18,986 in salary to our Chief Financial Officer,
Amedeo Montonati, &#8364;60,303 in director&#8217;s fees and &#8364;42,828 in the form of a one-time termination payment to the former
sole director of Brera Milano and a former director of Brera Holdings, Marco Sala, and &#8364;3,090 in director&#8217;s fees to the current
sole director of Brera Milano, Francesca Duva. We have not set aside or accrued any additional amount to provide pension, retirement
or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the
directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation
structure for the directors and the executive officers. In connection with our initial public offering, we adopted an equity incentive
plan, see &#8220;&#8212;<i>Equity Incentive Plan</i>&#8221; below.</span></p><div>

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</div><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">Under
our consulting agreement with our Chief Executive Officer, Sergio Carlo Scalpelli, effective as of October 5, 2022, we agreed that, for
a 1-year term, unless terminated earlier in accordance with its terms, we will pay Mr. Scalpelli an annual salary of &#8364;50,000, and
he will be eligible to receive an annual cash bonus as determined by the Board of Directors. Under his agreement, we agreed to grant
Mr. Scalpelli a share option under the Plan, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares to vest
equally over three (3) years beginning on January 26, 2023. Upon a change of control of the Company, all of the shares will vest immediately.
The Company also provides standard indemnification and directors&#8217; and officers&#8217; insurance in addition to the ability to participate
in standard employee benefits, such as health insurance or 401(k), if the Company institutes these benefits in the future. Mr. Scalpelli
is also subject to certain confidentiality and non-competition provisions.</span></p><div>

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</div><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">Under
our consulting agreement with our Chief Financial Officer, Amedeo Montonati, effective as of October 18, 2022, we agreed that, for a
6-month term, unless terminated earlier in accordance with its terms, we will pay to AOB Accounting and Consultancy Service Company Limited
on behalf of Mr. Montonati a monthly fee of $4,000, and he will be eligible to receive an annual cash bonus as determined by the board
of directors. The Company also provides standard indemnification and directors&#8217; and officers&#8217; insurance. Mr. Montonati is
also subject to certain confidentiality and non-competition provisions.</span></p><div>

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</div><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">Under
their independent director agreements with us, each independent director receives an annual cash fee and an initial stock option that
was awarded in connection with our initial public offering. We pay the annual cash compensation fee to each independent director in four
equal installments no later than the fifth business day of each calendar quarter commencing in the second quarter of 2023. The cash fee
to paid to each independent director is $51,000 as to Mr. Alberto Libanori, $51,000 as to Mr. Christopher Paul Gardner, $36,000 as to
Mr. Goran Pandev, and $56,000 as to Mr. Pietro Bersani. Under their agreements, each independent director was granted a share option,
with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares. The share option vests over a three (3) year period
beginning on January 26, 2023, at a rate of 1/3 per year. We also reimburse each independent director for pre-approved reasonable business-related
expenses incurred in good faith in connection with the performance of the independent director&#8217;s duties for us. As also required
under the independent director agreements, we have separately entered into a standard indemnification agreement with each of our independent
directors, the term of which began January 26, 2023.</span></p><div>

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</div><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">Under
a Private Agreement between the Company and Marco Sala, a former director of Brera Holdings, dated November 30, 2022, we agreed that
Mr. Sala would resign as sole director of Brera Milano, forfeit accrued and unpaid emoluments as sole director in the amount of approximately
&#8364;43,000, forfeit an indemnity of &#8364;11,000 due by way of severance, that the Company would pay Mr. Sala the total and all-inclusive
amount of &#8364;43,000, and that with fulfillment of such payment obligation, an agreement and acknowledgement by Mr. Sala that he expects
nothing else from Brera Milano, and that, with fulfillment of Mr. Sala&#8217;s commitments to resign and make the forfeitures described
above, the Company recognizes Mr. Sala&#8217;s discharge for work carried out during his tenure as sole director of Brera Milano. On
November 30, 2022, Mr. Sala resigned as sole director of Brera Milano. On the same date, Brera Milano appointed Dr. Francesca Duva as
new sole director of Brera Milano and granted Dr. Duva an annual emolument of &#8364;30,000.</span></p><div>

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</div><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>Equity
Incentive Plan</i></b></span></p><div>

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</div><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">On
October 26, 2022, our board of directors approved the Brera Holdings Limited 2022 Equity Incentive Plan, or the 2022 Plan.</span></p><div>

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</div><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>Purpose
of the 2022 Plan</i>: The purpose of the 2022 Plan is to advance our interests and the interests of our shareholders by providing an
incentive to attract, retain and reward persons performing services for us and by motivating such persons to contribute to our growth
and profitability. The maximum number of Class B Ordinary Shares that may be issued pursuant to awards granted under the 2022 Plan will
be 2,000,000 shares. Cancelled and surrendered share options and share awards may again become available for grant under the 2022 Plan.
As of the date of this Annual Report, we have granted 200,000 share options under the 2022 Plan and all 1,800,000 shares remain available
for issuance under the 2022 Plan. We intend that awards granted under the 2022 Plan be exempt from or comply with Section 409A of the
Internal Revenue Code, or the Code (including any amendments or replacements of such section), and the 2022 Plan shall be so construed.</span></p><div>

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</div><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">The
following summary briefly describes the principal features of the 2022 Plan and is qualified in its entirety by reference to the full
text of the 2022 Plan.</span></p><div>

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</div><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">Awards
that may be granted include: (a) Incentive Share Options, or ISO (b) Non-qualified Share Options, (c) Share Appreciation Rights, (d)
Restricted Shares, (e) Restricted Share Units, or RSUs, (f) Shares granted as a bonus or in lieu of another award, and (g) Performance
Awards. These awards offer us and our shareholders the possibility of future value, depending on the long-term price appreciation of
our Class B Ordinary Shares and the award holder&#8217;s continuing service with us.</span></p><div>

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</div><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">Share
options give the option holder the right to acquire from us a designated number of shares of our Class B Ordinary Shares at a purchase
price that is fixed at the time of the grant of the option. The exercise price will not be less than the market price of the Class B
Ordinary Shares on the date of grant. Share options granted may be either incentive share options or non-qualified share options.</span></p><div>

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</div><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">Share
appreciation rights, or SARs, which may be granted alone or in tandem with options, have an economic value similar to that of options.
When an SAR for a particular number of shares is exercised, the holder receives a payment equal to the difference between the market
price of the shares on the date of exercise and the exercise price of the shares under the SAR. Again, the exercise price for SARs normally
is the market price of the shares on the date the SAR is granted. Under the 2022 Plan, holders of SARs may receive this payment &#8211;
the appreciation value &#8211; either in cash or Class B Ordinary Shares valued at the fair market value on the date of exercise. The
form of payment will be determined by us.</span></p><div>

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</div><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">Restricted
shares are awards of a right to receive shares of our Class B Ordinary Shares on a future date. Restricted Share Unit Awards are evidenced
by award agreements in such form as our board of directors shall from time to time establish. Restricted shares can take the form of
awards of restricted shares, which represent issued and outstanding shares of our Class B Ordinary Shares subject to vesting criteria,
or restricted share units, which represent the right to receive shares of our Class B Ordinary Shares subject to satisfaction of the
vesting criteria. Restricted shares are surrenderable and non-transferable until the shares vest. The vesting date or dates and other
conditions for vesting are established when the shares are awarded.</span></p><div>

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</div><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">Our
board of directors may grant Class B Ordinary Shares to any eligible recipient as a bonus, or to grant shares or other awards in lieu
of obligations to pay cash or deliver other property under the 2022 Plan or under other plans or compensatory arrangements.</span></p><div>

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</div><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">The
2022 Plan also provides for performance awards, representing the right to receive a payment, which may be in the form of cash, Class
B Ordinary Shares, or a combination, based on the attainment of pre-established goals.</span></p><div>

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</div><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">All
of the permissible types of awards under the 2022 Plan are described in more detail below.</span></p><div>

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</div><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>Administration
of the 2022 Plan:</i>&#160;The 2022 Plan is currently administered by our board of directors. All questions of interpretation of the
2022 Plan, of any award agreement or of any other form of agreement or other document employed by us in the administration of the 2022
Plan or of any award shall be determined by the Board, and such determinations shall be final, binding and conclusive upon all persons
having an interest in the 2022 Plan or such award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations
taken or made by the board of directors. in the exercise of its discretion pursuant to the 2022 Plan or award agreement or other agreement
thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive
upon all persons having an interest therein.</span></p><div>

</div><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><div>

</div><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>Eligible
Recipients:</i>&#160;Persons eligible to receive awards under the 2022 Plan will be those employees, consultants and directors of us
or of any of our subsidiaries.</span></p><div>

</div><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><div>

</div><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>Shares
Available Under the 2022 Plan:</i>&#160;The maximum aggregate number of Class B Ordinary Shares that may be issued under the 2022 Plan
will be 2,000,000 shares and shall consist of authorized but unissued or reacquired Class B Ordinary Shares or any combination thereof,
subject to adjustment for certain corporate changes affecting the shares, such as share splits, merger, consolidation, reorganization,
reincorporation, recapitalization, reclassification, or share dividend. Shares subject to an award under the 2022 Plan for which the
award is canceled, forfeited, surrendered, or expires again become available for grants under the 2022 Plan.</span></p><div>

</div><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><div>

</div><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>Share
Options and Share Appreciation Rights:</i></span></p><div>

</div><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><div>

</div><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>General.
</i>Share options and SARs shall be evidenced by award agreements specifying the number of Class B Ordinary Shares covered thereby, in
such form as the board of directors shall from time to time establish. Each Share option grant will identify the option as an ISO or
Non-qualified Share Option. Subject to the provisions of the 2022 Plan, the administrator has the authority to determine all grants of
share options. That determination will include: (i) the number of shares subject to any option; (ii) the exercise price per share; (iii)
the expiration date of the option; (iv) the manner, time and date of permitted exercise; (v) other restrictions, if any, on the option
or the shares underlying the option; and (vi) any other terms and conditions as the administrator may determine.</span></p><div>

</div><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><div>

</div><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>Option
Price</i>. The exercise price for each share option or SAR shall be established in the discretion of the board of directors; provided,
however, that the exercise price per share for the share option or SAR shall be not less than the fair market value of a Class B Ordinary
Share on the effective date of grant of the share option or SAR. Notwithstanding the foregoing, a share option or SAR may be granted
with an exercise price lower than the minimum exercise price set forth above if such share option or SAR is granted pursuant to an assumption
or substitution for another option in a manner qualifying under the provisions of Section&#160;424(a) of the Code.</span></p><div>

</div><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><div>

</div><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>Exercise
of Options.</i> Share options may be immediately exercisable but subject to repurchase or may be exercisable at such time or times, or
upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the
board of directors and set forth in the award agreement evidencing such share option. No share option or SAR shall be exercisable after
the expiration of seven (7) years after the effective date of grant of such share option or SAR. Subject to the foregoing, unless otherwise
specified by the board of directors in the grant of a share option or SAR, any share option or SAR granted hereunder shall terminate
seven (7) years after the effective date of grant of the share option or SAR, unless earlier terminated in accordance with its provisions.
The board of directors may set a reasonable minimum number of Class B Ordinary Shares that may be exercised at any one time.</span></p><div>

</div><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><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Expiration
or Termination.</i> Options, if not previously exercised, will expire on the expiration date established by the administrator at the
time of grant. In the case of incentive share options, such term cannot exceed seven years provided that in the case of holders of more
than 10% of our total combined voting shares, such term cannot exceed five years. Options will terminate before their expiration date
if the holder&#8217;s service with our company or a subsidiary terminates before the expiration date. The option may remain exercisable
for specified periods after certain terminations of employment, including terminations as a result of death, disability or retirement,
with the precise period during which the option may be exercised to be established by the administrator and reflected in the grant evidencing
the award.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Incentive
Share Options.</i> Share options intending to qualify as ISOs may only be granted to employees, as determined by the board of directors.
No ISO shall be granted to any person if immediately after the grant of such award, such person would own ordinary shares, including Class
B Ordinary Shares subject to outstanding awards held by him or her under the 2022 Plan or any other plan established by the Company, amounting
to more than ten percent (10%) of the total combined voting power or value of all classes of ordinary shares of the Company. To the extent
that the award agreement specifies that an Option is intended to be treated as an ISO, the Option is intended to qualify to the greatest
extent possible as an &#8220;incentive stock option&#8221; within the meaning of Section 422 of the Code, and shall be so construed; provided,
however, that any such designation shall not be interpreted as a representation, guarantee or other undertaking on the part of the Company
that the Option is or will be determined to qualify as an ISO. If and to the extent that any shares are issued under a portion of any
Option that exceeds the $100,000 limitation of Section 422 of the Code, such Class B Ordinary Shares shall not be treated as issued under
an ISO notwithstanding any designation otherwise.&#160;<b><i>&#160;</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Restricted
Share Awards:</i> Share awards can also be granted under the 2022 Plan. A share award is a grant of Class B Ordinary Shares or of a right
to receive shares in the future. These awards will be subject to such conditions, restrictions and contingencies as the administrator
shall determine at the date of grant. Those may include requirements for continuous service and/or the achievement of specified performance
goals.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Restricted
Share Units</i>: RSU Awards shall be evidenced by award agreements in such form as the board of directors shall from time to time establish.
The purchase price for shares issuable under each RSU Award shall be established by the board of directors in its discretion. Except as
may be required by Applicable Law or established by the board of directors, no monetary payment (other than applicable tax withholding)
shall be required as a condition of receiving an RSU Award. Shares issued pursuant to any RSU Award may (but need not) be made subject
to vesting conditions based upon the satisfaction of such Service requirements, conditions, restrictions or Performance Criteria, as shall
be established by the board of directors and set forth in the award agreement evidencing such award.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Performance Criteria:</i> Under the 2022 Plan,
Performance Criteria means business criteria including, but not limited to: revenue; revenue growth; earnings before interest and taxes;
earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre- or after-tax income; net operating
profit after taxes; economic value added (or an equivalent metric); ratio of operating earnings to capital spending; cash flow (before
or after dividends); cash-flow per share (before or after dividends); net earnings; net sales; sales growth; share price performance;
return on assets or net assets; return on equity; return on capital (including return on total capital or return on invested capital);
cash flow return on investment; total shareholder return; improvement in or attainment of expense levels; and improvement in or attainment
of working capital levels or Performance Criteria. Any Performance Criteria may be used to measure the Company&#8217;s performance as
a whole or any of the Company&#8217;s business units and may be measured relative to a peer group or index.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Performance
Awards. </i>Performance awards shall be evidenced by award agreements in such form as the board of directors shall from time to time establish.
Each performance award shall entitle the participant to a payment in cash or Class B Ordinary Shares upon the attainment of Performance
Criteria and other terms and conditions specified by the board of directors. Notwithstanding the satisfaction of any Performance Criteria,
the amount to be paid under a performance award may be adjusted by the board of directors on the basis of such further consideration as
the board of directors in its sole discretion shall determine. The board of directors may, in its discretion, substitute actual Class
B Ordinary Shares for the cash payment otherwise required to be made to a participant pursuant to a performance award.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Bonus
Shares and Awards in Lieu of Obligations. </i>The board of directors may grant Class B Ordinary Shares to any eligible recipient as a
bonus, or to grant Class B Ordinary Shares or other awards in lieu of obligations to pay cash or deliver other property under the 2022
Plan or under other plans or compensatory arrangements, provided that, in the case of participants subject to Section 16 of the Exchange
Act, the amount of such grants remains within the discretion of the board of directors to the extent necessary to ensure that acquisitions
of Class B Ordinary Shares or other awards are exempt from liability under Section 16(b) of the Exchange Act. Class B Ordinary Shares
or awards granted hereunder shall be subject to such other terms as shall be determined by the board of directors.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Other
Material Provisions:</i> Awards will be evidenced by a written agreement, in such form as may be approved by the administrator. In the
event of various changes to the capitalization of our company, such as share splits, share dividends and similar re-capitalizations, an
appropriate adjustment will be made by the administrator to the number of shares covered by outstanding awards or to the exercise price
of such awards. The administrator is also permitted to include in the written agreement provisions that provide for certain changes in
the award in the event of a change of control of our company, including acceleration of vesting. Except as otherwise determined by the
administrator at the date of grant, awards will not be transferable, other than by will or the laws of descent and distribution. Prior
to any award distribution, we are permitted to deduct or withhold amounts sufficient to satisfy any employee withholding tax requirements.
Our board of directors also has the authority, at any time, to discontinue the granting of awards. The board of directors also has the
authority to alter or amend the 2022 Plan or any outstanding award or may terminate the 2022 Plan as to further grants, provided that
no amendment will, without the approval of our shareholders, to the extent that such approval is required by law or the rules of an applicable
exchange, increase the number of shares available under the 2022 Plan, change the persons eligible for awards under the 2022 Plan, extend
the time within which awards may be made, or amend the provisions of the 2022 Plan related to amendments. No amendment that would adversely
affect any outstanding award made under the 2022 Plan can be made without the consent of the holder of such award.</span></p><div>

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

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.C. Board Practices</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nasdaq&#8217;s listing rules generally require
that a majority of an issuer&#8217;s board of directors must consist of independent directors. Our board of directors currently consists
of seven (7) directors, Sergio Carlo Scalpelli, Alessandro Aleotti, Daniel Joseph McClory, Alberto Libanori, Christopher Paul Gardner,
Pietro Bersani and Goran Pandev, four (4) of whom, Alberto Libanori, Christopher Paul Gardner, Pietro Bersani and Goran Pandev, are independent
within the meaning of Nasdaq&#8217;s rules. <span style="background-color: white">Each director shall serve until his successor is duly
elected and qualified or until his earlier death, resignation or removal.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A director is not required to hold any shares
in our company to qualify to serve as a director. Our board of directors may exercise all the powers of our company to borrow money, mortgage
or charge its undertaking, property and uncalled capital, and to issue debentures, bonds and other securities, subject to applicable stock
exchange limitations, if any, whenever money is borrowed or as security for any debt, liability or obligation of our company or of any
third-party.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify; text-indent: -10.1pt"><b><i>Board Committees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify; text-indent: -10.1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a standing audit committee, a compensation
committee and a nominating and corporate governance committee of our board of directors. We adopted a charter for each of the three committees.
Each committee&#8217;s members and functions are described below.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit committee consists of Alberto Libanori,
Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the &#8220;independence&#8221; requirements of Rule 10A-3 under the
Exchange Act and Nasdaq&#8217;s rules, with Mr. Bersani serving as chair of the audit committee. Our board has determined that Mr. Bersani
qualifies as an &#8220;audit committee financial expert.&#8221; The audit committee will oversee our accounting and financial reporting
processes and the audits of the financial statements of our company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee will be responsible for, among
other things: (i) retaining and overseeing our independent accountants; (ii) assisting the board in its oversight of the integrity of
our financial statements, the qualifications, independence and performance of our independent auditors and our compliance with legal and
regulatory requirements; (iii) reviewing and approving the plan and scope of the internal and external audit; (iv) pre-approving any audit
and non-audit services provided by our independent auditors; (v) approving the fees to be paid to our independent auditors; (vi) reviewing
with our chief executive officer and chief financial officer and independent auditors the adequacy and effectiveness of our internal controls;
(vii) reviewing and approving related party transactions (viii) reviewing hedging transactions; and (ix) reviewing and assessing annually
the audit committee&#8217;s performance and the adequacy of its charter.&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compensation committee consists of Alberto
Libanori, Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the &#8220;independence&#8221; requirements of Rule 10A-3
under the Exchange Act and Nasdaq&#8217;s rules, with Mr. Gardner serving as chair of the compensation committee. The compensation committee
will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors
and executive officers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation committee will be responsible
for, among other things: (i) reviewing and approving the remuneration of our executive officers; (ii) making recommendations to the board
regarding the compensation of our independent directors; (iii) making recommendations to the board regarding equity-based and incentive
compensation plans, policies and programs; and (iv) reviewing and assessing annually the compensation committee&#8217;s performance and
the adequacy of its charter.&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Nominating and Corporate Governance Committee</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our nominating and corporate governance committee
consists of Alberto Libanori, Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the &#8220;independence&#8221; requirements
of Rule 10A-3 under the Exchange Act and Nasdaq&#8217;s rules, with Dr. Libanori serving as chair of the nominating and corporate governance
committee. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to
become our directors and in determining the composition of the board and its committees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nominating and corporate governance committee
will be responsible for, among other things: (i) identifying and evaluating individuals qualified to become members of the board by reviewing
nominees for election to the board submitted by shareholders and recommending to the board director nominees for each annual meeting of
shareholders and for election to fill any vacancies on the board; (ii) advising the board with respect to board organization, desired
qualifications of board members, the membership, function, operation, structure and composition of committees (including any committee
authority to delegate to subcommittees), and self-evaluation and policies; (iii) advising on matters relating to corporate governance
and monitoring developments in the law and practice of corporate governance; and (iv) overseeing compliance with the our code of ethics.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nominating and corporate governance committee&#8217;s
methods for identifying candidates for election to our board of directors will include the solicitation of ideas for possible candidates
from a number of sources - members of our board of directors, our executives, individuals personally known to the members of our board
of directors, and other research. The nominating and corporate governance committee may also, from time-to-time, retain one or more third-party
search firms to identify suitable candidates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In making director recommendations, the nominating
and corporate governance committee may consider some or all of the following factors: (i) the candidate&#8217;s judgment, skill, experience
with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight; (ii) the
interplay of the candidate&#8217;s experience with the experience of other board members; (iii) the extent to which the candidate would
be a desirable addition to the board and any committee thereof; (iv) whether or not the person has any relationships that might impair
his or her independence; and (v) the candidate&#8217;s ability to contribute to the effective management of our company, taking into account
the needs of our company and such factors as the individual&#8217;s experience, perspective, skills and knowledge of the industry in which
we operate.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Duties of Directors</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under Irish law, our
directors have certain statutory and fiduciary duties. All of the directors have equal and overall responsibility for the management of
the Company (although directors who also serve as employees will have additional responsibilities and duties arising under their employment
agreements and will be expected to exercise a greater degree of skill and diligence than non-executive directors). The principal fiduciary
duties include the statutory and common law fiduciary duties of acting in good faith in the interests of the company and exercising due
care and skill. Other statutory duties include ensuring the maintenance of proper books of account, having annual accounts prepared, having
an annual audit performed, maintaining certain registers and making certain filings as well as the disclosure of personal interests. Particular
duties also apply to directors of insolvent companies (for example, the directors could be liable to sanctions where they are deemed by
the court to have carried on our business while insolvent, without due regard to the interests of creditors). For public limited companies,
directors are under a specific duty to ensure that the corporate secretary is a person with the requisite knowledge and experience to
discharge the role.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conflicts of Interest</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a matter of Irish law, a director is under
a fiduciary duty to avoid conflicts of interest. Irish law and our constitution provide that: (i) a director may be a director of or otherwise
interested in a company relating to us and will not be accountable to us for any remuneration or other benefits received as a result,
unless we otherwise direct; (ii) a director or a director&#8217;s firm may act for us in a professional capacity other than as auditor;
and (iii) a director may hold an office or place of profit in us and will not be disqualified from contracting with us. If a director
has a personal interest in an actual or proposed contract with us, the director must declare the nature of his or her interest and we
are required to maintain a register of such declared interests that must be available for inspection by the shareholders. Such a director
may vote on any resolution of the board of directors in respect of such a contract, and such a contract will not be voidable solely as
a result.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify; text-indent: -10.1pt"><b><i>Terms of
Directors and Officers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt; text-align: justify; text-indent: -10.1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constitution provides for a minimum of two
directors and a maximum of twelve directors. Our shareholders may from time to time increase or reduce the maximum number, or increase
the minimum number, of directors by ordinary resolution. Our board of directors determines the number of directors subject to the above
limitations. The first director of the Company was the person determined in writing by the subscriber of our constitution. The first director
resigned on July 11, 2022, and was replaced by the directors named in this prospectus. Subsequent directors of our company may be appointed
by our board of directors and shall hold office until the next annual general meeting where they shall be eligible for re-election. The
following persons are disqualified by the Irish Companies Act from being a director of our company: (i) anyone who is less than 18 years
of age; (ii) a person who is not an individual; and (iii) a person who has the status of a bankrupt.</p><div>

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

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

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>Employment
and Indemnification Agreements</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into consulting agreements with
certain of our executive officers. Each of these agreements provides for an initial salary and covenants not to solicit our employees
or customers during their service period and for a period of up to 18 months following termination.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the fullest extent permitted by Irish law,
our constitution confers an indemnity on our directors and officers. However, this indemnity is limited by the Irish Companies Act, which
prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge the liability of a director or
corporate secretary where judgment is given in favor of the director or corporate secretary in any civil or criminal action in respect
of such costs or liability, or where an Irish court grants relief because the director or corporate secretary acted honestly and reasonably
and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify its directors or corporate
secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether contained in its constitution
or any contract between the company and the director or corporate secretary. This restriction does not apply to our executives who are
not directors, the corporate secretary or other persons who would be considered &#8220;officers&#8221; within the meaning of that term
under the Irish Companies Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constitution also contains indemnification
and expense advancement provisions for persons who are not directors or our corporate secretary.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under our constitution and the
Irish Companies Act to take out directors&#8217; and officers&#8217; liability insurance, as well as other types of insurance, for our
directors, officers, employees and agents.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we have entered into agreements
to indemnify our directors and our executive officers to the maximum extent allowed under applicable law. These agreements, among other
things, provide that we will indemnify our directors and executive officers for certain expenses (including attorneys&#8217; fees), judgments,
fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right,
on account of any services undertaken by such person on our behalf or that person&#8217;s status as our director or executive officer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Differences between Irish Laws and Nasdaq
Requirements</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sarbanes-Oxley Act, as well as related rules
subsequently implemented by the SEC, requires foreign private issuers, such as us, to comply with various corporate governance practices.
In addition, following the listing of the common shares on Nasdaq, we are required to comply with the Nasdaq Stock Market Rules. Under
those rules, we may elect to follow certain corporate governance practices permitted under Irish law in lieu of compliance with corresponding
corporate governance requirements otherwise imposed by the Nasdaq Stock Market Rules for U.S. domestic registrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Irish law and practice and
subject to the exemption set forth in Rule 5615(a)(3) of the Nasdaq Stock Market Rules, as a foreign private issuer, we have elected to
rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq Stock Market Rules, with respect
to the following requirements:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Rule 5635 which sets forth the circumstances under which
shareholder approval is required prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of
another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv)
transactions other than public offerings. Instead, the Company will comply with the applicable Irish law;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Rule 5250(b)(3) which sets forth the requirement to disclose
third party director and nominee compensation. Instead, the Company will comply with the applicable Irish law; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Rule 5250(d) which sets forth the requirement to distribute
annual and interim reports. For interim reporting, the Company may be permitted to comply solely with Irish law requirements, which are
less rigorous than the rules that apply to domestic public companies.</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.D. Employees</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Company had no employees and two independent
contractors. As of December 31, 2022, our subsidiary, Brera Milano, had no employees and no independent contractors. None of our employees
are represented by labor unions, and we believe that we have an excellent relationship with our employees.</p><div>

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

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.E. Share Ownership</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">See &#8220;Item 7. Major Shareholders
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.F. Disclosure of a Registrant&#8217;s Action to Recover
Erroneously Awarded Compensation</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">Not applicable.</span></p><div>

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

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </b></p><div>

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

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7.A. Major shareholders</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information with respect to beneficial
ownership of our share capital as of the date of this Annual Report by:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">each person who is known by us to beneficially own 5% or
more of each class of our voting securities;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">each of our current directors and each member of our senior
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</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">all of our directors and senior management as a group.</td>
</tr></table><div>

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

</div><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">
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  <tr style="vertical-align: bottom; background-color: White">
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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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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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="font-size: 10pt">280,000</span></td><td style="text-align: left"><sup>(17)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.6</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="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  </table><div>

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<td style="width: 0.35in; text-align: left">(1)</td><td style="text-align: justify">Based on 7,700,000 Class A Ordinary Shares and 3,705,000 Class
B Ordinary Shares issued and outstanding as of the date of this Annual Report.</td>
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<td style="width: 0.35in; text-align: left">(2)</td><td style="text-align: justify">The holders of Class A Ordinary Shares are entitled to ten (10)
votes for each share of Class A Ordinary Shares held of record, and the holders of Class B Ordinary Shares are entitled to one (1) vote
for each share of Class B Ordinary Shares held of record, on all matters submitted to a vote of the shareholders. A total of 11,405,000
ordinary shares representing total voting power of 80,705,000 votes are outstanding as of the date of this Annual Report.</td>
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<td style="width: 0.35in; text-align: left">(3)</td><td style="text-align: justify">Under the consulting agreement between Sergio Carlo Scalpelli
and the Company, Mr. Scalpelli was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary
Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.</td>
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<td style="width: 0.35in; text-align: left">(4)</td><td style="text-align: justify">Consists of (i) 100,000 Class B Ordinary Shares held by Sergio
Carlo Scalpelli; and (ii) 100,000 Class B Ordinary Shares held by KAP Global Holding Limited, which are considered to be beneficially
owned by Mr. Scalpelli.</td>
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<td style="width: 0.35in; text-align: left">(5)</td><td style="text-align: justify">The 100,000 Class B Ordinary Shares held by KAP Global Holding
Limited are considered to be beneficially owned by Alessandro Aleotti.</td>
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<td style="width: 0.35in; text-align: left">(6)</td><td style="text-align: justify">Currently holds no shares or options.</td>
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<td style="width: 0.35in; text-align: left">(7)</td><td style="text-align: justify">The 2,250,000 Class A Ordinary Shares held by Pinehurst Partners
LLC are considered to be beneficially owned by Daniel Joseph McClory.</td>
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<td style="width: 0.35in; text-align: left">(8)</td><td style="text-align: justify">Under the independent director agreement between Alberto Libanori
and the Company, Dr. Libanori was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary
Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.</td>
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<td style="width: 0.35in; text-align: left">(9)</td><td style="text-align: justify">Under the independent director agreement between Christopher
Paul Gardner and the Company, Mr. Gardner was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class
B Ordinary Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.</td>
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<td style="width: 0.35in; text-align: left">(10)</td><td style="text-align: justify">Under the independent director agreement between Pietro Bersani
and the Company, Mr. Bersani was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares,
which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.</td>
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<td style="width: 0.35in; text-align: left">(11)</td><td style="text-align: justify">Under the independent director agreement between Goran Pandev
and the Company, Mr. Pandev was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares,
which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.</td>
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<td style="width: 0.35in; text-align: left">(12)</td><td style="text-align: justify">KAP Global Holding Limited is a Hong Kong limited company. KAP
Global Holding Limited&#8217;s director is Stefano Locatelli. Marco Sala, a former director of Brera Holdings, Stefano Locatelli, Sergio
Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and a director, Massimo Ferlini
and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary Shares owned by KAP
Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited&#8217;s registered office is
located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong, China.</td>
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<td style="width: 0.35in; text-align: left">(13)</td><td style="text-align: justify">Niteroi Spa is an Italian joint-stock company. Niteroi Spa&#8217;s
sole director is Adrio Maria de Carolis, a former director of Brera Holdings. Adrio Maria de Carolis is deemed to beneficially own the
Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive powers over its shares. Niteroi Spa&#8217;s business
address is Piazza San Giorgio 2, 20121 Milan MI, Italy.</td>
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<td style="width: 0.35in; text-align: left">(14)</td><td style="text-align: justify">Pinehurst Partners LLC is a Colorado limited liability company.
Pinehurst Partners LLC&#8217;s managing member is Daniel Joseph McClory, our Executive Chairman and Director. Daniel Joseph McClory is
deemed to beneficially own the Class A Ordinary Shares owned by Pinehurst Partners LLC and has sole voting and dispositive powers over
its shares. Pinehurst Partners LLC&#8217;s business address is 6525 Gunpark Drive, Suite 370-103, Boulder, CO 80301, United States.</td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left">(15)</td><td style="text-align: justify">BaseStones, Inc. is a Nevada corporation. BaseStones, Inc.&#8217;s
president is Mohammad Ansari. Mohammad Ansari is deemed to beneficially own the Class B Ordinary Shares owned by BaseStones, Inc. and
has sole voting and dispositive powers over its shares. BaseStones, Inc.&#8217;s business address is 1901 Avenue of the Stars, #200,
Los Angeles, CA 90067, United States.</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left">(16)</td><td style="text-align: justify">Oleta Investments, LLC is a Nevada limited liability company.
Oleta Investments, LLC&#8217;s managing member is Chris Etherington. Chris Etherington is deemed to beneficially own the Class B Ordinary
Shares owned by Oleta Investments, LLC and has sole voting and dispositive powers over its shares. Oleta Investments, LLC&#8217;s business
address is 48 Iron Trail, Ladera Ranch, CA, 92694, United States.</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.35in; text-align: left">(17)</td><td style="text-align: justify">Consists of (i) 25,000 Class B Ordinary Shares held by Chris
Etherington; and (ii) 255,000 Class B Ordinary Shares held by Oleta Investments, LLC, of which Mr. Etherington has sole voting and dispositive
power.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not aware of any arrangement that may, at a subsequent date,
result in a change of control of our company.</p><div>

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

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7.B. Related Party Transactions</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Unless otherwise
noted, the following is a description of related party transactions we have entered into since January 1, 2022, with any of the members
of our board of directors, any executive officer, any holder of more than 5% of our ordinary shares at the time of such transaction, or
any members of their immediate family, that had or will have a direct or indirect material interest, other than compensation arrangements,
which are described under &#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation&#8221; and &#8220;Item 6. Directors,
Senior Management and Employees&#8212;C. Board Practices.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Corporate
Reorganization</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and director, and MAX SRL, for a total of &#8364;25,000. In connection with this transaction, we paid Mr. Sala,
our director, &#8364;5,000 for 20% of the share capital of Brera Milano; and we paid Mr. Aleotti &#8364;4,000 for 16% of the share capital
of Brera Milano. Under this agreement, we also agreed to contribute &#8364;253,821 upon the final completion of the formal obligations
under this agreement at the Milan Register of Companies, to restore Brera Milano&#8217;s share capital due to a &#8364;253,821 liability
indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer, paid &#8364;253,821 for purposes
of restoring Brera Milano&#8217;s share capital, and completed certain other required formalities. As a result, the share transfer became
effective under Italian law, and Brera Milano became our wholly-owned subsidiary.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
13, 2022, our subsidiary Brera Milano entered into a private deed with Alessandro Aleotti and Leonardo Aleotti in which Brera Milano agreed
to purchase the trademarks &#8220;Brera&#8221; and &#8220;FENIX Trophy&#8221; for the cost of the trademarks&#8217; registration.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
13, 2022, Brera Milano entered into a private deed with FCD Brera in which Brera Milano granted a non-exclusive license to FCD Brera to
use the trademarks &#8220;Brera&#8221; and &#8220;FENIX Trophy&#8221; in connection with its football activities. Under the agreement,
FCD Brera agreed to carry out certain requested sports activities relating to the trademarks in exchange for fees to be agreed between
the parties. Costs attributable to the sports activities relating to the trademarks will be borne by FCD Brera, and revenues attributable
to such activities will be recognized by Brera Milano. If appropriate fees cannot be agreed to in exchange for the requested sports activities,
Brera Milano may decline to carry out the activities. Any costs that are sustained by FCD Brera in carrying out agreed-to sports activities
in the manner requested by Brera Milano may be expensed to Brera Milano for reimbursement. FCD Brera may otherwise continue to operate
independently of Brera Milano and the Company.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Sales
of Securities</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Founder
Share Issuances</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of Brera
Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The following
table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board of directors,
executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms of these purchases
were the same for all purchasers of our ordinary shares.</span></p><div>

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

</div><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">Shareholder</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">Class A<br/>
 Ordinary<br/>
 Shares</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">Class B<br/>
 Ordinary<br/>
 Shares</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">Aggregate<br/>
 Purchase<br/>
 Price Paid</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Daniel Joseph McClory, Executive Chairman and Director</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,500</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Niteroi Spa<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,500</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">Alessandro Aleotti, Chief Strategy Officer and Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Leonardo Aleotti<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,250</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">Marco Sala, former Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">350,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,750</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">KAP Global Holding Limited<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">500</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="background-color: white">(1)</span></td><td style="text-align: justify"><span style="background-color: white">Niteroi Spa is an Italian
joint-stock company. Niteroi Spa&#8217;s sole director is Adrio Maria de Carolis, a former director of Brera Holdings. Adrio Maria de
Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive powers over
its shares. Niteroi Spa&#8217;s corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="background-color: white">(2)</span></td><td style="text-align: justify"><span style="background-color: white">Leonardo Aleotti is the
adult son of Alessandro Aleotti, our Chief Strategy Officer and a director.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="background-color: white">(3)</span></td><td style="text-align: justify"><span style="background-color: white">KAP Global Holding Limited
is a Hong Kong limited company. KAP Global Holding Limited&#8217;s director is Stefano Locatelli. Marco Sala, a former director of Brera
Holdings, Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy
Officer and director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the
Class B Ordinary Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding
Limited&#8217;s registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Surrendered
Founder Shares and Related Share Issuances</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On September
21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and we issued
2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000 Class B Ordinary
Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250, $1,000 and $250,
respectively.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On October
5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class B Ordinary
Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy Officer
and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran Pandev,
our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each, and 250,000
Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory&#8217;s adult son, for $1,250.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On November
11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares to Sergio
Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Under our
constitution, we are authorized to issue two classes of ordinary shares, Class A Ordinary Shares and Class B Ordinary Shares, and any
number of classes of preferred shares. Class A Ordinary Shares are entitled to ten votes per share on proposals requiring or requesting
shareholder approval, and Class B Ordinary Shares are entitled to one vote on any such matter. Class A Ordinary Shares are convertible
to Class B Ordinary Shares as follows: (i) at the option of the holder of Class A Ordinary Shares without the payment of additional consideration
or (ii) automatically upon the transfer of Class A Ordinary Shares, except that the transfer of Class A Ordinary Shares to another holder
of Class A Ordinary Shares will not result in such automatic conversion. Class B Ordinary Shares are not convertible. Other than as to
voting and conversion rights, Class A Ordinary Shares and Class B Ordinary Shares have the same rights and preferences and rank equally.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">As a result
of the above share issuances and surrenders, our founders, some of whom are, or are beneficially owned by, our officers and directors,
own 7,700,000 Class A Ordinary Shares, which amounts to 77,000,000 votes out of a total of 80,705,000 votes held by our outstanding ordinary
shares. </span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Private
Placements</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class B Ordinary
Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15) of the
Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act,
and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead acted as placement agent in this private placement.
Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350, or 7% of the total purchase
price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or 1% of the total purchase price
of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase up to 105,350 Class B Ordinary
Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Capital
Increase Agreements</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On July
18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and a director, and MAX SRL. We also agreed to contribute &#8364;253,821 to Brera Milano upon the final completion
of the formal obligations under this agreement at the Milan Register of Companies, in order to restore Brera Milano&#8217;s share capital
due to a &#8364;253,821 liability indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer,
paid &#8364;253,821 for purposes of restoring Brera Milano&#8217;s share capital, and completed certain other required formalities. As
a result, the share transfer became effective under Italian law, and Brera Milano became our wholly-owned subsidiary.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Indemnification
Agreements</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">To the fullest
extent permitted by Irish law, our constitution confers an indemnity on our directors and officers. However, this indemnity is limited
by the Irish Companies Act, which prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge
the liability of a director or corporate secretary where judgment is given in favor of the director or corporate secretary in any civil
or criminal action in respect of such costs or liability, or where an Irish court grants relief because the director or corporate secretary
acted honestly and reasonably and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify
its directors or corporate secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether
contained in its constitution or any contract between the company and the director or corporate secretary. This restriction does not apply
to our executives who are not directors, the corporate secretary or other persons who would be considered &#8220;officers&#8221; within
the meaning of that term under the Irish Companies Act.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Our constitution
also contains indemnification and expense advancement provisions for persons who are not directors or our corporate secretary.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">We are permitted
under our constitution and the Irish Companies Act to take out directors&#8217; and officers&#8217; liability insurance, as well as other
types of insurance, for our directors, officers, employees and agents.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Additionally,
we have entered into agreements to indemnify our directors and our executive officers to the maximum extent allowed under applicable law.
These agreements, among other things, provide that we will indemnify our directors and executive officers for certain expenses (including
attorneys&#8217; fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including
any action by or in our right, on account of any services undertaken by such person on our behalf or that person&#8217;s status as our
director or executive officer. </span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Other
Agreements</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">From March
2016 to May 2022, we engaged SWG S.p.A., or SWG, to provide certain polling services, free of charge, and without agreements in writing.
SWG is beneficially owned by Adrio Maria de Carolis, a beneficial owner of approximately 30.9% of our Class A Ordinary Shares and a former
director of Brera Holdings. </span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">For the
year ended December 31, 2022, we had other receivables owed to Brera Calcio AS in the amount of &#8364;3,076 and to each of Alessandro
Aleotti, our Chief Strategy Officer and director, Marco Sala, a former director of Brera Holdings, Sergio Carlo Scalpelli, our Chief Executive
Officer and director, Stefano Locatelli and Christian Rocca in the amount of &#8364;333, deposits and prepayments owed to MAX SRL, Stefano
Locatelli and Sergio Carlo Scalpelli, our Chief Executive Officer and director in the amounts of &#8364;38,856, &#8364;35,868 and &#8364;22,020,
respectively, trade payables owed to MAX SRL, Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and Francesca Duva,
the director of Brera Milano in the amounts of &#8364;19,666, &#8364;9,867, &#8364;4,146 and &#8364;3,090, respectively.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">For the
year ended December 31, 2021, we had other receivables owed to Stefano Locatelli in the amount of &#8364;1,334 and to each of Alessandro
Aleotti, our Chief Strategy Officer and director, Marco Sala, a former director of Brera Holdings, Sergio Carlo Scalpelli, our Chief Executive
Officer and director, and Christian Rocca in the amount of &#8364;333, deposits and prepayments owed to MAX SRL and Stefano Locatelli in
the amounts of &#8364;14,545 and &#8364;14,000, respectively, trade payables owed to MAX SRL and Brera Calcio AS in the amounts of &#8364;6,112
and &#8364;36,600, respectively and we had a loan from Mr. Scalpelli in the amount of &#8364;20,000. </span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On August
16, 2022, we signed a sponsorship agreement with Fudbalski Klub Akademija Pandev, or Akademija Pandev, wherein we contributed &#8364;70,000
to Akademija Pandev in exchange for their use of the Brera trademarks during the 2022-23 football season. Goran Pandev, our director,
is the founder and owner of Akademija Pandev, a North Macedonian football club founded in 2010, that plays in the Macedonian First League.
For the entirety of 2022-23 season, Akademija Pandev will provide Brera brand awareness and will use our trademarks on their game shirts,
on their wall poster campaign in the city of Strumica, on their banners, including those used in the sports center of Goran Pandev, as
well as a mutually agreed upon joint communication both to the Macedonian press and on the club&#8217;s official media channels. The sponsorship
agreement is non-exclusive and does not automatically renew. On November 25, 2022, we entered into an extension to the sponsorship agreement
in which we agreed to extend the term of the sponsorship agreement to December 31, 2023, and to pay Akademija Pandev an additional &#8364;30,000.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Under a
Private Agreement between the Company and Marco Sala, a former director of Brera Holdings, dated November 30, 2022, we agreed that Mr.
Sala would resign as sole director of Brera Milano, forfeit accrued and unpaid emoluments as sole director in the amount of approximately
&#8364;43,000, forfeit an indemnity of &#8364;11,000 due by way of severance, that the Company would pay Mr. Sala the total and all-inclusive
amount of &#8364;43,000, and that with fulfillment of such payment obligation, an agreement and acknowledgement by Mr. Sala that he expects
nothing else from Brera Milano, and that, with fulfillment of Mr. Sala&#8217;s commitments to resign and make the forfeitures described
above, the Company recognizes Mr. Sala&#8217;s discharge for work carried out during his tenure as sole director of Brera Milano. On November
30, 2022, Mr. Sala resigned as sole director of Brera Milano. On the same date, Brera Milano appointed Dr. Francesca Duva as new sole
director of Brera Milano and granted Dr. Duva an annual emolument of &#8364;30,000.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Initial Public Offering</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2023, we entered into an underwriting
agreement (the &#8220;Underwriting Agreement&#8221;) with Revere Securities, LLC, as representative of the underwriters named on Schedule
1 thereto (the &#8220;Representative&#8221;), relating to the Company&#8217;s initial public offering (the &#8220;Offering&#8221;) of
1,500,000 Class B Ordinary Shares (the &#8220;Offering Shares&#8221;) of the Company, at an Offering price of $5.00 per share (the &#8220;Offering
Price&#8221;). Pursuant to the Underwriting Agreement, in exchange for the Representative&#8217;s firm commitment to purchase the Offering
Shares, the Company agreed to sell the Offering Shares to the Representative at a purchase price of $4.65 (93% of the public offering
price per share). The Company also granted the Representative a 45-day over-allotment option to purchase up to an additional 225,000 Class
B Ordinary Shares at the Offering Price, representing fifteen percent (15%) of the Class B Ordinary Shares sold in the Offering, from
the Company, less underwriting discounts and commissions and a non-accountable expense allowance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering Shares commenced trading on the Nasdaq
Capital Market under the symbol &#8220;BREA.&#8221; The closing of the Offering took place on January 31, 2023. After deducting underwriting
discounts and commissions and non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also issued the Representative a warrant
to purchase up to 105,000 Class B Ordinary Shares (7% of the Class B Ordinary Shares sold in the Offering) (the &#8220;Representative&#8217;s
Warrants&#8221;). The Representative&#8217;s Warrants are exercisable at any time from July 26, 2023 to July 26, 2028 for $5.00 per share
(100% of the Offering Price per Class B Ordinary Share). The Representative&#8217;s Warrants contain customary anti-dilution provisions
for share dividends, splits, mergers, and any future issuance of ordinary shares or ordinary shares equivalents at prices (or with exercise
and/or conversion prices) below the exercise price. The Representative&#8217;s Warrant also contains piggyback registration rights in
compliance with FINRA Rule 5110.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering Shares were offered and sold and
the Representative&#8217;s Warrant was issued pursuant to the Company&#8217;s Registration Statement on Form F-1 (File No. 333-268187),
as amended (the &#8220;Registration Statement&#8221;), initially filed with the Commission on November 4, 2022, and declared effective
by the Commission on January 26, 2023, and the final prospectus filed with the Commission on January 30, 2023 pursuant to Rule 424(b)(4)
of the Securities Act. The Offering Shares, Representative&#8217;s Warrant and the Class B Ordinary Shares underlying the Representative&#8217;s
Warrant were registered as a part of the Registration Statement. The Company intends to use the net proceeds from the Offering to purchase
acquisition or management rights of football clubs; continued investment in social impact football; sales and marketing; and working capital
and general corporate purposes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Underwriting Agreement
contained customary representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations
of the Company and the underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination
provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such
agreement and as of specific dates were solely for the benefit of the parties to such agreement and may be subject to limitations agreed
upon by the contracting parties.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s officers, directors, and Class
A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant
any option for the sale of or otherwise dispose of any ordinary shares or other securities convertible into or exercisable or exchangeable
for ordinary shares for a period of 12 months without the prior written consent of the Representative.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Entry into a Letter of Intent with Fudbalski
Klub Akademija Pandev</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On February 13, 2023,
we entered into a binding letter of intent (the &#8220;Letter of Intent&#8221;) with Fudbalski Klub Akademija Pandev, a joint stock company
organized under the laws of North Macedonia (&#8220;FKAP&#8221;), and its sole equity holder, Goran Pandev, our director (the &#8220;FKAP
Owner&#8221;), relating to the acquisition of FKAP by the Company or Brera Milano.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Pursuant to the Letter of
Intent, the Company, FKAP and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the &#8220;Definitive
Agreements&#8221;) that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from
the FKAP Owner a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting 90% of the
outstanding common shares of FKAP after such acquisition. The Company will pay the FKAP Owner &#8364;600,000 on the date that the parties
enter into the Definitive Agreements. Additionally, for a period of ten years beginning with December 31, 2023, and following each year
thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company
equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes
of the Letter of Intent, the &#8220;Applicable Net Income Amount&#8221; shall be equal to the sum of (i) 15% of the net income actually
received by FKAP from players&#8217; transfer market fees received during the applicable year; plus (ii) 15% of the net income actually
received by FKAP from Union of European Football Associations prize money paid for access to European qualifying rounds (not including
group stages, and only including such rounds) during the applicable year; and &#8220;VWAP Per Share&#8221; means the average of the daily
Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading
day immediately prior to the measurement date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Letter of Intent
will automatically terminate, and be of no further force and effect except as provided, upon the earlier of (i) execution of the Definitive
Agreements, (ii) mutual agreement between the Company and the FKAP Owner, or (iii) at least ten days&#8217; written notice of termination
from one party to the other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary covenants including
as to due diligence, exclusivity, and expenses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Entry into a Contract
with Tchumene FC Sports Association</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On March 17, 2023, we
entered into a contract (the &#8220;Contract&#8221;) with Tchumene FC Sports Association, a football club organized under the laws of
Mozambique (&#8220;Tchumene FC&#8221; or the &#8220;Club&#8221;), relating to a strategic partnership through the establishment of sponsorship
and franchising relationships between us and Tchumene FC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the Contract,
for the 2023 football season, Tchumene FC will be rebranded as &#8220;Brera Tchumene FC&#8221; with simultaneous modification of its logo
and corporate colors. We will determine the Club&#8217;s game shirt sponsor, deliver media relating to the Club on its communication channels,
manage external media relations, use the Club&#8217;s brand for any communication activity and promotion, and promote the Club around
the world through its relationship network with football operators and finance partners in the United States. We will not intervene or
assume responsibility over the sports management of the Club and all of the Club&#8217;s sporting activity will remain under the exclusive
control of Tchumene FC. The Company will pay Tchumene FC &#8364;25,000, of which &#8364;15,000 was paid upon signing the Contract and &#8364;10,000
will be paid by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual
term as described below, the Company will pay &#8364;25,000 in one lump sum within thirty days of such renewal of the Contract for the
following football season. We will decide the shirt sponsor of the Club&#8217;s football shirts. If the sponsor is an Italian company
that already works with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique,
we will negotiate with Tchumene FC the division of the sponsorship revenue in accordance with market standards.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Contract will automatically
renew for each subsequent football season in which Tchumene FC plays in the Mozambique second division, unless terminated at the end of
any football season by either party upon 30 days&#8217; notice or upon a breach of contract with 30 days&#8217; notice. If Tchumene FC
enters Mozambique football&#8217;s first division, the Contract will be terminated with the intent to renegotiate the terms to include
greater commitments between the parties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Contract also provides
that no exclusivity obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements with any company
operating in the sports industry.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Entry into a Share
Purchase Agreement with Fudbalski Klub Akademija Pandev</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 28, 2023, we entered into an agreement
for the purchase and sale of outstanding common shares (the &#8220;Share Purchase Agreement&#8221;) with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia (&#8220;FKAP&#8221;), and its sole equity holder, Goran Pandev, our
director (the &#8220;FKAP Owner&#8221;), relating to the acquisition of FKAP by the Company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Pursuant to the Share Purchase
Agreement, the Company acquired from the FKAP Owner 2,250 common shares of FKAP, constituting 90% of the outstanding common shares of
FKAP, and the Company paid the FKAP Owner &#8364;600,000 upon the signing of the Share Purchase Agreement. Additionally, for a period of
ten years beginning with December 31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the
FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as
defined below) divided by the VWAP Per Share (as defined below). For purposes of the Share Purchase Agreement, the &#8220;Applicable Net
Income Amount&#8221; shall be equal to the sum of (i) 15% of the net income actually received by FKAP from players&#8217; transfer market
fees received during the applicable year; plus (ii) 15% of the net income actually received by FKAP from Union of European Football Associations
prize money paid for access to European qualifying rounds (not including group stages, and only including such rounds) during the applicable
year; and &#8220;VWAP Per Share&#8221; means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary
Shares for each of the ten consecutive trading days beginning on the trading day immediately prior to the measurement date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Purchase Agreement may be terminated,
amended, supplemented, waived or modified only by written instrument signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought. The Share Purchase Agreement contains customary covenants including as to due
diligence, representation and warranties, and indemnification.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Related
Party Transaction Policy</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Pursuant
to our related party transaction policy, any related party transaction must be approved or ratified by our board of directors or a designated
committee thereof. In determining whether to approve or ratify a transaction with a related party, our board of directors or the designated
committee will consider all relevant facts and circumstances, including without limitation the commercial reasonableness of the terms,
the benefit and perceived benefit, or lack thereof, to us, opportunity costs of alternate transactions, the materiality and character
of the related party&#8217;s direct or indirect interest and the actual or apparent conflict of interest of the related party. Our board
of directors or the designated committee will not approve or ratify a related party transaction unless it has determined that, upon consideration
of all relevant information, such transaction is in, or not inconsistent with, our best interests and the best interests of our shareholders.</span></p><div>

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

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7.C. Interests of Experts and Counsel</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. FINANCIAL INFORMATION</b></p><div>

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

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8.A. Consolidated Statements and Other Financial Information</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Financial Statements</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">See &#8220;Item
18. Financial Statements,&#8221;</span> which contains our consolidated financial statements prepared in accordance with IFRS.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Legal Proceedings</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may become involved in various
lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties
and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of
any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating
results.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Policy on Dividend Distributions</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid cash dividends
on our ordinary shares. We currently intend to retain all available funds and any future earnings for use in the operation of our business
and do not anticipate paying any cash dividends in the near future. Any future determination to declare dividends will be made at the
discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, contractual
restrictions, general business conditions and other factors that our board of directors may deem relevant, and will be subject to compliance
with applicable laws, including the Irish Companies Act, which requires Irish companies to have distributable reserves available for distribution
equal to or greater than the amount of the proposed dividend.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8.B. Significant Changes</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Except as
disclosed elsewhere in this Annual Report, such as the disclosure relating to our initial public offering in January 2023, no significant
change has occurred since the date of our consolidated financial statements filed as part of this annual report.</span></p><div>

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

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. THE OFFER AND LISTING </b></p><div>

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

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.A. Offer and Listing Details</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Class B Ordinary Shares have traded on the
Nasdaq Capital Market since January 27, 2023, under the symbol &#8220;BREA&#8221;.</p><div>

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

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.B. Plan of Distribution </b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.C. Markets</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">See &#8220;Item 9. The Offer
and Listing&#8212;A. Offer and Listing Details.&#8221;</span></p><div>

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

</div><div><a id="a_038"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.D. Selling Shareholders</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_039"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.E. Dilution</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_040"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.F. Expenses of the Issue</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_041"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

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

</div><div><a id="a_042"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.A. Share Capital</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_043"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.B. Memorandum and Articles of Association</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of certain terms and provisions
of our constitution, as amended, and certain related sections of the Irish Companies Act are incorporated by reference to our Registration
Statement filed on Form F-1 (File No. 333-268187) filed with the SEC and as declared effective on January 26, 2023.</p><div>

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

</div><div><a id="a_044"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.C. Material Contracts</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All material contracts governing the business
of the Company are described elsewhere in this Annual Report or in the information incorporated by reference herein.</p><div>

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

</div><div><a id="a_045"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.D. Exchange Controls</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the laws of Ireland, there are currently
no Irish restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance
of dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our ordinary shares. <span style="background-color: white">See
&#8220;Item 10. Additional Information&#8212;E. Taxation.&#8221;</span></p><div>

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

</div><div><a id="a_046"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.E. Taxation</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following summary contains a description
of material Irish and U.S. federal tax consequences of the acquisition, ownership and disposition of our Class B Ordinary Shares. This
summary should not be considered a comprehensive description of all the tax considerations that may be relevant to the decision to acquire
ordinary shares in this offering. </i></p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the material Irish
tax consequences for certain beneficial holders of our Class B Ordinary Shares. The summary is based upon Irish tax laws and the practice
of the Revenue Commissioners of Ireland in effect on the date of this Annual Report and correspondence with the Revenue Commissioners
of Ireland. Changes in law and/or administrative practice may result in alteration of the tax considerations described below, possibly
with retrospective effect.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summary does not constitute tax advice and
is intended only as a general guide. The summary is not exhaustive, and holders of our Class B Ordinary Shares should consult their own
tax advisors about the Irish tax consequences (and the tax consequences under the laws of other relevant jurisdictions) of this offering,
including the acquisition, ownership, and disposal of our Class B Ordinary Shares. The summary applies only to shareholders who will own
our Class B Ordinary Shares as capital assets and does not apply to other categories of shareholders, such as dealers in securities, trustees,
insurance companies, collective investment schemes and shareholders who have, or who are deemed to have, acquired ordinary shares by virtue
of an Irish office or employment (performed or carried on in Ireland).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax on Chargeable Gains</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current rate of tax on chargeable gains (where
applicable) in Ireland is 33%.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A disposal of our Class B Ordinary Shares by a
shareholder who is not resident or ordinarily resident for tax purposes in Ireland will not give rise to Irish tax on any chargeable gain
realized on such disposal unless such Class B Ordinary Shares are used in or for the purposes of a trade carried on by such shareholder
in Ireland through a branch or agency or are used or held or acquired for use by or for the purposes of such a branch or agency.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder of our Class B Ordinary Shares who is
an individual and who is temporarily non-resident in Ireland may, under Irish anti-avoidance legislation, be liable to Irish tax on any
chargeable gain realized on a disposal of our Class B Ordinary Shares during the period in which such individual is non-resident.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rate of stamp duty (where applicable) on transfers
of shares in Irish incorporated companies generally is 1% of the price paid or the market value of the shares acquired, whichever is greater.
Where Irish stamp duty arises, it is generally a liability of the buyer or transferee. Irish stamp duty may, depending on the manner in
which our Class B Ordinary Shares are held, be payable in respect of transfers of our Class B Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Shares held through DTC</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that a transfer of our Class B
Ordinary Shares effected by means of the transfer book entry interests in DTC will not be subject to Irish stamp duty.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Shares held outside of DTC or transferred into
or out of DTC</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A transfer of our Class B Ordinary Shares where
any party to the transfer holds such shares outside of DTC may be subject to Irish stamp duty. Holders of our Class B Ordinary Shares
wishing to transfer their shares into (or out of) DTC may do so without giving rise to Irish stamp duty provided that:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">there is no change in the beneficial ownership of such shares
as a result of the transfer; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the transfer into (or out of) DTC is not effected in contemplation
of a sale of such shares by a beneficial owner to a third party.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the potential Irish stamp duty charge on
transfers of our Class B Ordinary Shares, any person who wishes to acquire shares of our company should consider acquiring such shares
through DTC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Withholding Tax on Dividends</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to pay dividends for the foreseeable
future. To the extent that we do make dividend payments (or other returns to shareholders that are treated as &#8220;distributions&#8221;
for Irish tax purposes), it should be noted that such distributions made by us will, in the absence of one of many exemptions, be subject
to Irish dividend withholding tax, or DWT, currently at a rate of 25%.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For DWT purposes, a distribution includes any
distribution that may be made by us to our shareholders, including cash dividends, non-cash dividends and additional stock taken in lieu
of a cash dividend. Where an exemption does not apply in respect of a distribution made to a particular shareholder, we are responsible
for withholding DWT prior to making such distribution.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a general overview of the scenarios
where it will be possible for us to make payments of dividends without deduction of DWT.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irish domestic law provides that a non-Irish resident
holder of our Class B Ordinary Shares is not subject to DWT on dividends received from us if such shareholder is beneficially entitled
to the dividend and is either:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a person (not being a company) resident for tax purposes
in a Relevant Territory (including the United States) and is neither resident nor ordinarily resident in Ireland (the current list of
Relevant Territories for DWT purposes are: Albania, Armenia, Australia, Austria, Bahrain, Belarus, Belgium, Bosnia &amp; Herzegovina,
Botswana, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia,
Germany, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Israel, Italy, Japan, Kazakhstan, Kenya, Korea, Kosovo, Kuwait, Latvia, Lithuania,
Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Montenegro, Morocco, Netherlands, New Zealand, Norway, Pakistan, Panama, Poland,
Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland,
Thailand, The Republic Of Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan, Vietnam and Zambia);</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a company which is not resident for tax purposes in Ireland
but is resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly,
of a person or persons who is or are resident in Ireland;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a company, which is not resident for tax purposes in Ireland,
that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may be) not controlled
by, directly or indirectly, persons who are not resident in a Relevant Territory;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a company, which is not resident for tax purposes in Ireland,
whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on a stock exchange
in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for
Finance; or</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a company, which is not resident for tax purposes in Ireland,
that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such companies
is substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such
other stock exchange approved by the Irish Minister for Finance,</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and provided, in all cases noted above, we have
received from the holder of our Class B Ordinary Shares, where required, the relevant Irish Revenue Commissioners DWT Form(s) prior to
the payment of the dividend and such DWT Form(s) remain valid.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For non-Irish resident holders of our Class B
Ordinary Shares that cannot avail themselves of one of Ireland&#8217;s domestic law exemptions from DWT, it may be possible for such shareholders
to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our Class B Ordinary Shares that
do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT (subject
if required to certain administrative obligations being satisfied). If any holders of our Class B Ordinary Shares are exempt from DWT,
but receive dividends subject to DWT, such shareholders may apply for refunds of such DWT from the Revenue Commissioners of Ireland.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Tax on Dividends Paid on our Class
B Ordinary Shares</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irish income tax may arise for certain persons
in respect of dividends received from Irish resident companies. A shareholder that is not resident or, in the case of individuals, ordinarily
resident in Ireland and that is entitled to an exemption from DWT generally has no liability to Irish income tax or the universal social
charge on a dividend received from us. An exception to this position may apply where such holder holds our Class B Ordinary Shares through
a branch or agency in Ireland through which a trade is carried on.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder of our Class B Ordinary Shares that is
not resident or ordinarily resident in Ireland and that is not entitled to an exemption from DWT generally has no additional Irish income
tax liability or a liability to the universal social charge. The DWT deducted by us discharges the liability to income tax. An exception
to this position may apply where the holder holds our Class B Ordinary Shares through a branch or agency in Ireland through which a trade
is carried on.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Capital Acquisitions Tax</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irish capital acquisitions tax, or CAT, comprises
principally gift tax and inheritance tax. CAT could apply to a gift or inheritance of our Class B Ordinary Shares irrespective of the
place of residence, ordinary residence or domicile of the parties. This is because our Class B Ordinary Shares are regarded as property
situated in Ireland for Irish CAT purposes as our share register must be held in Ireland. The person who receives the gift or inheritance
has primary liability for CAT.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAT is currently levied at a rate of 33% above
certain tax-free thresholds. The appropriate tax-free threshold is dependent upon (i) the relationship between the donor and the donee,
and (ii) the aggregation of the values of previous taxable gifts and taxable inheritances received by the donee from persons within the
same group threshold. Gifts and inheritances passing between spouses of the same marriage or civil partners of the same civil partnership
are exempt from CAT. Children have a tax-free threshold of &#8364;335,000 in respect of taxable gifts or inheritances received from their
parents. The holders of our Class B Ordinary Shares should consult their own tax advisors as to whether CAT is creditable or deductible
in computing any domestic tax liabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is also a &#8220;small gift exemption&#8221;
from CAT whereby the first &#8364;3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar
year, is exempt from CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE
ARE FOR GENERAL INFORMATION ONLY. HOLDERS OF OUR CLASS B ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES
IN IRELAND, INCLUDING RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSAL OF SUCH ORDINARY SHARES.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>U.S. Federal Income Taxation Considerations</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion describes the material
U.S. federal income tax consequences relating to the ownership and disposition of our ordinary shares by U.S. Holders (as defined below).
This discussion applies to U.S. Holders that purchase our ordinary shares pursuant to this Annual Report and hold such ordinary shares
as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, U.S. Treasury regulations
promulgated thereunder and administrative and judicial interpretations thereof, and the income tax treaty between Ireland and the United
States (the &#8220;Treaty&#8221;), all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, currency or securities dealers and traders in securities or other persons that generally
mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies,
real estate investment trusts, certain former citizens or residents of the United States, persons who hold our ordinary shares as part
of a &#8220;straddle&#8221;, &#8220;hedge&#8221;, &#8220;conversion transaction&#8221;, &#8220;synthetic security&#8221; or integrated
investment, persons that have a &#8220;functional currency&#8221; other than the U.S. dollar, persons that own directly, indirectly or
through attribution 10% or more of the voting power of our shares, corporations that accumulate earnings to avoid U.S. federal income
tax, persons subject to special tax accounting rules under Section 451(b) of the Code, partnerships and other pass-through entities, and
investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any
U.S. federal estate, gift or alternative minimum tax consequences.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this discussion, the term &#8220;U.S.
Holder&#8221; means a beneficial owner of our ordinary shares that is, for U.S. federal income tax purposes, (i) an individual who is
a citizen or resident of the United States, (ii) a corporation (or 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, (iii) an estate the income
of which is subject to U.S. federal income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United
States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control
all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust
for U.S. federal income tax purposes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity treated as a partnership for U.S.
federal income tax purposes holds our ordinary shares, the U.S. federal income tax consequences relating to an investment in our ordinary
shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its
own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition
of our ordinary shares. Persons considering an investment in our ordinary shares should consult their own tax advisors as to the particular
tax consequences applicable to them relating to the purchase, ownership and disposition of our ordinary shares, including the applicability
of U.S. federal, state and local tax laws and non-U.S. tax laws.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Passive Foreign Investment Company Consequences</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, a corporation organized outside the
United States will be treated as a passive foreign investment company, or PFIC, for any taxable year in which either (1) at least 75%
of its gross income is &#8220;passive income&#8221; or (2) on average at least 50% of its assets, determined on a quarterly basis, are
assets that produce passive income or are held for the production of passive income. Passive income for this purpose generally includes,
among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive
income. Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or
raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether
a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly,
at least a 25% interest (by value) is taken into account.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not believe that we were a PFIC for the year ending
December 31, 2022, our determination is based on an interpretation of complex provisions of the law, which are not addressed in a significant
number of administrative pronouncements or rulings by the Internal Revenue Service, or IRS. Accordingly, there can be no assurance that
our conclusions regarding our status as a PFIC for the 2022 taxable year will not be challenged by the IRS and, if challenged, upheld
in appropriate proceedings. In addition, because PFIC status is determined on an annual basis and generally cannot be determined until
the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may continue
to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based in part
on the value of our ordinary shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine
that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would
not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC in any taxable year during which
a U.S. Holder owns our ordinary shares, the U.S. Holder could be liable for additional taxes and interest charges under the &#8220;PFIC
excess distribution regime&#8221; upon (1) a distribution paid during a taxable year that is greater than 125% of the average annual distributions
paid in the three preceding taxable years, or, if shorter, the U.S. Holder&#8217;s holding period for our ordinary shares, and (2) any
gain recognized on a sale, exchange or other disposition, including a pledge, of our ordinary shares, whether or not we continue to be
a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution
or gain ratably over the U.S. Holder&#8217;s holding period for our ordinary shares. The amount allocated to the current taxable year
(i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are
a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed
at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year,
and an interest charge, generally applicable to underpayments of tax, will be added to the tax.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any year during which a U.S.
Holder holds our ordinary shares, that U.S. Holder must generally continue to treat us as a PFIC for all succeeding years during which
the U.S. Holder holds our ordinary shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a &#8220;deemed
sale&#8221; election with respect to our ordinary shares. If the election is made, the U.S. Holder will be deemed to sell our ordinary
shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized
from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder&#8217;s
ordinary shares would not be treated as shares of a PFIC unless we subsequently again become a PFIC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any taxable year during which
a U.S. Holder holds our ordinary shares and one of our non-U.S. corporate subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such
U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under
the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier
PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. U.S. Holders are advised to consult
their tax advisors regarding the application of the PFIC rules to our non-U.S. subsidiaries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC, a U.S. Holder will not be subject
to tax under the PFIC excess distribution regime on distributions or gain recognized on our ordinary shares if such U.S. Holder makes
a valid &#8220;mark-to-market&#8221; election for our ordinary shares. A mark-to-market election is available to a U.S. Holder only for
&#8220;marketable stock&#8221;.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ordinary shares will be marketable stock so
long as they remain listed on Nasdaq and are regularly traded, other than in de minimis quantities, on at least 15 days during each calendar
quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account, as ordinary income each year, the
excess of the fair market value of our ordinary shares held at the end of such taxable year over the adjusted tax basis of such ordinary
shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such our
ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously
included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder&#8217;s tax basis in our
ordinary shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a
sale, exchange or other disposition of our ordinary shares in any taxable year in which we are a PFIC would be treated as ordinary income
and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market
gains previously included in income) and thereafter as capital loss.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A mark-to-market election will not apply to our
ordinary shares for any taxable year during which we are not a PFIC, but it will remain in effect with respect to any subsequent taxable
year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future.
Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier
PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder&#8217;s mark-to-market election for our ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax consequences that would apply if we are
or become a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund,
or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF
election. Consequently, prospective investors should assume that a QEF election will not be available.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. persons who are investors in a PFIC are generally
required to file an annual information return on IRS Form 8621 containing such information as the U.S. Treasury Department may require.
The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect
to U.S. federal income tax.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The U.S. federal income tax rules relating
to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact
of PFIC status on the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC,
any elections available with respect to our ordinary shares and the IRS information reporting obligations with respect to the purchase,
ownership and disposition of the ordinary shares of a PFIC.</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion above under &#8220;&#8212;<i>Passive
Foreign Investment Company Consequences</i>&#8221;, a U.S. Holder that receives a distribution with respect to our ordinary shares generally
will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received
to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or accumulated earnings and profits (as determined under U.S.
federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder&#8217;s
pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce
(but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s ordinary shares. To the extent the non-dividend portion of the
distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s ordinary shares, the remainder will be taxed as capital gain. Because
we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all
distributions to be reported to them as dividends. Distributions on our ordinary shares that are treated as dividends generally will constitute
income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such
dividends will not be eligible for the &#8220;dividends received&#8221; deduction generally allowed to corporate shareholders with respect
to dividends received from U.S. corporations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above under &#8220;<i>Dividend Policy</i>&#8221;,
we do not currently expect to make distributions on our ordinary shares. Subject to the discussion above under &#8220;<i>&#8212;Passive
Foreign Investment Company Consequences</i>&#8221;, for so long as our ordinary shares are listed on Nasdaq or we are eligible for benefits
under the Treaty, dividends paid to certain non-corporate U.S. Holders will be eligible for taxation as &#8220;qualified dividend income&#8221;
and therefore, subject to applicable holding period requirements, will be taxable at rates not in excess of the long-term capital gain
rate applicable to such U.S. Holder. The amount of a dividend will include any amounts withheld by us in respect of Irish income taxes.
The amount of the dividend will be treated as foreign source dividend income to U.S. Holders and will not be eligible for the dividends-received
deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder&#8217;s income on the date
of the U.S. Holder&#8217;s receipt of the dividend. The amount of any dividend income paid in Euros will be the U.S. dollar amount calculated
by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact
converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should
not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars at a later date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable limitations, some of which
vary depending upon the U.S. Holder&#8217;s particular circumstances, Irish income taxes withheld from dividends on ordinary shares (at
a rate not exceeding the rate provided by the Treaty) will be creditable against the U.S. Holder&#8217;s U.S. federal income tax liability.
The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers regarding the creditability of
foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct
foreign taxes, including any Irish income tax, in computing their taxable income, subject to generally applicable limitations under U.S.
law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable
year.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid by a &#8220;qualified foreign corporation&#8221;
are eligible for taxation for certain non-corporate U.S. Holders at a reduced capital gains rate rather than the marginal tax rates generally
applicable to ordinary income provided that certain requirements are met. However, if we are a PFIC for the taxable year in which the
dividend is paid or the preceding taxable year (see discussion above under &#8220;&#8212;<i>Passive Foreign Investment Company Consequences</i>&#8221;),
we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.
Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to
its particular circumstances.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation (other than a corporation
that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered
to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which
the U.S. Secretary of the Treasury determines is satisfactory for purposes of this provision and which includes an exchange of information
provision, or (b) with respect to any dividend it pays on ordinary shares that are readily tradable on an established securities market
in the United States. We believe that we qualify as a resident of Ireland for purposes of, and are eligible for the benefits of, the Treaty,
although there can be no assurance in this regard. Further, the IRS has determined that the Treaty is satisfactory for purposes of the
qualified dividend rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under &#8220;&#8212;<i>Passive
Foreign Investment Company Consequences</i>&#8221;, if the Treaty is applicable, such dividends will generally be &#8220;qualified dividend
income&#8221; in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and the absence
of certain risk reduction transactions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale, Exchange or Other Disposition of Our
Ordinary Shares</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion above under &#8220;&#8212;<i>Passive
Foreign Investment Company Consequences</i>&#8221;, a U.S. Holder generally will recognize capital gain or loss for U.S. federal income
tax purposes upon the sale, exchange or other disposition of our ordinary shares in an amount equal to the difference, if any, between
the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other disposition
and such U.S. Holder&#8217;s adjusted tax basis in our ordinary shares. Such capital gain or loss generally will be long-term capital
gain taxable at a reduced rate for noncorporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition,
our ordinary shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term
capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized
from the sale or other disposition of our ordinary shares will generally be gain or loss from sources within the United States for U.S.
foreign tax credit purposes.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders that are individuals, estates
or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment
income, which may include their gross dividend income and net gains from the disposition of our ordinary shares. If you are a United States
person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this Medicare
tax to your income and gains in respect of your investment in our ordinary shares.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders may be required to file certain U.S.
information reporting returns with the IRS with respect to an investment in our ordinary shares, including, among others, IRS Form 8938,
<i>Statement of Specified Foreign Financial Assets</i>. As described above under &#8220;&#8212;<i>Passive Foreign Investment Company Consequences</i>&#8221;,
each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than
$100,000 to acquire our ordinary shares are required to file IRS Form 926, <i>Return by a U.S. Transferor of Property to a Foreign Corporation</i>,
reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders should consult their own tax advisors
regarding the information reporting rules.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ALL PROSPECTIVE INVESTORS ARE URGED TO CONSULT
THEIR OWN TAX ADVISORS ABOUT THE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN OUR ORDINARY SHARES IN LIGHT OF THE INVESTOR&#8217;S OWN
CIRCUMSTANCES.</b></p><div>

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

</div><div><a id="a_047"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.F. Dividends and Paying Agents</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_048"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.G. Statement by Experts</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

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

</div><div><a id="a_049"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.H. Documents on Display</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the informational requirements
of the Exchange Act as a foreign private issuer and file reports and other information with the SEC, including annual reports on Form
20-F and reports on Form 6-K. Reports and other information filed by us with the SEC, including this Annual Report, may be viewed from
the SEC&#8217;s Internet site at http://www.sec.gov. In addition, we will provide hard copies of our Annual Report free of charge to shareholders
upon request.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements made in this Annual Report as to the
contents of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this Annual
Report, reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed
qualified in its entirety by such reference.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a foreign private issuer, we are exempt from
the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act.</p><div>

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

</div><div><a id="a_050"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.I. Subsidiary Information</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">See &#8220;Item 4. Information
on the Company&#8212;C. Organizational Structure.&#8221;</span></p><div>

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

</div><div><a id="a_051"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.J. Annual Report to Security Holders</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">If we are
required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual report
to security holders in electronic format in accordance with the EDGAR Filer Manual.</span></p><div>

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

</div><div><a id="a_052"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brera&#8217;s activities expose it to a variety
of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk and concentration risk. The overall
risk management strategy focuses on the unpredictability of the finance markets and seeks to minimize the potential adverse effects on
financial performance. Risk management is carried out under the direction of the board of directors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market risk represents the risk of loss that may
impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result
of fluctuations in interest rates and foreign exchange rates as well as, to a lesser extent, inflation and credit and concentration risks.
This note provides information about our exposure to each of these risks, our objectives, policies and processes for measuring and managing
risk. Further quantitative disclosures are included throughout these consolidated financial statements.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to market risks in the ordinary
course of our business. Our primary interest rate relates to interest-bearing long-term borrowings. It is estimated that a 50-basis point
change in interest rates will affect our loss before tax by &#8364;110 and &#8364;125 as of December 31, 2022 and 2021, respectively. The
effect of rising interest rates on our financial condition is expected to be negligible given that we do not have material debt or accounts
receivable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Currency Exchange Risk</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The majority of our cash flows, financial assets
and liabilities are denominated in U.S. dollars and euros, which are the functional currencies for the Company and Brera Milano, respectively.
The reporting currency of the consolidated financial statements is euros. We are exposed to financial risk related to the fluctuation
of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the proportion of our business transactions
denominated in currencies other than the euro, primarily for capital expenditures, potential future debt, if any, and various operating
expenses such as salaries and professional fees. We do not currently use derivative financial instruments to reduce our foreign exchange
exposure and management does not believe our current exposure to currency risk to be significant.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe that inflation has had a material
effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary
pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm
our business, financial condition and results of operations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk of financial loss to us
if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from our cash held with banks
and other financial intermediaries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of the cash represented the
maximum credit exposure which amounted to &#8364;347,229 and &#8364;26,957 as of December 31, 2022 and 2021, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We had assessed no significant increase in credit
risk from initial recognition based on the availability of funds, the regulatory and economic environment of the financial intermediary.
As a result, the loss allowance recognized during the period was limited to 12 months expected credit losses. Based on historical information,
and adjusted for forward-looking expectations, we had assessed a zero-loss allowance on this cash balance as of December 31, 2022 and
2021, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration of credit risk</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments, which potentially subject
the Company to concentration of credit risk, consist primarily of cash deposits and accounts receivable. The Company minimizes the concentration
of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. For the cash deposit
in the traditional banks in Italy, cash balances in excess of the amount covered by the statutory Deposit Guarantee Scheme in Italy (i.e.,
&#8364;100,000) are at risk. For the cash deposit in non-traditional banks (i.e., Wise Europe SA), the whole amount of the cash deposit
is at risk since it is not insured by the government.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, and 2021, we had cash
deposits in a non-traditional bank, Wise Europe SA, amounting to &#8364;292,658 and &#8364;0, respectively. These deposits are not insured
by the local government. The Company performed a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe
SA and determined that the credit risk is low, based on the following factors: (i) Wise Europe SA safeguards its customers&#8217; funds
by holding them in a mix of cash in leading commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii)
Wise Europe SA is authorized by the National Bank of Belgium (&#8220;NBB&#8221;), which ensures that the bank operates under the regulations
and guidelines set by the NBB; and (iii) the Company has not experienced losses on these bank accounts and does not believe it is exposed
to any significant credit risk with respect to these bank accounts.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One customer accounted for 74% of our sales for the year ended December
31, 2022, and three customers accounted for 75% of our sales for the years ended December 31, 2021. Accounts receivable from these customers
was &#8364;24,400 and &#8364;71,038 as of December 31, 2022 and 2021, respectively.</p><div>

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

</div><div><a id="a_053"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
</b></p><div>

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

</div><div><a id="a_054"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>12.A. Debt Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_055"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>12.B. Warrants and Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_056"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>12.C. Other Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><div><a id="a_057"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>12.D. American Depositary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_058"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

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

</div><div><a id="a_059"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_060"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Material Modifications to the Rights of Security Holders</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">There have been no material modifications
to the rights of our security holders.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Proceeds</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 31, 2023, we completed our initial
public offering of 1,500,000 Class B Ordinary Shares sold at a public offering price of $5.00 per share (the &#8220;IPO&#8221;). The Class
B Ordinary Shares offered and sold in the IPO were registered under the Securities Act pursuant to our Registration Statement on Form
F-1 (File No. 333-268187), which was declared effective by the SEC on January 26, 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our IPO generated gross proceeds of $7.5 million.
We had underwriting discounts and commissions of approximately $0.3 million and other issuance costs of approximately $0.3 million. We
paid out of Company proceeds all of our fees, costs and expenses in connection with the IPO.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No offering expenses were paid directly or indirectly
to any of our directors or officers (or their associates), persons owning 10% or more of our ordinary shares or any other affiliates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been no material change in the expected
use of the net proceeds from our IPO as described in our final prospectus filed with the SEC on January 30, 2023, pursuant to Rule 424(b).</p><div>

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

</div><div><a id="a_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Disclosure controls and
procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange
Act of 1934 (&#8220;Exchange Act&#8221;) is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s
rules and forms. Disclosure controls include, without limitation, controls and procedures designed to ensure that information required
to be disclosed under the Exchange Act is accumulated and communicated to management, including principal executive and financial officers,
as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and
procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control
objectives.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our management carried
out an evaluation, under the supervision of our chief executive officer and chief financial officer, of the effectiveness of our disclosure
controls and procedures as such term is defined under Rule&#160;13a-15(e) promulgated under the Exchange Act as of December 31, 2022.
Based on that evaluation, our management, including our chief executive officer and chief financial officer concluded that our disclosure
controls and procedures were effective as of the end of the period covered by this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Management&#8217;s Annual Report on Internal Control over Financial
Reporting</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This annual report does
not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation report of
the company&#8217;s registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Attestation Report of Independent Registered Public Accounting Firm</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This annual report does
not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation report of
the company&#8217;s registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Changes in Internal Controls over Financial Reporting</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There were no changes
in our internal control over financial reporting (as defined in Rule&#160;13a-15(f) of the Exchange Act) that occurred during the period
covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal controls over
financial reporting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">It should be noted that
while our management believes that our disclosure controls and procedures provide a reasonable level of assurance, our management does
not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or fraud. A control system,
no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system
are met.</p><div>

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

</div><div><a id="a_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16. [RESERVED]</b></p><div>

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

</div><div><a id="a_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">Our board of directors has determined
that </span>Pietro Bersani <span style="background-color: white">is the &#8220;Audit Committee Financial Expert&#8221; as such term is
defined in Item 407(d) of Regulation S-K promulgated by the SEC and also meets Nasdaq&#8217;s financial sophistication requirements. Mr.
Bersani is an &#8220;independent director&#8221; as defined by the rules and regulations of Nasdaq.</span></p><div>

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

</div><div><a id="a_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<b>ITEM 16B. CODE OF ETHICS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">We have
adopted a Code of Ethics and Business Conduct, or the Code of Ethics, that is applicable to all of our employees, officers and directors
and is available on our website at https://investors.breraholdings.com/governance/. Information contained on, or that can be accessed
through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. If we make any amendment
to the Code of Ethics or grant any waivers, including any implicit waiver, from a provision of the Code of Ethics, we will disclose the
nature of such amendment or waiver on our website to the extent required by the rules and regulations of the SEC. Under Item 16B of Form
20-F, if a waiver or amendment of the Code of Ethics applies to our principal executive officer, principal financial officer, principal
accounting officer or controller and relates to standards promoting any of the values described in Item 16B(b) of Form 20-F, we are required
to disclose such waiver or amendment on our website in accordance with the requirements of Instruction 4 to such Item 16B.</span></p><div>

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

</div><div><a id="a_076"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents aggregate fees
billed to the Company for fiscal years ended December 31, 2022 and 2021 by TAAD LLP, the Company&#8217;s principal accounting firm.</p><div>

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

</div><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="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended<br/>
 December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Audit Fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59,148</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit-Related Fees</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</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">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">All Other Fees</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td>&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">59,148</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Audit Fees</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees consisted of the aggregate fees for
the audits of our consolidated financial statements, half year reviews, consents, and assistance with review of documents filed with the
SEC. <span style="background-color: white">Fees for the year ended December 31, 2022, also include the fees related to audit activities
conducted in connection to the IPO and under PCAOB standards.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><i>Audit
Related Fees</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Audit-related
fees consist </span>of the aggregate fees billed for each of the last two fiscal years for assurance and related services performed by
the Company&#8217;s principal accountant that are reasonably related to the performance of the audit or review of our financial statements
and are not reported under the paragraph captioned &#8220;<i>Audit Fees</i>&#8221; above. We did not engage our principal accountant to
provide assurance or related services during the last two fiscal years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Tax Fees</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax fees consist of aggregate fees billed for
each of the last two fiscal years for professional services performed by the Company&#8217;s principal accountant with respect to tax
compliance, tax advice, tax consulting and tax planning. We did not engage our principal accountant to provide tax compliance, tax advice
or tax planning services during the last two fiscal years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>All Other Fees</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">All other
fees consist of aggregate fees billed for each of the last two fiscal years for products and services provided by the Company&#8217;s
principal accountant, other than for the services reported under the headings &#8220;<i>Audit Fees</i>,&#8221; &#8220;<i>Audit-Related
Fees</i>&#8221; and &#8220;<i>Tax Fees</i>&#8221; above. We did not engage our principal accountant to render services to us during the
last two fiscal years, other than as reported above.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Audit Committee&#8217;s Pre-Approval Policies and Procedures</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Our audit
committee has adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services.
Pursuant to this policy, which is designed to ensure that such engagements do not impair the independence of our auditors, the audit committee
pre-approves each type of audit, audit-related, tax and other permitted services, subject to the ability of the audit committee to delegate
certain pre-approval authority to one or more of its members. All of the fees listed in the table above were approved by our audit committee.</span></p><div>

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

</div><div><a id="a_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT
COMMITTEES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

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

</div><div><a id="a_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER
AND AFFILIATED PURCHASERS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

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

</div><div><a id="a_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

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

</div><div><a id="a_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated in the Republic of Ireland
and our corporate governance practices are governed by applicable laws of Ireland and our constitution. In addition, because our Class
B Ordinary Shares are listed on Nasdaq, we are subject to Nasdaq&#8217;s corporate governance requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &#8220;controlled company&#8221; within
the meaning of the Nasdaq Listing Rules, where more than 50% of the voting power of our securities for the election of directors was held
by an individual, group or another company and, as a result, qualified for exemptions from certain Nasdaq corporate governance requirements,
including, without limitation (i) the requirement that to hold an annual meeting of shareholders no later than one year after the end
of its fiscal year; (ii) the requirement that the compensation of our officers be determined or recommended to our board of directors
by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected
or recommended to the board of directors by a majority of independent directors or a nominating and corporate governance committee comprised
solely of independent directors. We have not relied on any of these &#8220;controlled company&#8221; exemptions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, as a foreign private issuer, Nasdaq Listing
Rule 5615(a)(3) permits us to follow home country practices in lieu of certain requirements of Listing Rule 5600, provided that we disclose
in our annual report filed with the SEC each requirement of Rule 5600 that we do not follow and describe the home country practice followed
in lieu of such requirement.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently following some Irish corporate
governance practices in lieu of Nasdaq corporate governance listing standards as follows:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5635, which sets forth the circumstances under which shareholder approval is required prior to an issuance of
securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers,
directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5250(b)(3), which sets forth the requirement to disclose third party director and nominee compensation.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5250(d), which sets forth the requirement to distribute annual and interim reports.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Irish counsel has provided relevant letters
to Nasdaq certifying that under Irish law, we are not required to seek shareholders&#8217; approval in the above circumstances.&#160;</p><div>

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

</div><div><a id="a_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_070"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="a_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16J. INSIDER TRADING POLICIES</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_077"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

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

</div><div><a id="a_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has elected to provide financial statements pursuant to
Item 18.</p><div>

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

</div><div><a id="a_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audited financial statements are included as the &#8220;F-1&#8221;
pages attached to this Annual Report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All financial statements in this Annual Report, unless otherwise stated,
are presented in accordance with IFRS.</p><div>

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

</div><div><a id="a_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 19. EXHIBITS</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 9%"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="vertical-align: top; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">1.1 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex3-1_brera.htm"><span style="font-size: 10pt">Constitution of the Registrant as in effect prior to October 27, 2022 (incorporated by reference to Exhibit 3.1 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">1.2 </span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex3-2_brera.htm"><span style="font-size: 10pt">Amended and Restated Constitution of the Registrant in effect as of October 27, 2022 (incorporated by reference to Exhibit 3.2 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">2.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex2-1_brerahold.htm"><span style="font-size: 10pt">Description of Securities Pursuant to Section 12 of the Exchange Act as of December 31, 2022</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-1_brera.htm"><span style="font-size: 10pt">Form of Private Placement Subscription Agreement (incorporated by reference to Exhibit 10.1 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-2_brera.htm"><span style="font-size: 10pt">English translation of Lease Agreement &#8211; Arena Civica, dated as of April 1, 2022 (incorporated by reference to Exhibit 10.2 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.3</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-3_brera.htm"><span style="font-size: 10pt">English translation of Lease Agreement &#8211; Arena Civica, dated as of October 19, 2022 (incorporated by reference to Exhibit 10.3 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-4_brera.htm"><span style="font-size: 10pt">English translation of Lease Agreement &#8211; Brera Football Village (incorporated by reference to Exhibit 10.4 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.5*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-5_brerahold.htm"><span style="font-size: 10pt">English translation of Lease Contract between Brera Milano S.r.l. and DCS &amp; Partner, dated as of March 1, 2023</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.6</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-6_brera.htm"><span style="font-size: 10pt">English translation of Private Deed between KAP S.r.l. and Alessandro Aleotti and Leonardo Aleotti, dated as of July 13, 2022 (incorporated by reference to Exhibit 10.6 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.7</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-7_brera.htm"><span style="font-size: 10pt">English translation of Private Deed between KAP S.r.l. and FCD Brera, dated as of July 13, 2022 (incorporated by reference to Exhibit 10.7 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.8</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-8_brera.htm"><span style="font-size: 10pt">English translation of Guarantee Fund for Small and Medium-Size Enterprises Form between KAP S.r.l. and Mediocredito Centrale S.p.A., dated as of May 20, 2020 (incorporated by reference to Exhibit 10.8 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.9</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-9_brera.htm"><span style="font-size: 10pt">English translation of Private Agreement for Non-Interest-Bearing Loan Between Individuals between KAP S.r.l. and Sergio Carlo Scalpelli, dated as of October 28, 2021 (incorporated by reference to Exhibit 10.9 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.10</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-10_brera.htm"><span style="font-size: 10pt">Form of Independent Director Agreement (incorporated by reference to Exhibit 10.10 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.11</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-11_brera.htm"><span style="font-size: 10pt">Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.11 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.12</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-12_brera.htm"><span style="font-size: 10pt">Consulting Agreement between Brera Holdings Limited and Sergio Carlo Scalpelli, dated as of October 5, 2022 (incorporated by reference to Exhibit 10.12 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">4.13</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-13_brera.htm"><span style="font-size: 10pt">Consulting Agreement between Brera Holdings Limited and Amedeo Montonati, dated as of October 18, 2022 (incorporated by reference to Exhibit 10.13 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.14</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-14_brera.htm"><span style="font-size: 10pt">Brera Holdings Limited 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.14 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.15</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-15_brera.htm"><span style="font-size: 10pt">Form of Share Option Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.15 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.16</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-16_brera.htm"><span style="font-size: 10pt">Form of Restricted Shares Award Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.16 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.17</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-17_brera.htm"><span style="font-size: 10pt">Form of Restricted Share Unit Award Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.17 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.18</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex10-18_brera.htm"><span style="font-size: 10pt">English translation of Sponsorship Agreement between KAP S.r.l. and Fudbalski Klub Akademija Pandev, dated as of August 16, 2022 (incorporated by reference to Exhibit 10.18 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.19</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022076445/ea169434ex10-19_brerahold.htm"><span style="font-size: 10pt">English translation of Private Agreement for the Extension of the Sponsorship Agreement between Brera Milano S.r.l. and Fudbalsky Klub Akademija Pandev, dated as of November 25, 2022 (incorporated by reference to Exhibit 10.19 to Registration Statement on Form F-1 filed on November 30, 2022)</span></a></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 9%"><span style="font-size: 10pt">4.20</span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022076445/ea169434ex10-20_brerahold.htm"><span style="font-size: 10pt">English translation of Private Agreement between Brera Holdings PLC and Marco Sala, dated as of November 30, 2022 (incorporated by reference to Exhibit 10.20 to Registration Statement on Form F-1 filed on November 30, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.21</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex2-1_brera.htm"><span style="font-size: 10pt">English translation of Preliminary Agreement for the Sale of Shares of a Limited Liability Company (S.R.L.) between Brera Holdings Limited and Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca, Sergio Carlo Scalpelli, and MAX SRL, dated as of July 18, 2022 (incorporated by reference to Exhibit 2.1 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.22</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex2-2_brera.htm"><span style="font-size: 10pt">English translation of Deed of Share Transfer between Brera Holdings Limited and Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca, Sergio Carlo Scalpelli, and MAX SRL, dated as of July 29, 2022 (incorporated by reference to Exhibit 2.2 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.23</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390023006509/ea172482ex1-1_brerahold.htm"><span style="font-size: 10pt">Form of Underwriting Agreement (incorporated by reference to Exhibit 1.1 to Form 6-K filed on February 1, 2023)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.24</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390023006509/ea172482ex4-1_brerahold.htm"><span style="font-size: 10pt">Form of Representative&#8217;s Warrant (incorporated by reference to Exhibit 4.1 to Form 6-K filed on February 1, 2023)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.25</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390022069465/ea168041ex4-2_brera.htm"><span style="font-size: 10pt">Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to Registration Statement on Form F-1 filed on November 4, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.26</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390023011939/ea173698ex1-1_brerahold.htm"><span style="font-size: 10pt">Letter of Intent, dated as of February 13, 2023, by and among Brera Holdings PLC, Fudbalski Klub Akademija Pandev and the Fudbalski Klub Akademija Pandev Equity Holder (incorporated by reference to Exhibit 1.1 to Form 6-K filed on February 15, 2023)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.27</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1939965/000121390023024076/ea176012ex1-1_brerahold.htm"><span style="font-size: 10pt">English translation of Contract, dated as of March 17, 2023, by and among Brera Milano S.r.l. and Tchumene FC Sports Association (incorporated by reference to Exhibit 1.1 to Form 6-K filed on March 29, 2023)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">4.28*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-28_brerahold.htm"><span style="font-size: 10pt">Share Purchase Agreement, dated as of April 28, 2023, by and among Brera Holdings PLC, Fudbalski Klub Akademija Pandev and the Fudbalski Klub Akademija Pandev Equity Holder</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">4.29*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex4-29_brerahold.htm"><span style="font-size: 10pt">English Translation of Lease Contract between Fudbalski Klub Akademija Pandev and Basketball Club ABA Strumica, dated as of March 3, 2023</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">8.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex8-1_brerahold.htm"><span style="font-size: 10pt">List of Subsidiaries of the Registrant</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">11.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex11-1_brerahold.htm"><span style="font-size: 10pt">Code of Ethics and Business Conduct</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">12.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-1_brerahold.htm"><span style="font-size: 10pt">Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">12.2*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-2_brerahold.htm"><span style="font-size: 10pt">Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">13.1**</span></td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">15.1*</span></td>
    <td>&#160;</td>
    <td><a href="f20f2022ex15-1_brerahold.htm"><span style="font-size: 10pt">Consent of TAAD LLP</span></a></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">101.INS</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Instance Document.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">101.SCH</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">101.CAL</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">101.DEF</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">101.LAB</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">101.PRE</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase Document.</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Filed herewith.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Furnished herewith.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 annual report
on its behalf.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRERA HOLDINGS PLC</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 1, 2023</span></td>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 35%">/s/ Sergio Carlo Scalpelli</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#160;</span></td>
    <td> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sergio Carlo Scalpelli</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (Principal Executive Officer)</span></td></tr>
  </table><div>

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

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

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; width: 90%"><span style="font-size: 10pt"><b>Consolidated Financial Statements for the Years Ended December 31, 2022, 2021 and 2020</b></span></td> <td style="white-space: nowrap; width: 1%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 9%; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><a href="#F_001"><span style="font-size: 10pt">Report of Independent Registered Public Accounting Firm (PCAOB ID Number: <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">5854</ix:nonNumeric>)</span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-2</span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt">Financial Statements:</span></td> <td style="white-space: nowrap">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.125in"><a href="#F_002"><span style="font-size: 10pt">Consolidated Statements of Financial Position </span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-3</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in"><a href="#F_003"><span style="font-size: 10pt">Consolidated Statements of Profit or Loss</span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-4</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.125in"><a href="#F_004"><span style="font-size: 10pt">Consolidated Statements of Changes in Shareholders&#8217; Deficit</span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-5</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in"><a href="#F_005"><span style="font-size: 10pt">Consolidated Statements of Cash Flows</span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-6</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 0.125in"><a href="#F_006"><span style="font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td> <td style="white-space: nowrap">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">F-7</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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




</div><div><a id="F_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0cm">REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img alt="" src="image_003.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Board of Directors and<br/>
Shareholders of Brera Holdings PLC and subsidiary (FKA Brera Holdings Limited)</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Consolidated Financial Statements</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We have audited the accompanying consolidated statements of financial
position of Brera Holdings PLC and subsidiary (the Company) as of December 31, 2022 and 2021, and the related consolidated statements
of profit or loss, changes in shareholders&#8217; Deficit, and cash flows for the years then ended, and the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and
its cash flows for each of the years then ended December 31, 2022 and 2021, in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board.</p><div>

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our audits 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 audits 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 audits provide a reasonable basis for
our opinion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">TAAD LLP</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">We
have served as the Company&#8217;s auditor since 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation"><span style="font-family: Times New Roman, Times, Serif">Diamond
Bar, CA</span></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">May 1, 2023</span></p><div>

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


</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="F_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span style="text-decoration:underline">Brera Holdings PLC (FKA Brera Holdings Limited)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span style="text-decoration:underline">Consolidated Statements of Financial Position
as at December 31, 2022 and 2021</span></b></p><div>

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

</div><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="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><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: center">As at<br/>
 December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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: center">As at<br/>
 December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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: center">EUR</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">Non-current assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#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: center">&#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 style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Current assets</td><td>&#160;</td>
    <td style="text-align: center">&#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">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred offering costs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">-</div></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: center">7</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: center">7</td><td style="text-align: left">&#160;</td><td>&#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: center">8</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents" scale="0" unitRef="eur">82,027</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deposits and prepayments &#8211; related parties</td><td>&#160;</td>
    <td style="text-align: center">8</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" scale="0" unitRef="eur">96,744</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash and cash equivalents</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><b>Total assets</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#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 style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">SHAREHOLDERS&#8217; DEFICIT AND LIABILITIES</td><td>&#160;</td>
    <td style="text-align: center">&#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: center">&#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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  <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">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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 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 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">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#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: center">&#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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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred revenue &#8211; outside parties</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loan from a shareholder</td><td>&#160;</td>
    <td style="text-align: center">13</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="brer:LoanFromAShareholder" scale="0" unitRef="eur">20,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Current lease liabilities</td><td>&#160;</td>
    <td style="text-align: center">10</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="0" unitRef="eur">80,637</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Provisions</td><td>&#160;</td>
    <td style="text-align: center">14</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="0" unitRef="eur">11,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilities" scale="0" unitRef="eur">53,304</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Current loan payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">11</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"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermBorrowings" scale="0" unitRef="eur">6,203</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#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"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="0" unitRef="eur">1,013,826</ix:nonFraction></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"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="0" unitRef="eur">534,483</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><b>Total shareholders&#8217;
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  </table><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>1</sup></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US">The share amounts are presented on a retrospective basis
for founder shares.</ix:footnote></td>
</tr></table><div>

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

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

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



</div><div><a id="F_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Brera Holdings PLC (FKA Brera Holdings Limited)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Consolidated Statements of Profit or Loss
for the Years Ended December 31, 2022, 2021 and 2020</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

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  <tr style="vertical-align: bottom">
    <td>&#160;</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 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 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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-weight: normal"><sup>1</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-weight: normal">The share amounts are presented
on a retrospective basis for founder shares.</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="F_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Brera Holdings PLC (FKA Brera Holdings Limited)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Consolidated Statements of Changes in Shareholders&#8217;
Deficit for the Years Ended December 31, 2022, 2021 and 2020</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-weight: normal"><sup>1</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-weight: normal">The share amounts are presented
on a retrospective basis for founder shares.</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>


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

</div><div><a id="F_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Brera Holdings PLC (FKA Brera Holdings Limited)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Consolidated Statements of Cash Flows for
the Years Ended December 31, 2022, 2021 and 2020</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

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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)">
    <td style="text-align: left">Change in deposits and prepayments</td><td>&#160;</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)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net cash (used in) generated from operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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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>
    <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="font-weight: bold; text-align: left">Investing activity</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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Purchase of plant and equipment</td><td>&#160;</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">Acquisition of a subsidiary</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash used in an investing activity</td><td style="padding-bottom: 1.5pt">&#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">-</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><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">
    <td style="font-weight: bold; text-align: left">Financing activities</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 style="text-align: left">Loan from a shareholder</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Repayment of loan from a shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="0" unitRef="eur">20,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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">Proceeds from shares issuance for cash</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Repayment of lease liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest portion of lease liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest paid on long term borrowing</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Contributions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfPreferenceShares" scale="0" unitRef="eur">272</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 contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfPreferenceShares" scale="0" unitRef="eur">243</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">New long-term borrowing raised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="F_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Brera Holdings PLC (FKA Brera Holdings Limited)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Notes to the Consolidated Financial Statements
for the Years Ended December 31, 2022, 2021 and 2020</span></b></p><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Note 1 &#8212; General
information and reorganization transactions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brera Holdings PLC (FKA Brera Holdings Limited)
(&#8220;Brera Holdings&#8221; or the &#8220;Company&#8221;), a public company limited by shares, was incorporated in Ireland on June 30,
2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sole subscriber to the incorporation constitution
of the Company was Goodbody Subscriber One Limited who subscribed for one (1) ordinary share for EUR<ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="brer:OrdinarySharePerShare" scale="0" unitRef="eurPershares">1.00</ix:nonFraction>. On July 11, 2022, the <ix:nonFraction contextRef="c68" decimals="0" format="ixt-sec:numwordsen" name="brer:CommonStocksSharesIssued" scale="0" unitRef="shares">one</ix:nonFraction> ordinary
share was transferred to Daniel Joseph McClory, and on July 14, 2022, the ordinary share was surrendered to the Company and cancelled
in accordance with Irish law. On July 13, 2022, an amended constitution was adopted by the Company reflecting an authorized share capital
of EUR<ix:nonFraction contextRef="c69" decimals="2" format="ixt:num-dot-decimal" name="brer:AuthorizedShareCapitalPerShare" scale="0" unitRef="eurPershares">1.00</ix:nonFraction> and US$<ix:nonFraction contextRef="c69" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendPayables" scale="0" unitRef="usd">1,750,000</ix:nonFraction> divided into <ix:nonFraction contextRef="c70" decimals="0" format="ixt:num-dot-decimal" name="brer:CommonStocksSharesAuthorized" scale="0" unitRef="shares">50,000,000</ix:nonFraction> Class A Ordinary Shares, nominal value US$<ix:nonFraction contextRef="c70" decimals="3" format="ixt:num-dot-decimal" name="brer:NominalValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, <ix:nonFraction contextRef="c71" decimals="0" format="ixt:num-dot-decimal" name="brer:CommonStocksSharesAuthorized" scale="0" unitRef="shares">250,000,000</ix:nonFraction> Class B Ordinary
Shares, nominal value US$<ix:nonFraction contextRef="c71" decimals="3" format="ixt:num-dot-decimal" name="brer:NominalValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, <ix:nonFraction contextRef="c69" decimals="0" format="ixt:num-dot-decimal" name="brer:PreferredShares" scale="0" unitRef="shares">50,000,000</ix:nonFraction> preferred shares, nominal value US$<ix:nonFraction contextRef="c69" decimals="3" format="ixt:num-dot-decimal" name="brer:NominalValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, and <ix:nonFraction contextRef="c69" decimals="0" format="ixt-sec:numwordsen" name="brer:CommonStocksSharesAuthorized" scale="0" unitRef="shares">one</ix:nonFraction> ordinary share with a
nominal value of EUR<ix:nonFraction contextRef="c69" decimals="2" format="ixt:num-dot-decimal" name="brer:NominalValuePerShare" scale="0" unitRef="eurPershares">1.00</ix:nonFraction>. On July 14, 2022, the Company issued <ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="brer:CommonStocksSharesIssued" scale="0" unitRef="shares">8,100,000</ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c73" decimals="0" format="ixt:num-dot-decimal" name="brer:CommonStocksSharesIssued" scale="0" unitRef="shares">100,000</ix:nonFraction> Class B Ordinary Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brera Milano S.r.l. (FKA KAP S.r.l.) (&#8220;Brera
Milano&#8221; or &#8220;KAP&#8221;), an Italian limited liability company (societ&#224; a responsabilit&#224; limitata), was formed
on December 20, 2016.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 18, 2022, the Company entered into a preliminary
agreement for the purchase of all the shares of Brera Milano with Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca,
Sergio Carlo Scalpelli, and MAX SRL (the &#8220;Acquisition&#8221;). Pursuant to the terms of the agreement, the Company acquired <ix:nonFraction contextRef="c74" decimals="2" format="ixt:num-dot-decimal" name="brer:EquityInterestPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>%
of equity interest of Brera Milano on July 29, 2022. As a result, Brera Milano became a wholly owned subsidiary of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also agreed to contribute EUR<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DerivativesAmountContributedToFairValueOfPlanAssets" scale="0" unitRef="eur">253,821</ix:nonFraction>
to Brera Milano upon the final completion of the formal obligations under this agreement at the Milan Register of Companies, in order
to restore Brera Milano&#8217;s share capital due to a EUR<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="brer:ShareCapitalDue" scale="0" unitRef="eur">253,821</ix:nonFraction> liability indicated by its financial statements. On July 29, 2022, the
Company executed the final deed of share transfer, paid EUR<ix:nonFraction contextRef="c75" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidClassifiedAsOperatingActivities" scale="0" unitRef="eur">253,821</ix:nonFraction> for purposes of restoring Brera Milano&#8217;s share capital, and completed
certain other required formalities. On the same day, the share transfer became effective under Italian law. As a result, Brera Milano
became a wholly-owned subsidiary of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Acquisition was accounted for as a reverse recapitalization, with
no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19&#8211;B27 of IFRS 3 for reverse acquisitions.
Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition and other factors including: (i) former
Brera Milano shareholders owning approximately <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="brer:ShareholdersOwningPercentage" scale="-2" unitRef="pure">35</ix:nonFraction>% of the combined company (on a fully diluted basis) immediately following the closing
of the Acquisition and are the largest shareholders&#8217; party of the Company, (ii) former Brera Milano shareholder, Alessandro Aleotti,
being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former Brera Milano shareholder, Sergio Carlo Scalpelli,
being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders of the Company other than the former Brera
Milano shareholders continuing as passive investors; and (v) the combined company continuing the football related business with Brera
Milano shareholders being the major subject matter experts of this industry in the Company and having the power to direct the development
and operations of the combined company after the Acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, the Company, which was established
as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition completed on July
29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation, and it was not qualified
as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute as a business combination
since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the consolidated financial statements
of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera Milano and the assets and liabilities
are presented at their historical carrying values. As of December 31, 2022, the Company&#8217;s consolidated financial statements are
prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities within the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, via its wholly-owned operating subsidiary,
Brera Milano, is engaged in a range of businesses including football division progression, global football player transfer services, sponsorship
services, and football school services and consulting services on football projects.</p></ix:continuation><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_1" escape="true" name="brer:DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Note 2 &#8212; General principles for the preparation
of the consolidated financial statements </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_2" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Compliance with International
Financial Reporting Standards</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_3" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Group
have been prepared in accordance with IFRS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_4" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">COVID-19 pandemic</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_5" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 30, 2020, the World Health Organization
(&#8220;WHO&#8221;) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the &#8220;COVID-19
outbreak&#8221;), and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020,
the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19
outbreak continues to evolve as of the date of this report with new variants being discovered. As such, it is uncertain as to the full
magnitude that the pandemic will have on the Group&#8217;s financial condition, liquidity, and future results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_6" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is actively monitoring the impact of
the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. The Group cannot estimate
the length or gravity of the impact of the COVID-19 outbreak at this time. If the pandemic continues, it may have a material effect on
the Group&#8217;s results of future operations, financial position, and liquidity in the next 12 months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_7" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Historical cost convention</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_8" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been
prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below. Historical cost is generally
based on the fair value of the consideration given in exchange for goods and services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_9" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, regardless
of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account
when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16 Leases, and measurements
that have some similarities to fair value but are not fair value, such as value in use in IAS 36 Impairment of Assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_10" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, for financial reporting purposes,
fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_11" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 1 inputs are quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_12" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 2 inputs are inputs,
other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_13" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 3 inputs are unobservable
inputs for the asset or liability.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_14" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Basis of preparation</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_15" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements consist
of the consolidated statements of financial position, the consolidated statements of profit or loss, consolidated statements of changes
in equity, consolidated statements of cash flows and the notes to the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_16" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated statements of financial position
has been prepared based on the nature of the transactions, distinguishing: (a) current assets from non-current assets, where current assets
are intended as the assets that should be realized, sold or used during the normal operating cycle, or the assets owned with the aim of
being sold in the short term (within 12 months); (b) current liabilities from non-current liabilities, where current liabilities are intended
as the liabilities that should be paid during the normal operating cycle, or over the 12-month period subsequent to the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_17" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated statements of profit or loss
have been prepared based on the function of the expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_18" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated statements of cash flows have
been prepared using the indirect method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_19" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements present
all amounts rounded to the nearest dollars of Euro (&#8220;EUR&#8221;), unless otherwise stated. They also present comparative information
in respect to the previous period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_20" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Functional and presentation
currency</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_21" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Items included in the financial statements of
each of the Group&#8217;s entities are measured using the currency of the primary economic environment in which the entity operates (the
&#8220;functional currency&#8221;). These consolidated financial statements are presented in Euro (the Group&#8217;s presentation currency).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_22" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_21"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureofFunctionalAndPresentationCurrencyExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Change in functional currency</span></p><div>

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

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_23" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has changed its determination of functional
currency from Euro (&#8220;EUR&#8221;) to United States Dollar (&#8220;US$&#8221;) from its date of incorporation (i.e. June 30, 2022),
based on the expectation of the increased exposure to the US$ as a result of the growth in international operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_24" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in functional currency has been accounted
for prospectively from the date of change. As a result of the change, the Group has restated its consolidated financial statements for
comparative purposes in accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_25" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of the change in functional currency
on the Group's consolidated financial statements has been reflected in the consolidated statement of profit or loss, the consolidated
statement of financial position, and the consolidated statement of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_26" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Critical Accounting Policies
and estimates</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_27" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these consolidated financial statements,
management has made judgements and estimates that affect the application of the Group&#8217;s accounting policies and the reported amounts
of assets, liabilities, income and expenses. Actual results may differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_28" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to estimates are recognized prospectively. Estimates are based on historical experience and other factors,
including expectations about future events that may have a financial impact on the Group and that are believed to be reasonable under
the circumstances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_29" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Judgements</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_30" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about judgements made in applying
accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included
in the following notes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_31" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">Note 1: Reverse recapitalization</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_32" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The Acquisition was accounted for as
a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19&#8211;B27
of IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition
and other factors including: (i) former Brera Milano shareholders owning approximately <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInUnobservableInputEntitysOwnEquityInstruments" scale="-2" unitRef="pure">35</ix:nonFraction>% of the combined company (on a fully diluted
basis) immediately following the closing of the Acquisition and are the largest shareholders&#8217; party of the Company, (ii) former
Brera Milano shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former
Brera Milano shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders
of the Company other than the former Brera Milano shareholders continuing as passive investors; and (v) the combined company continuing
the football related business with Brera Milano shareholders being the major subject matter experts of this industry in the Company and
having the power to direct the development and operations of the combined company after the Acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_33" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, the Company,
which was established as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition
completed on July 29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation,
and it was not qualified as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute
as a business combination since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the
consolidated financial statements of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera
Milano and the assets and liabilities are presented at their historical carrying values. As of December 31, 2022, the Company&#8217;s
consolidated financial statements are prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities
within the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_34" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">Note 2 (f): assessment of the
Group&#8217;s future liquidity and cash flows;</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_35" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_34"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">Note 10: assessment of the
lease term of lease liabilities depending on whether the Group is reasonably certain to exercise the extension options.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>
</div><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_36" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Assumptions and estimation
uncertainties</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_37" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about assumptions and estimates as
at December 31, 2022 that have high risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the
next financial year is included in the following notes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_38" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">Note 3: estimated useful lives,
depreciation method and impairment assessment of the property, plant and equipment and rights-of-use assets.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_39" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">-</span></td><td style="text-align: justify"><span style="font-size: 10pt">Note 4: measurement of the
provision for doubtful accounts, for the significant assumptions used by management in estimating the expected credit losses (weighted-average
loss rate or default rate, current and future financial situation of debtors for individual receivables that management is aware will
be difficult to collect, future general economic conditions).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_40" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_39"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(f)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Going concern assumption</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_41" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the consolidated financial statements,
the directors of the Company have given careful consideration to the future liquidity of the Group in light of the fact that the Group
incurred a net loss of EUR<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:NetLoss" scale="0" unitRef="eur">1,226,855</ix:nonFraction> for the year ended December 31, 2022 and as of that date, the Group has deficit in equity attributable
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</div><div>

</div><ix:continuation continuedAt="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_42" id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements do not
reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and classifications in the consolidated
statements of financial position that may be necessary were the Company unable to continue as a going concern and these adjustments could
be material.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="brer_DisclosureofInformationGeneralPrinciplesforthePreparationoftheConsolidatedFinancialStatementsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 27, 2023, the Class B Ordinary Shares
of the Company commenced trading on the Nasdaq Capital Market under the symbol &#8220;BREA&#8221;. The closing of the initial public offering
took place on January 31, 2023. After deducting underwriting discounts and commissions and non-accountable expense allowance, the Company
received net proceeds of approximately $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CapitalReserve" scale="0" unitRef="usd">6,900,000</ix:nonFraction> and management considers the Company to have sufficient cash and cash equivalents which
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management believes that the Company has the necessary resources and liquidity to meet its obligations and sustain its operations for
the foreseeable future (i.e., at least 12 months beyond the date of the issuance of audited consolidated financial statements for the
year ended December 31, 2022). Therefore, these financial statements have been prepared on a going concern basis and management considered
the preparation of the financial statements as a going concern was appropriate.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Note 3 &#8212; Summary of significant accounting
policies </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Basis of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_2" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements incorporate
the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_3" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_4" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group reassesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_5" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses
of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss from the date the
Group gains control until the date when the Group ceases to control the subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_6" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profit or loss and each item of other comprehensive
income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is
attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having
a deficit balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_7" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_8" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All intragroup assets and liabilities, equity,
income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_9" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-controlling interests in subsidiaries are
presented separately from the Group&#8217;s equity therein, which represent present ownership interests entitling their holders to a proportionate
share of net assets of the relevant subsidiaries upon liquidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_10" id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table lists the constituent companies
in the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory"><ix:continuation id="_DisclosureOfBasisOfConsolidationExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Property, plant and equipment</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are tangible assets
that are held for use in the production or supply of goods or services, or for administrative purposes. Property, plant and equipment
are stated in the consolidated statements of financial position at cost less subsequent accumulated depreciation and subsequent accumulated
impairment losses, if any.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs include any costs 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 and,
for qualifying assets, borrowing costs capitalized in accordance with the Group&#8217;s accounting policy. Depreciation of these assets,
on the same basis as other property assets, commences when the assets are ready for their intended use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is recognized to allocate the cost
of assets less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An item of property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and
the carrying amount of the asset and is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is charged to allocate the cost of
assets, over their estimated useful lives, using the straight-line method, on the following bases:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutEstimatedUsefulLivesUsingTheStraightlineMethodTextBlock"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><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">&#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: center">Years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 89%; text-align: justify">Leasehold improvements</td><td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center"><ix:nonNumeric contextRef="c79" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Office equipment and software</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Impairment on property, plant and equipment
and right-of-use assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of the reporting period, the Group
reviews the carrying amounts of its property, plant and equipment and right-of-use assets to determine whether there is any indication
that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated
in order to determine the extent of the impairment loss (if any).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of property, plant and
equipment and right-of-use assets are estimated individually. When it is not possible to estimate the recoverable amount individually,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In testing a cash-generating unit for impairment,
corporate assets are allocated to the relevant cash-generating unit when a reasonable and consistent basis of allocation can be established,
or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis
can be established. The recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate
asset belongs, and is compared with the carrying amount of the relevant cash-generating unit or group of cash-generating units.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recoverable amount is the higher of fair value
less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset
(or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the recoverable amount of an asset (or a cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its
recoverable amount. For corporate assets or portion of corporate assets which cannot be allocated on a reasonable and consistent basis
to a cash-generating unit, the Group compares the carrying amount of a group of cash-generating units, including the carrying amounts
of the corporate assets or portion of corporate assets allocated to that group of cash-generating units, with the recoverable amount of
the group of cash-generating units. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount
of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit
or the group of cash-generating units. The carrying amount of an asset is not reduced below the highest of its fair value less costs of
disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been
allocated to the asset is allocated pro rata to the other assets of the unit or the group of cash-generating units. An impairment loss
is recognized immediately in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where an impairment loss subsequently reverses,
the carrying amount of the asset (or cash-generating unit or a group of cash-generating units) is increased to the revised estimate of
its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or a cash-generating unit or a group of cash-generating units) in prior years. A
reversal of an impairment loss is recognized immediately in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Provisions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized when the Group has a
present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that
obligation, and a reliable estimate can be made of the amount of the obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions for legal claims, service warranties
and one-time termination benefits for certain employees are recognized when the Group has a present legal or constructive obligation as
a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognized for future operating losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Financial instruments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets and financial liabilities are
recognized when a group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of
financial assets are recognized and derecognized on a trade date/settlement date basis. Regular way purchases or sales are purchases or
sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market
place.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets and financial liabilities are
initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance
with IFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities
(other than financial assets or financial liabilities at fair value through profit or loss (&#8220;FVTPL&#8221;)) are added to or deducted
from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognized immediately in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective interest method is a method of calculating
the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Classification and subsequent measurement of
financial assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets that meet the following conditions
are subsequently measured at amortized cost:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the financial asset is held
within a business model whose objective is to collect contractual cash flows; and</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the contractual terms give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Amortized cost and interest income</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income is recognized using the effective
interest method for financial assets measured subsequently at amortized cost and debt instruments/receivables subsequently measured at
FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Impairment of financial assets subject to impairment
assessment under IFRS 9</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group performs impairment assessment under
expected credit loss (&#8220;ECL&#8221;) model on financial assets (including trade and other receivables and loan receivables) which
are subject to impairment assessment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk
since initial recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group always recognizes lifetime ECL for trade
receivables. For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless there has been a significant increase
in credit risk since initial recognition, in which case 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Significant increase in credit risk</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In particular, the following information is taken
into account when assessing whether credit risk has increased significantly:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="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>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">an actual or expected significant deterioration in the operating results of the debtor;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="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: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
120 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite the foregoing, the Group assumes that
the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to
have low credit risk at the reporting date. A debt instrument is determined to have low credit risk if (i) it has a low risk of default,
(ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and (iii) adverse changes in economic
and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual
cash flow obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to minimize the credit risk, management
of the Company has created a team responsible for the determination of credit limits and credit approvals for customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Definition of default</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group considers for internal credit risk management
purposes and based on historical experience, that an event of default to have occurred when there is information obtained from internal
or external sources that indicates the debtor is unlikely to pay its creditors, including the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">Credit-impaired financial assets</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset is credit-impaired when one
or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. These events include
evidence that there is significant financial difficulty of the debtors or it is becoming probable that the debtor will enter bankruptcy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">Write-off policy</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, e.g.,
when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. 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.
Any recoveries made are recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(v)</td><td style="text-align: justify">Measurement and recognition of expected credit losses</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The measurement of expected credit losses 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 at
default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information
as described above. As for the exposure at default, for financial assets, this is represented by the assets&#8217; gross carrying amount
at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For financial assets, the expected credit loss
is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at the original effective interest rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Group has measured the loss allowance for
a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date
that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the
current reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes an impairment gain or loss
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Derecognition of financial assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group derecognizes a financial asset only
when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the
risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and
rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Group continues to recognize the financial asset and a collateralized borrowing for the proceeds received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On derecognition of a financial asset measured
at amortized cost, the difference between the asset&#8217;s carrying amount and the sum of the consideration received and receivable is
recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial liabilities and equity</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Classification as debt or equity</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities and equity instruments issued
by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial
liability and an equity instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity instruments</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An equity instrument is any contract that evidences
a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds
received, net of direct issue costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities including trade and other
payables, loans from shareholders and borrowings are initially measured at fair value, net of transaction costs, and are subsequently
measured at amortized cost, using the effective interest method, with interest expense recognized on an effective yield basis, except
for short-term payables when the recognition of interest would be immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest-bearing loans are initially recognized
at fair value, and are subsequently measured at amortized cost, using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Derecognition of financial liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group derecognizes financial liabilities when,
and only when, the Group&#8217;s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the
financial liability derecognized and the consideration paid and payable is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue from contracts with customers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is measured based on the consideration
specified in a contract with a customer and recognized as and when control of a service is transferred to a customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A performance obligation represents a good or
service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Control is transferred over time and revenue is
recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following
criteria is met:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Otherwise, revenue is recognized at a point in
time when the customer obtains control of the distinct good or service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract asset represents the Group&#8217;s
right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It
is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group&#8217;s unconditional right to consideration,
i.e., only the passage of time is required before payment of that consideration is due.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract liability represents the Group&#8217;s
obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is
due) from the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract asset and a contract liability relating
to the same contract are accounted for and presented on a net basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are recognized upon the application of
the following steps:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Identification of the contract or contracts with a customer;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Identification of the performance obligations in the contract;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">Determination of the transaction price;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">4.</td><td style="text-align: justify">Allocation of the transaction price to the performance obligations
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">5.</td><td style="text-align: justify">Recognition of revenue when, or as, the performance obligation
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group enters into services agreements and
statements of work which set out the details of the work streams for each project to be provided to the customers. The work streams are
generally capable of being distinct and accounted for as separate performance obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue recognized from contracts with customers
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economic factors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

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

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Value of the service performed is determined based
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each billing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has elected to apply the practical expedient
provided in IFRS 15, to recognize revenue in the amount to which it has the right to invoice and has not disclosed the aggregate amount
of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the
reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Interest income</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation id="_DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest income is accrued on a time basis, by
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Definition of a lease</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract is, or 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0cm"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For contracts entered into or modified on or after
the date of initial application of IFRS 16 or arising from business combinations, the Group assesses whether a contract is or contains
a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will
not be reassessed unless the terms and conditions of the contract are subsequently changed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Group as a lessee</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Short-term leases and leases of low-value assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group applies the short-term lease recognition
exemption to leases of motor vehicles that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option. It also applies the recognition exemption for lease of low-value assets. Lease payments on short-term leases and leases of low-value
assets are recognized as expense on a straight-line basis or another systematic basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Right-of-use assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of right-of-use asset includes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Right-of-use assets are measured at cost, less
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Right-of-use assets in which the Group is reasonably
certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the
end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful
life and the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group presents right-of-use assets as a separate
line item on the consolidated statements of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Refundable rental deposits</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Refundable rental deposits paid are accounted
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</div><div>

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

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Lease liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the commencement date of a lease, the Group
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value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in
the lease is not readily determinable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease payments include:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: -18pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the commencement date, lease liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group remeasures lease liabilities (and makes
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group presents lease liabilities as a separate
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Borrowing costs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All borrowing costs are recognized in profit or
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Taxation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense represents the sum of the tax
currently payable and deferred tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax currently payable is based on taxable
profit for the year. Taxable profit differs from profit/(loss) before tax because of income or expense that are taxable or deductible
in other years and items that are never taxable or deductible. The Group&#8217;s liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the end of the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is recognized on temporary differences
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the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized
if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized
if the temporary difference arises from the initial recognition of goodwill.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 profits will
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The measurement of deferred tax liabilities and
assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are offset
when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income
taxes levied to the same taxable entity by the same taxation authority.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current and deferred tax are recognized in profit
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current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">Categories of financial instruments</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_3" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets out the financial instruments as at the end
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_4" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><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">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_5" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">Financial risk management policies and objectives</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_6" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s overall risk management policy
seeks to minimize potential adverse effects on financial performance of the Group. 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 risk. The risks associated with these financial instruments
and the policies to mitigate these risks are set out below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -36pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_7" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Credit risk management</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_8" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Credit risk refers to the risk that a
counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group&#8217;s credit risk is primarily
attributable to its cash and cash equivalents and trade receivables and other receivables.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_9" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As at December 31, 2022, approximately
<ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfEntitysRevenue" scale="-2" unitRef="pure">95</ix:nonFraction>% of the Group&#8217;s trade receivable arose from 2 customers, (2021: approximately <ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="brer:TradeReceivablePercentage" scale="-2" unitRef="pure">75</ix:nonFraction>% of the Group&#8217;s trade receivable arose
from 3 customers). In order to minimize the credit risk, the management of the Group has delegated a team responsible for determination
of credit limits and credit approvals.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_10" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cash and cash equivalents are placed
with credit-worthy financial institutions with high credit ratings assigned by international credit-rating agencies and therefore credit
risk is limited. The Group has adopted procedures in extending credit terms to customers and monitoring its credit risk. Credit evaluations
are performed on customers requiring credit over a certain amount. Before accepting any new customer, the Group carries out research on
the credit risk of the new customer and assesses the potential customer&#8217;s credit quality and defines credit limits by customer.
Limits attributed to customers are reviewed when necessary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify; text-indent: 36pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_11" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">Concentration of
credit risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_12" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Financial instruments, which potentially
subject the Group to concentration of credit risk, consist primarily of cash deposits and accounts receivable. The Company minimizes the
concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. For the
cash deposit in the traditional banks in Italy, cash balances in excess of the amount covered by the statutory Deposit Guarantee Scheme
in Italy (i.e. EUR<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:StatutoryDeposit" scale="0" unitRef="eur">100,000</ix:nonFraction>) are at risk. For the cash deposit in non-traditional banks (i.e. Wise Europe SA), the whole amount of the
cash deposit is at risk since it is not insured by the government.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_13" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, and 2021, we
had cash deposits in a non-traditional bank, Wise Europe SA, amounting to EUR<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" scale="0" unitRef="eur">292,658</ix:nonFraction> and EUR<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" scale="0" unitRef="eur">0</ix:nonFraction>, respectively. These deposits are not insured
by the local government. The Company performed a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe
SA and determined that the credit risk is low, based on the following factors: (i) Wise Europe SA safeguards its customers&#8217; funds
by holding them in a mix of cash in leading commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii)
Wise Europe SA is authorized by the National Bank of Belgium (&#8220;NBB&#8221;), which ensures that the bank operates under the regulations
and guidelines set by the NBB; and (iii) the Group has not experienced losses on these bank accounts and does not believe it is exposed
to any significant credit risk with respect to these bank accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_14" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s current credit risk
grading framework comprises the following categories:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_15" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCreditRiskExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_16" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The table below details the credit
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_17" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_16"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:InformationAboutCreditQualityOfNeitherPastDueNorImpairedFinancialAssets"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_18" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(ii)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Interest rate risk management</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_19" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest rate risk arises from the potential
changes in interest rates that may have an adverse effect on the Group in the current reporting period and future years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_20" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s primary interest rate
relates to interest-bearing long-term borrowings. The interest rate and terms of repayment of bank loans are disclosed in note 11 of the
consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_21" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The sensitivity analysis has been determined
based on the exposure to interest rates for non-derivative instruments at the end of the reporting period and the stipulated change taking
place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating
rates. A 50 basis point increase or decrease is used and represents management&#8217;s assessment of the reasonably possible change in
interest rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_22" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, it is estimated
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_23" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(iii)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Liquidity risk management</span></span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_24" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the management of the liquidity risk,
the Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance its operations and mitigate
the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings and ensures compliance with loan
covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_26" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory"><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">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_27" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(iv)</span></td><td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Fair value of financial
assets and financial liabilities</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -36pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_28" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying amounts of financial assets
and liabilities on the consolidated statements of financial position approximate their respective fair values due to the relatively short-term
maturity of these consolidated financial instruments. The fair values of other classes of financial assets and liabilities are disclosed
in the respective notes to consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_29" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Capital risk management policies and objectives</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management reviews the capital structure regularly
to ensure that the Group will be able to continue as a going concern. The capital structure comprises only issued capital, reserves and
retained earnings. As a part of this review, the management consider the cost of capital and the risks associated with each class of capital.
Based on recommendations of the directors, the Group will balance its overall capital structure through the payment of dividends, new
share issues as well as the issue of new debts or the redemption of existing debts. The Group&#8217;s overall strategy remains unchanged.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 5 &#8212; Property, plant and equipment</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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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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  <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: 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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</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses for the years ended December
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 6 &#8212; Right-of-use assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_2" id="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfRightofuseAssetsTableTextBlock"><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">
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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)">
    <td>Modification of lease</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>At December 31, 2022</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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    <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 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At January 1, 2020</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation for the year</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>At December 31, 2020</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c40" decimals="0" format="ixt:num-dot-decimal" name="brer:AccumulatedDepreciationofCostBalanceAmount" scale="0" unitRef="eur">1,855</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At December 31, 2021</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="brer:AccumulatedDepreciationofCostBalanceAmount" scale="0" unitRef="eur">182</ix:nonFraction></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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c127" decimals="0" format="ixt:num-dot-decimal" name="brer:DepreciationForTheYear" scale="0" unitRef="eur">28,804</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:DepreciationForTheYear" scale="0" unitRef="eur">92,293</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>At December 31, 2022</td><td style="padding-bottom: 1.5pt">&#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"><ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="brer:AccumulatedDepreciationofCostBalanceAmount" scale="0" unitRef="eur">842</ix:nonFraction></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"><ix:nonFraction contextRef="c129" decimals="0" format="ixt:num-dot-decimal" name="brer:AccumulatedDepreciationofCostBalanceAmount" scale="0" unitRef="eur">50,917</ix:nonFraction></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"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="brer:AccumulatedDepreciationofCostBalanceAmount" scale="0" unitRef="eur">158,574</ix:nonFraction></td><td style="padding-bottom: 1.5pt; 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><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">Carrying amount:</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 style="vertical-align: bottom; background-color: White">
    <td>At December 31, 2020</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At December 31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_3" id="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount recognized in profit and loss</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfAmountRecognizedInProfitAndLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 7 &#8212; Trade and other receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfTradeAndOtherReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The credit period on rendering of service to outside
parties is based on ordinary course of businesses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss allowance for trade receivables has been
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default experience of the debtor and an analysis of the debtor&#8217;s current financial position, adjusted for factors that are specific
to the debtors, and where relevant general economic conditions of the industry in which the debtors operate. As at end of reporting period,
management considers the ECL for trade and other receivables is insignificant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the Group&#8217;s historical credit loss experience
does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due
status is not further distinguished between the Group&#8217;s different customer base.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 8 &#8212; Deposits and prepayments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDepositsFromBanksExplanatory"><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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table></ix:nonNumeric></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 9 &#8212; Cash and cash equivalents</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfCashEquivalentTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  </table></ix:nonNumeric></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_1" escape="true" name="ifrs-full:ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 10 &#8212; Lease liabilities and commitment</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_2" id="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group entered into lease agreements for office
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The Company&#8217;s lease liabilities payables and commitments for minimum lease payments under these leases as at December 31, 2022 and
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</div><div>

</div><ix:continuation continuedAt="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_3" id="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Lease liabilities payable:</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</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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  <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">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_4" id="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A maturity analysis of lease liabilities based on undiscounted gross
cash flow is reported in the table below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_5" id="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory"><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="padding-bottom: 1.5pt">&#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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  <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">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022, the total cash outflow for
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="brer_DisclosureOfLoanPayableTextBlock-c0_cont_1" escape="true" name="brer:DisclosureOfLoanPayableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 11 &#8212; Loan payable</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="brer_DisclosureOfLoanPayableTextBlock-c0_cont_2" id="brer_DisclosureOfLoanPayableTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutLoanPayableTextBlock"><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="padding-bottom: 1.5pt">&#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>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">EUR</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Unsecured &#8211; at amortized cost:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 12 &#8212; Trade and other payables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade payables mainly represents trade payables due to vendors, including
independent third party and related parties, who delivered the consultancy services. Other payable mainly represents social security contribution
payables, VAT and other tax payables.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="brer_LoanFromAShareholderTextBlock-c0_cont_1" escape="true" name="brer:LoanFromAShareholderTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 13 &#8212; Loan from a shareholder</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="brer_LoanFromAShareholderTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance represents the loan from a shareholder, Sergio Carlo Scalpelli,
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schedule, and the repayment date of the full amount was rescheduled to September 30, 2022. The full amount of the loan was repaid to Sergio
Carlo Scalpelli on September 30, 2022. The outstanding balance of the loan amounted to EUR<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="brer:InterestFreeRepayment" scale="0" unitRef="eur">0</ix:nonFraction> and EUR<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="brer:InterestFreeRepayment" scale="0" unitRef="eur">20,000</ix:nonFraction> for the years ended December
31, 2022 and 2021, respectively.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfProvisionsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 14 &#8212; Provisions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance represents the termination benefits
for directors of Brera Milano. Provisions for termination benefits for directors are recognized when the Group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation
and the amount can be reliably estimated. The former director of Brera Milano, Marco Sala, agreed to waive the entitled provision upon
his resignation as director of Brera Milano in 2022.</p></ix:continuation><div>

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

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</div><div>

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</div><div>

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

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

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no cash has been received. On July 11, 2022, the one ordinary share was transferred to Daniel Joseph McClory, and on July 14, 2022, the
ordinary share was surrendered to the Company and cancelled in accordance with Irish law. On July 13, 2022, an amended constitution was
adopted by Brera Holdings Limited reflecting an authorized share capital of EUR<ix:nonFraction contextRef="c162" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="eurPershares">1.00</ix:nonFraction> and US$<ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AuthorisedCapitalCommitmentsButNotContractedFor" scale="0" unitRef="usd">1,750,000</ix:nonFraction> divided into <ix:nonFraction contextRef="c164" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">50,000,000</ix:nonFraction> Class A Ordinary
Shares, nominal value US$<ix:nonFraction contextRef="c164" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, <ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">250,000,000</ix:nonFraction> Class B Ordinary Shares, nominal value US$<ix:nonFraction contextRef="c165" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, <ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="brer:PreferredShares" scale="0" unitRef="shares">50,000,000</ix:nonFraction> preferred
shares, nominal value US$<ix:nonFraction contextRef="c163" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.005</ix:nonFraction> per share, and one ordinary share with a nominal value of EUR<ix:nonFraction contextRef="c163" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="eurPershares">1.00</ix:nonFraction>. On July 14, 2022, the Company issued
<ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">8,100,000</ix:nonFraction> Class A Ordinary Shares and <ix:nonFraction contextRef="c167" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">100,000</ix:nonFraction> Class B Ordinary Shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the Reorganization, <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" unitRef="pure">100</ix:nonFraction>% of Brera Milano
shares were acquired by the Company in exchange for the payment of EUR<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="brer:AcquiredPayment" scale="0" unitRef="eur">25,000</ix:nonFraction> to Brera Milano shareholders (the &#8220;Acquisition&#8221;).
The Company also agreed to contribute EUR<ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="brer:AgreedContribution" scale="0" unitRef="eur">253,821</ix:nonFraction> to Brera Milano upon the final completion of the formal obligations under their agreement
at the Milan Register of Companies, in order to restore Brera Milano&#8217;s share capital due to a EUR<ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="brer:LiabilityIndicated" scale="0" unitRef="eur">253,821</ix:nonFraction> liability indicated by
its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Acquisition was accounted for as a reverse
recapitalization, with no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19&#8211;B27 of
IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition and
other factors including: (i) former Brera Milano shareholders owning approximately <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfReasonablyPossibleDecreaseInUnobservableInputEntitysOwnEquityInstruments" scale="-2" unitRef="pure">35</ix:nonFraction>% of the combined company (on a fully diluted basis)
immediately following the closing of the Acquisition and are the largest shareholders&#8217; party of the Company, (ii) former Brera Milano
shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former Brera Milano
shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders of
the Company other than the former Brera Milano shareholders continuing as passive investors; and (v) the combined company continuing the
football related business with Brera Milano shareholders being the major subject matter experts of this industry in the Company and having
the power to direct the development and operations of the combined company after the Acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, the Company, which was established
as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition completed on July
29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation, and it was not qualified
as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute as a business combination
since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the consolidated financial statements
of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera Milano and the assets and liabilities
are presented at their historical carrying values. As of December 31, 2022, the Company&#8217;s consolidated financial statements are
prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities within the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 22, 2022, September 19, 2022, October
7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class B Ordinary Shares and entered into certain subscription
agreements with a number of (i) accredited investors as defined in Section 2(a)(15) of the Securities Act, and Rule 501 promulgated thereunder,
in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws or (ii) non-U.S. persons made in compliance with the provisions of Regulation S promulgated under
the Securities Act. Pursuant to the agreements, we issued <ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">1,505,000</ix:nonFraction> Class B Ordinary Shares at $<ix:nonFraction contextRef="c168" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per share for a total of US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:AgreementAmount" scale="0" unitRef="usd">1,505,000</ix:nonFraction>.
The shares are subject to certain lockup provisions until 180 days after the commencement of trading of our Class B Ordinary Shares, subject
to certain exceptions. Boustead acted as placement agent in this private placement. Pursuant to our engagement letter agreement with Boustead,
in addition to payments of a success fee of US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="0" unitRef="usd">105,350</ix:nonFraction>, or <ix:nonFraction contextRef="c169" decimals="2" format="ixt:num-dot-decimal" name="brer:PurchasePricePercentage" scale="-2" unitRef="pure">7</ix:nonFraction>% of the total purchase price of the shares sold in the private placement,
and a non-accountable expense allowance of US$<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" scale="0" unitRef="usd">15,050</ix:nonFraction>, or <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="brer:PurchasePricePercentage" scale="-2" unitRef="pure">1</ix:nonFraction>% of the total purchase price of the shares sold in the private placement, we
agreed to issue Boustead a five-year warrant to purchase up to <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:WarrantToPurchaseShares" scale="0" unitRef="shares">105,350</ix:nonFraction> Class B Ordinary Shares, exercisable on a cashless basis, with
an exercise price of US$<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per share, subject to adjustment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 21, 2022, Daniel Joseph McClory,
our Executive Chairman and director, surrendered his <ix:nonFraction contextRef="c170" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">2,500,000</ix:nonFraction> Class A Ordinary Shares and we issued <ix:nonFraction contextRef="c171" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">2,250,000</ix:nonFraction> Class A Ordinary Shares
to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, <ix:nonFraction contextRef="c172" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">200,000</ix:nonFraction> Class B Ordinary Shares to Lucia Giovannetti,
and <ix:nonFraction contextRef="c173" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction> Class B Ordinary Shares to Christopher Paul Gardner, our director, for US$<ix:nonFraction contextRef="c174" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">11,250</ix:nonFraction>, US$<ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">1,000</ix:nonFraction> and US$<ix:nonFraction contextRef="c176" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">250</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 5, 2022, Marco Sala surrendered <ix:nonFraction contextRef="c177" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">250,000</ix:nonFraction>
of his Class A Ordinary Shares, Daniel Joseph McClory surrendered <ix:nonFraction contextRef="c178" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">250,000</ix:nonFraction> of his Class B Ordinary Shares and we issued <ix:nonFraction contextRef="c179" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction> Class A
Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy Officer and director, and <ix:nonFraction contextRef="c180" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction> Class B Ordinary
Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran Pandev, our director, and Sergio Carlo Scalpelli,
our Chief Executive Officer and director, for aggregate purchase prices of $<ix:nonFraction contextRef="c181" decimals="0" format="ixt:num-dot-decimal" name="brer:AggregatePurchasePrices" scale="0" unitRef="usd">250</ix:nonFraction> each, and <ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">250,000</ix:nonFraction> Class B Ordinary Shares to Grant McClory,
Daniel Joseph McClory&#8217;s adult son, for US$<ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">1,250</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 11, 2022, we issued <ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">100,000</ix:nonFraction> Class
B Ordinary Shares to Christopher Paul Gardner, our director, and <ix:nonFraction contextRef="c185" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">50,000</ix:nonFraction> Class B Ordinary Shares to Sergio Carlo Scalpelli, our Chief Executive
Officer and director, for US$<ix:nonFraction contextRef="c186" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">500</ix:nonFraction> and US$<ix:nonFraction contextRef="c187" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">250</ix:nonFraction>, respectively.</p></ix:continuation><div>

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

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

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRevenueExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 16 &#8212; Revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_2" id="_DisclosureOfRevenueExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</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">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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; font-weight: bold; text-align: center">EUR</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenue recognized over time</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><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_3" id="_DisclosureOfRevenueExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All revenue was generated from sales transactions with independent
third parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRevenueExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One customer accounted for over <ix:nonFraction contextRef="c188" decimals="2" format="ixt:num-dot-decimal" name="brer:RevenueRemainingPerformancesObligationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the Group&#8217;s
total revenue, represented <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="brer:RevenueRemainingPerformancesObligationPercentage" scale="-2" unitRef="pure">74</ix:nonFraction>% of the Group&#8217;s sales for the year ended December 31, 2022. Three customers, each accounted for over
<ix:nonFraction contextRef="c189" decimals="2" format="ixt:num-dot-decimal" name="brer:RevenueRemainingPerformancesObligationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the Group&#8217;s total revenue, represented <ix:nonFraction contextRef="c190" decimals="2" format="ixt:num-dot-decimal" name="brer:RevenueRemainingPerformancesObligationPercentage" scale="-2" unitRef="pure">75</ix:nonFraction>% and <ix:nonFraction contextRef="c191" decimals="2" format="ixt:num-dot-decimal" name="brer:RevenueRemainingPerformancesObligationPercentage" scale="-2" unitRef="pure">98</ix:nonFraction>% of the Group&#8217;s sales for the years ended December 31, 2021 and 2020,
respectively. Trade receivable from these customers was EUR<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivables" scale="0" unitRef="eur">24,400</ix:nonFraction>, EUR<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivables" scale="0" unitRef="eur">71,038</ix:nonFraction> and EUR<ix:nonFraction contextRef="c40" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivables" scale="0" unitRef="eur">81,385</ix:nonFraction> as of December 31, 2022, 2021 and 2020, respectively.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCostOfSalesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 17 &#8212; Cost of revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_2" id="_DisclosureOfCostOfSalesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of revenue primarily consists of expenses
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_3" id="_DisclosureOfCostOfSalesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_4" id="_DisclosureOfCostOfSalesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="brer:PercentageOfCostsOfRevenue" scale="-2" unitRef="pure">72</ix:nonFraction>%, <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="brer:PercentageOfCostsOfRevenue" scale="-2" unitRef="pure">26</ix:nonFraction>% and <ix:nonFraction contextRef="c40" decimals="2" format="ixt:num-dot-decimal" name="brer:PercentageOfCostsOfRevenue" scale="-2" unitRef="pure">34</ix:nonFraction>% of the cost of revenue were incurred
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</div><div>

</div><ix:continuation id="_DisclosureOfCostOfSalesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Four suppliers, each accounted for over <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="brer:TotalCostOfRevenue" scale="-2" unitRef="pure">10</ix:nonFraction>% of
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 18 &#8212; General and administrative expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_2" id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Included within general and administrative expenses are the following
expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfGeneralAndAdministrativeExpensesExplanatoryTableTextBlock"><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">
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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: rgb(204,238,255)">
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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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="brer_DirectorsEmolumentstextBlock-c0_cont_1" escape="true" name="brer:DirectorsEmolumentstextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 19 &#8212; Director&#8217;s emoluments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="brer_DirectorsEmolumentstextBlock-c0_cont_2" id="brer_DirectorsEmolumentstextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDirectorsEmolumentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</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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</div><div>

</div><ix:continuation id="brer_DirectorsEmolumentstextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other emoluments mainly represent social security fund and medical
allowance.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 20 &#8212; Provision for income taxes expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Ireland</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brera Holdings PLC is a holding company registered
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Italy </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts its major businesses in Italy
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Italian companies are subject to two enacted income
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IRES is a state tax and is calculated on the taxable
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IRAP is a regional tax and each Italian region
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022, 2021 and
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfIncomeTaxExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A reconciliation of income taxes at statutory rates with the reported
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</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfReconciliationIncomeTaxesAtStatutoryRatesTableTextBlock"><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">
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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)">
    <td style="padding-bottom: 1.5pt; text-align: left; text-indent: -3.6pt; padding-left: 3.6pt">Permanent differences</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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  </table></ix:nonNumeric></ix:continuation><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 21 &#8212; Basic and diluted (loss) earnings per
share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The calculation of the basic and diluted (loss) earnings per
share attributable to the shareholders of the Group is based on the following data:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">(Loss) earnings</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutLossEarningsTextBlock"><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: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Number of shares</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutNumberOfSharesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_7" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted (loss) earnings per share is calculated
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_8" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group computes net (loss) earnings per share
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using the weighted-average number of shares outstanding during the period. Diluted net (loss) earnings per share is computed using the
weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive
securities consist of restricted stock units and other contingently issuable shares. The dilutive effect of outstanding restricted stock
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_9" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rights, including the liquidation and dividend
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_10" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years ended December 31, 2022, 2021 and
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_11" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the computation
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</div><div>

</div><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutBasicAndDilutedNetLossEarningsPerShareTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 22 &#8212; Related party</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The related parties had transactions and outstanding balances for the
years ended December 31, 2022 and 2021 consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfRelatedPartiesHadTransactionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfOtherReceivablesRelatedPartiesTableTextBlock"><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">
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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: 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">
    <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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    <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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  <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)">
    <td>&#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><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"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, balances due
from and due to related parties primarily represent monetary advancements and repayments by the related parties for its normal course
of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2022 and 2021, Brera Milano engaged
SWG S.p.A., or SWG, to provide certain polling services, free of charge, and without agreements in writing. SWG is beneficially owned
by Adrio Maria de Carolis, a beneficial owner of Class A Ordinary Shares.</p></ix:continuation><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfReconciliationBetweenInvestmentDerecognisedAndAssetsAndLiabilitiesRecognisedTransitionFromAccountingForInvestmentAtCostOrInAccordanceWithIFRS9ToAccountingForAssetsAndLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfReconciliationBetweenInvestmentDerecognisedAndAssetsAndLiabilitiesRecognisedTransitionFromAccountingForInvestmentAtCostOrInAccordanceWithIFRS9ToAccountingForAssetsAndLiabilitiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Note 23 &#8212; Reconciliation of liabilities arising from financing
activities</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfReconciliationBetweenInvestmentDerecognisedAndAssetsAndLiabilitiesRecognisedTransitionFromAccountingForInvestmentAtCostOrInAccordanceWithIFRS9ToAccountingForAssetsAndLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfReconciliationBetweenInvestmentDerecognisedAndAssetsAndLiabilitiesRecognisedTransitionFromAccountingForInvestmentAtCostOrInAccordanceWithIFRS9ToAccountingForAssetsAndLiabilitiesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="brer:DisclosureOfDetailedInformationAboutReconciliationOfLiabilitiesArisingFromFinancingActivitiesTextBlock"><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="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">At January 1, 2020</td><td style="width: 1%">&#160;</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">Interest expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>At December 31, 2020</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financing cash flows</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">New leases entered</td><td>&#160;</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">Interest expenses</td><td style="padding-bottom: 1.5pt">&#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"><div style="-sec-ix-hidden: hidden-fact-150">-</div></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 style="vertical-align: bottom; background-color: White">
    <td>At December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c251" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="0" unitRef="eur">25,000</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 contextRef="c252" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="0" unitRef="eur">20,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financing cash flows</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="brer:FinancingCashFlows" scale="0" sign="-" unitRef="eur">3,084</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 contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="brer:FinancingCashFlows" scale="0" sign="-" unitRef="eur">20,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">New leases entered</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">-</div></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 contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" scale="0" unitRef="eur">22,752</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Change on modification of lease</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</div></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 contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInFairValueMeasurementEntitysOwnEquityInstruments" scale="0" sign="-" unitRef="eur">5,933</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest expenses</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 style="padding-bottom: 4pt">At December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c259" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:LiabilitiesArisingFromFinancingActivities" scale="0" unitRef="eur">307,410</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfReconciliationBetweenInvestmentDerecognisedAndAssetsAndLiabilitiesRecognisedTransitionFromAccountingForInvestmentAtCostOrInAccordanceWithIFRS9ToAccountingForAssetsAndLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net proceeds from shares issuance for cash in
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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costs, expenses, concessions and other amounts payable to any party, including, without limitation, brokers, underwriters, advisors (accounting,
financial, legal and otherwise) and any consultants, in connection with the Company&#8217;s initial public offering of Class B Ordinary
Shares (&#8220;Offering Shares&#8221;). The Offering Shares commenced trading on the Nasdaq Capital Market under the symbol &#8220;BREA&#8221;.
The closing of the Offering took place on January 31, 2023. Upon completion of the IPO, these deferred offering costs shall be reclassified
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</div><div>

</div><ix:continuation id="_DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="brer:ScheduleOfDeferredOfferingCostsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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represents amounts received or invoiced in advance of delivering goods or rendering services. These amounts are recognized as revenue
when the performance obligations under the contracts are fulfilled. The Company accounts for deferred revenue in accordance with IFRS
15 - Revenue from Contracts with Customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Initial Public Offering</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_3" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 26, 2023, we entered into an underwriting
agreement (the &#8220;Underwriting Agreement&#8221;) with Revere Securities, LLC, as representative of the underwriters named on Schedule
1 thereto (the &#8220;Representative&#8221;), relating to the Company&#8217;s initial public offering (the &#8220;Offering&#8221;) of
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Price&#8221;). Pursuant to the Underwriting Agreement, in exchange for the Representative&#8217;s firm commitment to purchase the Offering
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</div><div>

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Capital Market under the symbol &#8220;BREA&#8221;. The closing of the Offering took place on January 31, 2023. After deducting underwriting
discounts and commissions and non-accountable expense allowance, the Company received net proceeds of approximately US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByFunction" scale="0" unitRef="usd">6,900,000</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also issued the Representative a warrant
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for share dividends, splits, mergers, and any future issuance of ordinary shares or ordinary shares equivalents at prices (or with exercise
and/or conversion prices) below the exercise price. The Representative&#8217;s Warrant also contains piggyback registration rights in
compliance with FINRA Rule 5110.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering Shares were offered and sold and
the Representative&#8217;s Warrant was issued pursuant to the Company&#8217;s Registration Statement on Form F-1 (File No. 333-268187),
as amended (the &#8220;Registration Statement&#8221;), initially filed with the Commission on November 4, 2022, and declared effective
by the Commission on January 26, 2023, and the final prospectus filed with the Commission on January 30, 2023 pursuant to Rule 424(b)(4)
of the Securities Act. The Offering Shares, Representative&#8217;s Warrant and the Class B Ordinary Shares underlying the Representative&#8217;s
Warrant were registered as a part of the Registration Statement. The Company intends to use the net proceeds from the Offering to purchase
acquisition or management rights of football clubs; continued investment in social impact football; sales and marketing; and working capital
and general corporate purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriting Agreement contained customary
representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations of the Company
and the underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.
The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and
as of specific dates were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the
contracting parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s officers, directors, and Class
A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant
any option for the sale of or otherwise dispose of any ordinary shares or other securities convertible into or exercisable or exchangeable
for ordinary shares for a period of 12 months without the prior written consent of the Representative.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Entry into a Letter of Intent with Fudbalski Klub Akademija
Pandev</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 13, 2023, we entered into a binding
letter of intent (the &#8220;Letter of Intent&#8221;) with Fudbalski Klub Akademija Pandev, a joint stock company organized under the
laws of North Macedonia (&#8220;FKAP&#8221;), and its sole equity holder, Goran Pandev, our director (the &#8220;FKAP Owner&#8221;), relating
to the acquisition of FKAP by the Company or Brera Milano.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Letter of Intent, the Company, FKAP
and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the &#8220;Definitive Agreements&#8221;)
that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from the FKAP Owner
a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting <ix:nonFraction contextRef="c266" decimals="2" format="ixt:num-dot-decimal" name="brer:PercentageOfTotalPurchasePrice" scale="-2" unitRef="pure">90</ix:nonFraction>% of the outstanding common
shares of FKAP after such acquisition. The Company will pay the FKAP Owner EUR<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:DefinitiveAgreements" scale="0" unitRef="eur">600,000</ix:nonFraction> on the date that the parties enter into the Definitive
Agreements. Additionally, for a period of <ix:nonNumeric contextRef="c267" format="ixt-sec:durwordsen" name="brer:WarrantYear">ten years</ix:nonNumeric> beginning with December 31, 2023, and following each year thereafter until December
31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient
of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes of the Letter of
Intent, the &#8220;Applicable Net Income Amount&#8221; shall be equal to the sum of (i) <ix:nonFraction contextRef="c267" decimals="2" format="ixt:num-dot-decimal" name="brer:MarketFeesRate" scale="-2" unitRef="pure">15</ix:nonFraction>% of the net income actually received by FKAP
from players&#8217; transfer market fees received during the applicable year; plus (ii) <ix:nonFraction contextRef="c267" decimals="2" format="ixt:num-dot-decimal" name="brer:OtherPaymentRate" scale="-2" unitRef="pure">15</ix:nonFraction>% of the net income actually received by FKAP
from Union of European Football Associations prize money paid for access to European qualifying rounds (not including group stages, and
only including such rounds) during the applicable year; and &#8220;VWAP Per Share&#8221; means the average of the daily Volume-Weighted
Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading day immediately
prior to the measurement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_12" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Letter of Intent will automatically terminate,
and be of no further force and effect except as provided, upon the earlier of (i) execution of the Definitive Agreements, (ii) mutual
agreement between the Company and the FKAP Owner, or (iii) at least ten days&#8217; written notice of termination from one party to the
other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary covenants including as to due diligence,
exclusivity, and expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_13" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">Entry into a Contract with Tchumene FC Sports Association</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_14" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 17, 2023, we entered into a contract
(the &#8220;Contract&#8221;) with Tchumene FC Sports Association, a football club organized under the laws of Mozambique (&#8220;Tchumene
FC&#8221; or the &#8220;Club&#8221;), relating to a strategic partnership through the establishment of sponsorship and franchising relationships
between us and Tchumene FC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_15" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Contract, for the 2023 football
season, Tchumene FC will be rebranded as &#8220;Brera Tchumene FC&#8221; with simultaneous modification of its logo and corporate colors.
We will determine the Club&#8217;s game shirt sponsor, deliver media relating to the Club on its communication channels, manage external
media relations, use the Club&#8217;s brand for any communication activity and promotion, and promote the Club around the world through
its relationship network with football operators and finance partners in the United States. We will not intervene or assume responsibility
over the sports management of the Club and all of the Club&#8217;s sporting activity will remain under the exclusive control of Tchumene
FC. The Company will pay Tchumene FC &#8364;<ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="brer:CostPaid" scale="0" unitRef="eur">25,000</ix:nonFraction>, of which &#8364;<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:CostPaid" scale="0" unitRef="eur">15,000</ix:nonFraction> was paid upon signing the Contract and &#8364;<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:ContractAmount" scale="0" unitRef="eur">10,000</ix:nonFraction> will be paid
by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual term as described
below, the Company will pay &#8364;<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brer:RenewalAmount" scale="0" unitRef="eur">25,000</ix:nonFraction> in one lump sum within thirty days of such renewal of the Contract for the following football
season. We will decide the shirt sponsor of the Club&#8217;s football shirts. If the sponsor is an Italian company that already works
with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique, we will negotiate
with Tchumene FC the division of the sponsorship revenue in accordance with market standards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_16" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Contract will automatically renew for each
subsequent football season in which Tchumene FC plays in the Mozambique second division, unless terminated at the end of any football
season by either party upon 30 days&#8217; notice or upon a breach of contract with 30 days&#8217; notice. If Tchumene FC enters Mozambique
football&#8217;s first division, the Contract will be terminated with the intent to renegotiate the terms to include greater commitments
between the parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_17" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Contract also provides that no exclusivity
obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements with any company operating in the
sports industry.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_18" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">Entry into a Share Purchase Agreement with Fudbalski Klub
Akademija Pandev</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_19" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 28, 2023, we entered into an agreement
for the purchase and sale of outstanding common shares (the &#8220;Share Purchase Agreement&#8221;) with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia (&#8220;FKAP&#8221;), and its sole equity holder, Goran Pandev, our
director (the &#8220;FKAP Owner&#8221;), relating to the acquisition of FKAP by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_20" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Share Purchase Agreement, the Company
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the FKAP Owner EUR<ix:nonFraction contextRef="c269" decimals="0" format="ixt:num-dot-decimal" name="brer:SharePurchaseAgreement" scale="0" unitRef="shares">600,000</ix:nonFraction> upon the signing of the Share Purchase Agreement. Additionally, for a period of <ix:nonNumeric contextRef="c267" format="ixt-sec:durwordsen" name="brer:PurchaseAgreementPeriod">ten years</ix:nonNumeric> beginning with December
31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted
Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP
Per Share (as defined below). For purposes of the Share Purchase Agreement, the &#8220;Applicable Net Income Amount&#8221; shall be equal
to the sum of (i) <ix:nonFraction contextRef="c270" decimals="2" format="ixt:num-dot-decimal" name="brer:NetIncomeRate" scale="-2" unitRef="pure">15</ix:nonFraction>% of the net income actually received by FKAP from players&#8217; transfer market fees received during the applicable
year; plus (ii) <ix:nonFraction contextRef="c267" decimals="2" format="ixt:num-dot-decimal" name="brer:NetIncomeRate" scale="-2" unitRef="pure">15</ix:nonFraction>% of the net income actually received by FKAP from Union of European Football Associations prize money paid for access
to European qualifying rounds (not including group stages, and only including such rounds) during the applicable year; and &#8220;VWAP
Per Share&#8221; means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the
ten consecutive trading days beginning on the trading day immediately prior to the measurement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Purchase Agreement may be terminated,
amended, supplemented, waived or modified only by written instrument signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought. The Share Purchase Agreement contains customary covenants including as to due
diligence, representation and warranties, and indemnification.</p></ix:continuation><div>

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

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

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










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{"company-data": {"conformed-name": "Brera Holdings PLC", "cik": "0001939965", "assigned-sic": "7900", "irs-number": "000000000", "state-of-incorporation": "L2", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41606", "film-number": "23874773"}, "business-address": {"street1": "IFSC, 25-28 NORTH WALL QUAY", "street2": "DUBLIN 1", "city": "DUBLIN", "state": "L2", "zip": "D01 H104", "phone": "949-233-7869"}, "mail-address": {"street1": "IFSC, 25-28 NORTH WALL QUAY", "street2": "DUBLIN 1", "city": "DUBLIN", "state": "L2", "zip": "D01 H104"}, "former-company": {"former-conformed-name": "Brera Holdings Ltd", "date-changed": "20220726"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
one)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to _________
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
001-41606
Brera Holdings PLC
(Exact
name of the Registrant as specified in its charter)
Not
    Applicable
(Translation
of Registrant's name into English)
Ireland
(Jurisdiction
of incorporation or organization)
Connaught House
,
5th Floor, One Burlington Road
,
Dublin 4
,
D04 C5Y6
,
Ireland
(Address
of principal executive offices)
Daniel
J. McClory, Executive Chairman
Tel:
+39 02
72605550
Email:
info@breraholdings.com
Connaught House
,
5th Floor, One Burlington Road
,
Dublin 4
,
D04 C5Y6
,
Ireland
(Name,
Telephone, E-mail 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
Class B Ordinary Shares, nominal value $0.005 per share
BREA
The Nasdaq Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
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:
7,700,000
Class A Ordinary Shares, nominal value $0.005 per share, and
2,205,000
Class B Ordinary shares, nominal
value $0.005 per share, as of December 31, 2022.
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
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
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 whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
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). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
US GAAP  ☐
International Financial Reporting Standards as issued
Other  ☐
by the International Accounting Standards Board
☒
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
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
Annual
Report on Form 20-F
Year
Ended December 31, 2022
TABLE
OF CONTENTS
Page
PART
    I
Item
    1.
Identity
    of Directors, Senior Management and Advisers
1
Item
    2.
Offer
    Statistics and Expected Timetable
1
Item
    3.
Key
    Information
1
3.A.
[Reserved]
1
3.B.
Capitalization
    and Indebtedness
1
3.C.
Reasons
    for the Offer and Use of Proceeds
1
3.D.
Risk
    Factors
1
Item
    4.
Information
    on the Company
16
4.A.
History
    and Development of the Company
16
4.B.
Business
    Overview
19
4.C.
Organizational
    Structure
30
4.D.
Property,
    Plants and Equipment
30
Item
    4A.
Unresolved
    Staff Comments
31
Item
    5.
Operating
    and Financial Review and Prospects
31
5.A.
Operating
    Results
31
5.B.
Liquidity
    and Capital Resources
35
5.C.
Research
    and Development, Patents and Licenses, etc.
38
5.D.
Trend
    Information
38
5.E.
Critical
    Accounting Estimates
39
Item
    6.
Directors,
    Senior Management and Employees
40
6.A.
Directors
    and Senior Management
40
6.B.
Compensation
41
6.C.
Board
    Practices
45
6.D.
Employees
48
6.E.
Share
    Ownership
48
6.F.
Disclosure
    of a registrant's action to recover erroneously awarded compensation
48
Item
    7.
Major
    Shareholders and Related Party Transactions
48
7.A.
Major
    Shareholders
48
7.B.
Related
    Party Transactions
50
7.C.
Interests
    of Experts and Counsel
55
Item
    8.
Financial
    Information
55
8.A.
Consolidated
    Statements and Other Financial Information
55
8.B.
Significant
    Changes
56
Item
    9.
The
    Offer and Listing
56
9.A.
Offer
    and Listing Details
56
9.B.
Plan
    of Distribution
56
9.C.
Markets
56
9.D.
Selling
    Shareholders
56
9.E.
Dilution
56
9.F.
Expenses
    of the Issue
56
Item
    10.
Additional
    Information
56
10.A.
Share
    Capital
56
10.B.
Memorandum
    and Articles of Association
56
10.C.
Material
    Contracts
56
10.D.
Exchange
    Controls
56
10.E.
Taxation
56
10.F.
Dividends
    and Paying Agents
6
2
10.G.
Statements
    by Experts
62
10.H.
Documents
    on Display
63
10.I.
Subsidiary
    Information
63
10.J.
Annual
    Report to Security Holders
63
i
Item
    11.
Quantitative
    and Qualitative Disclosures About Market Risk
63
Item
    12.
Description
    of Securities Other Than Equity Securities
64
12.A.
Debt
    Securities
64
12.B.
Warrants
    and Rights
64
12.C.
Other
    Securities
64
12.D.
American
    Depositary Shares
64
PART
    II
Item
    13.
Defaults,
    Dividend Arrearages and Delinquencies
65
Item
    14.
Material
    Modifications to the Rights of Security Holders and Use of Proceeds
65
Item
    15.
Controls
    and Procedures
65
Item
    16.
[Reserved]
66
16A.
Audit
    Committee and Financial Expert
66
16B.
Code
    of Ethics
66
16C.
Principal
    Accountant Fees and Services
66
16D.
Exemptions
    from the Listing Standards for Audit Committees
67
16E.
Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers
67
16F.
Change
    in Registrant's Certifying Accountant
67
16G.
Corporate
    Governance
67
16H.
Mine
    Safety Disclosure
68
16I.
Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections
68
16J.
Insider
    Trading Policies
68
PART
    III
Item
    17.
Financial
    Statements
69
Item
    18.
Financial
    Statements
69
Item
    19.
Exhibits
69
ii
CERTAIN
INFORMATION
As
used in this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated or the context otherwise requires,
references to:
●
"we,"
                                            "us," "our," "the Company," "our company,"
                                            or "Brera Holdings" are to Brera Holdings PLC, including its subsidiaries.
●
"Class
                                            A Ordinary Shares" are to our Class A Ordinary Shares, nominal value $0.005 per share.
●
"Class
                                            B Ordinary Shares" are to our Class B Ordinary Shares, nominal value $0.005 per share.
●
"Nasdaq"
                                            are to the Nasdaq Capital Market tier operated by The Nasdaq Stock Market LLC.
●
"Exchange
                                            Act" are to the Securities Exchange Act of 1934, as amended.
●
"Securities
                                            Act" are to the Securities Act of 1933, as amended.
●
"Commission"
                                            are to the Securities and Exchange Commission.
●
"football"
                                            are to the sport commonly referred to as "soccer" in the United States.
●
"Brera
                                            Milano" and "KAP" are to Brera Milano S.r.l., formerly KAP S.r.l., an Italian
                                            limited liability company (società a responsabilità limitata), which is our
                                            wholly-owned subsidiary.
●
"Fudbalski
                                            Klub Akademija Pandev," "FKAP," and "Akademija Pandev" are
                                            to Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North
                                            Macedonia, which is our 90%-owned subsidiary.
●
"FIFA"
                                            are to the Federation Internationale de Football Association, or International Federation
                                            of Association Football, the international governing body of association football.
●
"CONIFA"
                                            are to the Confederation of Independent Football Associations, the international governing
                                            body for association football teams that are not affiliated with FIFA.
●
"UEFA"
                                            are to the Union of European Football Associations, the governing body of European football
                                            and the umbrella organization for 55 national associations.
●
"FIGC"
                                            are to the Federazione Italiana Giuoco Calcio, or Italian Football Federation, the governing
                                            body of football in Italy and organizes the Italian football league.
●
"NOIF"
                                            are to the Norme organizzative interne della FIGC, or Internal Organizational Rules of the
                                            FIGC, the rules that govern all aspects of Italian football.
●
"Italian
                                            football" are to the Italian football league system, which consists of nine national
                                            and regional tournament levels, the first three being professional, while the remaining six
                                            are amateur, from highest level to lowest level are: Serie A, Serie B, Serie C, Serie D,
                                            Eccellenza, Promozione, Prima Categoria, Seconda Categoria, and Terza Categoria.
●
"FCD
                                            Brera," "Brera FC," "Brera Calcio" and "third team of
                                            Milan" are to the "Brera Football Club".
●
"first
                                            team" are to the players selected to play for the most senior team in a football club.
●
"FENIX
                                            Trophy" are to the FENIX Trophy, which is a non-professional pan-European football
                                            tournament recognized by UEFA, which inaugurally ran from September 2021 to June 2022 and
                                            was organized by Brera FC. "FENIX" is intended to be an acronym for "Friendly
                                            European Non-professional Innovative Xenial".
In
this Annual Report, references to "U.S. dollars," "dollars," "USD" and "$" are to the
legal currency of the United States, all references to "EUR euros", "euros" and "€" are to the
legal currency of the European Union, and all references to "MKD" are to the legal currency of North Macedonia. Our reporting
currency and our functional currency is EUR euros.
Solely
for the convenience of the reader, this Annual Report contains translations of certain EUR euros into U.S. dollars at specified rates.
Except as otherwise stated in this Annual Report, all translations from EUR euros into U.S. dollars in this Annual Report were made at
a rate of €0.9346 per $1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board
in effect as of December 30, 2022. On April 21, 2023, the noon buying rate for EUR euros was €0.9113 per $1.00. No representation
is made that the EUR euro or U.S. dollar amounts referred to in this Annual Report could have been or could be converted into U.S. dollars
or EUR euros, as the case may be, at any particular rate or at all. Any discrepancies in any table between totals and sums of the amounts
listed are due to rounding.
The
audited consolidated financial statements and notes thereto as of and for fiscal years ended 2022, 2021 and 2020 included elsewhere in
this Annual Report have been prepared in accordance with International Financial Reporting Standards, or IFRS. Our fiscal year end is
December 31.
iii
FORWARD-LOOKING
STATEMENTS
This
Annual Report contains many statements that are "forward-looking" and uses forward-looking terminology such as "anticipate,"
"believe," "could," "estimate," "expect," "future," "intend,"
"may," "ought to," "plan," "possible," "potentially," "predicts,"
"project," "should," "will," "would," negatives of such terms or other similar statements.
You should not place undue reliance on any forward-looking statement due to its inherent risk and uncertainties, both general and specific.
Although we believe the assumptions on which the forward-looking statements are based are reasonable and within the bounds of our knowledge
of our business and operations as of the date of this Annual Report, any or all of those assumptions could prove to be inaccurate. As
a result, the forward-looking statements based on those assumptions could also be incorrect. The forward-looking statements in this Annual
Report include, without limitation, statements relating to:
●
our
    goals and strategies;
●
our
    future business development, financial condition and results of operations;
●
our
    projected revenues, profits, earnings and other estimated financial information;
●
our
    ability to secure additional funding necessary for the expansion of our business;
●
the
    growth of and competition trends in our industry;
●
our
    expectations regarding the popularity and competitive success of Brera FC;
●
our
    ability to maintain strong relationships with our fans, supporters and sponsors;
●
fluctuations
    in general economic and business conditions in the markets in which we operate; and
●
relevant
    government policies and regulations relating to our industry.
The
forward-looking statements included in this Annual Report are subject to known and unknown risks, uncertainties and assumptions about
our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee
of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements
as a result of risk factors, some of which are described under the headings "Risk Factors", "Operating and Financial
Review and Prospects," "Information on our Company" and elsewhere in this Annual Report. Such risks and uncertainties
are not exhaustive. Other sections of this Annual Report include additional factors which could adversely impact our business and financial
performance. The forward-looking statements contained in this Annual Report speak only as of the date of this Annual Report or, if obtained
from third-party studies or reports, the date of the corresponding study or report, and are expressly qualified in their entirety by
the cautionary statements in this Annual Report. Since we operate in an emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as otherwise required
by the securities laws of the United States, we undertake no obligation to update or revise any forward-looking statements to reflect
events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.
iv
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
3.A. [Reserved]
3.B. Capitalization
and Indebtedness
Not
applicable.
3.C.
Reasons
for the Offer and Use of Proceeds
Not
applicable.
3.D. Risk
Factors
You
should carefully consider the following risk factors and all of the information contained in this Annual Report, including but not limited
to, the matters addressed in the section titled "Forward-Looking Statements," and our financial information before you decide
whether to invest in our securities. One or more of a combination of these risks could materially impact our business, financial condition
or results of operations. In any such case, the market price of our Class B Ordinary Shares could decline, and you may lose all or part
of your investment. Additional risks and uncertainties not currently known to us or that we currently do not consider to be material
may also materially and adversely affect our business, financial condition or results of operations.
Summary
Risk Factors
Risks
Related to Our Business and Industry
●
Our
                                            business is substantially dependent on the popularity and/or competitive success of our acquired
                                            teams, which cannot be assured.
●
We
                                            had a concentration of credit risk because we derived our revenue from a limited number of
                                            customers.
●
We
                                            source our materials from a limited number of suppliers. If we lose one or more of the suppliers,
                                            our operation may be disrupted, and our results of operations may be adversely and materially
                                            impacted.
●
If
                                            we are unable to maintain and enhance our brand and reputation, or if events occur that damage
                                            our brand and reputation, our ability to expand our fanbase, sponsors, and commercial partners
                                            or to sell significant quantities of our services may be impaired.
●
Our
                                            business is dependent upon our ability to attract players and staff, including management,
                                            recruiters, and coaches for our acquired clubs.
●
Injuries
                                            to, and illness of, players in our acquired clubs could hinder our success.
●
We
                                            may pursue acquisitions and other strategic transactions to complement or expand our business
                                            that may not be successful.
●
If
                                            we are unable to maintain, train and build an effective international sales and marketing
                                            infrastructure, we will not be able to commercialize and grow our brand successfully.
●
It
                                            may not be possible to renew or replace key commercial and sponsorship agreements on similar
                                            or better terms or attract new sponsors.
●
There
                                            could be a decline in the popularity of football.
1
●
Our
                                            business is subject to seasonal fluctuations and our operating results and cash flow can
                                            vary substantially from period to period.
●
We
                                            operate in a highly competitive market and there can be no assurance that we will be able
                                            to compete successfully.
●
Our
                                            digital media strategy may not generate the revenue we anticipate.
●
Our
                                            operations and operating results have been, and may continue to be, materially impacted by
                                            the COVID-19 pandemic and government and league actions taken in response.
Risks
Related to the Ownership of Our Class B Ordinary Shares
●
Our
                                            dual class voting structure has the effect of concentrating the voting control to holders
                                            of our Class A Ordinary Shares, which will limit or preclude your ability to influence corporate
                                            matters, and your interests may conflict with the interests of these shareholders. It may
                                            also adversely affect the trading market for our Class B Ordinary Shares due to exclusion
                                            from certain stock market indices.
●
We
                                            may not be able to maintain a listing of our Class B Ordinary Shares on Nasdaq.
●
Our
                                            operating results and share price may fluctuate, and you could lose all or part of your investment.
●
We
                                            do not currently intend to pay dividends on our securities and, consequently, your ability
                                            to achieve a return on your investment will depend on appreciation in the price of our Class
                                            B Ordinary Shares. In addition, any distribution of dividends must be in accordance with
                                            the rules and restrictions applying under Irish law.
●
Changes
                                            to taxation or the interpretation or application of tax laws could have an adverse impact
                                            on our results of operations and financial condition.
●
Shareholders
                                            could be diluted in the future if we increase our issued share capital because of the disapplication
                                            of statutory preemption rights. In addition, shareholders in certain jurisdictions, including
                                            the United States, may not be able to exercise their preemption rights even if those rights
                                            have not been disapplied.
●
Irish
                                            law differs from the laws in effect in the United States and U.S. investors may have difficulty
                                            enforcing civil liabilities against us, our directors or members of senior management named
                                            in this Annual Report.
●
Provisions
                                            of our constitution, as well as provisions of Irish law, could make an acquisition of us
                                            more difficult, limit attempts by our shareholders to replace or remove our current directors,
                                            and limit the market price of our ordinary shares.
●
We
                                            are a foreign private issuer within the meaning of the rules under the Exchange Act, and
                                            as such we are exempt from certain provisions applicable to U.S. domestic public companies.
●
As
                                            a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate
                                            governance standards applicable to domestic U.S. issuers. This may afford less protection
                                            to holders of our shares.
●
We
                                            may lose our foreign private issuer status in the future, which could result in significant
                                            additional costs and expenses.
●
As
                                            a "controlled company" under the rules of Nasdaq, we may choose to exempt our
                                            company from certain corporate governance requirements that could have an adverse effect
                                            on our public shareholders.
●
There
                                            is a risk that we will be a passive foreign investment company for any taxable year, which
                                            could result in adverse U.S. federal income tax consequences to U.S. investors in our shares.
●
We
                                            are subject to ongoing public reporting requirements that are less rigorous than Exchange
                                            Act rules for companies that are not emerging growth companies, and our shareholders could
                                            receive less information than they might expect to receive from more mature public companies.
●
We
                                            are a smaller reporting company within the meaning of the Securities Act, and if we take
                                            advantage of certain exemptions from disclosure requirements available to smaller reporting
                                            companies, this could make our securities less attractive to investors and may make it more
                                            difficult to compare our performance with other public companies.
2
●
As
                                            a "smaller reporting company," we may choose to exempt our company from certain
                                            corporate governance requirements that could have an adverse effect on our public shareholders.
●
Future
                                            issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or
                                            exchangeable for, our Class B Ordinary Shares, or the expiration of lock-up agreements that
                                            restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
                                            could cause the market price of our Class B Ordinary Shares to decline and would result in
                                            the dilution of your holdings.
●
Future
                                            issuances of debt securities, which would rank senior to our Class B Ordinary Shares upon
                                            our bankruptcy or liquidation, and future issuances of preferred shares, which could rank
                                            senior to our Class B Ordinary Shares for the purposes of dividends and liquidating distributions,
                                            may adversely affect the level of return you may be able to achieve from an investment in
                                            our Class B Ordinary Shares.
●
If
                                            securities or industry analysts either do not publish research about us or publish inaccurate
                                            or unfavorable research about us, our business or our market, if they adversely change their
                                            recommendations regarding our Class B Ordinary Shares, or if our operating results do not
                                            meet their expectations or any financial guidance we may provide, the trading price or trading
                                            volume of our Class B Ordinary Shares could decline.
●
If
                                            our Class B Ordinary Shares become subject to the penny stock rules, it would become more
                                            difficult to trade our shares.
Risks
Related to Our Business and Industry
Our
business is substantially dependent on the popularity and/or competitive success of our acquired teams, which cannot be assured.
Our
financial results are dependent on, and are expected to continue to depend in large part on, the football clubs we acquire remaining
popular with their fanbases and, in varying degrees, on each club's first team achieving competitive success, which can generate
fan enthusiasm, resulting in sustained ticket, premium seating, suite, food and beverage and merchandise sales during the season. Competitive
success can also lead to revenues related to access to continental (mainly European) competitions, the transfer market for the footballers
we develop, and sponsorships. However, due to the sheer unpredictability of the on-the-pitch results, which do not strictly depend on
the amount invested in the club, there can be no assurance that Brera-controlled clubs will achieve competitive success and ultimately
thereby generate substantial increased revenues from related rights.
We
believe that the past performance and proficiency of our first and currently only team under management, Brera FC, would not, due to
its amateur club status, provide a meaningful indicator of interest from fans, sponsors, consulting clients, investors, or others in
either Brera FC or the professional clubs that we plan to acquire or manage, or our football management abilities in general. We view
Brera FC's role in our business as one of supporting our primary revenue-generating initiatives, and do not expect significant
direct revenue to be generated by its performance. We therefore believe that its performance record would not affect our ability to win
professional European football competitions, professionally train players for the transfer market, win sponsorship opportunities, and
enter into consulting service agreements. However, we cannot guarantee that the prior history and performance of Brera FC will not adversely
our business plans to the extent that they may in fact affect such interest or act as an accurate indicator of our football club management
and related revenue-generating abilities.
The
competitive record for our acquired club, Brera FC, is mixed. Due to repeated relegations from season losses, we have gradually fallen
from the Serie D, or highest amateur Italian football league level, to Seconda Categoria, the second-lowest level. We may therefore face
substantial challenges in overcoming our history of competitive defeats in order to win crucial fan loyalty and related revenues, attract
or retain talented players and coaching staff, convince sponsors to view our club association as an asset, or gain consulting work. Brera
FC recently promoted and participated in the FENIX Trophy, a newly formed non-professional pan-European football tournament recognized
by the Union of European Football Associations (UEFA), which inaugurally ran from September 2021 to June 2022 and was intended to allow
Brera FC to connect with the local community, increase our fanbase, and develop important relationships with other football clubs; however,
this inaugural tournament is not guaranteed to succeed in any of these aims or, even if it does, to continue to do so in the future.
Moreover, there can be no assurance that Brera FC will maintain or increase in popularity and therefore play a supportive role for our
revenue-generating initiatives. Without such revenues, our results of operations and financial condition will be severely impacted, and
you may lose most or all of the value of your investment in our Class B Ordinary Shares.
We
had a concentration of credit risk because we derived our revenue from a limited number of customers.
For
the year ended December 31, 2021, we had 11 customers, among which three customers accounted for 45%, 21% and 10%, respectively, of our
revenue, or 75% of revenue in aggregate. For the year ended December 31, 2022, we had 6 customers, among which 1 customer accounted for
74% of our revenue. As a result, our credit risk in respect of accounts receivable was concentrated in 3 customers and 1 customer accounting
for at least 10% of revenue for each of the years ended December 31, 2021 and 2022, respectively. In order to minimize the credit risk,
our management has created a team responsible for the determination of credit limits and credit approvals for our customers. We cannot
assure you that we will not see concentration of accounts receivable from a small number of customers in the future. In such case, if
any of these customers defaults on its payment obligations to us, we will not be able to recover the related accounts receivable, and
our business, financial condition and results of operations may be materially and adversely affected.
3
We
source our services from a limited number of service suppliers. If we lose one or more of these service suppliers, our operation may
be disrupted, and our results of operations may be adversely and materially impacted.
Four
and three service suppliers each accounted for over 10% of our total cost of revenue, representing 88% and 56% of our cost of revenue
for the years ended December 31, 2022 and 2021, respectively. If we lose service suppliers and are unable to swiftly engage new service
suppliers, our operations may be disrupted or suspended, and we may not be able to deliver products to our customers on time. We may
also have to pay a higher price to source from a different service supplier on short notice. While we are actively searching for and
negotiating with new service suppliers, there is no guarantee that we will be able to locate appropriate new service suppliers or service
supplier merger targets in our desired timeline. As such, our results of operations may be adversely and materially impacted.
If
we are unable to maintain and enhance our brand and reputation, or if events occur that damage our brand and reputation, our ability
to expand our fanbase, sponsors, and commercial partners or to sell significant quantities of our services may be impaired.
The
success of our business depends on the value and strength of our brand and reputation. Our brand and reputation are also integral to
the implementation of our strategies for expanding our fanbase, sponsors and commercial partners. To be successful in the future, particularly
outside of Europe, we believe we must preserve, grow and leverage the value of our brand across all of our revenue streams. For example,
we must increase the amount of media coverage we receive in order to expand our fanbase and brand awareness. Unfavorable publicity regarding
the competition performances of any of our acquired clubs or their behavior off the field, our ability to attract and retain certain
players and coaching staff or actions by or changes in our ownership, could negatively affect our brand and reputation. Failure to respond
effectively to negative publicity could also further erode our brand and reputation. Our brand may also be adversely affected if our
public image or reputation is tarnished by negative social media campaigns or poor reviews of our services, events or fan experiences.
In addition, events in the football industry as whole, even if unrelated to us, may negatively affect our brand or reputation. As a result,
the size, engagement, and loyalty of our fanbase and related revenues may decline. Damage to our brand or reputation or loss of our fans'
commitment for any of these reasons could impair our ability to expand our fanbase, and increase crucial revenues from ticket, premium
seating, suite, sponsorship, food and beverage and merchandise sales, which may have a material adverse effect on our business, results
of operations, financial condition and cash flow, as well as require additional resources to rebuild our brand and reputation.
In
addition, maintaining and enhancing our brand and reputation may require us to make substantial investments. We cannot assure you that
such investments will be successful. Failure to successfully maintain and enhance the Brera brand or our reputation or excessive or unsuccessful
expenses in connection with this effort could have a material adverse effect on our business, results of operations, financial condition
and cash flow.
Our
business is dependent upon our ability to attract players and staff, including management, recruiters, and coaches for our acquired clubs.
We
are highly dependent on our players and members of our staff, such as our management, recruiters, and coaches. Competition for talented
players and staff is, and will continue to be, intense. Our ability to attract and retain high quality staff, especially recruiters with
local connections and networks, is critical to our success in attracting talented players for our acquired clubs, and, consequently,
critical to our business, results of operations, financial condition and cash flow. If we fail to attract talented players for our acquired
clubs and youth system, we will be unable to engage in the global transfer market and it will limit our ability to compete and potentially
win significant revenue in UEFA and other regional competitions. In addition, our popularity in certain countries or regions may depend,
at least in part, on fielding certain players from those countries or regions. Our failure to attract key personnel could have a negative
impact on our ability to effectively manage and grow our business.
Injuries
to, and illness of, players in our acquired clubs could hinder our success.
To
the degree that our financial results are dependent on our acquired club's popularity and/or competitive success, the likelihood
of achieving such popularity or competitive success may be substantially impacted by serious and/or untimely injuries to or illness of
key players. Our strategy is to maintain squads of first team players sufficient to mitigate the risk of player injuries or illnesses.
However, this strategy may not be sufficient to mitigate all financial losses in the event of an injury or illness, and as a result such
injury or illness may affect the performance of our acquired clubs. In addition, even with team and league-wide health and safety precautions
in place and compliance with governmental guidance and other COVID-19 protocols we may adopt, our players may nevertheless contract COVID-19
and, as a result, our ability to participate in games may be substantially impacted. Replacement of an injured or ill player may result
in an increase in our salary expenses.
4
We
may pursue acquisitions and other strategic transactions to complement or expand our business that may not be successful.
We
may explore opportunities to purchase or invest in other businesses, football clubs or assets that we believe will complement, enhance
or expand our current business or that might otherwise offer us growth opportunities. In connection with our anticipated acquisitions
of clubs outside Italy, different cultures, languages, and traditions, or political instability, could have material adverse effects
on our business plans. As a result, our strategy of providing access to football talent from outside Western Europe could be unsuccessful.
Any
transactions that we are able to identify and complete may involve risks, including the commitment of significant capital, the incurrence
of indebtedness, the payment of advances, the diversion of management's attention and resources, litigation or other claims in
connection with acquisitions or against companies we invest in or acquire, our lack of control over certain joint venture companies and
other minority investments, the inability to successfully integrate such business into our operations or even if successfully integrated,
the risk of not achieving the intended results and the exposure to losses if the underlying transactions or ventures are not successful.
If
we fail to properly manage our anticipated growth, our business could suffer.
The
planned growth of our commercial operations may place a significant strain on our management and on our operational and financial resources
and systems. To manage growth effectively, we will need to maintain a system of management controls, and attract and retain qualified
personnel, as well as develop, train and manage management-level and other employees. Failure to manage our growth effectively could
cause us to over-invest or under-invest in infrastructure, and result in losses or weaknesses in our infrastructure, which could have
a material adverse effect on our business, results of operations, financial condition and cash flow. Any failure by us to manage our
growth effectively could have a negative effect on our ability to achieve our development and commercialization goals and strategies.
If
we are unable to maintain, train and build an effective international sales and marketing infrastructure, we will not be able to commercialize
and grow our brand successfully.
As
we grow, we may not be able to secure sales personnel or organizations that are adequate in number or expertise to successfully market
and sell our brand and products on a global scale. If we are unable to expand our sales and marketing capability, train our sales force
effectively or provide any other capabilities necessary to commercialize our brand internationally, we will need to contract with third
parties to market and sell our brand. If we are unable to establish and maintain compliant and adequate sales and marketing capabilities,
we may not be able to increase our revenue, may generate increased expenses, and may not continue to be profitable.
It
may not be possible to renew or replace key commercial and sponsorship agreements on similar or better terms or attract new sponsors.
Our
commercial revenue for each of the years ended 2022 and 2021 represented a major part of our total revenue. The substantial majority
of our commercial revenue is generated from commercial agreements with our sponsors, and these agreements have finite terms. When these
contracts do expire, we may not be able to renew or replace them with contracts on similar or better terms or at all.
If
we fail to renew or replace these key commercial agreements on similar or better terms, we could experience a material reduction in our
commercial and sponsorship revenue. Such a reduction could have a material adverse effect on our overall revenue and our ability to continue
to compete with the other football clubs in Italy and Europe.
As
part of our business plan, we intend to continue to grow our sponsorship portfolio by developing and expanding our geographic and service
categorized approach, which will include partnering with additional global sponsors, regional sponsors, and mobile and media operators.
We may not be able to successfully execute our business plan in promoting our brand to attract new sponsors. We cannot assure you that
we will be successful in implementing our business plan or that our commercial and sponsorship revenue will continue to grow at the same
rate as it has in the past or at all. Any of these events could negatively affect our ability to achieve our development and commercialization
goals, which could have a material adverse effect on our business, results of operations, financial condition and cash flow.
The
performance of the Company's acquired professional football clubs in UEFA and other tournaments will be material to the Company's
results. Therefore, any failure for these teams to compete and earn sufficient prizes and sponsor interests as a result of any failure
by us to supervise and manage these teams would have a material adverse effect on our business plans and results of operations.
An
economic downturn and adverse economic conditions may harm our business.
The
recent economic downturn and adverse conditions in Italy and global markets may negatively affect our operations in the future. Our revenue
in part depends on personal disposable income and corporate marketing and hospitality budgets. Further, our sponsorship and commercial
revenue are contingent upon the expenditures of businesses across a wide range of industries, and as these industries continue to cut
costs in response to the economic downturn, our revenue may similarly decline. Continued weak economic conditions could cause a reduction
in our commercial and sponsorship revenue, each of which could have a material adverse effect on our business, results of operations,
financial condition and cash flow.
5
There
could be a decline in the popularity of football.
There
can be no assurance that football will retain its popularity as a sport around the world or its status in Italy as the most popular sport.
Any decline in football's popularity could result in lower ticket sales, sponsorship revenue, a reduction in the value of our players
or our brand, or a decline in the value of our securities, including our Class B Ordinary Shares. Any one of these events or a combination
of such events could have a material adverse effect on our business, results of operations, financial condition and cash flow.
Our
business is subject to seasonal fluctuations and our operating results and cash flow can vary substantially from period to period.
Our
revenues and expenses have been seasonal, and we expect they will continue to be seasonal. Due to the playing season, revenues from our
business are typically concentrated in the third and fourth fiscal quarters of each fiscal year ended December 31. As a result, our operating
results and cash flow reflect significant variation from period to period and will continue to do so in the future. Therefore, period-to-period
comparisons of our operating results may not necessarily be meaningful and the operating results of one period are not indicative of
our financial performance during a full fiscal year. This variability may adversely affect our business, results of operations and financial
condition.
We
operate in a highly competitive market and there can be no assurance that we will be able to compete successfully.
We
face competition from other football clubs not only in Italy and Europe, but on a global scale. Many of those football clubs are larger,
more experienced and better funded than us, which enables them to acquire top players and coaching staff and could result in improved
performance from those teams in domestic and European competitions. In addition, from a commercial perspective, we actively compete across
many different industries and within many different markets. We believe our primary sources of competition, both in Europe and internationally,
include, but are not limited to:
●
other
                                            businesses seeking corporate sponsorships and commercial partners such as sports teams, other
                                            entertainment events and television and digital media outlets;
●
providers
                                            of sports apparel and equipment seeking retail, merchandising, apparel and product licensing
                                            opportunities;
●
digital
                                            content providers seeking consumer attention and leisure time, advertiser income and consumer
                                            e-commerce activity; and
●
other
                                            types of television programming seeking access to broadcasters and advertiser income.
All
of the above forms of competition could have a material adverse effect on any of our revenue streams and our overall business, results
of operations, financial condition and cash flow.
Our
digital media strategy may not generate the revenue we anticipate.
We
maintain contact with, and provide entertainment to, our global fanbase through a number of digital and other media channels, including
the internet, mobile services and social media. While we have attracted a significant number of followers to our digital media assets,
including our website, the future revenue and income potential of our new media business is uncertain. You should consider our business
and prospects in light of the challenges, risks and difficulties we may encounter in this new and rapidly evolving market, including:
●
our
                                            digital media strategy will require us to provide offerings such as video on demand, highlights
                                            and international memberships that have not previously been a substantial part of our business;
●
our
                                            ability to retain our current global fanbase, build our fanbase and increase engagement with
                                            our followers through our digital media assets;
●
our
                                            ability to enhance the content offered through our digital media assets and increase our
                                            subscriber base;
●
our
                                            ability to effectively generate revenue from interaction with our followers through our digital
                                            media assets;
●
our
                                            ability to attract new sponsors and advertisers, retain existing sponsors and advertisers
                                            and demonstrate that our digital media assets will deliver value to them;
●
our
                                            ability to develop our digital media assets in a cost effective manner and operate our digital
                                            media services profitably and securely;
●
our
                                            ability to identify and capitalize on new digital media business opportunities; and
●
our
                                            ability to compete with other sports and other media for users' time.
Failure
to successfully address these risks and difficulties could affect our overall business, financial condition, results of operations, cash
flow, liquidity and prospects.
6
Exchange
rate fluctuations could negatively affect our financial condition.
Although
we operate globally, our consolidated financial statements are presented in euros. In addition to conducting business in the European
Union, we also operate in North America and the UK. Therefore, we have revenues and expenses denominated in euros, U.S. dollars, and
British pound sterling, among others. As a result, our business and share price may be affected by fluctuations between, the euro and
the U.S. dollar and the euro and the British pound sterling, which may have a significant impact on our reported results of operations
and cash flows from period to period.
Failure
to adequately protect our intellectual property and curb the sale of counterfeit merchandise could injure our brand.
Like
other popular brands, we are susceptible to instances of brand infringement (such as counterfeiting and other unauthorized uses of our
intellectual property rights). We seek to protect our brand assets by ensuring that we own and control certain intellectual property
rights in and to those assets and, where appropriate, by enforcing those intellectual property rights. For example, we own the copyright
in our logo, and our logo and trade name are registered as trademarks (or are the subject of applications for registration) in a number
of jurisdictions in Europe, Asia Pacific, Africa, North America and South America. However, it is not possible to detect all instances
of brand infringement. Additionally, where instances of brand infringement are detected, we cannot guarantee that such instances will
be prevented as there may be legal or factual circumstances which give rise to uncertainty as to the validity, scope and enforceability
of our intellectual property rights in the brand assets. Furthermore, the laws of certain countries in which we license our brand and
conduct operations may not offer the same level of protection to intellectual property rights holders as those in Europe and the United
States, or the time required to enforce our intellectual property rights under these legal regimes may be lengthy and delay recovery.
If we were to fail or be unable to secure, protect, maintain and/or enforce the intellectual property rights which vest in our brand
assets, then we could lose our exclusive right to exploit such brand assets. Infringement of our trademark, copyright and other intellectual
property rights could have an adverse effect on our business. We also license our intellectual property rights to third parties. In an
effort to protect our brand, we enter into licensing agreements with these third parties which govern the use of our intellectual property,
and which require our licensees to abide by quality control standards with respect to such use. Although we make efforts to police our
licensees' use of our intellectual property, we cannot assure you that these efforts will be sufficient to ensure their compliance.
The failure of our licensees to comply with the terms of their licenses could have a material adverse effect on our business, results
of operations, financial condition and cash flow.
Our
operations and operating results have been, and may continue to be, materially impacted by the COVID-19 pandemic and government and league
actions taken in response.
As
discussed in the "
Business Overview
" section of this Annual Report, our business depends on the activities of our
acquired clubs. Due to the global COVID-19 pandemic, for our acquired club Brera FC, the 2019-20 and 2020-21 season championships were
suspended, and as a result, virtually all of our business operations were suspended.
While
capacity limitations were eased for the end of 2021-22 season, a resurgence in the COVID-19 pandemic, such as the Omicron variant, or
another major epidemic or pandemic could impact future seasons. Accordingly, no assurances can be made as to whether and when the 2022-23
seasons will occur, the number of games played for the 2022-23 seasons, or if the games will be played with any in-arena audiences or
without limited-capacity in-arena audiences. Additionally, it is unclear whether and to what extent COVID-19 and related concerns will
impact the demand for attending those games and for our sponsorship, tickets and other premium inventory.
Given
that our acquired clubs may operate in various countries, with different levels of emergency and response to COVID-19, it is not predictable
whether in the future a resurgence of the COVID-19 pandemic will have severe repercussions on the sports sector and alter our clubs'
season and course of business.
As
a result of a resurgence in COVID-19, such as the Omicron variant, our business could be subject to additional governmental regulations
and/or league determinations, including updated COVID-19 protocols for the 2022-23 seasons, which could have a material impact on our
business.
Even
with additional protective measures to provide for the health and safety of all of those in attendance, including compliance with governmental
requirements, league restrictions, and other measures we may adopt, there can be no assurances that players, fans attending games or
vendors and employees will not contract COVID-19. Any such occurrence could result in litigation, legal and other costs and reputational
risk that could materially impact our business and results of operations. In addition, such additional measures will increase operating
expenses.
In
addition, the spread of the virus in many countries continues to adversely impact global economic activity and has contributed to significant
volatility and negative pressure in financial markets and supply chains. The pandemic has had, and could have a significantly greater,
material adverse effect on the Italian economy as a whole, as well as the local economy where we conduct our operations. The pandemic
has resulted, and may continue to result for an extended period, in significant disruption of global financial markets, which may reduce
our ability to access capital in the future, which could negatively affect our liquidity.
If
the COVID-19 pandemic does not continue to slow and the spread of COVID-19 is not contained, our business operations, could be further
delayed or interrupted. We expect that government and health authorities may announce new or extend existing restrictions, which could
require us to make further adjustments to our operations in order to comply with any such restrictions. We may also experience limitations
in employee or player resources. In addition, our operations could be disrupted if any of our employees or players were suspected of
having COVID-19, which could require quarantine of some or all such employees or players or closure of our facilities for disinfection.
The duration of any business disruption cannot be reasonably estimated at this time but may materially affect our ability to operate
our business and result in additional costs.
7
The
extent to which the pandemic may impact our results will depend on future developments, which are highly uncertain and cannot be predicted
as of the date of this Annual Report, including the effectiveness of vaccines and other treatments for COVID-19, and other new information
that may emerge concerning the severity of the pandemic and steps taken to contain the pandemic or treat its impact, among others. Nevertheless,
the pandemic and the current financial, economic and capital markets environment, and future developments in the global supply chain
and other areas present material uncertainty and risk with respect to our performance, financial condition, results of operations and
cash flows.
Risks
Related to the Ownership of Our Class B Ordinary Shares
Our
dual class voting structure has the effect of concentrating the voting control to holders of our Class A Ordinary Shares, which will
limit or preclude other shareholders' ability to influence corporate matters, and their interests may conflict with the interests
of the Class A Ordinary shareholders. It may also adversely affect the trading market for our Class B Ordinary Shares due to exclusion
from certain stock market indices.
We
adopted a dual class voting structure such that our ordinary shares consist of Class A Ordinary Shares and Class B Ordinary Shares, and
we are authorized to issue any number of classes of preferred shares. Class A Ordinary Shares are entitled to ten votes per share on
proposals requiring or requesting shareholder approval, and Class B Ordinary Shares are entitled to one vote on any such matter. Our
Class B Ordinary Shares were listed and began trading on the Nasdaq Capital Market on January 27, 2023, under the symbol "BREA."
Prior to the listing, there was no public market for our ordinary shares.
As
of the date of this Annual Report, our founders, the holders of our outstanding Class A Ordinary Shares, collectively held approximately
95.4% of the voting power of our outstanding share capital and collectively are therefore our controlling shareholders. The holders of
our Class A Ordinary Shares are Alessandro Aleotti, our Chief Strategy Officer and a director; Leonardo Aleotti, the adult son of Alessandro
Aleotti; Daniel Joseph McClory, our Executive Chairman and a director; Pinehurst Partners LLC, which is controlled by Daniel Joseph McClory;
Marco Sala, a former director; and Niteroi Spa, which is controlled by Adrio Maria de Carolis, a former director.
Alessandro
Aleotti, Chief Strategy Officer and a director, Daniel Joseph McClory, Executive Chairman and a director, and Adrio Mario de Carolis
directly or indirectly control approximately 31.6%, 28.5% and 31.0% of all voting rights as of the date of this Annual Report, respectively.
Therefore, each of these beneficial owners may have controlling voting power.
Our
key officers and directors collectively beneficially own approximately 46.9% of our outstanding share capital as of the date of this
Annual Report. In addition, our key officers and directors collectively have approximately 60.7% of voting power in the Company as of
the date of this Annual Report. As a result, they have controlling voting power and the ability to approve all matters submitted to our
shareholders for approval.
Our
founders collectively and our key officers and director collectively have, and the Class A Ordinary Shareholders named above may have,
the ability to control the outcome of most matters requiring shareholder approval, including:
●
the
                                            election of our board and, through our board, decision making with respect to our business
                                            direction and policies, including the appointment and removal of our officers;
●
mergers,
                                            de-mergers and other significant corporate transactions;
●
changes
                                            to our constitution; and
●
our
                                            capital structure.
This
voting control and influence may discourage transactions involving a change of control of the Company, including transactions in which
shareholders of our Class B Ordinary Shares might otherwise receive a premium for their shares.
S&P
Dow Jones and FTSE Russell have implemented changes to their eligibility criteria for inclusion of shares of public companies on certain
indices, including the S&P 500, namely, to exclude companies with multiple classes of shares of common stock from being added to
such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures.
As a result, the dual class structure of our ordinary shares may prevent the inclusion of the Class B Ordinary Shares in such indices
and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to
cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class
B Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital
structure could also adversely affect the value of our Class B Ordinary Shares.
8
We
may not be able to maintain a listing of our Class B Ordinary Shares on Nasdaq.
We
must meet certain financial and liquidity criteria to maintain such listing. If we violate Nasdaq's listing requirements, or if
we fail to meet any of Nasdaq's continued listing standards, our Class B Ordinary Shares may be delisted. In addition, our board
of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such
listing. A delisting of our Class B Ordinary Shares from Nasdaq may materially impair our shareholders' ability to buy and sell
our Class B Ordinary Shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our
Class B Ordinary Shares. The delisting of our Class B Ordinary Shares could significantly impair our ability to raise capital and the
value of your investment.
Our
operating results and share price may fluctuate, and you could lose all or part of your investment.
Our
quarterly operating results are likely to fluctuate as a publicly traded company. In addition, securities markets worldwide have experienced,
and are likely to continue to experience, significant price and volume fluctuations. This market volatility, as well as general economic,
market, or political conditions, could subject the market price of our shares to wide price fluctuations regardless of our operating
performance. You may not be able to resell your shares at or above price you paid or at all. Our operating results and the trading price
of our Class B Ordinary Shares may fluctuate in response to various factors, including:
●
market
                                            conditions in the broader stock market;
●
actual
                                            or anticipated fluctuations in our quarterly financial and operating results;
●
introduction
                                            of new products or services by us or our competitors;
●
issuance
                                            of new or changed securities analysts' reports or recommendations;
●
changes
                                            in debt ratings;
●
results
                                            of operations that vary from expectations of securities analysts and investors;
●
guidance,
                                            if any, that we provide to the public, any changes in this guidance or our failure to meet
                                            this guidance;
●
strategic
                                            actions by us or our competitors;
●
announcement
                                            by us, our competitors, or our vendors of significant contracts or acquisitions;
●
sales,
                                            or anticipated sales, of large blocks of our Class B Ordinary Shares;
●
additions
                                            or departures of key personnel;
●
regulatory,
                                            legal, or political developments;
●
public
                                            response to press releases or other public announcements by us or third parties, including
                                            our filings with the SEC;
●
litigation
                                            and governmental investigations;
●
changing
                                            economic conditions;
●
changes
                                            in accounting principles; and
●
other
                                            events or factors, including those from natural disasters, pandemic, pet disease, war, acts
                                            of terrorism, or responses to these events.
These
and other factors, many of which are beyond our control, may cause our operating results and the market price and demand for our Class
B Ordinary Shares to fluctuate substantially. While we believe that operating results for any particular quarter are not necessarily
a meaningful indication of future results, fluctuations in our quarterly operating results could limit or prevent investors from readily
selling their shares and may otherwise negatively affect the market price and liquidity of our shares. In addition, in the past, when
the market price of a stock has been volatile, holders of that stock have sometimes brought securities class action litigation against
the company that issued the stock. If any of our shareholders brought a lawsuit against us, we could incur substantial costs defending
the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business, which could significantly harm
our profitability and reputation.
9
We
do not currently intend to pay dividends on our securities and, consequently, your ability to achieve a return on your investment will
depend on appreciation in the price of our Class B Ordinary Shares. In addition, any distribution of dividends must be in accordance
with the rules and restrictions applying under Irish law.
We
have not declared or paid any cash dividends on any class of our ordinary shares since our formation and do not currently intend to pay
cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the sole discretion of our board
of directors after considering our financial condition, results of operations, capital requirements, contractual restrictions, general
business conditions and other factors our board of directors deems relevant, and subject to compliance with applicable laws, including
the Irish Companies Act 2014 (as amended), or the Irish Companies Act, which requires Irish companies to have distributable reserves
available for distribution equal to or greater than the amount of the proposed dividend. Distributable reserves are the accumulated realized
profits of the Company that have not previously been utilized in a distribution or capitalization less accumulated realized losses that
have not previously been written off in a reduction or reorganization of capital. Unless the Company creates sufficient distributable
reserves from its business activities, the creation of such distributable reserves would involve a reduction of the Company's share
premium account or other undenominated capital account, which would require the approval of (i) 75% of our shareholders present and voting
at a shareholder meeting, and (ii) the Irish High Court. In the event that we do not undertake a reduction of capital to create distributable
reserves, no distributions by way of dividends, share repurchases or otherwise will be permitted under Irish law until such time as the
Company has created sufficient distributable reserves from its business activities. The determination as to whether or not the Company
has sufficient distributable reserves to fund a dividend must be made by reference to "relevant financial statements" of
the Company. The "relevant financial statements" are either the last set of unconsolidated annual audited financial statements
or unaudited financial statements prepared in accordance with the Irish Companies Act, which give a "true and fair view"
of the Company's unconsolidated financial position in accordance with accepted accounting practice in Ireland.
Moreover,
even if we are or become able to declare and pay dividends, we expect to retain all earnings, if any, generated by our operations for
the development and growth of our business. Therefore, you are not likely to receive any dividends on your ordinary shares for the foreseeable
future.
As
a result, the success of an investment in our Class B Ordinary Shares will depend upon any future appreciation in our value and investors
may need to sell all or part of their holdings of Class B Ordinary Shares after price appreciation, which may never occur, as the only
way to realize any future gains on their investment. There is no guarantee that our Class B Ordinary Shares will appreciate in value
or even maintain the price at which our shareholders have purchased our Class B Ordinary Shares. If the price of our Class B Ordinary
Shares declines before we pay dividends, you will incur a loss on your investment, without the likelihood that this loss will be offset
in part or at all by potential future cash dividends. Investors seeking cash dividends should not purchase Class B Ordinary Shares.
In
addition, exchange rate fluctuations may affect the amount of euros that we are able to distribute, and the amount in dollars that our
shareholders receive upon the payment of cash dividends or other distributions we declare and pay in euros, if any. These factors could
harm the value of our Class B Ordinary Shares, and, in turn, the dollar proceeds that holders receive from the sale of our Class B Ordinary
Shares.
Changes
to taxation or the interpretation or application of tax laws could have an adverse impact on our results of operations and financial
condition.
Our
business is subject to various taxes in different jurisdictions (mainly Italy), which include, among others, the Italian corporate income
tax ("
IRES
"), regional trade tax ("
IRAP
"), value added tax ("
VAT
"), excise duty,
registration tax and other indirect taxes. We are exposed to the risk that our overall tax burden may increase in the future.
Changes
in tax laws or regulations, or in the position of the relevant Italian and non-Italian authorities regarding the application, administration
or interpretation of these laws or regulations, particularly if applied retrospectively, could have a material adverse effect on our
business, results of operations and financial condition. These changes include the introduction of a global minimum tax at a rate of
15% under the Two-Pillar Solution to Address the Tax Challenges of the Digitalisation of the Economy, agreed upon by over 130 jurisdictions
under the Organisation for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting and to be
implemented as from January 1, 2024.
In
addition, tax laws are complex and subject to subjective valuations and interpretive decisions, and we periodically may be subject to
tax audits aimed at assessing our compliance with direct and indirect taxes. The tax authorities may not agree with our interpretations
of, or the positions we have taken or intend to take on, tax laws applicable to our ordinary activities and extraordinary transactions.
In case of challenges by the tax authorities to our interpretations, we could face long tax proceedings that could result in the payment
of additional tax and penalties, with potential material adverse effects on our business, results of operations and financial condition.
Shareholders
could be diluted in the future if we increase our issued share capital because of the disapplication of statutory preemption rights.
In addition, shareholders in certain jurisdictions, including the United States, may not be able to exercise their preemption rights
even if those rights have not been disapplied.
As
a matter of Irish law, holders of our ordinary shares will have a preemption right with respect to any issuance of our ordinary shares
for cash consideration or the granting of rights to subscribe for our ordinary shares for cash consideration, unless such preemption
right is disapplied, in whole or in part, either in our constitution or by resolution of our shareholders at a general meeting of shareholders
or otherwise. However, we have opted out of these preemption rights in our constitution as permitted under Irish company law (for a period
of five years). Thus, our board of directors will be permitted to issue up to all of our authorized but unissued share capital on a non-preemptive
basis for cash consideration at any stage during the period of five years after the date of adoption of our constitution. In addition,
even if the disapplication of preemption rights contained in our constitution expires (and is not renewed by shareholders at a general
meeting) or is terminated by our shareholders in a general meeting, due to laws and regulations in certain jurisdictions outside Ireland,
shareholders in such jurisdictions may not be able to exercise their preemption rights unless we take action to register or otherwise
qualify the rights offering under the laws of that jurisdiction. For example, in the United States, U.S. holders of our ordinary shares
may not be able to exercise preemption rights unless a registration statement under the Securities Act is declared effective with respect
to our ordinary shares issuable upon exercise of such rights or an exemption from the U.S. registration requirements is available. If
shareholders in such jurisdictions are unable to exercise their preemption rights, their ownership interest would be diluted. Any future
issuance of shares or debt instruments convertible into shares where preemption rights are not available or are excluded would result
in the dilution of existing shareholders and reduce the earnings per share, which could have a material adverse effect on the price of
shares.
10
Irish
law differs from the laws in effect in the United States and U.S. investors may have difficulty enforcing civil liabilities against us,
our directors or members of senior management.
Most
of the members of our board of directors and senior management reside outside of the United States and all or a substantial portion of
their assets are located outside the United States. As a result, it may not be possible to serve process on these directors, or us, in
the United States or to enforce court judgments obtained in the United States against these individuals or us in Ireland based on the
civil liability provisions of the U.S. federal or state securities laws. The United States currently does not have a treaty with Ireland
providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Therefore, a final judgment for
the payment of money rendered by any U.S. federal or state court based on civil liability, whether or not based solely on U.S. federal
or state securities laws, would not automatically be enforceable in Ireland. A judgment obtained against us will be enforced by the courts
of Ireland if the following general requirements are met:
●
U.S.
                                            courts must have had jurisdiction in relation to the particular defendant according to Irish
                                            conflict of law rules (the submission to jurisdiction by the defendant would satisfy this
                                            rule); and
●
the
                                            judgment must be final and conclusive and the decree must be final and unalterable in the
                                            court which pronounces it.
A
judgment can be final and conclusive even if it is subject to appeal or even if an appeal is pending. But where the effect of lodging
an appeal under the applicable law is to stay execution of the judgment, it is possible that in the meantime the judgment may not be
actionable in Ireland. It remains to be determined whether a final judgment given in default of appearance is final and conclusive. Irish
courts may also refuse to enforce a judgment of the U.S. courts that meets the above requirements for one of the following reasons:
●
the
                                            judgment is not for a definite sum of money;
●
the
                                            judgment was obtained by fraud;
●
the
                                            enforcement of the judgment in Ireland would be contrary to natural or constitutional justice;
●
the
                                            judgment is contrary to Irish public policy or involves certain U.S. laws that will not be
                                            enforced in Ireland; or
●
jurisdiction
                                            cannot be obtained by the Irish courts over the judgment debtors in the enforcement proceedings
                                            by personal service in Ireland or outside Ireland under Order 11 of the Irish Superior Courts
                                            Rules.
As
an Irish company, we are principally governed by Irish law, which differs in some material respects from laws generally applicable to
U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and
shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders
of Irish companies generally do not have a personal right of action against directors or other officers of the company and may exercise
such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our ordinary shares may have more
difficulty protecting their interests than would holders of shares of a corporation incorporated in a jurisdiction of the United States.
You should also be aware that Irish law does not allow for any form of legal proceedings directly equivalent to the class action available
in the United States.
Provisions
of our constitution, as well as provisions of Irish law, could make an acquisition of us more difficult, limit attempts by our shareholders
to replace or remove our current directors, and limit the market price of our ordinary shares.
Our
constitution, together with certain provisions of the Irish Companies Act, could delay, defer or prevent a third party from acquiring
us, even where such a transaction would be beneficial to the holders of ordinary shares, or could otherwise adversely affect the market
price of our ordinary shares. For example, certain provisions of our constitution:
●
permit
                                            our board of directors to issue preferred shares with such rights and preferences as they
                                            may designate, subject to applicable law;
●
permit
                                            our board of directors to adopt a shareholder rights plan upon such terms and conditions
                                            as it deems expedient and in our best interests;
●
impose
                                            advance notice requirements for shareholder proposals and director nominations to be considered
                                            at annual shareholder meetings; and
●
require
                                            the approval of 75% of the votes cast at a general meeting of shareholders to amend or repeal
                                            any provisions of our constitution.
We
believe these provisions, if implemented in compliance with applicable law, may provide some protection to holders of ordinary shares
from coercive or otherwise unfair takeover tactics. These provisions are not intended to make us immune from takeovers. They will, however,
apply even if some holders of ordinary shares consider an offer to be beneficial and could delay or prevent an acquisition that our board
of directors determines is in the best interest of the holders of ordinary shares. Certain of these provisions may also prevent or discourage
attempts to remove and replace incumbent directors.
11
In
addition, mandatory provisions of Irish law could prevent or delay an acquisition of the Company by a third party. For example, Irish
law does not permit shareholders of an Irish public limited company to take action by written consent with less than unanimous consent.
Furthermore, an effort to acquire us may be subject to various provisions of Irish law relating to mandatory bids, voluntary bids, requirements
to make a cash offer and minimum price requirements, as well as substantial acquisition rules and rules requiring the disclosure of interests
in ordinary shares in certain circumstances.
Irish
law differs from the laws in effect in the United States with respect to defending unwanted takeover proposals and may give our board
of directors less ability to control negotiations with hostile offerors.
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U.S. domestic public companies.
Because
we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:
●
the
                                            rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q
                                            or current reports on Form 8-K;
●
the
                                            sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
                                            in respect of a security registered under the Exchange Act;
●
the
                                            sections of the Exchange Act requiring insiders to file public reports of their stock ownership
                                            and trading activities and liability for insiders who profit from trades made in a short
                                            period of time; and
●
the
                                            selective disclosure rules by issuers of material nonpublic information under Regulation FD.
Upon
the completion of this offering, we will be required to file an annual report on Form 20-F within four months of the end of each
fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases and material events will also be furnished
to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less
timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same
protections or information that would be made available to you were you investing in a U.S. domestic issuer.
As
a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic
U.S. issuers. This may afford less protection to holders of our shares.
We
are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private
issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements
of Nasdaq. As result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers.
For instance, we are not required to:
●
have
                                            a majority of the board be independent (although all of the members of the audit committee
                                            must be independent under the Exchange Act); or
●
have
                                            a compensation committee and a nominating committee to be comprised solely of "independent
                                            directors".
In
the future, we may take advantage of these home country exemptions. As a result, our shareholders may not be provided with the benefits
of certain corporate governance requirements of Nasdaq and may not have the same protections afforded to shareholders of other companies
that are subject to these Nasdaq requirements.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
While
we currently qualify as a foreign private issuer, the determination of foreign private issuer status is made annually on the last business
day of an issuer's most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status
if we to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date.
For example, if more than 50% of our securities are held by U.S. residents and more than 50% of either our directors or executive officers
are residents or citizens of the United States, we could lose our foreign private issuer status.
The
regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly more than costs we incur
as a foreign private issuer. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements
on U.S. domestic issuer forms with the SEC, which are more detailed and extensive in certain respects than the forms available to a foreign
private issuer. We would be required under current SEC rules to prepare our financial statements in accordance with U.S. GAAP, rather
than IFRS. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost, and we would still be required
to prepare financial statements in accordance with IFRS as required by Irish law. In addition, we may lose our ability to rely upon exemptions
from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones
described above and exemptions from procedural requirements related to the solicitation of proxies.
12
As
a "controlled company" under the rules of Nasdaq, we may choose to exempt our company from certain corporate governance requirements
that could have an adverse effect on our public shareholders.
Under
Nasdaq's rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled
company" and may elect not to comply with certain corporate governance requirements, including, without limitation, (i) the requirement
that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers
be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent directors,
and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors
or a nominating committee comprised solely of independent directors.
As
of the date of this Annual Report, our founders, the holders of our outstanding Class A Ordinary Shares, collectively held approximately
95.4% of the voting power of our outstanding share capital and collectively are therefore our controlling shareholders. The holders of
our Class A Ordinary Shares are Alessandro Aleotti, our Chief Strategy Officer and a director; Leonardo Aleotti, the adult son of Alessandro
Aleotti; Daniel Joseph McClory, our Executive Chairman and a director; Pinehurst Partners LLC, which is controlled by Daniel Joseph McClory;
Marco Sala, a former director; and Niteroi Spa, which is controlled by Adrio Maria de Carolis, a former director.
Alessandro
Aleotti, Chief Strategy Officer and a director, Daniel Joseph McClory, Executive Chairman and a director, and Adrio Mario de Carolis
directly or indirectly control approximately 31.6%, 28.5% and 31.0% of all voting rights as of the date of this Annual Report, respectively.
Therefore, each of these beneficial owners may have controlling voting power.
Our
key officers and directors collectively beneficially own approximately 46.9% of our outstanding share capital as of the date of this
Annual Report. In addition, our key officers and directors collectively have approximately 60.7% of voting power in the Company as of
the date of this Annual Report. As a result, they have controlling voting power and the ability to approve all matters submitted to our
shareholders for approval.
As
a result, we are a "controlled company" under Nasdaq's rules. Although we currently do not intend to rely on the "controlled
company" exemption, we could elect to rely on this exemption in the future as a controlled company. If we elected to rely on the
"controlled company" exemption, a majority of the members of our board of directors might not be independent directors and
our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as
a controlled company could cause our Class B Ordinary Shares to look less attractive to certain investors or otherwise harm our trading
price.
There
is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income
tax consequences to U.S. investors in our shares.
In
general, a non-U.S. corporation is a passive foreign investment company, or PFIC, for any taxable year in which (i) 75% or more
of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets
that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that
owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the
other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes
dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.
Based
on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for
our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely
clear. Because we hold a substantial amount of cash as the result of our initial public offering, and because our PFIC status for any
taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined,
in part, by reference to the market price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC
for our current taxable year or any future taxable year.
If
we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could
apply to such U.S. investor.
13
We
are subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging
growth companies, and our shareholders could receive less information than they might expect to receive from more mature public companies.
We
qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions
from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404
of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting.
In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an
emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore
not be comparable to those of companies that comply with such new or revised accounting standards.
We
will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual
gross revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion
of our initial public offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion
in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange
Act, which could occur if the market value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the
last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be
entitled to the exemptions provided in the JOBS Act discussed above.
Because
we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not
emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public
companies. We cannot predict if investors will find our ordinary shares less attractive if we elect to rely on these exemptions, or if
taking advantage of these exemptions would result in less active trading or more volatility in the price of our ordinary shares.
We
are a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to smaller reporting companies, this could make our securities less attractive to investors and may make it more
difficult to compare our performance with other public companies.
Rule
12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed
issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:
●
had
                                            a public float of less than $250 million as of the last business day of its most recently
                                            completed second fiscal quarter, computed by multiplying the aggregate worldwide number of
                                            shares of its voting and non-voting common equity held by non-affiliates by the price at
                                            which the common equity was last sold, or the average of the bid and asked prices of common
                                            equity, in the principal market for the common equity; or
●
in
                                            the case of an initial registration statement under the Securities Act or the Exchange Act
                                            for shares of its common equity, had a public float of less than $250 million as of a date
                                            within 30 days of the date of the filing of the registration statement, computed by multiplying
                                            the aggregate worldwide number of such shares held by non-affiliates before the registration
                                            plus, in the case of a Securities Act registration statement, the number of such shares included
                                            in the registration statement by the estimated public offering price of the shares; or
●
in
                                            the case of an issuer whose public float as calculated under paragraph (1) or (2) of this
                                            definition was zero or whose public float was less than $700 million, had annual revenues
                                            of less than $100 million during the most recently completed fiscal year for which audited
                                            financial statements are available.
As
a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our annual
reports or proxy statements, if any; we will provide only two years of financial statements; and we need not provide the table of selected
financial data required for other public companies. We also will have other "scaled" disclosure requirements that are less
comprehensive than issuers that are not smaller reporting companies which could make our Class B Ordinary Shares less attractive to potential
investors, which could make it more difficult for our shareholders to sell their shares.
As
a "smaller reporting company," we may choose to exempt our company from certain corporate governance requirements that could
have an adverse effect on our public shareholders.
Under
Nasdaq rules, a "smaller reporting company," as defined in Rule 12b-2 under the Exchange Act, is not subject to certain corporate
governance requirements otherwise applicable to companies listed on Nasdaq. For example, a smaller reporting company is exempt from the
requirement of having a compensation committee composed solely of directors meeting certain enhanced independence standards, as long
as the compensation committee has at least two members who do meet such standards. Although we have not yet determined to avail ourselves
of this or other exemptions from Nasdaq requirements that are or may be afforded to smaller reporting companies, while we will seek to
maintain our shares on Nasdaq in the future we may elect to rely on any or all of them. By electing to utilize any such exemptions, our
company may be subject to greater risks of poor corporate governance, poorer management decision-making processes, and reduced results
of operations from problems in our corporate organization. Consequently, our share price may suffer, and there is no assurance that we
will be able to continue to meet all continuing listing requirements of Nasdaq from which we will not be exempt, including minimum share
price requirements.
14
Future
issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or exchangeable for, our Class B Ordinary Shares,
or the expiration of lock-up agreements that restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
could cause the market price of our Class B Ordinary Shares to decline and would result in the dilution of your holdings.
Future
issuances of our Class B Ordinary Shares or securities convertible into, or exercisable or exchangeable for, our Class B Ordinary Shares,
or the expiration of lock-up agreements that restrict the issuance of new ordinary shares or the trading of outstanding ordinary shares,
could cause the market price of our Class B Ordinary Shares to decline. We cannot predict the effect, if any, of future issuances of
our securities, or the future expirations of lock-up agreements, on the price of our Class B Ordinary Shares. In all events, future issuances
of our Class B Ordinary Shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities
could occur, or the perception that locked-up parties will sell their securities when the lock-ups expire, could adversely affect the
market price of our Class B Ordinary Shares. In connection with our initial public offering, we, all of our directors and officers and
Class A Ordinary Share shareholders, have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose
of, directly or indirectly, any of our ordinary shares or securities convertible into or exercisable or exchangeable for our ordinary
shares for a period of 12 months after our initial public offering. In addition to any adverse effects that may arise upon the expiration
of these lock-up agreements, the lock-up provisions in these agreements may be waived, at any time and without notice. If the restrictions
under the lock-up agreements are waived, our Class B Ordinary Shares may become available for resale, subject to applicable law, including
without notice, which could reduce the market price for our Class B Ordinary Shares.
Future
issuances of debt securities, which would rank senior to our Class B Ordinary Shares upon our bankruptcy or liquidation, and future issuances
of preferred shares, which could rank senior to our Class B Ordinary Shares for the purposes of dividends and liquidating distributions,
may adversely affect the level of return you may be able to achieve from an investment in our Class B Ordinary Shares.
In
the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of
our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior
to any distributions being made to holders of our Class B Ordinary Shares. Moreover, if we issue preferred shares, the holders of such
preferred shares could be entitled to preferences over holders of Class B Ordinary Shares in respect of the payment of dividends and
the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money
from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount,
timing or nature of any such future offerings or borrowings. Holders of our Class B Ordinary Shares must bear the risk that any future
offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment
in our Class B Ordinary Shares.
If
securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business
or our market, if they adversely change their recommendations regarding our Class B Ordinary Shares, or if our operating results do not
meet their expectations or any financial guidance we may provide, the trading price or trading volume of our Class B Ordinary Shares
could decline.
The
trading market for our Class B Ordinary Shares depends, in part, on the research and reports that securities or industry analysts publish
about us or our business. We do not have any control over independent analysts. If we obtain independent securities or industry analyst
coverage and if one or more of the analysts who covers us downgrades our Class B Ordinary Shares, changes their opinion of our Class
B Ordinary Shares or publishes inaccurate or unfavorable research about our business, our share price would likely decline. If one or
more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our Class B Ordinary Shares could
decrease and we could lose visibility in the financial markets, which could cause our Class B Ordinary Shares and trading volume to decline.
In addition, we may be expected to provide various measures of financial guidance, possibly including guidance related to non-GAAP financial
measures, and, if we do not meet any financial guidance that we may provide to the public, if we do not meet expectations of securities
analysts or investors, or if our guidance is misunderstood by securities analysts or investors, the trading price of our Class B Ordinary
Shares could decline significantly. Our operating results may fluctuate significantly from period to period as a result of changes in
a variety of factors affecting us or our industry, many of which are difficult to predict. As a result, we may experience challenges
in forecasting our operating results for future periods.
15
If
our Class B Ordinary Shares become subject to the penny stock rules, it would become more difficult to trade our shares.
The
SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized
for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions
in such securities is provided by the exchange or system. If we do not retain a listing on Nasdaq or another national securities exchange
and if the price of our Class B Ordinary Shares is less than $5.00, our Class B Ordinary Shares could be deemed a penny stock. The penny
stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized
risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction
in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock
is a suitable investment for the purchaser and receive (i) the purchaser's written acknowledgment of the receipt of a risk disclosure
statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability
statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our Class B
Ordinary Shares, and therefore shareholders may have difficulty selling their shares.
ITEM
4. INFORMATION ON THE COMPANY
4.A. History
and Development of the Company
Our
Corporate History
We were incorporated pursuant to the laws of Ireland
as Brera Holdings Limited, a private company limited by shares, on June 30, 2022, to become the holding company for Brera Milano S.r.l.,
an Italian limited liability company (società a responsabilità limitata), or Brera Milano. Brera Milano, the operating company
and subsidiary of Brera Holdings Limited, was formed on December 20, 2016, and was named KAP S.r.l. until September 9, 2022. KAP was acquired
by us on July 29, 2022. KAP was renamed Brera Milano S.r.l. on September 9, 2022. Brera Holdings Limited re-registered as an Irish public
limited company and was renamed as Brera Holdings PLC on October 27, 2022. On April 28, 2023, we acquired 90% of the outstanding common
shares of Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North Macedonia on June 9, 2017, or Akademija
Pandev or FKAP, which owns the football club of the same name that was founded in 2010.
Our
corporate address and registered office are located at Connaught House, 5th Floor, One Burlington Road, Dublin 4, DO4 C5Y6, Ireland.
The phone number of our registered office is +353 1 237 3700.
Our
agent for service of process in the United States is Cogency Global Inc.,122 East 42nd Street, 18th Floor, New York, NY 10168, (800)
221-0102.
Our
website can be found at www.breraholdings.com. Brera FC's website is www.brerafc.com. The information contained on our websites
is not a part of this Annual Report, nor is such content incorporated by reference herein, and should not be relied upon in determining
whether to make an investment in our Class B Ordinary Shares.
On
July 18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and a director, and MAX SRL. We also agreed to contribute €253,821 to Brera Milano upon the final completion
of the formal obligations under this agreement at the Milan Register of Companies, in order to restore Brera Milano's share capital
due to a €253,821 liability indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer,
paid €253,821 for purposes of restoring Brera Milano's share capital, and completed certain other required formalities. As
a result, the share transfer became effective under Italian law, and Brera Milano became our wholly-owned subsidiary.
On
July 13, 2022, Brera Milano entered into a private deed with Alessandro Aleotti and Leonardo Aleotti in which Brera Milano agreed to
purchase the trademarks "Brera" and "FENIX Trophy" for the cost of the trademarks' registration.
On
July 13, 2022, Brera Milano entered into a private deed with FCD Brera in which FCD Brera was granted the non-exclusive license to use
the trademarks "Brera" and "FENIX Trophy" in connection with its football activities. Under the agreement, FCD
Brera agreed to carry out certain requested sports activities relating to the trademarks in exchange for fees to be agreed between the
parties. Costs attributable to the sports activities relating to the trademarks will be borne by FCD Brera, and revenues attributable
to such activities will be recognized by Brera Milano. If appropriate fees cannot be agreed to in exchange for the requested sports activities,
Brera Milano may decline to carry out the activities. Any costs that are sustained by FCD Brera in carrying out agreed-to sports activities
in the manner requested by Brera Milano may be expensed to Brera Milano for reimbursement. FCD Brera may otherwise continue to operate
independently of Brera Milano and the Company.
On
July 14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of
Brera Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.
16
The
following table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board
of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms
of these purchases were the same for all purchasers of our ordinary shares.
Shareholder
Class A
Ordinary
Shares
Class B
Ordinary Shares
Aggregate
Purchase Price Paid
Daniel
    Joseph McClory, Executive Chairman and Director
2,500,000
-
$
12,500
Niteroi
    Spa
(1)
2,500,000
-
$
12,500
Alessandro
    Aleotti, Chief Strategy Officer and Director
2,500,000
-
$
12,500
Leonardo
    Aleotti
(2)
250,000
-
$
1,250
Marco
    Sala, former Director
350,000
-
$
1,750
KAP
    Global Holding Limited
(3)
-
100,000
$
500
(1)
Niteroi
Spa is an Italian joint-stock company. Niteroi Spa's sole director is Adrio Maria de Carolis, a former director of Brera Holdings.
Adrio Maria de Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive
powers over its shares. Niteroi Spa's corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.
(2)
Leonardo
Aleotti is the adult son of Alessandro Aleotti, our Chief Strategy Officer and director.
(3)
KAP
Global Holding Limited is a Hong Kong limited company. KAP Global Holding Limited's director is Stefano Locatelli. Marco Sala,
Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and
director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary
Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited's
registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.
On
September 21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and
we issued 2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000
Class B Ordinary Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250,
$1,000 and $250, respectively.
On
October 5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class
B Ordinary Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy
Officer and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran
Pandev, our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each,
and 250,000 Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory's adult son, for $1,250.
On
November 11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares
to Sergio Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.
On
July 22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class
B Ordinary Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15)
of the Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities
Act, and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead Securities, LLC, or Boustead, acted as placement agent
in this private placement. Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350,
or 7% of the total purchase price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or
1% of the total purchase price of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase
up to 105,350 Class B Ordinary Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.
17
Recent
Developments
Initial
Public Offering
On
January 26, 2023, we entered into an underwriting agreement (the "Underwriting Agreement") with Revere Securities, LLC, as
representative of the underwriters named on Schedule 1 thereto (the "Representative"), relating to the Company's initial
public offering (the "Offering") of 1,500,000 Class B Ordinary Shares (the "Offering Shares") of the Company,
at an Offering price of $5.00 per share (the "Offering Price"). Pursuant to the Underwriting Agreement, in exchange for the
Representative's firm commitment to purchase the Offering Shares, the Company agreed to sell the Offering Shares to the Representative
at a purchase price of $4.65 (93% of the public offering price per share). The Company also granted the Representative a 45-day over-allotment
option to purchase up to an additional 225,000 Class B Ordinary Shares at the Offering Price, representing fifteen percent (15%) of the
Class B Ordinary Shares sold in the Offering, from the Company, less underwriting discounts and commissions and a non-accountable expense
allowance.
The
Offering Shares commenced trading on the Nasdaq Capital Market under the symbol "BREA." The closing of the Offering took
place on January 31, 2023. After deducting underwriting discounts and commissions and non-accountable expense allowance, the Company
received net proceeds of approximately $6,900,000.
The
Company also issued the Representative a warrant to purchase up to 105,000 Class B Ordinary Shares (7% of the Class B Ordinary Shares
sold in the Offering) (the "Representative's Warrants"). The Representative's Warrants are exercisable at any
time from July 26, 2023 to July 26, 2028 for $5.00 per share (100% of the Offering Price per Class B Ordinary Share). The Representative's
Warrants contain customary anti-dilution provisions for share dividends, splits, mergers, and any future issuance of ordinary shares
or ordinary shares equivalents at prices (or with exercise and/or conversion prices) below the exercise price. The Representative's
Warrant also contains piggyback registration rights in compliance with FINRA Rule 5110.
The
Offering Shares were offered and sold and the Representative's Warrant was issued pursuant to the Company's Registration
Statement on Form F-1 (File No. 333-268187), as amended (the "Registration Statement"), initially filed with the Commission
on November 4, 2022, and declared effective by the Commission on January 26, 2023, and the final prospectus filed with the Commission
on January 30, 2023 pursuant to Rule 424(b)(4) of the Securities Act. The Offering Shares, Representative's Warrant and the Class
B Ordinary Shares underlying the Representative's Warrant were registered as a part of the Registration Statement. The Company
intends to use the net proceeds from the Offering to purchase acquisition or management rights of football clubs; continued investment
in social impact football; sales and marketing; and working capital and general corporate purposes.
The
Underwriting Agreement contained customary representations, warranties and covenants by the Company, customary conditions to closing,
indemnification obligations of the Company and the underwriters, including for liabilities under the Securities Act, other obligations
of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were
made only for purposes of such agreement and as of specific dates were solely for the benefit of the parties to such agreement and may
be subject to limitations agreed upon by the contracting parties.
The
Company's officers, directors, and Class A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer,
issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any ordinary shares or other securities
convertible into or exercisable or exchangeable for ordinary shares for a period of 12 months without the prior written consent of the
Representative.
Entry
into a Letter of Intent with Fudbalski Klub Akademija Pandev
On
February 13, 2023, we entered into a binding letter of intent (the "Letter of Intent") with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia ("FKAP"), and its sole equity holder, Goran Pandev, our
director (the "FKAP Owner"), relating to the acquisition of FKAP by the Company or Brera Milano.
Pursuant to the Letter of Intent, the Company, FKAP
and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the "Definitive Agreements")
that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from the FKAP Owner
a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting 90% of the outstanding common
shares of FKAP after such acquisition. The Company will pay the FKAP Owner €600,000 on the date that the parties enter into the Definitive
Agreements. Additionally, for a period of ten years beginning with December 31, 2023, and following each year thereafter until December
31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient
of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes of the Letter of
Intent, the "Applicable Net Income Amount" shall be equal to the sum of (i) 15% of the net income actually received by FKAP
from players' transfer market fees received during the applicable year; plus (ii) 15% of the net income actually received by FKAP
from Union of European Football Associations prize money paid for access to European qualifying rounds (not including group stages, and
only including such rounds) during the applicable year; and "VWAP Per Share" means the average of the daily Volume-Weighted
Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading day immediately
prior to the measurement date.
18
The
Letter of Intent will automatically terminate, and be of no further force and effect except as provided, upon the earlier of (i) execution
of the Definitive Agreements, (ii) mutual agreement between the Company and the FKAP Owner, or (iii) at least ten days' written
notice of termination from one party to the other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary
covenants including as to due diligence, exclusivity, and expenses.
Entry
into a Contract with Tchumene FC Sports Association
On
March 17, 2023, we entered into a contract (the "Contract") with Tchumene FC Sports Association, a football club organized
under the laws of Mozambique ("Tchumene FC" or the "Club"), relating to a strategic partnership through the establishment
of sponsorship and franchising relationships between us and Tchumene FC.
Pursuant
to the Contract, for the 2023 football season, Tchumene FC will be rebranded as "Brera Tchumene FC" with simultaneous modification
of its logo and corporate colors. We will determine the Club's game shirt sponsor, deliver media relating to the Club on its communication
channels, manage external media relations, use the Club's brand for any communication activity and promotion, and promote the Club
around the world through its relationship network with football operators and finance partners in the United States. We will not intervene
or assume responsibility over the sports management of the Club and all of the Club's sporting activity will remain under the exclusive
control of Tchumene FC. The Company will pay Tchumene FC €25,000, of which €15,000 was paid upon signing the Contract and €10,000
will be paid by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual
term as described below, the Company will pay €25,000 in one lump sum within thirty days of such renewal of the Contract for the
following football season. We will decide the shirt sponsor of the Club's football shirts. If the sponsor is an Italian company
that already works with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique,
we will negotiate with Tchumene FC the division of the sponsorship revenue in accordance with market standards.
The
Contract will automatically renew for each subsequent football season in which Tchumene FC plays in the Mozambique second division, unless
terminated at the end of any football season by either party upon 30 days' notice or upon a breach of contract with 30 days'
notice. If Tchumene FC enters Mozambique football's first division, the Contract will be terminated with the intent to renegotiate
the terms to include greater commitments between the parties.
The
Contract also provides that no exclusivity obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements
with any company operating in the sports industry.
Entry
into a Share Purchase Agreement with Fudbalski Klub Akademija Pandev
On
April 28, 2023, we entered into an agreement for the purchase and sale of outstanding common shares (the "Share Purchase Agreement")
with Fudbalski Klub Akademija Pandev, a joint stock company organized under the laws of North Macedonia ("FKAP"), and its
sole equity holder, Goran Pandev, our director (the "FKAP Owner"), relating to the acquisition of FKAP by the Company.
Pursuant to the Share Purchase Agreement, the Company
acquired from the FKAP Owner 2,250 common shares of FKAP, constituting 90% of the outstanding common shares of FKAP, and the Company paid
the FKAP Owner €600,000 upon the signing of the Share Purchase Agreement. Additionally, for a period of ten years beginning with
December 31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted
Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP
Per Share (as defined below). For purposes of the Share Purchase Agreement, the "Applicable Net Income Amount" shall be equal
to the sum of (i) 15% of the net income actually received by FKAP from players' transfer market fees received during the applicable
year; plus (ii) 15% of the net income actually received by FKAP from Union of European Football Associations prize money paid for access
to European qualifying rounds (not including group stages, and only including such rounds) during the applicable year; and "VWAP
Per Share" means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the
ten consecutive trading days beginning on the trading day immediately prior to the measurement date.
The
Share Purchase Agreement may be terminated, amended, supplemented, waived or modified only by written instrument signed by the party
against which the enforcement of the termination, amendment, supplement, waiver or modification is sought. The Share Purchase Agreement
contains customary covenants including as to due diligence, representation and warranties, and indemnification.
4.B. Business
Overview
Overview
Brera
Holdings PLC is an Irish holding company focused on expanding social impact football by developing a global portfolio of emerging football
clubs with increased opportunities to earn tournament prizes, gain sponsorships, and provide other professional football and related
consulting services. We seek to build on the legacy and brand of Brera FC, the first football club that we acquired in July 2022. Brera
FC is an amateur football association which has been building an alternative football legacy since its founding in 2000.
19
Brera
FC began its football activity by taking over a sports club in the fourth division – the Italian football pyramid is made up of
nine categories – and immediately established itself as an alternative to the two mainstream Milanese clubs: Football Club Internazionale
Milano, or Inter Milan, and Associazione Calcio Milan, or AC Milan. In its 20-year history, Brera FC's alternative vision of football
has been validated by its ability to manage locally-meaningful and socially-impactful initiatives, including reopening the ancient Arena
Civica stadium in Milan to football, hiring of Milanese football icons as coaches, including Walter Zenga, and focusing on a message
of social integration and acceptance. Since being founded, our club's DNA includes initiating social impact football projects and
innovative uses for football, having adopted the same name as the Brera "artists' quarter" of Milan, including its
logo being designed by the director of the Brera Academy of Fine Arts.
We
are focused on bottom-up value creation from sports clubs and talent outside mainstream markets, innovation-powered business growth,
and socially-impactful outcomes. To that end, we are developing our "Global Football Group" portfolio of professional football
clubs. Our Global Football Group will be modeled on the collaborative, brand-aligned holding company structure of Manchester, England-based
City Football Group Limited. Under our Global Football Group structure, we intend to acquire top-division football teams in Africa, South
America, Eastern Europe, and potentially other emerging markets, and give them access to the global transfer market. We likewise expect
that acquisitions of Eastern European and other non-mainstream market teams will enable us to compete and potentially win significant
revenue in UEFA and potentially other regional competitions. We believe that Brera FC's brand of social impact football and our
Global Football Group portfolio of local football club favorites will also allow us to gain increasing sponsorship revenue. We intend
to expand on our noncompetitive children's football school offerings, which we expect will generate significant revenue as well
as enhance our social impact football brand and related value. Based on these and other innovative initiatives, we expect that our experience
with innovative capital-raising and revenue-generating activities will draw further revenue in the form of consulting opportunities from
football clubs, associations, investors and others.
Our
Industry
Football
is one of the most popular spectator sports on Earth. Global follower interest in football has enabled the sport to commercialize its
activities through sponsorship, retail, merchandising, apparel and product licensing, new media and mobile, broadcasting, and match day
contests. According to a report published by Allied Market Research ("Global football market by type, manufacturing process and
distribution channel: global opportunity analysis and industry forecast, 2021–2027," May 2021), the global football market
was valued at $1.8 billion in 2019, and it is projected to reach $3.8 billion by 2027, registering a compound annual growth rate, or
CAGR, of 18.3% from 2021 to 2027. Europe was the largest market and is estimated to grow at a CAGR of 17.7% during the forecast period.
The
effect that football and widely publicized events can have on economic development, social impact, and large-scale growth, are well established.
Based on a study of the 2006 FIFA World Cup hosted by Germany (https://www.supplier.io/blog/economic-impact-of-hosting-a-world-cup),
the overall financial impact to Germany was €2.86 billion ($3.31 billion) with €104 million ($120 million) being direct tax
income generated, 50,000 additional jobs during the eight months before and during the event, and it boosted the German GDP by 0.3%.
This impact also extended to the construction, public utility, transportation, and tourism industries.
While
the FIFA World Cup's economic impact is undeniable, we believe that there has been a clear trend in all enterprises, including
football teams, toward the need to demonstrate an awareness of social issues. We believe that teams that do not demonstrate such awareness
will not succeed, as supported by the recent experience of the short-lived European Super League in 2021. As described by a National
Law Review article ("Off Pitch – What the Super League Fiasco Can Teach Us About ESG," April 30, 2022), on April 18,
2021, twelve elite football teams announced a break with UEFA to form the European Super League, financed by JP Morgan Chase, which would
offer mid-week matches between member teams in addition to the teams' regular league schedules. The twelve initial members were
to be permanent league members, with a handful of additional qualifying teams that would not have permanent membership. The member teams
expected to reap significant earnings for participating. Also, the Super League teams would play each other instead of participating
in UEFA tournaments. Once announced, the backlash was immediate and fierce. Fans, players, coaches, excluded teams, and, perhaps most
importantly, the UEFA felt betrayed – it appeared that no effort had been made to solicit, much less consider, input from anyone
outside the Super League's leadership. By April 20, 2021, fewer than three days after its public debut, the Super League succumbed
to the backlash, particularly potential sanctions from UEFA, and it appears to be almost entirely disbanded. We believe that the European
Super League demonstrates how excluding all but the biggest money-making teams from a competition will not "save football,"
as its proponents argued, but instead shows that the football industry needs to make a commitment to the interests of the whole football
community.
In
June 2021, Brera FC formed the FENIX Trophy, a non-professional pan-European football tournament recognized by UEFA, which inaugurally
ran from September 2021 to June 2022 and was intended to allow Brera FC to connect with the local community, increase our fanbase, and
develop important relationships with other football clubs. The FENIX Trophy's emphasis is on promoting inclusive fellowship among,
enthusiasm for, and commercial opportunities around European football clubs, instead of exclusive blockbuster events like the European
Super League, with the slogan, "making friends, not millionaires." Based in part on favorable press coverage of the FENIX
Trophy, such as the article by German media outlet Deutsche Welle ("FENIX Trophy: Amateur clubs competing in alternative European
Super League," September 23, 2021), we believe that our vision of the future direction of the European football industry is shared
by many.
20
We
also believe that the European football market has great unmet demand for underutilized player talent both in Eastern Europe and markets
outside UEFA. We believe clubs in such regions can provide much-needed opportunities with UEFA and other football competition prizes,
the global transfer market, sponsorships, and other innovative projects, due to lower costs of operations, and, in some cases, substantial
existing local and global fanbases, iconic local stadia, or other attributes.
We
further believe that the European football industry is also signaling a need for socially-impactful ways to generate much-needed capital
and revenues. We believe that our founders' experience in accessing the public capital markets can also be applied to football
club operators, and gaining sponsors, fans and followers. We plan on offering initiatives such as noncompetitive football schools and
occupational-training courses to enable prison inmates to become referees, will be recognized as part of a credible, revenue-generative
basis for social-impact football consulting services for under-capitalized clubs. In addition, each acquisition or operation will be
conducted with respect for local partners, traditions and cultures while promoting our social impact mission. For example, we plan to
develop a women's football section in every country we acquire a club in, to increase awareness and social impact.
We
also expect that social awareness and impact will become a growing public focus due to the 2022 FIFA World Cup. As such, while the "transfer
market," in which teams can transfer players and managers in exchange for significant compensation both to the transferring teams
and the transferred individuals, is expected to continue, we believe that it must ultimately be part of a vision of football that includes
a bottom-up nurturing of players, including those from disadvantaged backgrounds or communities, such as those historically and currently
competing for Brera FC.
We
intend to be a leader in guiding the industry toward a more inclusive approach to professional football, through the use of unconventional
routes and undiscovered markets with the aim to unleash their full potential.
Our
Market Opportunity
Our
target markets are:
●
Market
                                            for Football Competition Prizes
. In the European countries in which we intend to
                                            operate, we intend to pursue the UEFA competitions market with at least three top-division
                                            teams. There are three UEFA competitions: The Champions League, or the CL, the Europa League,
                                            or the EL, and the Europa Conference League, or the Conference. A base participation prize
                                            is awarded to each of the 32 clubs that are admitted to the "group stage" of
                                            each UEFA competition. For the 2021-2022 season, the base participation prize for each club
                                            was €15.64 million for the CL, €3.63 million for the EL and €2.94 million
                                            for the Conference. Each competition has different rules for how a club may take one of the
                                            32 places in the competition's group stage, but generally they are admitted either
                                            automatically based on UEFA's access criteria or gain admission through qualifiers.
                                            For the CL, 26 clubs are automatically admitted to the group stage based on UEFA's
                                            criteria, and the remaining six places are divided between clubs that qualify by being league
                                            champions or by finishing second to fourth in their national championship. For the EL, 12
                                            clubs are automatically admitted based on UEFA's criteria, 10 are admitted by transfer
                                            from the CL by losing either of the CL's play-off or third qualifying rounds, and 10
                                            are winners of the EL play-off round. For the Conference, 10 are admitted after losing the
                                            EL play-off round, and 22 are admitted after winning the Conference play-off round. Clubs
                                            from smaller European countries, including the Eastern European countries where we are exploring
                                            club acquisition opportunities as discussed below, generally cannot gain automatic admission
                                            to the CL or EL due to the effect of certain coefficients that the UEFA uses to form the
                                            automatic access lists for these competitions, but they can potentially reach the group stage
                                            through the CL, EL or Conference qualifiers. In addition, participants in certain competition
                                            qualifiers can also receive participation prizes without reaching a competition's group
                                            stage, ranging from €150,000 in case of elimination in the first round of the Conference
                                            qualifiers, up to €5 million in the event of elimination in the last round of the CL
                                            play-off round. These prizes can generate high profit margins, especially for those clubs
                                            with lower operating costs which we are targeting for acquisition. In African, South American,
                                            or other non-European markets in which we expect to acquire clubs, we likewise expect that
                                            our anticipated clubs will compete for substantial competition prizes.
21
●
Global
                                            Transfer Market
. Each professional club we may own or manage as part of our Global
                                            Football Group is expected to provide us with professional players, and we may negotiate
                                            advantageous fees for such players' transfers to other clubs. We believe that we can
                                            take advantage of player demographics and geographic locations that have not previously been
                                            fully utilized in the global transfer market. In particular, we believe that the markets
                                            for younger players, particularly from Eastern Europe, Africa and South America, are underutilized,
                                            and we plan to access, and provide access to other clubs to these potentially important transfer
                                            market resources. In all these regions, we believe that we can capitalize on their lower
                                            levels of football league development and less-well-resourced local competition in accessing
                                            and developing significant football talent that would otherwise not realize its full potential.
                                            For example, South American players, who do not have dual citizenship with a European country,
                                            represent a particularly large percentage of the football population in South America and
                                            only very few are involved in transfers, leaving a significant amount of talent unrealized.
                                            We likewise see substantial potential from some of the clubs in these regions due to existing
                                            local and global fanbases, iconic local stadia, and other attributes. Our goal is to build
                                            a valuable niche through participation in international tournaments and major showcases for
                                            the 17-19 age bracket. This opportunity will require our acquisition model to be flexible
                                            in order to comply with applicable local immigration laws and regulations. See "
Laws
                                            and Regulations
" below. The regions in which we will focus initially include the
                                            following:
o
Eastern
                                            Europe
. We expect that we will acquire Eastern European clubs in the Serie A (highest
                                            level) or equivalent level of smaller countries. Since all European countries have the right
                                            to participate in the three major UEFA competitions, described above, the goal of our strategy
                                            is to reach the qualifications of these competitions through smaller countries. We believe
                                            these top clubs in smaller countries have lower operational costs, with a significant savings
                                            of resources otherwise required to access the large cash prizes and linked investments. As
                                            stated above, on February 13, 2023, we entered into a Letter of Intent with Akademija Pandev
                                            relating to our acquisition of the club, and on April 28, 2023, we entered into a Share Purchase
                                            Agreement pursuant to which we acquired 90% of its outstanding common shares. This club is
                                            already among the leading teams in its country and this year the club has also had access
                                            to the qualifier matches of UEFA competitions. This club may be a vehicle to also facilitate
                                            the exchange and transfer market of players from other clubs in Africa and South America,
                                            especially in the 18-21 age group. This club is also eligible to register for major youth
                                            tournaments, such as the Viareggio tournament, in which it will have the opportunity to compete
                                            against teams of the same age group as the major international clubs, and which represent
                                            the best showcase for the sale of young players, with evident transfer market opportunities.
o
Africa
.
                                            In Africa, a market opportunity presents itself both in terms of a lower amount of necessary
                                            investment and the possibility of reaching important targets in the training of players by
                                            providing greater access to needed technical and management staff. We believe the talent
                                            coming from the African continent is significant but not fostered to reach its full potential.
                                            We believe the clubs acquired in Africa will act as a recruiting hub not only for the intra-African
                                            transfer market but also for a future international transfer market, and therefore fully
                                            capitalize on local talent on the international stage. Some of the great European clubs'
                                            investments in Africa are concentrated in competitive training schools that take into consideration
                                            only a pre-adolescent group, 8-14 years old, to then transfer the main talents to Europe.
                                            Delays in football players' talent development can have serious adverse effects on
                                            their career outlooks due to poor access to training resources. We expect that by offering
                                            the right resources to more African players, we can provide access to more marketable transfer
                                            market positions, making this market work for many more participants and generating much
                                            greater value from it. We therefore believe that there is an untapped market of extraordinary
                                            African players who do not have the ability to grow to their full potential and reach more
                                            mature markets such as the ones in Europe and have not been enabled to reach their true social
                                            and economic value. By operating with our Italian management club in Africa we believe it
                                            will be possible to recruit excellent players and build an effective transfer bridge with
                                            our prospective clubs that play in the European first division, giving great opportunities
                                            to these players. We thus remain committed to foster and develop local African teams, all
                                            the while facilitating exchanges with their European counterparts. On this front, on March
                                            17, 2023, we entered into a contract with Tchumene FC Sports Association relating to a strategic
                                            partnership through the establishment of sponsorship and franchising relationships for the
                                            2023 football season.
o
South
                                            America
. Similar to the plans described above with respect to Africa-based players,
                                            we believe there will be a market for a recruiting hub in South America providing access
                                            to the global transfer market. In this case, however, we expect to take control of a club's
                                            management rather than acquiring ownership of the club, due to regulatory limits on foreign
                                            club ownership, sale of football association clubs or multiple club ownership. To that end,
                                            we are in negotiations with a football club located in Buenos Aires. There we will carry
                                            out a "managerial operation", i.e., a five-year licensing of management rights
                                            of a Serie C-equivalent professional club, a common structure in South America.
●
Sponsorships
.
                                            By seeking to own or manage clubs in different countries and continents
in our Global Football Group, we believe we will be able to attract more companies and organizations as partners/sponsors for international
communication campaigns. We believe that the marketability of Brera FC's social impact football brand will have great sponsorship
potential, based on a business model that combines the anticipated lower operational costs of football clubs that we would potentially
own or manage in countries with lower costs of goods and services in general, which may allow us to provide more competitive terms for
sponsors with limited sponsorship budgets, even those of large international commercial brands. We expect that the social impact aspects
of our teams and FENIX Trophy tournament may appeal to sponsors whose brands or management are seeking to promote their social impact-related
goals. On August 16, 2022, we entered into a sponsorship agreement with Akademija Pandev for their use of the Brera trademarks during
the 2022-23 football season, which we extended through December 31, 2023, on November 25, 2022. On October 7, 2022, the Internet Marketing
Association at its IMPACT 22 Conference named Brera FC as its award recipient for "Social Impact Through Soccer," recognizing
the Company's focus at an international level with this distinction. We believe that the additional awareness that the IMPACT Award
may create for the Company will better position it for approaching corporate and foundation sponsors for our various global initiatives.
In addition, by pooling more clubs under one brand or management structure, we believe that we may be able to offer the benefit of greater
economies of scale for potential sponsors, as demonstrated by the creation of global football brands such as City Football Group Limited.
22
●
Football
                                            School Services
. Parents and children are seeking constructive, noncompetitive sports
                                            and social engagement for children with one other and adult figures and role models like
                                            coaches and parents to emphasize the cooperative and fun aspects of football. Our football
                                            school has grown over the years, and now engages over 350 children at our two school locations
                                            in Italy: Arena Civica and Brera Football Village. We believe that as one of our most appreciated
                                            enterprises at the local community level, as well as an important source of revenue, there
                                            is significant demand for this service.
●
Consulting
.
                                            We believe that football clubs, associations, investors, and others are seeking innovative
                                            ways to enhance access to capital and revenue opportunities for football clubs. Our social
                                            impact football experience provides a basis for us to provide consulting services to assist
                                            them with these needs. Part of the unique consultancy support we expect to offer is to assist
                                            companies with products and services related to the concept of "italicity". This
                                            concept, coined by Piero Bassetti, a Milan-based intellectual and author of several books,
                                            refers to a sense of belonging to the Italian culture regardless of citizenship status, through
                                            a perceived affinity with Italian traditions, fashions, lifestyles, arts, cuisines, or other
                                            aspects of Italian culture. Mr. Bassetti is expected to be an important partner on Brera
                                            Holdings' consultancy projects.
Our
Business Model and Revenue Drivers
Building
on the Brera FC brand and existing network of business relationships, we will utilize Brera Milano's more than ten years of know-how
in communications, marketing, and consulting capabilities, to deliver effective, monetizable projects. We expect to leverage our knowledge
in talent training by providing the following revenue-generating activities and services:
Services
●
Competitions
                                            and football division progression
: With an expected growing roster of acquired or
                                            managed football teams, we intend to compete in a number of cash-generative competitions
                                            with substantial monetary prizes, particularly in the UEFA's CL, EL and Conference
                                            tournaments, as described above. Furthermore, should our teams progress through higher local,
                                            national and international football divisions, considerable additional funding, revenues
                                            and other opportunities may become available in the form of sponsorships and consulting services.
                                            We expect that our intended international acquisition of first- or higher-division clubs
                                            in Eastern Europe to be the initial focus in competing for these revenue opportunities. For
                                            further discussion, see "
Our Market Opportunity – Market for football competition
                                            prizes
" above.
●
Global
                                            transfer market
: We intend to acquire or manage first- or higher-division clubs in
                                            Eastern Europe, Africa and South America for our Global Football Group, as reflected in the
                                            recent agreements with Akademija Pandev and Tchumene FC Sports Association, and we are currently
                                            in discussions with other potential targets. This planned expansion will position us to offer
                                            candidates for the highly lucrative international football player transfer market as well
                                            as burnish our social impact football brand appeal to fans, sponsors and investors. For further
                                            discussion, see "
Our Market Opportunity – Global Transfer Market
"
                                            above.
●
Sponsorships
:
                                            The FIFA 2022 World Cup attracted unprecedented sponsorship interest with FIFA selling out
                                            of all sponsorship tiers, as companies and organizations were highly motivated to maintain
                                            or gain visibility of their products. We intend to offer sponsorship opportunities for existing,
                                            as well as for future, potentially acquired football teams, providing the showcase for brands
                                            to associate their logos on the team's uniform kits and facilities, and help them reach
                                            a larger market audience. Our sponsorship opportunities are also expected to extend to the
                                            FENIX Trophy tournament, recently highlighted on TV with Sky Sports Italia. We expect that
                                            the social impact aspects of our teams and FENIX Trophy may appeal to sponsors whose brands
                                            or managements are seeking to promote their social impact-related goals. On August 16, 2022,
                                            we entered into a sponsorship agreement with Akademija Pandev for their use of the Brera
                                            trademarks during the 2022-23 football season. On October 7, 2022, the Internet Marketing
                                            Association at its IMPACT 22 Conference named Brera FC as its award recipient for "Social
                                            Impact Through Soccer," recognizing the Company's focus at an international level
                                            with this distinction. We believe that the additional awareness that the IMPACT Award may
                                            create for the Company will better position it for approaching corporate and foundation sponsors
                                            for our various global initiatives. For further discussion, see "
Our Market Opportunity
                                            – Sponsorships
" above.
●
Football
                                            school services
: We offer our noncompetitive sports and social engagement for children
                                            in the Milan area. With plans to more than double our current enrolled school attendees from
                                            approximately 350 to 1,000, we believe that we can generate significant additional annual
                                            revenues from this service. For further discussion, see "
Our Market Opportunity
                                            – Football School Services
" above.
23
●
Consulting
:
                                            We intend to offer consulting services and advice on innovative football projects for football
                                            clubs, associations, investors, and others seeking to raise capital or generate higher revenue,
                                            both within Italy and internationally. We expect to provide clubs with "turnkey"
                                            management of the sale of minority shares to fans based on our experience in doing so with
                                            Brera FC, and to the broader global investor market through this IPO. We also plan to provide
                                            consulting to the holders of football television rights, such as Lega di Serie A and FIGC,
                                            for greater international penetration of sales to global broadcasters. We believe that the
                                            limited exploitation of Italian television rights in foreign markets is one of the main economic
                                            shortcomings of the Italian football system. Our consulting function is expected to grow
                                            in the proportion of its impact on our business and support our mission of football innovation.
                                            For further discussion, see "
Our Market Opportunity – Consulting
"
                                            above.
Collaborations
We
work in tandem with others to provide services and products and expect to develop other collaborative relationships. Our current collaborations
are:
●
Municipality
                                            of Milan for children's football schools, federal referee licensing courses in prisons,
                                            and other initiatives;
●
Advertising
                                            agencies for the sale of sponsorships as to Brera FC and the FENIX Trophy;
●
Players'
                                            agents for player transfers; and
●
Government
                                            agencies and non-governmental organizations from which Brera FC seeks sponsorships, grants
                                            or other financial support.
Competitive
Strengths
We
believe that the following competitive strengths contribute to our success and differentiate us from our competitors:
●
Strong
                                            brand recognition
. Since our founding in 2000, we have gained significant brand recognition
                                            in Italy but particularly in the Milan metropolitan area and the Lombardy region. The Brera
                                            FC registered trademark, "Brera Football Club," which we own and license to Brera
                                            FC, has achieved widespread recognition, as indicated by opinion polls that we commissioned
                                            or conducted from March 2016 to February 2023. Based on these polling results, Brera FC is
                                            clearly recognized as "the third team of Milan," and also as a sports brand particularly
                                            attentive to social initiatives with approximately 58% of those polled agreeing that Brera
                                            strikes the right balance between business and social initiatives. According to the February
                                            2023 polls, after our initial public offering in January 2023, Brera FC's brand awareness
                                            was up over 300% and approximately 25% of Milanese residents polled in the study indicated
                                            they would consider investing in the Company on Nasdaq. The relevance of the brand is not
                                            only local or national, but also global, as indicated by the high number of international
                                            followers on social media, such as Facebook, Instagram, YouTube, and Twitter, and substantial
                                            foreign press coverage.
●
Substantial
                                            international relationships
. Brera FC has strong international relationships, due
                                            to its long history of international player rosters and "cult club" status, with
                                            many fans outside Italy, and its ability to start football projects on an international level.
                                            For example, our first team in the 2003/2004 and 2006/2007 seasons included Italo-Argentine
                                            players; we participated in the Viareggio Tournament with a team which included young Gabonese
                                            football players; our practice of twinning with similar clubs outside Italy, such as the
                                            Brooklyn Italians in the United States; and the organization of the FENIX Trophy, the first
                                            European tournament recognized by UEFA for cult amateur clubs. We intend to build on this
                                            experience by acquiring top-division football teams across a number of emerging geographic
                                            regions with equally emerging football talent, helping them grow like Brera FC, and deriving
                                            the related and potentially substantial revenue opportunities.
●
Solid
                                            record of social impact programs
. Brera FC has carried out many projects that have
                                            used football as a tool for social impact. Some of the most significant projects have been
                                            the creation of the MilanoMondo football team from 2000 to 2003 which included immigrants
                                            residing in Milan; the FreeOpera Brera squad from 2003 to 2005, which was the first football
                                            team set up inside a prison to participate in an official FIGC championship; the management
                                            of the European football team of the Roma and Sinti ethnic group, which participated in competitions
                                            organized by CONIFA, from 2015 to 2018; and, in the last five years, managing players with
                                            asylum seeker status, which has been the subject of a research project carried out by the
                                            Department of Psychology of the Catholic University of Milan. On October 7, 2022, the Internet
                                            Marketing Association at its IMPACT 22 Conference named Brera FC as its award recipient for
                                            "Social Impact Through Soccer," recognizing the Company's focus at an international
                                            level with this distinction.
24
Growth
Strategies
The
key elements of our strategy to expand our business include the following:
●
Focus
                                            on long-term fans, supporters, and sponsors
. We intend to focus on retaining and
                                            strengthening our long-term fans, supporters, and sponsors, building on these existing ongoing
                                            strategic relationships. Our fans and followers have demonstrated substantial brand loyalty
                                            in Milan, based on a recent survey. We have approximately 10,000 followers and over 300,000
                                            unique social media views on our social network platforms, and significant international
                                            brand recognition is reflected by press coverage such as articles by the Italian newspaper
Corriere della Sera
, German sports magazine
11Freunde
, Spanish newspaper
El
                                            Mundo
and the United Kingdom's
BBC Sport
. We believe that these attributes
                                            will be attractive to many sponsors seeking to target these audiences with a social impact
                                            message. We will aim to enhance all of these attributes in order to seek rapid business growth.
●
Expansion
                                            of fanbase through local marketing, social media and social-impact initiatives
. We
                                            intend to capitalize on Brera FC's reputation as a socially-impactful sports team.
                                            We will enhance our public relations efforts in the Milan area, aimed at increasing our community
                                            of fans and our followers on social networks, with a viral marketing strategy that will showcase
                                            our brand's unique persona in an entertaining and engaging way. Our startup incubator
                                            will seek to sustain and expand acquired fanbases through appropriate brand-alignment. We
                                            will also continue and expand on our popular line of social impact football projects, headed
                                            by our noncompetitive football schools, as well as other special projects. For example, we
                                            recently offered occupational training services to inmates at Milan prison facilities through
                                            participation in courses recognized by the Italian Football Federation to expand opportunities
                                            for earning a federal referee license. We also intend to develop a women's football
                                            section in every country in which we acquire a club.
●
International
                                            expansion
. We intend to simultaneously pursue international expansion and licensing
of the Brera FC brand, in Eastern Europe, Africa, and South America, through the potential acquisition and, where appropriate, renaming
of football teams with the objective of enhancing the players on these teams to place them on the professional transfer market and obtain
prizes related to participation rights in UEFA or other competitions. In North Macedonia, we entered into a Share Purchase Agreement to
acquire 90% of the outstanding common shares of Akademija Pandev, a Serie A-equivalent club; in Mozambique, we entered into a Contract
with Tchumene FC Sports Association for a strategic partnership and club rebranding; and in Buenos Aires, we are in discussions to acquire
a five-year management contract for an Argentinean Serie C-equivalent club. The choice of countries derives from an in-depth analysis
of the football, regulatory and economic parameters that are key to our business model.
Seasonality
Our
revenues and expenses have been seasonal, and we expect they will continue to be seasonal. Due to the playing season, revenues from our
business are typically concentrated in the third and fourth fiscal quarters of each fiscal year ended December 31. As a result, our operating
results and cash flow reflect significant variation from period to period and will continue to do so in the future.
Our
Football Operations
Our
football operations are primarily comprised of the following activities: Our Global Football Group, our noncompetitive football school,
and the FENIX Trophy (and its related activities).
Global
Football Group
Our
main football operation is focused on the management and development of clubs in our Global Football Group's portfolio. Our first
football club, Brera FC, was acquired in July 2022. Over the next two years we expect to acquire clubs based in Eastern Europe, Africa
and South America. Specifically, we expect that our next several club acquisitions will occur in North Macedonia, Mozambique and Argentina.
Brera
FC plays in the amateur Italian football leagues. We believe that the team presents a compelling social impact story. On October 7, 2022,
the Internet Marketing Association at its IMPACT 22 Conference named Brera FC as its award recipient for "Social Impact Through
Soccer," recognizing the Company's focus at an international level with this distinction. We believe that the additional
awareness that the IMPACT Award may create for the Company will better position it for approaching corporate and foundation sponsors
for our various global initiatives. Over most of its 20-year history, it has been comprised of players of a number of different nationalities
who live in Milan for various reasons. We believe the appeal of this range of different identities, combined with an inclusive and unconventional
approach, makes Brera FC a newsworthy football club and particularly suitable for supporting communications projects aimed at increasing
Brera FC's fan community and sponsorship base. While the team participates in the local Italian amateur league, it serves in a
support role to our primary revenue-generating services and is not expected to be our prospective primary football operation.
25
The
clubs that we have targeted for acquisition, the North Macedonia club will start their next season in the first division, and we expect
the Mozambique club to start their next season in the second division, which are the highest and second-highest football league in each
country, respectively. We expect that these clubs will bear the Brera brand upon acquisition. We expect that these acquisitions will
present significant economic possibilities for talent management and market transfer opportunities due to the target clubs' low
annual maintenance costs and historical connections to Western Europe.
We
further expect to acquire the "gerenciamento" (management) of a third division club, the third highest football league, in
Buenos Aires, Argentina, where we expect to find and provide access to some of the best talents in South America. Among other attributes,
the target club has rights to a 35,000-seat stadium with an average of 15,000 attendees per game. Due to the club's own significant
historical brand appeal, as well as potential regulatory restrictions, we do not plan to change the club's name, but expect to
utilize other ways to highlight our brand's association with it.
We
will provide all acquired clubs with their own Italian professional technical and management personnel from our base in Milan, with supervision
from our headquarters. In addition, each acquisition or operation will be conducted with respect for local partners, while promoting
our social impact mission. For example, we plan to develop a women's football section in every country we acquire a club in, to
increase awareness and social impact.
We
are also exploring other opportunities to enlarge our football club portfolio.
Noncompetitive
Football School
We
believe one of our most popular assets is our noncompetitive football school. The school has been active for 16 years, and we believe
it radically innovates the traditional logic of football schools by focusing on children and their engagement with adult figures and
role models, including coaches and parents, with the aim of enhancing the playful dimension of football. This project has had continuous
growth over the years and is highly appreciated by the local communities. Currently there are 350 children among our two locations: Arena
Civica and Brera Football Village.
FENIX
Trophy
Brera
FC organized, promoted and participated in the FENIX Trophy, our newly formed non-professional pan-European football tournament recognized
by UEFA. As noted above, FENIX is an acronym for "Friendly European Non-professional Innovative Xenial". The FENIX Trophy
was intended to allow Brera FC to connect with the local community, increase our fanbase, and develop important relationships with other
European football clubs. We believe that discussions about the FENIX Trophy spread awareness of these tenets of social impact football.
We also believe that the competition's meaning goes beyond the game itself: It is an immersive experience meant to highlight the
best practices within non-professional football: sportsmanship, bonds with the local community, sustainability, use of technology, and
friendship among clubs. We therefore believe the FENIX Trophy will significantly support our social-impact football value proposition.
The FENIX Trophy was inaugurated in 2021 and had its first tournament from September 2021 to June 2022. We believe that the initial competition
met or exceeded our expectations of its value for our social-impact football brand.
As
the official organizer of the FENIX Trophy, Brera FC and seven other iconic amateur clubs in Europe took part in the most recent competition.
The seven other clubs were: AFC DWS (Amsterdam, Netherlands), AKS Zly (Warsaw, Poland), AS Lodigiani Calcio 1972 (Rome, Italy), CD Cuenca-Mestallistes
1925 (Valencia, Spain), FC United of Manchester (Manchester, UK), HFC Falke (Hamburg, Germany), and Prague Raptors FC (Prague, Czech
Republic). FC United of Manchester won 2-0 against Prague Raptors FC to become the first tournament champion.
FC
United of Manchester's status as an iconic amateur club began with its founding. Founded in 2005 by disaffected supporters of Manchester
United catalyzed by the takeover of Manchester United by American businessman Malcolm Glazer, the club operates as a community benefit
society owned by 5,000 of its supporters. Each owner can vote on how the club is run, including voting for board members, uniform designs
and ticket prices. This type of bottom-up value creation aligns with the Brera FC brand.
The
tournament was a public relations success – the Final Eight of the FENIX Trophy tournament, which took place in Rimini, Italy in
June 2022, enjoyed extensive national (SKY Sports TV) and international (ZDF) media coverage. We intend to capitalize on this success
in the FENIX Trophy's 2022-2023 tournament.
Our
2022-2023 FENIX Trophy tournament, which we call the Second Edition, began in November 2022 and features nine nonprofessional European
football clubs, chosen for their exceptional social, historical and cultural distinctiveness: Brera FC (Milan, Italy), FC United of Manchester
(Manchester, UK), AFC DWS (Amsterdam, Netherlands), BK Skjold (Copenhagen, Denmark), KSK Beveren (Beveren, Belgium), Prague Raptors FC
(Prague, Czech Republic), CD Cuenca-Mestallistes 1925 (Valencia, Spain), Krakow Dragoons (Krakow, Poland) and FK Miljakovac (Belgrade,
Serbia). The final stages of the tournament will be held June 7 and 8, 2023, in the city of Milan with the semifinals at the Arena Civica
and the finals at San Siro Stadium. After a group stage of three groups with three clubs each, the three group winners and the best runner-up
will then face each other to decide the winning team of the Second Edition.
26
Competition
The
Company competes in the nascent category of innovative social-impact football, and as such, we believe its world-leading business initiatives
and emerging models transcend the historical sport team metrics of match attendance and player transfer fees. As a result, we do not
believe there is any single market for which we have a well-defined group of competitors. The key metrics will be corporate, government
and foundation sponsorships and grants; merchandising, both domestic and international; youth football academy fees and participants;
player transfer fees; and tournament organization, hosting and sponsorship, among others.
We
believe that our closest competitor is City Football Group Limited, or CFG, which is a holding company that administers association football
clubs. CFG was founded in 2013 and is owned by three organizations: the Abu Dhabi United Group owns 78%, the Chinese firms China Media
Capital and CITIC Capital own 12% and the American private-equity firm Silver Lake owns 10%. CFG derives its name from Manchester City
Football Club, or Manchester City F.C., which is its flagship football club and acts as the club's parent company. Manchester City
F.C. is an English football club based in Bradford, Manchester that competes in the Premier League, which is the top level of the English
football league system. In addition to Manchester City F.C., CFG owns 10 other clubs: New York City Football Club (USA), Melbourne City
Football Club (Australia), Yokohama F. Marinos (Japan), Montevideo City Torque (Uruguay), Girona Futbol Club, S.A.D. (Spain), Lommel
SK (Belgium), Espérance Sportive Troyes Aube Champagne (France), Sichuan Jiuniu Football Club (China), Mumbai City Football Club
(India) and Palermo Football Club (Italy), plus it has two partner clubs, Vannes Olympique Club (France) and Club Bolívar (Bolivia).
To the Company's knowledge, City Football Group is not organized to take on funding from the public capital markets and has not
attempted an initial public offering of shares and listing on a global stock exchange, such as Nasdaq.
Our
success depends, in part, on our ability to be efficient in all aspects of the business and achieve the appropriate cost structure. Some
of our competitors have economic resources greater than ours and may have lower cost structures allowing them to better withstand volatility
within the industry and throughout the economy as a whole, while retaining significantly greater operating and financial flexibility
than our company.
Intellectual
Property
We
consider intellectual property to be important to the operation of our business, and critical to driving growth in our commercial revenue,
particularly with respect to sponsorship revenue. Certain of our commercial partners have rights to use our intellectual property. In
order to protect our brand, we generally have contractual rights to approve uses of our intellectual property by our commercial partners.
For example, Brera FC has a non-exclusive license to use the trademarks "Brera FC" and "FENIX Trophy."
We
consider our brand to be a key business asset and therefore have a portfolio of Brera FC related registered trademarks and trademark
applications, with an emphasis on seeking and maintaining trademark registrations for the words "Brera FC", "FENIX
Trophy" and the club crest. We have applied in Italy and are planning to apply across Europe as well as select countries in Africa,
Asia, and North and South America. We also actively procure copyright protection and copyright ownership of materials such as literary
works, logos, photographic images and audio-visual footage.
Enforcement
of our trademark rights is important in maintaining the value of the Brera FC brand. While it would be cost-prohibitive to take action
in all instances, our aim is to consistently reduce the number of Brera FC-related trademark infringements by carrying out coordinated,
cost-effective enforcement actions following investigation of suspected trademark infringements. Enforcement action takes a variety of
forms, such as working with authorities to seize counterfeit goods and stop the activities of unauthorized sellers to taking direct legal
action against infringers, for example, by issuing cease and desist letters.
In
relation to materials for which copyright protection is available (such as literary works, logos, photographic images and audio-visual
footage), our current practice is generally to secure copyright ownership where possible and appropriate. For example, where we are working
with third parties and copyright protected materials are being created, we generally try to secure an assignment of the relevant copyright
as part of the commercial contract. However, it is not always possible to secure copyright ownership. For example, in the case of audio-visual
footage relating to football competitions, copyright will generally vest in the competition organizer and any exploitation by Brera FC
of such footage will be the subject of a license from the competition organizer.
Laws
and Regulations
At
the top of the worldwide football hierarchy is FIFA, Fédération Internationale de Football Association, whose rules must
be followed by all member football associations organizations. FIFA's main objectives are to continuously improve the game of football
and globally promote it, to organize international competitions, to draw up regulations and provisions governing the game of football
and related matters and ensure their enforcement, to control every type of association football by taking appropriate steps to prevent
infringements of the FIFA Statutes, regulations or decisions of FIFA or of the Laws of the Game, to promote integrity, ethics and fair
play with a view to preventing all methods or practices, such as corruption, doping or match manipulation, which might jeopardize the
integrity of matches, competitions, players, officials and member associations or give rise to abuse of association football.
27
FIFA's
rules and regulations are mainly contained within (i) the FIFA Statutes, regulations for FIFA's governing system, and (ii) the
Laws of the Game, codified rules of association football. The FIFA Statutes provide the necessary means to resolve disputes that may
arise between or among member associations, confederations, clubs, officials and players. The Council of FIFA regulates the status of
players and the provisions for their transfer, as well as questions relating to these matters, in particular the encouragement of player
training by clubs and the protection of representative teams, in the form of special regulations. All bodies and officials must observe
the Statutes, regulations, decisions and Code of Ethics of FIFA in their activities. Every person and organization involved in the game
of football is obliged to observe the Statutes and regulations of FIFA as well as the principles of fair play. Each member association
must play association football in compliance with the Laws of the Game issued by the International Football Association Board, or IFAB.
IFAB is a separate organization from FIFA, but FIFA is represented on the board and holds 50% of the voting power. Only IFAB may enact
and alter the Laws of the Game.
Member
associations from the same continent or region have formed the following six confederations, which are recognized by FIFA: (1) Asian
Football Confederation – AFC; (2) Confederation of African Football – CAF; (3) Confederation of North, Central America and
Caribbean Association Football – CONCACAF; (4) Oceania Football Confederation – OFC; (5) South American Football Confederation
– CONMEBOL; and (6) Union of European Football Associations – UEFA. Each confederation must comply with and enforce compliance
with the Statutes, regulations and decisions of FIFA, must organize its own interclub and international competitions in compliance with
the international match calendar, must ensure that international leagues or any other such groups of clubs or leagues shall not be formed
without its consent and the approval of FIFA, must set up the bodies necessary to fulfil the duties incumbent upon it and must procure
the funds necessary to fulfil its duties.
FIFA
requires each member association to manage its affairs independently and without undue influence from third parties. Clubs, leagues or
any other groups affiliated with a member association must be subordinate to and recognized by that member association. The member association's
statutes must define the scope of authority and the rights and duties of these groups. The statutes and regulations of these groups must
be approved by the member association. Particularly relevant is the provision for which every member association must ensure that its
affiliated clubs can take all decisions on any matters regarding membership independently of any external body. This obligation applies
regardless of an affiliated club's corporate structure. In any case, the member association must ensure that neither a natural
nor a legal person (including holding companies and subsidiaries) exercises control in any manner whatsoever (in particular through a
majority shareholding, a majority of voting rights, a majority of seats on the board of directors or any other form of economic dependence
or control, etc.) over more than one club whenever the integrity of any match or competition could be jeopardized.
The
UEFA, as stated above, governs all European football, including Italian football, which is in turn governed by the Federazione Italiana
Giuoco Calcio – FIGC. FIGC is the governing body of football in Italy, which carries out its functions in harmony with the resolutions
and guidelines of FIFA and UEFA, in full technical, organizational and management autonomy. The rules dictated by FIGC are called NOIF
(Norme Organizzative Interne della FIGC) and govern all aspects of Italian football: the registration of athletes, technicians, match
officials, managers and other subjects of the federal system. Additionally, referees are part of FIGC and are divided into categories
provided for by the internal regulations of the Italian Referees Association, or AIA, which independently regulates their membership
and activity. All Italian football clubs are committed to exclusively using the sports justice system and cannot turn to the Ordinary
Judicial Authority for the resolution of any disputes.
European
association football associations have detailed rules governing and restricting the ownership, merger, acquisition, and sale of Italian
teams and players, and certain transactions require association approval. Particularly relevant is NOIF provision 16 bis., which prohibits
any person from controlling, directly or indirectly, more than one football company in the professional league and, if following the
transition of a football company from the amateur league to the professional league any person controls more than one, the person must
terminate control of one of the companies no later than 5 days before the deadline set by federal regulations for filing the application
for admission to the relevant professional championship.
Mergers,
acquisitions, sales and demergers are also subject to specific rules, such as NOIF provision 20. The merger between two or more companies,
the demerger of a company, the capital contribution of the sports company into a company wholly owned by the transferring company, carried
out in compliance with current regulations and laws, must be approved by the President of the FIGC. In the event of a spin-off of a company
or transfer of the sports company to another company wholly owned by the transferring company, approval can be granted, provided that
the unity of the entire sports company is preserved and the regularity and the continuation of sporting activities. In the event of an
approved merger, the company that remains after the merger remains affiliated with FIGC and retains the highest sporting title and seniority
of affiliation from the companies involved in the merger. In the event of an approved demerger, only one spun-off company can be affiliated
with FIGC; therefore, at the time of the spin-off, the company that will be affiliated with the FIGC is decided and the sporting title
and seniority of affiliation of the original company are attributed to this company. In the event of an approved capital contribution
of the sports company into a company wholly owned by the transferring company, the company which then owns the sports company is the
company that is affiliated with FIGC and the sporting title and seniority of affiliation of the transferring company are attributed to
this company. The merger, demerger and capital contribution of a sports company into a company wholly owned by the transferring company
are permitted under the following conditions: the companies subject to the merger, the company subject to the spin-off or the transferring
company are affiliated with FIGC for at least two sporting seasons; in the professional field, all the companies involved in the merger,
or in the spin-off or transfer must have their registered office, except in cases of absolute exception, in the same Municipality or
in neighboring Municipalities. In the amateur and sector for youth and school activities, the companies involved in the merger, or the
spin-off or transfer must be based in the same Province, or in neighboring Municipalities of different Provinces or Regions. In the event
that the aforementioned transactions are carried out between companies in the professional sector and companies in the amateur and sector
for youth and school, the criterion established in the professional field applies; between companies that, in the two previous sports
seasons, have not transferred their registered office to another municipality, have not been the subject of mergers, spin-offs or company
transfers.
28
As
for the registration of players, the players are registered with FIGC upon a signed request and sent through the company for which they
intend to carry out the sporting activity, by 31 March of each year. "Young", "young amateurs" and "young
series" players can be registered after this deadline. The registration request is drawn up by the Leagues, the Youth and School
Activities Sector, the Divisions and the Committees, duly signed by the legal representative of the company and by the player and, in
the case of minors, by one of the two parents if the membership lasts one year and by both parents if the membership lasts for several
years. The declaration of the player must be attached to the registration request certifying the existence or non-existence of any previous
registrations with foreign football federations, i.e., federations other than the FIGC. The clubs that play in the professional championships
can freely register players from or coming from foreign Federations, as long as they are citizens of countries belonging to the European
Union, or EU. To this end, applications for membership must be accompanied by a certificate of citizenship. The rules on membership for
professional clubs' players who are citizens of non-EU countries are issued annually by the Federal Council. The clubs of the National
Amateur League can request the registration of only two footballers who are citizens of non-EU countries for male activity who have been
registered for clubs belonging to foreign federations, as well as an unlimited number of players who are citizens of EU countries who
have been registered for clubs belonging to foreign federations, provided that they are in compliance with the laws in force on immigration,
entry and stay in Italy.
The
UEFA Financial Fair Play Regulations will be of particular significance to our business. Implemented in the 2011-12 season and last updated
in 2018, the UEFA Financial Fair Play Regulations are intended to ensure the financial self-sufficiency and sustainability of football
clubs by discouraging them from continually operating at a loss, introduce more discipline and rationality on club finances, ensure that
clubs settle their liabilities on a timely basis and encourage long term investment in youth development and sporting infrastructure.
The regulations contain a "break-even" rule aimed at encouraging football clubs to operate on the basis of their own revenue.
Therefore, owner investments of equity will be allowed only within the acceptable deviation thresholds. Potential sanctions for non-compliance
with the Financial Fair Play Regulations include a reprimand/warning, withholding of prize money, fines, prohibition on registering new
players for UEFA competitions and ultimately exclusion from European competitions.
Laws,
regulations, or sports association rules in some of the countries in which we expect to acquire clubs prevent any person from owning
more than one club in the same division in the same country. For example, in Argentina, under the Argentinian Sports Ministry's
laws, football clubs, due to their associative structure, generally cannot be sold or transferred to different owners. As a result, our
acquisitions of football clubs in Argentina or countries with similar restrictions will be in the form of management and revenue-sharing
agreements with their current owners. Such laws may limit our ability to derive all profits from, or to enforce control over, such clubs.
In
addition, many of the countries in which we expect to acquire clubs restrict the number of foreign players that are permitted on a football
club's first team. For example, in Mozambique, the Mozambican Football Association's rules allows clubs to field only six
or fewer foreign players in league games. In North Macedonia, the North Macedonian Football Association's rules caps foreign players
to eight in league games, although an unlimited number of foreign players may be registered to play for each team. As a non-member of
the European Union, North Macedonia does not currently require foreign players to hold European Union passports; however, North Macedonia
has been a candidate for European Union membership since 2005 and may impose this requirement were it to become a member. These restrictions
may limit our ability to realize the benefits of our global football club portfolio.
29
4.C. Organizational
Structure
The
following diagram depicts our organizational structure, including our subsidiaries, as of the date of this Annual Report. This diagram
includes the holdings of our controlling shareholders of Class A Ordinary Shares, as a group, and our current shareholders of Class B
Ordinary Shares, as a group.
4.D. Plants,
Property and Equipment
Brera
FC operates from two sports facilities in Milan:
●
Arena
                                            Civica
. The Arena Civica, which opened August 18, 1807, has a capacity of approximately
                                            10,000, and is situated in the historic Brera district. The Arena Civica is the primary location
                                            for Brera FC's first team home stadium matches and is also sometimes used for our football
                                            school program. Use of the stadium for other events must be requested prior to each event.
                                            This facility is located at Viale Giorgio Byron 2, 20154 Milan, Italy. We lease this facility
                                            pursuant to a public concession agreement with the Municipality of Milan under Municipality
                                            of Milan regulation Deliberazione G.C. n. 1881 26/09/2014. On October 19, 2022, we entered
                                            into a new lease for the term of October 24, 2022 to April 27, 2023 that provides for a base
                                            rate of €30.00 per hour to utilize the stadium for our football school. We enter into
                                            separate public concession agreements for use of the stadium for our matches. Our last public
                                            concession agreement, dated as of April 1, 2022, for our FENIX Trophy matches provided for
                                            a base rate of €320.00 per hour.
●
Brera
                                            Football Village
. The Brera Football Village, located in the Linate neighborhood
                                            of Milan, is Brera FC's official sports headquarters. It is used for first team matches
                                            when the Arena Civica is unavailable and our football school. This facility is located at
                                            Via Giovanni Pascoli, 20068 Linate, Italy. We lease this facility pursuant to a nine-year
                                            lease agreement, dated as of January 31, 2019, from the Municipality of Peschiera Borromeo.
                                            The lease provides for a base rent of €500 per year.
Our
subsidiary Brera Milano's corporate office is located at Piazza San Giorgio 2, 20123 Milan, Italy. We lease this facility pursuant
to a one-year lease agreement, dated March 1, 2023, which will renew for subsequent one-year terms until terminated by either party upon
three (3) months' notice. The lease provides for a base rent of €2,500 per month, plus value-added tax.
Our
subsidiary Fudbalski Klub Akademija Pandev's corporate office is located at Sport Hall PARK-ABA, Gjuro Salaj bb, Strumica 2400,
North Macedonia. We lease this facility pursuant to a one-year lease agreement, dated March 3, 2023, which can be terminated by either
party upon thirty (30) days' notice. The lease provides for a base rent of MKD 30,000 per month including value-added tax.
Our
Irish holding company's registered office is located at Connaught House, 5th Floor, One Burlington Road, Dublin 4, DO4 C5Y6, Ireland.
30
We
believe that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our
businesses.
ITEM
4A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and the related notes included elsewhere in this Annual Report. This discussion may contain forward-looking statements.
Our actual results may differ materially from those anticipated in these forward-looking statements because of various factors, including
those set forth under Item 3 "Key Information—3.D. Risk Factors" or in other parts of this Annual Report. See also
"Introductory Notes—Forward-Looking Information."
5.A. Operating
Results
The
following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") of Brera
Holdings summarizes the significant factors affecting the Company's operating results, financial condition, liquidity and cash
flows as of and for the years ended December 31, 2022 and 2021. Certain information called for by this Item 5, including a discussion
of the year ended December 31, 2021 compared to the year ended December 31, 2020 has been reported previously in our Registration Statement
filed on Form F-1 (File No. 333-268187) filed with the SEC and as declared effective on January 26, 2023, under the section entitled
"Management's Discussion and Analysis of Financial Condition and Results of Operations." This MD&A should be read
in conjunction with the Company's consolidated financial statements and the related notes thereto for the years ended December
31, 2022 (the "2022 Financials"). Amounts are expressed in euros unless otherwise stated. This MD&A contains forward-looking
statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management.
Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors.
See also "
Introductory Notes – Forward-Looking Information
."
The
2022 Financials and the financial information contained in this MD&A are prepared pursuant to International Financial Reporting Standards
("IFRS") and in accordance with the standards of the United States Public Company Accounting Oversight Board. As permitted
by the rules of the U.S. Securities and Exchange Commission for foreign private issuers, we do not reconcile our financial statements
to United States generally accepted accounting principles.
This
MD&A reports the Company's activities through December 31, 2022, unless otherwise indicated. All figures are expressed in euros,
unless otherwise noted.
Overview
We
are an Irish holding company focused on expanding social impact football by developing a global portfolio of emerging football clubs
with increased opportunities to earn tournament prizes, gain sponsorships, and provide other professional football and related consulting
services. We seek to build on the legacy and brand of Brera FC, the first football club that we acquired licensing rights to in July
2022. Brera FC is an amateur football association which has been building an alternative football legacy since its founding in 2000.
We are focused on bottom-up value creation from sports clubs and talent outside mainstream markets, innovation-powered business growth,
and socially-impactful outcomes.
Football
is one of the most popular spectator sports on Earth, with a global market valued at $1.8 billion in 2019, projected to reach $3.8 billion
by 2027, with Europe currently being the largest market ("Global football market by type, manufacturing process and distribution
channel: global opportunity analysis and industry forecast, 2021–2027," May 2021). We believe that the leaders in the football
industry, as with all enterprises, must demonstrate an awareness of social issues. We believe that teams that do not demonstrate such
awareness will not succeed, and that the European football industry is signaling a need for socially-impactful ways to expand access
to capital and revenues.
With
this in mind, we organized, promoted and participated in the FENIX Trophy, our newly formed non-professional pan-European football tournament
recognized by UEFA. As noted above, FENIX is an acronym for "Friendly European Non-professional Innovative Xenial". The FENIX
Trophy was intended to allow Brera FC to connect with the local community, increase our fanbase, and develop important relationships
with other European football clubs. We believe that discussions about the FENIX Trophy spread awareness of these tenets of social impact
football. We also believe that the competition's meaning goes beyond the game itself: It is an immersive experience meant to highlight
the best practices within non-professional football: sportsmanship, bonds with the local community, sustainability, use of technology,
and friendship among clubs. We therefore believe the FENIX Trophy will significantly support our social-impact football value proposition.
The FENIX Trophy was inaugurated in 2021 and had its first tournament from September 2021 to June 2022. We believe that the initial competition
met or exceeded our expectations of its value for our social-impact football brand. The tournament was a public relations success –
the Final Eight of the FENIX Trophy tournament, which took place in Rimini, Italy in June 2022, enjoyed extensive national (SKY Sports
TV) and international (ZDF) media coverage. We intend to capitalize on this success and include even more amateur clubs in the FENIX
Trophy's 2022-2023 tournament.
31
We
also expect that social awareness and impact will become a growing public focus due to the 2022 FIFA World Cup. As such, while the "transfer
market," in which teams can transfer players and managers in exchange for significant compensation both to the transferring teams
and the transferred individuals, is expected to continue, we believe that it must ultimately be part of a vision of football that includes
a bottom-up nurturing of players, including those from disadvantaged backgrounds or communities, such as those historically and currently
competing for Brera FC. We intend to be a leader in guiding the industry toward a more inclusive approach to professional football, through
the use of unconventional routes and undiscovered markets with the aim to unleash their full potential.
To
that end, we are developing our "Global Football Group" portfolio of professional football clubs. Our Global Football Group
will be modeled on the collaborative, brand-aligned holding company structure of Manchester, England-based City Football Group Limited.
Under our Global Football Group structure, we intend to acquire top-division football teams in Africa, South America, Eastern Europe,
and potentially other emerging markets, and give them access to the global transfer market. We likewise expect that acquisitions of Eastern
European and other non-mainstream market teams will enable us to compete and potentially win significant revenue in UEFA and potentially
other regional competitions. We believe that Brera FC's brand of social impact football and our Global Football Group portfolio
of local football club favorites will also allow us to gain increasing sponsorship revenue. We intend to expand on our noncompetitive
children's football school offerings, which we expect will generate significant revenue as well as enhance our social impact football
brand and related value. Based on these and other innovative initiatives, we expect that our experience with innovative capital-raising
and revenue-generating activities will draw further revenue in the form of consulting opportunities from football clubs, associations,
investors and others.
Our
revenue currently depends on our business strategy and marketing consultancy services which we provide to commercial clients mainly in
the digital media and broadband sectors, our football school services and our newly formed tournament, the FENIX Trophy. We expect that
our future revenues will depend on expanding these services, acquiring professional football clubs, qualifying for or winning football
tournaments and earning tournament prizes, successfully providing transfer market services, and entering into sponsorship agreements.
Recent
Developments
On
July 14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of
Brera Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.
The
following table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board
of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms
of these purchases were the same for all purchasers of our ordinary shares.
Shareholder
Class A
Ordinary
Shares
Class B
Ordinary Shares
Aggregate
Purchase Price Paid
Daniel Joseph McClory, Executive Chairman and Director
2,500,000
-
$
12,500
Niteroi Spa
(1)
2,500,000
-
$
12,500
Alessandro Aleotti, Chief Strategy Officer and Director
2,500,000
-
$
12,500
Leonardo Aleotti
(2)
250,000
-
$
1,250
Marco Sala, former Director
350,000
-
$
1,750
KAP Global Holding Limited
(3)
-
100,000
$
500
(1)
Niteroi
Spa is an Italian joint-stock company. Niteroi Spa's sole director is Adrio Maria de Carolis, a former director of Brera Holdings.
Adrio Maria de Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive
powers over its shares. Niteroi Spa's corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.
(2)
Leonardo
Aleotti is the adult son of Alessandro Aleotti, our Chief Strategy Officer and director.
32
(3)
KAP
Global Holding Limited is a Hong Kong limited company. KAP Global Holding Limited's director is Stefano Locatelli. Marco Sala,
Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and
director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary
Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited's
registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.
On
July 22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class
B Ordinary Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15)
of the Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities
Act, and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead acted as placement agent in this private placement.
Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350, or 7% of the total purchase
price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or 1% of the total purchase price
of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase up to 105,350 Class B Ordinary
Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.
On
August 16, 2022, we signed a sponsorship agreement with Fudbalski Klub Akademija Pandev, or Akademija Pandev, wherein we contributed
€70,000 to Akademija Pandev in exchange for their use of the Brera trademarks during the 2022-23 football season. Goran Pandev,
our director, is the founder and owner of Akademija Pandev, a North Macedonian football club founded in 2010, that plays in the Macedonian
First League. For the entirety of 2022-23 season, Akademija Pandev will provide Brera brand awareness and will use our trademarks on
their game shirts, on their wall poster campaign in the city of Strumica, on their banners, including those used in the sports center
of Goran Pandev, as well as a mutually agreed upon joint communication both to the Macedonian press and on the club's official
media channels. The sponsorship agreement is non-exclusive and does not automatically renew. On November 25, 2022, we entered into an
extension to the sponsorship agreement in which we agreed to extend the term of the sponsorship agreement to December 31, 2023, and to
pay Akademija Pandev an additional €30,000.
On
September 21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and
we issued 2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000
Class B Ordinary Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250,
$1,000 and $250, respectively.
On
October 5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class
B Ordinary Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy
Officer and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran
Pandev, our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each,
and 250,000 Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory's adult son, for $1,250.
On
November 11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares
to Sergio Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.
Principal
Factors Affecting Our Financial Performance
Our
operating results are primarily affected by the following factors:
●
our
                                            ability to acquire new fans, supporters and sponsors or retain existing ones;
●
our
                                            ability to offer competitive pricing for our products and services;
●
our
                                            ability to broaden product and service offerings;
●
whether
                                            successful or significant playing seasons or competitions occur during the relevant reporting
                                            periods;
●
general
                                            economic conditions affecting the discretionary income of fans, supporters and sponsors;
●
industry
                                            demand and competition; and
●
market
                                            conditions and our market position.
33
Emerging
Growth Company
Upon
the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will
be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the
auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's
internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can
take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised
accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our
financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.
We
will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross
revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering;
(iii) the date on which we have, during the preceding three year period, issued more than $1.0 billion in non-convertible debt; or (iv)
the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market
value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed
second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS
Act discussed above.
Results
of Operations
The
following sets forth a summary of the Company's consolidated results of operations for the periods indicated. The information should
be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical
results presented below are not necessarily indicative of the results that may be expected for any future period.
Comparison
of Years December 31, 2022 and 2021
The
following table sets forth key components of our results of operations during the years ended December 31, 2022 and 2021.
Years Ended December 31,
2022
2021
€
$
% of
Revenue
€
% of
Revenue
Revenue
162,407
171,085
100
%
420,167
100
%
Cost of revenue
(90,270
)
(95,093
)
(56
)%
(110,588
)
(26
)%
General and administrative expenses
(1,298,873
)
(1,368,274
)
(800
)%
(316,669
)
(75
)%
Operating losses
(1,226,736
)
(1,292,282
)
(755
)%
(7,090
)
(2
)%
Other income (expense)
4,869
5,129
3
%
(47,942
)
(11
)%
Finance costs
(4,988
)
(5,255
)
(3
)%
(2,693
)
(1
)%
Loss before income taxes
(1,226,855
)
(1,292,408
)
(755
)%
(57,725
)
(14
)%
Provision for income taxes expenses
-
-
0
%
(29,331
)
(7
)%
Net loss
(1,226,855
)
(1,292,408
)
(755
)%
(87,056
)
(21
)%
Revenue
The
principal activities of the Company for the years ended December 31, 2022 and 2021 were the provision of consultancy services related
to the now-discontinued legacy business of KAP. Revenue for the years ended December 31, 2022 and 2021 was €162,407 and €420,167,
respectively, representing a decrease of 61.3%. The decrease was due to a drop in the total amounts of the sales contracts of the Company's
consulting services for the year ended December 31, 2022 as compared to the year ended December 31, 2021.
Cost
of revenue
Cost
of revenue for the years ended December 31, 2022 and 2021 was €90,270 and €110,588, respectively, representing an decrease
of 18.4%. The decrease was due to a decrease in the Company's costs of performing consulting services, which aligned with the decrease
in revenue from these services.
34
General
and administrative expenses
General
and administrative expenses consisted of professional and consultancy fees, advertising, director remuneration and benefits, rental expenses,
utilities, depreciation, travel and entertainment and other miscellaneous expenses. General and administrative expenses for the years
ended December 31, 2022 and 2021 was €1,298,873 and €316,669, respectively, an increase of 310.2%. The increase was due to
(i) increased professional and consultancy services fees primarily related to our initial public offering on Nasdaq; (ii) increased sponsorship
expenses; and (iii) other administrative and operating related expenses.
Operating
losses
Operating
losses for the years ended December 31, 2022 and 2021 was €1,226,736 and €7,090, respectively, an increase of 17,202.3%. The
increase was mainly due to (i) decreased revenue for the year ended December 31, 2022 compared to year ended December 31,2021; and (ii)
an increase of €982,204 in general and administrative expenses which mainly comprised of professional and consultancy service fees,
as well as other listing and miscellaneous expenses related to the initial public offering on Nasdaq.
Other
income (expense)
Other
income (expense) mainly consisted of miscellaneous expenses or income relating to our consulting services and gains or loss not related
to the Company's core business. Other income (expense) for the years ended December 31, 2022 and 2021 was €4,869 and €(47,942),
respectively. The change was mainly due to the decrease in miscellaneous expenses in relation to the consulting services.
Finance
costs
Finance
costs consisted of loan interest expenses from the small and medium enterprises guarantee fund loan, a loan from a shareholder and the
interest expense on lease liabilities in relation to the rental of office and vehicles. Finance costs for the years ended December 31,
2022 and 2021 was €4,988 and €2,693, respectively, an increase of 85.2%. The increase was due to the increase in interest expense
on lease liabilities in relation to the rental of office and vehicles for the year ended December 31, 2022 as compared to the year ended
December 31, 2021.
Loss
before income taxes
Loss
before income taxes for the years ended December 31, 2022 and 2021 was €1,226,855 and €57,725, respectively, an increase of
2,025.3%. The increase was mainly due to the increase of general and administrative expenses for the year ended December 31, 2022 compared
to the year ended December 31, 2021.
Provision
for income taxes expenses
Provision for income taxes expenses for the years
ended December 31, 2022 and 2021 was €0 and €29,331, respectively, a decrease of 100%. The decrease was due to the Company not
generating any tax assessable profit for the year ended December 31, 2022.
Net
loss
Net
loss for the years ended December 31, 2022 and 2021 was €1,226,855 and €87,056, respectively, an increase of 1,309.3%. The
increase was mainly due to (i) decreased revenue for the year ended December 31, 2022 compared to year ended December 31,2021; and (ii)
an increase of €982,204 in general and administrative expenses which mainly comprised of professional and consultancy service fees,
as well as other listing and miscellaneous expenses related to the initial public offering on Nasdaq.
5.B. Liquidity
and Capital Resources
As
of December 31, 2022 and 2021, we had cash and cash equivalents of €347,229 (approximately $371,466) and €26,957 (approximately
$30,512), respectively. To date, we have financed our operations primarily through revenue generated from operations, loans and shares
issued for cash.
As
of December 31, 2022, and 2021, we had cash deposits in a non-traditional bank, Wise Europe SA, amounting to €292,658 (approximately
$313,081) and €0 (approximately $0), respectively. These deposits are not insured by the local government. The Company performed
a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe SA and determined that the credit risk is low,
based on the following factors: (i) Wise Europe SA safeguards its customers' funds by holding them in a mix of cash in leading
commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii) Wise Europe SA is authorized by the National
Bank of Belgium ("NBB"), which ensures that the bank operates under the regulations and guidelines set by the NBB; and (iii)
the Company has not experienced losses on these bank accounts and does not believe it is exposed to any significant credit risk with
respect to these bank accounts.
35
On
January 27, 2023, the Class B Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market under the symbol "BREA".
The closing of the initial public offering took place on January 31, 2023. After deducting underwriting discounts and commissions and
non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000. As of March 31, 2023, we had cash and
cash equivalents of €5,985,603 (approximately $6,507,547).
Management
has prepared estimates of operations and believes that sufficient funds will be generated from operations to fund our operations and
to service our debt obligations for at least the next twelve months. We may, however, in the future require additional cash resources
due to changing business conditions, implementation of our strategy to expand our business, or other investments or acquisitions we may
decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek to sell additional
equity or debt securities or obtain additional credit facilities. The sale of additional equity securities could result in dilution to
our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to
operating and financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable
to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand
our business operations and could harm our overall business prospects.
The
impact of COVID-19 on our business has been considered in these assumptions; however, it is too early to know the full impact of COVID-19
or its timing on a return to more normal operations.
The
accompanying consolidated financial statements have been prepared on a going concern basis under which we are expected to be able to
realize our assets and satisfy our liabilities in the normal course of business.
Going
Concern
The
accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. We had minimal cash
and cash equivalents as of December 31, 2022 and 2021 and had a net loss for the year ended December 31, 2022. As of December 31, 2022
and 2021, our net cash was approximately €347,229 and €26,957, respectively, and our net loss was approximately €1,226,855
and €87,056, respectively.
Our
ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or obtain the
necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management
has plans to seek additional capital through public offerings, including this offering, private equity offerings, debt financings, and
government or other third-party funding.
However,
the sale of additional equity securities could result in dilution to our shareholders. The incurrence of indebtedness would result in
increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our operations.
Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms
favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.
On
January 27, 2023, the Class B Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market under the symbol "BREA".
The closing of the initial public offering took place on January 31, 2023. After deducting underwriting discounts and commissions and
non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000 and management considers the Company
to have sufficient cash and cash equivalents which was €6,059,848 (approximately $6,482,826) as of March 31, 2023. As a result of
the successful initial public offering and funds raised, management believes that the Company has the necessary resources and liquidity
to meet its obligations and sustain its operations for the foreseeable future (i.e., at least 12 months beyond the date of the issuance
of audited consolidated financial statements for the year ended December 31, 2022). Therefore, these financial statements have been prepared
on a going concern basis and management considered the preparation of the financial statements as a going concern was appropriate.
Debt
On
May 20, 2020, we entered into a loan through the Guarantee Fund for Small and Medium-Size Enterprises under the European Guarantee Fund
Programme with Banca del Mezzogiorno - Mediocredito Centrale S.p.A. for €25,000. As disclosed in Note 11 of both the June and December
financial statements, the monthly interest rate is 0.0625% and the annualized interest rate is 0.75% per annum. The loan term is 6 years
and repayment of principal begins 2 years from the loan drawdown date.
On
October 28, 2021, we entered into a loan with our Chief Executive Officer and director, Sergio Carlo Scalpelli, in the amount of €20,000.
As disclosed in Note 13 of both the June and December financial statements, the loan is interest-free and with repayment scheduled on
March 31, 2022, June 30, 2022, and September 30, 2022, in the amount of €7,000, €7,000 and €6,000, respectively. Mr. Scalpelli
waived the repayment schedule, and the repayment date of the full amount was rescheduled to September 30, 2022. The full amount of the
loan was repaid to Mr. Scalpelli on September 30, 2022. The outstanding balance of the loan amounted to €0 and €20,000 for
the years ended December 31, 2022 and 2021, respectively.
36
Summary
of Cash Flow
The
following table sets forth a summary of the Company's consolidated cash flows for the periods indicated. The information should
be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. Our historical
results presented below are not necessarily indicative of cash flows that may be expected for any future period.
Years Ended December 31,
2022
2022
2021
Statements of Operations Data
€
$
€
Net cash (used in) provided by operating activities
(917,436
)
(981,473
)
26,849
Net cash used in investing activities
(26,209
)
(28,038
)
(16,353
)
Net cash provided by (used in) financing activities
1,237,144
1,323,497
(36,911
)
Net increase (decrease) in cash
293,499
313,986
(26,415
)
Cash, beginning of year
26,957
28,839
53,372
Effect of foreign exchange rate changes
26,773
28,641
-
Cash, end of year
347,229
371,466
26,957
To
date the Company has financed its operations primarily through revenue generated from operations and loans and shares issued for cash.
Net
cash (used in) provided by operating activities was €(917,436) and €26,849 for the years ended December 31, 2022 and 2021,
respectively. The change was mainly due to the decrease of operating profit before working capital.
Net
cash used in investing activities was €26,209 and €16,353 for the years ended December 31, 2022 and 2021, respectively. The
increase in net cash used in investing activities was primarily due to the acquisition of our subsidiary, Brera Milano, during the year
ended December 31, 2022.
Net
cash provided by (used in) financing activities was €1,237,144 and €(36,911) for the years ended December 31, 2022 and 2021,
respectively. The increase in net cash provided by financing activities was primarily due to the shares issued for cash during the year
ended December 31, 2022.
Contractual
Obligations
Year Ended December 31, 2022
Total
Less than 1 year
1 – 3 years
3 to 5 years
More than 5 years
€
$
€
$
€
$
€
$
€
$
Operating lease commitments
312,228
334,021
82,666
88,436
144,273
154,343
85,289
91,242
-
-
Loan payable
22,212
23,762
6,346
6,789
12,693
13,579
3,173
3,394
-
-
334,440
357,783
89,012
95,225
156,966
167,922
88,462
94,636
-
-
Year Ended December 31, 2021
Total
Less than 1 year
1 – 3 years
3 to 5 years
More than 5 years
€
$
€
$
€
$
€
$
€
$
Loan from a shareholder
20,000
22,637
20,000
22,637
-
-
-
-
-
-
Operating lease commitments
380,266
430,409
80,054
90,610
150,793
170,677
133,169
150,729
16,250
18,393
Loan payable
25,478
28,838
3,267
3,698
12,692
14,366
9,519
10,774
-
-
425,744
481,884
103,321
116,945
163,485
185,043
142,688
161,503
16,250
18,393
Other
than indicated above, on December 31, 2022 and December 31, 2021, we did not have other long-term debt obligations, capital (finance)
lease obligations, operating lease obligations, purchase obligations or other long-term liabilities reflected on our statements of financial
position.
37
Commitments
and Contingencies
Capital
Expenditures
During
the years ended December 31, 2022 and 2021, the Company made €1,209 and €16,353, respectively, in capital expenditures. We
do not have any contractual obligations for ongoing capital expenditures at this time.
Lease
Commitment
We
entered into lease agreements for office space, garage, motor vehicles and office equipment with expiration dates ranging from 2023 to
2027. The Company's commitments for minimum lease payments under these leases as of December 31, 2022 and as of December 31, 2021
are as follows:
Minimum
lease
payment
as of
December 31,
2022
€
Less than 1 year
82,666
1 to 3 years
144,273
3 to 5 years
85,289
More than 5 years
-
Total
312,228
Minimum
lease
payment
as of
December 31,
2021
€
Less than 1 year
80,054
1 to 3 years
150,793
3 to 5 years
133,169
More than 5 years
16,250
Total
380,266
Contingencies
We
are currently not a defendant to any material legal proceedings, investigation, or claims.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
5.C. Research
and Development, Patents and Licenses, etc.
See
"Item 4. Information on the Company—B. Business Overview."
5.D. Trend
Information
Other
than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demand, commitments or events that
are reasonably likely to have a material effect on our net revenues and income from operations, profitability, liquidity, capital resources,
or would cause reported financial information not to be indicative of future operation results or financial condition.
38
5.E. Critical
Accounting Estimates
The
following discussion relates to critical accounting policies for our company. The preparation of financial statements in conformity with
IFRS requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto,
and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant
to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition
and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition
and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates
are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting
the estimate may differ significantly from management's current judgments. We believe the following critical accounting policies
involve the most significant estimates and judgments used in the preparation of our financial statements:
Judgments
Information
about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated
financial statements is included in the following notes to the financial statements accompanying this Annual Report.
-
Note
                                            1: Reverse recapitalization
The
acquisition of Brera Milano was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in
accordance with the guidance in paragraphs B19–B27 of IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting
acquirer based upon the terms of the acquisition and other factors including: (i) former Brera Milano shareholders owning approximately
35% of the combined company (on a fully diluted basis) immediately following the closing of the acquisition and are the largest shareholders'
party of the Company, (ii) former Brera Milano shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director
of the Company, and (iii) former Brera Milano shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and
a director of the Company; (iv) shareholders of the Company other than the former Brera Milano shareholders continuing as passive investors;
and (v) the combined company continuing the football related business with Brera Milano shareholders being the major subject matter experts
of this industry in the Company and having the power to direct the development and operations of the combined company after the acquisition.
As of December 31, 2022, the Company, which
was established as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition
completed on July 29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation,
and it was not qualified as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute
as a business combination since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the
consolidated financial statements of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera
Milano and the assets and liabilities are presented at their historical carrying values. As of December 31, 2022, the Company's
consolidated financial statements are prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities
within the Group.
-
Note
                                            2(f): Assessment of our future liquidity and cash flows;
-
Note
                                            10: Assessment of the lease term of lease liabilities depending on whether we are reasonably
                                            certain to exercise the extension options.
Assumptions
and Estimation Uncertainties
Information
about assumptions and estimates as of December 31, 2022 and 2021 that have high risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the next financial year is included in the following notes to the financial statements accompanying
this Annual Report.
-
Note
                                            3: Estimated useful lives, depreciation method and impairment assessment of the property,
                                            plant and equipment and rights-of-use assets.
-
Note
                                            4: Measurement of the provision for doubtful accounts, for the significant assumptions used
                                            by management in estimating the expected credit losses (weighted-average loss rate or default
                                            rate, current and future financial situation of debtors for individual receivables that management
                                            is aware will be difficult to collect, future general economic conditions).
39
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A. Directors
and Senior Management
The
following table sets forth certain information regarding our directors and executive officers.
NAME
AGE
POSITION
Sergio
    Carlo Scalpelli
63
Chief
    Executive Officer and Director
Alessandro
    Aleotti
59
Chief
    Strategy Officer and Director
Amedeo
    Montonati
30
Chief
    Financial Officer
Daniel
    Joseph McClory
63
Executive
    Chairman and Director
Alberto
    Libanori
33
Director
Christopher
    Paul Gardner
69
Director
Pietro
    Bersani
55
Director
Goran
    Pandev
39
Director
Sergio
Carlo Scalpelli
has served as our Chief Executive Officer and a member of our board of directors since October 2022. Since June
2021, Mr. Scalpelli has been the President of cultural planning activities for Linkiestaclub, an Italian digital newspaper. From January
2001 to May 2021, Mr. Scalpelli was Chief of Institutional and External Relations for Fastweb, the pioneer company of fiber optic connections
in Italy, where he worked on the sponsorships of Juventus (2001-2003), Valentino Rossi (2006-2011), Usain Bolt (2018) and the Frecce
tricolori (2017-2019). During his time at Fastweb, Mr. Scalpelli was also President of ApBiscom, a news agency which was a joint venture
between Fastweb and Associated Press from April 2002 to March 2004. Mr. Scalpelli was a councilor for Sport, Youth and Relationships
with the Milan city council from June 1997 to March 2001 and a member of the executive committee of the council. Mr. Scalpelli was one
of the founders and the first CEO (1996-1999) of one of the most authoritative Italian newspapers: Il Foglio quotidiano. Throughout the
1990s Mr. Scalpelli was on the editorial boards of the magazines MicroMega, Limes, IdeAzione and Critica Sociale, and he was on the board
of directors of Bocconi University.
Alessandro
Aleotti
has served as our Chief Strategy Officer and a member of our board of directors since July 2022. Mr. Aleotti has served
as the President of Brera FC since its founding in 2000. Mr. Aleotti founded the MilanoMetropoli newspaper in 1997 and was its editor
and director until 2004. Mr. Aleotti is the author of numerous essays on economic issues, including a history of the Italian stock exchange,
as well as three books on the philosophy of football. From February 2005 to November 2015, Mr. Aleotti was director of the Milania think
tank, as well as a contributor or columnist for numerous newspapers and television programs, such as Libero, Telecampione and Lombardia
Channel. In February 1990, Mr. Aleotti co-founded Datanord Multimedia, a dotcom company, and served as president until the company was
sold and subsequently listed on the Italian Stock Exchange. Mr. Aleotti received his bachelor's degree in business administration
from Bocconi University.
Amedeo
Montonati
has served as our Chief Financial Officer since July 2022. Since October 2021, Mr. Montonati has been the Associate
Director of AOGB Professional Services Group, an international CPA firm based in Hong Kong. Mr. Montonati worked for years in the finance
consultancy sector for international financial firms and in the associated government administration industry. He has extensive expertise
in accounting, corporate finance, corporate tax, management and administration consultancy and corporate services. He worked previously
for Hawksford Financial Services, a leading firm for financial services and trust funds, and as a Manager for The Italian Chamber of
Commerce in Hong Kong and Macao. Mr. Montonati received his Master's in Business Administration with specialization in finance
from the University of South Australia in 2022, he obtained a professional certificate in International Tax Law from the University of
Leiden in 2021, he obtained a professional certification in Accounting Principles and Standards from the CFI Corporate Financial Institute
in 2022, he received a Graduate Certificate in Business Administration from the University of South Australia and he also undergone his
initial university program in International Business in 2017 at Melbourne Polytechnic, Australia.
Daniel
Joseph McClory
has served as our Executive Chairman and as a member of our board of directors since July 2022. Since October
2022, Mr. McClory has served as co-founder, Executive Chairman and as a member of the board of directors of The RoyaLand Company Ltd.,
a Bermuda holding company focused on creating a royalty-themed experience called
myRoyal.World
. Mr. McClory has been the Chairman
and Chief Executive Officer of Boustead & Company Limited, a non-bank financial institution, since July 2016, and has served as the
Managing Director, Head of Equity Capital Markets and Head of China for its U.S.-based subsidiary, Boustead Securities, LLC, since July
2016. Prior to working at Boustead, Mr. McClory held Managing Director positions at Bonwick Capital Partners, LLC, Burnham Securities
Inc. and at Hunter Wise Financial Group, LLC from May 2004 to July 2016. Mr. McClory's teams have ranked in the Top Ten of League
Tables for placement agents, won "Deal of the Year" at the M&A Advisor Awards, and completed IPOs and transactions for
clients listed on NASDAQ, the NYSE, the London Stock Exchange, Toronto Stock Exchange, the Stock Exchange of Hong Kong, and the Irish
Stock Exchange. Mr. McClory serves on the boards of the USA Track & Field Foundation, the American Foundation of Savoy Orders, and
the Alder Foundation, where he listed the first-ever foreign-funded, venture philanthropy-backed IPO on Bovespa's Social Stock
Exchange in Brazil. Mr. McClory earned a bachelor's degree in English and a master's degree in Language and International
Trade from Eastern Michigan University. In 2010, Eastern Michigan University awarded Mr. McClory an honorary Doctor of Public Service
degree.
40
Dr.
Alberto Libanori
has served as a member of our board of directors since July 2022. Since January 2019, Dr. Libanori has served
as Senior Advisor of Boustead & Company Limited. Dr. Libanori has also been a member of the board of directors for Mainz Biomed N.V.
(Nasdaq: MYNZ) since November 2021 and The RoyaLand Company Ltd. since October 2022. Previously, Dr. Libanori founded and helped with
the strategic exits of a number of technology start-ups including Atelier Mnemist SAS and Cutech, which was acquired by Symrise. He also
has 10 years' work experience at the science-business interface in venture capital, business development & licensing, M&A
and IPOs, focusing on life-sciences, med-tech and cosmeceuticals, working with L'Oréal Research and Innovation, M-Ventures,
and Novartis Venture Funds. Dr. Libanori has published more than 30 peer-reviewed articles in journals including Nature Electronics,
Advanced Materials, and ACS Nano, and is the holder of two patents. Dr. Libanori holds a PhD and MS in Bioengineering from UCLA, with
focus on wearable and implantable bioelectronics and biomaterials for regenerative medicine, an MPhil in Bioscience Enterprise from Cambridge
University, and a bachelor's in Bimolecular Sciences (Hons) from St Andrews University. Dr. Libanori is fluent in English, French,
Spanish, Mandarin Chinese and Portuguese, alongside his native Italian.
Christopher
Paul Gardner
has served as a member of our board of directors since January 2023. Since June 2021, Mr. Gardner has been the Senior
Managing Director at Sutter Securities, Inc. Mr. Gardner's first book, The Pursuit of Happyness, published in May 2006, became
a New York Times and Washington Post #1 Bestseller that has been translated into over 40 languages and inspired the critically acclaimed
film of the same name, starring Will Smith as Mr. Gardner. Mr. Gardner's second bestselling book, "Start Where You Are,"
was published in May 2009 and his most recent book, "Permission to Dream," was published in April 2021. Mr. Gardner has over
30 years of experience in the financial services industry and in 1987 established the brokerage firm, Gardner Rich & Co, which he
sold in 2006. Mr. Gardner has also served on the board of the National Education Foundation. We believe that Mr. Gardner is qualified
to serve on our board of directors due to his record of executive and board experience.
Pietro
Bersani
has served as a member of our board of directors since January 2023. Since June 2020, Mr. Bersani has served as a member
of the board of directors of Kiromic BioPharma, Inc. (Nasdaq: KRBP) and was appointed Chief Executive Officer in May 2022, after serving
as the interim Chief Executive Officer in January 2022. From April 2020 to January 2022, Mr. Bersani was a Partner with B2B CFO Partners,
LLC, which provides strategic management advisory services to owners of privately held companies. From October 2016 to July 2018 and
November 2019 to March 2020, he served as the President and Chief Executive Officer of K.P. Diamond Eagle, Inc., a consulting firm specialized
in development of innovative commercial and private aviation business models. Mr. Bersani served as a Senior Director within Alvarez
& Marsal's Private Equity Performance Improvement Practice, LLP between August 2018 and October 2019. Mr. Bersani is a Certified
Public Accountant and is also a Certified Public Auditor and a Chartered Certified Accountant in Italy where he developed a significant
knowledge of U.S. GAAP and IFRS. Mr. Bersani earned a bachelor's degree and a master's degree in business economics from
Bocconi University. We believe that Mr. Bersani is qualified to serve on our board of directors due to his record of executive and board
experience.
Goran
Pandev
has served as a member of our board of directors since January 2023. Mr. Pandev is a professional football player who
began his career with FK Belasica during the 2000-01 season and has played for Lazio, Inter Milan, Genoa, and Parma, among others, while
also being the captain of the North Macedonian national team until he retired from international football in 2021. After establishing
himself at Lazio, Pandev moved to Inter Milan in early 2010. While playing for the Nerazzurri, Pandev collected a host of honors including
winning the Serie A, the Coppa Italia and the UEFA Champions League in 2010 as part of a treble for the club. On April 22, 2021, he became
the first Macedonian to score 100 goals in one of the top five European football leagues. Mr. Pandev has scored the most goals of any
North Macedonian national team player with a total of 38 goals between 2001 and 2021. Mr. Pandev is the founder and owner of Akademija
Pandev, a North Macedonian football club founded in 2010 that plays in the Macedonian First League and has succeeded in reaching the
qualifiers to the UEFA Europa League during the 2019-2020 season and the UEFA Europa Conference League during the 2022-2023 season. We
believe that Mr. Pandev is qualified to serve on our board of directors due to his extensive football experience.
No
family relationships exist between any of our directors and executive officers. There are no arrangements or understandings with major
shareholders, customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior
management.
6.B. Compensation
of Board Members and Executives
We
recorded €137,685 in total compensation to directors and executive officers for the year ended December 31, 2022, consisting of
€12,478 in salary to our Chief Executive Officer, Sergio Carlo Scalpelli, €18,986 in salary to our Chief Financial Officer,
Amedeo Montonati, €60,303 in director's fees and €42,828 in the form of a one-time termination payment to the former
sole director of Brera Milano and a former director of Brera Holdings, Marco Sala, and €3,090 in director's fees to the current
sole director of Brera Milano, Francesca Duva. We have not set aside or accrued any additional amount to provide pension, retirement
or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the
directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation
structure for the directors and the executive officers. In connection with our initial public offering, we adopted an equity incentive
plan, see "—
Equity Incentive Plan
" below.
41
Under
our consulting agreement with our Chief Executive Officer, Sergio Carlo Scalpelli, effective as of October 5, 2022, we agreed that, for
a 1-year term, unless terminated earlier in accordance with its terms, we will pay Mr. Scalpelli an annual salary of €50,000, and
he will be eligible to receive an annual cash bonus as determined by the Board of Directors. Under his agreement, we agreed to grant
Mr. Scalpelli a share option under the Plan, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares to vest
equally over three (3) years beginning on January 26, 2023. Upon a change of control of the Company, all of the shares will vest immediately.
The Company also provides standard indemnification and directors' and officers' insurance in addition to the ability to participate
in standard employee benefits, such as health insurance or 401(k), if the Company institutes these benefits in the future. Mr. Scalpelli
is also subject to certain confidentiality and non-competition provisions.
Under
our consulting agreement with our Chief Financial Officer, Amedeo Montonati, effective as of October 18, 2022, we agreed that, for a
6-month term, unless terminated earlier in accordance with its terms, we will pay to AOB Accounting and Consultancy Service Company Limited
on behalf of Mr. Montonati a monthly fee of $4,000, and he will be eligible to receive an annual cash bonus as determined by the board
of directors. The Company also provides standard indemnification and directors' and officers' insurance. Mr. Montonati is
also subject to certain confidentiality and non-competition provisions.
Under
their independent director agreements with us, each independent director receives an annual cash fee and an initial stock option that
was awarded in connection with our initial public offering. We pay the annual cash compensation fee to each independent director in four
equal installments no later than the fifth business day of each calendar quarter commencing in the second quarter of 2023. The cash fee
to paid to each independent director is $51,000 as to Mr. Alberto Libanori, $51,000 as to Mr. Christopher Paul Gardner, $36,000 as to
Mr. Goran Pandev, and $56,000 as to Mr. Pietro Bersani. Under their agreements, each independent director was granted a share option,
with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares. The share option vests over a three (3) year period
beginning on January 26, 2023, at a rate of 1/3 per year. We also reimburse each independent director for pre-approved reasonable business-related
expenses incurred in good faith in connection with the performance of the independent director's duties for us. As also required
under the independent director agreements, we have separately entered into a standard indemnification agreement with each of our independent
directors, the term of which began January 26, 2023.
Under
a Private Agreement between the Company and Marco Sala, a former director of Brera Holdings, dated November 30, 2022, we agreed that
Mr. Sala would resign as sole director of Brera Milano, forfeit accrued and unpaid emoluments as sole director in the amount of approximately
€43,000, forfeit an indemnity of €11,000 due by way of severance, that the Company would pay Mr. Sala the total and all-inclusive
amount of €43,000, and that with fulfillment of such payment obligation, an agreement and acknowledgement by Mr. Sala that he expects
nothing else from Brera Milano, and that, with fulfillment of Mr. Sala's commitments to resign and make the forfeitures described
above, the Company recognizes Mr. Sala's discharge for work carried out during his tenure as sole director of Brera Milano. On
November 30, 2022, Mr. Sala resigned as sole director of Brera Milano. On the same date, Brera Milano appointed Dr. Francesca Duva as
new sole director of Brera Milano and granted Dr. Duva an annual emolument of €30,000.
Equity
Incentive Plan
On
October 26, 2022, our board of directors approved the Brera Holdings Limited 2022 Equity Incentive Plan, or the 2022 Plan.
Purpose
of the 2022 Plan
: The purpose of the 2022 Plan is to advance our interests and the interests of our shareholders by providing an
incentive to attract, retain and reward persons performing services for us and by motivating such persons to contribute to our growth
and profitability. The maximum number of Class B Ordinary Shares that may be issued pursuant to awards granted under the 2022 Plan will
be 2,000,000 shares. Cancelled and surrendered share options and share awards may again become available for grant under the 2022 Plan.
As of the date of this Annual Report, we have granted 200,000 share options under the 2022 Plan and all 1,800,000 shares remain available
for issuance under the 2022 Plan. We intend that awards granted under the 2022 Plan be exempt from or comply with Section 409A of the
Internal Revenue Code, or the Code (including any amendments or replacements of such section), and the 2022 Plan shall be so construed.
The
following summary briefly describes the principal features of the 2022 Plan and is qualified in its entirety by reference to the full
text of the 2022 Plan.
Awards
that may be granted include: (a) Incentive Share Options, or ISO (b) Non-qualified Share Options, (c) Share Appreciation Rights, (d)
Restricted Shares, (e) Restricted Share Units, or RSUs, (f) Shares granted as a bonus or in lieu of another award, and (g) Performance
Awards. These awards offer us and our shareholders the possibility of future value, depending on the long-term price appreciation of
our Class B Ordinary Shares and the award holder's continuing service with us.
Share
options give the option holder the right to acquire from us a designated number of shares of our Class B Ordinary Shares at a purchase
price that is fixed at the time of the grant of the option. The exercise price will not be less than the market price of the Class B
Ordinary Shares on the date of grant. Share options granted may be either incentive share options or non-qualified share options.
42
Share
appreciation rights, or SARs, which may be granted alone or in tandem with options, have an economic value similar to that of options.
When an SAR for a particular number of shares is exercised, the holder receives a payment equal to the difference between the market
price of the shares on the date of exercise and the exercise price of the shares under the SAR. Again, the exercise price for SARs normally
is the market price of the shares on the date the SAR is granted. Under the 2022 Plan, holders of SARs may receive this payment –
the appreciation value – either in cash or Class B Ordinary Shares valued at the fair market value on the date of exercise. The
form of payment will be determined by us.
Restricted
shares are awards of a right to receive shares of our Class B Ordinary Shares on a future date. Restricted Share Unit Awards are evidenced
by award agreements in such form as our board of directors shall from time to time establish. Restricted shares can take the form of
awards of restricted shares, which represent issued and outstanding shares of our Class B Ordinary Shares subject to vesting criteria,
or restricted share units, which represent the right to receive shares of our Class B Ordinary Shares subject to satisfaction of the
vesting criteria. Restricted shares are surrenderable and non-transferable until the shares vest. The vesting date or dates and other
conditions for vesting are established when the shares are awarded.
Our
board of directors may grant Class B Ordinary Shares to any eligible recipient as a bonus, or to grant shares or other awards in lieu
of obligations to pay cash or deliver other property under the 2022 Plan or under other plans or compensatory arrangements.
The
2022 Plan also provides for performance awards, representing the right to receive a payment, which may be in the form of cash, Class
B Ordinary Shares, or a combination, based on the attainment of pre-established goals.
All
of the permissible types of awards under the 2022 Plan are described in more detail below.
Administration
of the 2022 Plan:
The 2022 Plan is currently administered by our board of directors. All questions of interpretation of the
2022 Plan, of any award agreement or of any other form of agreement or other document employed by us in the administration of the 2022
Plan or of any award shall be determined by the Board, and such determinations shall be final, binding and conclusive upon all persons
having an interest in the 2022 Plan or such award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations
taken or made by the board of directors. in the exercise of its discretion pursuant to the 2022 Plan or award agreement or other agreement
thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive
upon all persons having an interest therein.
Eligible
Recipients:
Persons eligible to receive awards under the 2022 Plan will be those employees, consultants and directors of us
or of any of our subsidiaries.
Shares
Available Under the 2022 Plan:
The maximum aggregate number of Class B Ordinary Shares that may be issued under the 2022 Plan
will be 2,000,000 shares and shall consist of authorized but unissued or reacquired Class B Ordinary Shares or any combination thereof,
subject to adjustment for certain corporate changes affecting the shares, such as share splits, merger, consolidation, reorganization,
reincorporation, recapitalization, reclassification, or share dividend. Shares subject to an award under the 2022 Plan for which the
award is canceled, forfeited, surrendered, or expires again become available for grants under the 2022 Plan.
Share
Options and Share Appreciation Rights:
General.
Share options and SARs shall be evidenced by award agreements specifying the number of Class B Ordinary Shares covered thereby, in
such form as the board of directors shall from time to time establish. Each Share option grant will identify the option as an ISO or
Non-qualified Share Option. Subject to the provisions of the 2022 Plan, the administrator has the authority to determine all grants of
share options. That determination will include: (i) the number of shares subject to any option; (ii) the exercise price per share; (iii)
the expiration date of the option; (iv) the manner, time and date of permitted exercise; (v) other restrictions, if any, on the option
or the shares underlying the option; and (vi) any other terms and conditions as the administrator may determine.
Option
Price
. The exercise price for each share option or SAR shall be established in the discretion of the board of directors; provided,
however, that the exercise price per share for the share option or SAR shall be not less than the fair market value of a Class B Ordinary
Share on the effective date of grant of the share option or SAR. Notwithstanding the foregoing, a share option or SAR may be granted
with an exercise price lower than the minimum exercise price set forth above if such share option or SAR is granted pursuant to an assumption
or substitution for another option in a manner qualifying under the provisions of Section 424(a) of the Code.
Exercise
of Options.
Share options may be immediately exercisable but subject to repurchase or may be exercisable at such time or times, or
upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the
board of directors and set forth in the award agreement evidencing such share option. No share option or SAR shall be exercisable after
the expiration of seven (7) years after the effective date of grant of such share option or SAR. Subject to the foregoing, unless otherwise
specified by the board of directors in the grant of a share option or SAR, any share option or SAR granted hereunder shall terminate
seven (7) years after the effective date of grant of the share option or SAR, unless earlier terminated in accordance with its provisions.
The board of directors may set a reasonable minimum number of Class B Ordinary Shares that may be exercised at any one time.
43
Expiration
or Termination.
Options, if not previously exercised, will expire on the expiration date established by the administrator at the
time of grant. In the case of incentive share options, such term cannot exceed seven years provided that in the case of holders of more
than 10% of our total combined voting shares, such term cannot exceed five years. Options will terminate before their expiration date
if the holder's service with our company or a subsidiary terminates before the expiration date. The option may remain exercisable
for specified periods after certain terminations of employment, including terminations as a result of death, disability or retirement,
with the precise period during which the option may be exercised to be established by the administrator and reflected in the grant evidencing
the award.
Incentive
Share Options.
Share options intending to qualify as ISOs may only be granted to employees, as determined by the board of directors.
No ISO shall be granted to any person if immediately after the grant of such award, such person would own ordinary shares, including Class
B Ordinary Shares subject to outstanding awards held by him or her under the 2022 Plan or any other plan established by the Company, amounting
to more than ten percent (10%) of the total combined voting power or value of all classes of ordinary shares of the Company. To the extent
that the award agreement specifies that an Option is intended to be treated as an ISO, the Option is intended to qualify to the greatest
extent possible as an "incentive stock option" within the meaning of Section 422 of the Code, and shall be so construed; provided,
however, that any such designation shall not be interpreted as a representation, guarantee or other undertaking on the part of the Company
that the Option is or will be determined to qualify as an ISO. If and to the extent that any shares are issued under a portion of any
Option that exceeds the $100,000 limitation of Section 422 of the Code, such Class B Ordinary Shares shall not be treated as issued under
an ISO notwithstanding any designation otherwise.
Restricted
Share Awards:
Share awards can also be granted under the 2022 Plan. A share award is a grant of Class B Ordinary Shares or of a right
to receive shares in the future. These awards will be subject to such conditions, restrictions and contingencies as the administrator
shall determine at the date of grant. Those may include requirements for continuous service and/or the achievement of specified performance
goals.
Restricted
Share Units
: RSU Awards shall be evidenced by award agreements in such form as the board of directors shall from time to time establish.
The purchase price for shares issuable under each RSU Award shall be established by the board of directors in its discretion. Except as
may be required by Applicable Law or established by the board of directors, no monetary payment (other than applicable tax withholding)
shall be required as a condition of receiving an RSU Award. Shares issued pursuant to any RSU Award may (but need not) be made subject
to vesting conditions based upon the satisfaction of such Service requirements, conditions, restrictions or Performance Criteria, as shall
be established by the board of directors and set forth in the award agreement evidencing such award.
Performance Criteria:
Under the 2022 Plan,
Performance Criteria means business criteria including, but not limited to: revenue; revenue growth; earnings before interest and taxes;
earnings before interest, taxes, depreciation and amortization; earnings per share; operating income; pre- or after-tax income; net operating
profit after taxes; economic value added (or an equivalent metric); ratio of operating earnings to capital spending; cash flow (before
or after dividends); cash-flow per share (before or after dividends); net earnings; net sales; sales growth; share price performance;
return on assets or net assets; return on equity; return on capital (including return on total capital or return on invested capital);
cash flow return on investment; total shareholder return; improvement in or attainment of expense levels; and improvement in or attainment
of working capital levels or Performance Criteria. Any Performance Criteria may be used to measure the Company's performance as
a whole or any of the Company's business units and may be measured relative to a peer group or index.
Performance
Awards.
Performance awards shall be evidenced by award agreements in such form as the board of directors shall from time to time establish.
Each performance award shall entitle the participant to a payment in cash or Class B Ordinary Shares upon the attainment of Performance
Criteria and other terms and conditions specified by the board of directors. Notwithstanding the satisfaction of any Performance Criteria,
the amount to be paid under a performance award may be adjusted by the board of directors on the basis of such further consideration as
the board of directors in its sole discretion shall determine. The board of directors may, in its discretion, substitute actual Class
B Ordinary Shares for the cash payment otherwise required to be made to a participant pursuant to a performance award.
Bonus
Shares and Awards in Lieu of Obligations.
The board of directors may grant Class B Ordinary Shares to any eligible recipient as a
bonus, or to grant Class B Ordinary Shares or other awards in lieu of obligations to pay cash or deliver other property under the 2022
Plan or under other plans or compensatory arrangements, provided that, in the case of participants subject to Section 16 of the Exchange
Act, the amount of such grants remains within the discretion of the board of directors to the extent necessary to ensure that acquisitions
of Class B Ordinary Shares or other awards are exempt from liability under Section 16(b) of the Exchange Act. Class B Ordinary Shares
or awards granted hereunder shall be subject to such other terms as shall be determined by the board of directors.
44
Other
Material Provisions:
Awards will be evidenced by a written agreement, in such form as may be approved by the administrator. In the
event of various changes to the capitalization of our company, such as share splits, share dividends and similar re-capitalizations, an
appropriate adjustment will be made by the administrator to the number of shares covered by outstanding awards or to the exercise price
of such awards. The administrator is also permitted to include in the written agreement provisions that provide for certain changes in
the award in the event of a change of control of our company, including acceleration of vesting. Except as otherwise determined by the
administrator at the date of grant, awards will not be transferable, other than by will or the laws of descent and distribution. Prior
to any award distribution, we are permitted to deduct or withhold amounts sufficient to satisfy any employee withholding tax requirements.
Our board of directors also has the authority, at any time, to discontinue the granting of awards. The board of directors also has the
authority to alter or amend the 2022 Plan or any outstanding award or may terminate the 2022 Plan as to further grants, provided that
no amendment will, without the approval of our shareholders, to the extent that such approval is required by law or the rules of an applicable
exchange, increase the number of shares available under the 2022 Plan, change the persons eligible for awards under the 2022 Plan, extend
the time within which awards may be made, or amend the provisions of the 2022 Plan related to amendments. No amendment that would adversely
affect any outstanding award made under the 2022 Plan can be made without the consent of the holder of such award.
6.C. Board Practices
Nasdaq's listing rules generally require
that a majority of an issuer's board of directors must consist of independent directors. Our board of directors currently consists
of seven (7) directors, Sergio Carlo Scalpelli, Alessandro Aleotti, Daniel Joseph McClory, Alberto Libanori, Christopher Paul Gardner,
Pietro Bersani and Goran Pandev, four (4) of whom, Alberto Libanori, Christopher Paul Gardner, Pietro Bersani and Goran Pandev, are independent
within the meaning of Nasdaq's rules.
Each director shall serve until his successor is duly
elected and qualified or until his earlier death, resignation or removal.
A director is not required to hold any shares
in our company to qualify to serve as a director. Our board of directors may exercise all the powers of our company to borrow money, mortgage
or charge its undertaking, property and uncalled capital, and to issue debentures, bonds and other securities, subject to applicable stock
exchange limitations, if any, whenever money is borrowed or as security for any debt, liability or obligation of our company or of any
third-party.
Board Committees
We have a standing audit committee, a compensation
committee and a nominating and corporate governance committee of our board of directors. We adopted a charter for each of the three committees.
Each committee's members and functions are described below.
Audit Committee
Our audit committee consists of Alberto Libanori,
Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the "independence" requirements of Rule 10A-3 under the
Exchange Act and Nasdaq's rules, with Mr. Bersani serving as chair of the audit committee. Our board has determined that Mr. Bersani
qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting
processes and the audits of the financial statements of our company.
The audit committee will be responsible for, among
other things: (i) retaining and overseeing our independent accountants; (ii) assisting the board in its oversight of the integrity of
our financial statements, the qualifications, independence and performance of our independent auditors and our compliance with legal and
regulatory requirements; (iii) reviewing and approving the plan and scope of the internal and external audit; (iv) pre-approving any audit
and non-audit services provided by our independent auditors; (v) approving the fees to be paid to our independent auditors; (vi) reviewing
with our chief executive officer and chief financial officer and independent auditors the adequacy and effectiveness of our internal controls;
(vii) reviewing and approving related party transactions (viii) reviewing hedging transactions; and (ix) reviewing and assessing annually
the audit committee's performance and the adequacy of its charter.
Compensation Committee
Our compensation committee consists of Alberto
Libanori, Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the "independence" requirements of Rule 10A-3
under the Exchange Act and Nasdaq's rules, with Mr. Gardner serving as chair of the compensation committee. The compensation committee
will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors
and executive officers.
The compensation committee will be responsible
for, among other things: (i) reviewing and approving the remuneration of our executive officers; (ii) making recommendations to the board
regarding the compensation of our independent directors; (iii) making recommendations to the board regarding equity-based and incentive
compensation plans, policies and programs; and (iv) reviewing and assessing annually the compensation committee's performance and
the adequacy of its charter.
45
Nominating and Corporate Governance Committee
Our nominating and corporate governance committee
consists of Alberto Libanori, Christopher Paul Gardner and Pietro Bersani, each of whom satisfies the "independence" requirements
of Rule 10A-3 under the Exchange Act and Nasdaq's rules, with Dr. Libanori serving as chair of the nominating and corporate governance
committee. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to
become our directors and in determining the composition of the board and its committees.
The nominating and corporate governance committee
will be responsible for, among other things: (i) identifying and evaluating individuals qualified to become members of the board by reviewing
nominees for election to the board submitted by shareholders and recommending to the board director nominees for each annual meeting of
shareholders and for election to fill any vacancies on the board; (ii) advising the board with respect to board organization, desired
qualifications of board members, the membership, function, operation, structure and composition of committees (including any committee
authority to delegate to subcommittees), and self-evaluation and policies; (iii) advising on matters relating to corporate governance
and monitoring developments in the law and practice of corporate governance; and (iv) overseeing compliance with the our code of ethics.
The nominating and corporate governance committee's
methods for identifying candidates for election to our board of directors will include the solicitation of ideas for possible candidates
from a number of sources - members of our board of directors, our executives, individuals personally known to the members of our board
of directors, and other research. The nominating and corporate governance committee may also, from time-to-time, retain one or more third-party
search firms to identify suitable candidates.
In making director recommendations, the nominating
and corporate governance committee may consider some or all of the following factors: (i) the candidate's judgment, skill, experience
with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight; (ii) the
interplay of the candidate's experience with the experience of other board members; (iii) the extent to which the candidate would
be a desirable addition to the board and any committee thereof; (iv) whether or not the person has any relationships that might impair
his or her independence; and (v) the candidate's ability to contribute to the effective management of our company, taking into account
the needs of our company and such factors as the individual's experience, perspective, skills and knowledge of the industry in which
we operate.
Duties of Directors
Under Irish law, our
directors have certain statutory and fiduciary duties. All of the directors have equal and overall responsibility for the management of
the Company (although directors who also serve as employees will have additional responsibilities and duties arising under their employment
agreements and will be expected to exercise a greater degree of skill and diligence than non-executive directors). The principal fiduciary
duties include the statutory and common law fiduciary duties of acting in good faith in the interests of the company and exercising due
care and skill. Other statutory duties include ensuring the maintenance of proper books of account, having annual accounts prepared, having
an annual audit performed, maintaining certain registers and making certain filings as well as the disclosure of personal interests. Particular
duties also apply to directors of insolvent companies (for example, the directors could be liable to sanctions where they are deemed by
the court to have carried on our business while insolvent, without due regard to the interests of creditors). For public limited companies,
directors are under a specific duty to ensure that the corporate secretary is a person with the requisite knowledge and experience to
discharge the role.
Conflicts of Interest
As a matter of Irish law, a director is under
a fiduciary duty to avoid conflicts of interest. Irish law and our constitution provide that: (i) a director may be a director of or otherwise
interested in a company relating to us and will not be accountable to us for any remuneration or other benefits received as a result,
unless we otherwise direct; (ii) a director or a director's firm may act for us in a professional capacity other than as auditor;
and (iii) a director may hold an office or place of profit in us and will not be disqualified from contracting with us. If a director
has a personal interest in an actual or proposed contract with us, the director must declare the nature of his or her interest and we
are required to maintain a register of such declared interests that must be available for inspection by the shareholders. Such a director
may vote on any resolution of the board of directors in respect of such a contract, and such a contract will not be voidable solely as
a result.
Terms of
Directors and Officers
Our constitution provides for a minimum of two
directors and a maximum of twelve directors. Our shareholders may from time to time increase or reduce the maximum number, or increase
the minimum number, of directors by ordinary resolution. Our board of directors determines the number of directors subject to the above
limitations. The first director of the Company was the person determined in writing by the subscriber of our constitution. The first director
resigned on July 11, 2022, and was replaced by the directors named in this prospectus. Subsequent directors of our company may be appointed
by our board of directors and shall hold office until the next annual general meeting where they shall be eligible for re-election. The
following persons are disqualified by the Irish Companies Act from being a director of our company: (i) anyone who is less than 18 years
of age; (ii) a person who is not an individual; and (iii) a person who has the status of a bankrupt.
46
Employment
and Indemnification Agreements
We have entered into consulting agreements with
certain of our executive officers. Each of these agreements provides for an initial salary and covenants not to solicit our employees
or customers during their service period and for a period of up to 18 months following termination.
To the fullest extent permitted by Irish law,
our constitution confers an indemnity on our directors and officers. However, this indemnity is limited by the Irish Companies Act, which
prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge the liability of a director or
corporate secretary where judgment is given in favor of the director or corporate secretary in any civil or criminal action in respect
of such costs or liability, or where an Irish court grants relief because the director or corporate secretary acted honestly and reasonably
and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify its directors or corporate
secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether contained in its constitution
or any contract between the company and the director or corporate secretary. This restriction does not apply to our executives who are
not directors, the corporate secretary or other persons who would be considered "officers" within the meaning of that term
under the Irish Companies Act.
Our constitution also contains indemnification
and expense advancement provisions for persons who are not directors or our corporate secretary.
We are permitted under our constitution and the
Irish Companies Act to take out directors' and officers' liability insurance, as well as other types of insurance, for our
directors, officers, employees and agents.
Additionally, we have entered into agreements
to indemnify our directors and our executive officers to the maximum extent allowed under applicable law. These agreements, among other
things, provide that we will indemnify our directors and executive officers for certain expenses (including attorneys' fees), judgments,
fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right,
on account of any services undertaken by such person on our behalf or that person's status as our director or executive officer.
Differences between Irish Laws and Nasdaq
Requirements
The Sarbanes-Oxley Act, as well as related rules
subsequently implemented by the SEC, requires foreign private issuers, such as us, to comply with various corporate governance practices.
In addition, following the listing of the common shares on Nasdaq, we are required to comply with the Nasdaq Stock Market Rules. Under
those rules, we may elect to follow certain corporate governance practices permitted under Irish law in lieu of compliance with corresponding
corporate governance requirements otherwise imposed by the Nasdaq Stock Market Rules for U.S. domestic registrants.
In accordance with Irish law and practice and
subject to the exemption set forth in Rule 5615(a)(3) of the Nasdaq Stock Market Rules, as a foreign private issuer, we have elected to
rely on home country governance requirements and certain exemptions thereunder rather than the Nasdaq Stock Market Rules, with respect
to the following requirements:
●
Rule 5635 which sets forth the circumstances under which
shareholder approval is required prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of
another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv)
transactions other than public offerings. Instead, the Company will comply with the applicable Irish law;
●
Rule 5250(b)(3) which sets forth the requirement to disclose
third party director and nominee compensation. Instead, the Company will comply with the applicable Irish law; and
●
Rule 5250(d) which sets forth the requirement to distribute
annual and interim reports. For interim reporting, the Company may be permitted to comply solely with Irish law requirements, which are
less rigorous than the rules that apply to domestic public companies.
47
6.D. Employees
As of December 31, 2022, the Company had no employees and two independent
contractors. As of December 31, 2022, our subsidiary, Brera Milano, had no employees and no independent contractors. None of our employees
are represented by labor unions, and we believe that we have an excellent relationship with our employees.
6.E. Share Ownership
See "Item 7. Major Shareholders
and Related Party Transactions—A. Major Shareholders."
6.F. Disclosure of a Registrant's Action to Recover
Erroneously Awarded Compensation
Not applicable.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A. Major shareholders
The following table sets forth information with respect to beneficial
ownership of our share capital as of the date of this Annual Report by:
●
each person who is known by us to beneficially own 5% or
more of each class of our voting securities;
●
each of our current directors and each member of our senior
management; and
●
all of our directors and senior management as a group.
Ordinary Shares Beneficially Owned
(1)
Name of Beneficial Owner
Class A
Ordinary
Shares
Percent of
Class A
Ordinary
Shares (%)
Class B
Ordinary
Shares
Percent of
Class B
Ordinary
Shares (%)
Total
Voting
Power
(2)
(%)
Sergio Carlo Scalpelli, Chief Executive Officer and Director
(3)
-
-
200,000
(4)
5.4
*
Alessandro Aleotti, Chief Strategy Officer and Director
(5)
2,550,000
33.1
100,000
2.7
31.6
Amedeo Montonati, Chief Financial Officer
(6)
-
-
-
-
-
Daniel Joseph McClory, Executive Chairman and Director
(7)
2,300,000
29.9
-
-
28.5
Alberto Libanori, Director
(8)
-
-
50,000
1.3
*
Christopher Paul Gardner, Director
(9)
-
-
150,000
4.0
*
Pietro Bersani, Director
(10)
-
-
50,000
1.3
*
Goran Pandev, Director
(11)
-
-
50,000
1.3
*
All directors and executive officers as a group (8 persons)
4,850,000
63.0
500,000
13.5
60.7
KAP Global Holding Limited
(12)
-
-
100,000
2.7
*
Niteroi Spa
(13)
2,500,000
32.5
-
-
31.0
Pinehurst Partners LLC
(14)
2,250,000
29.2
-
-
27.9
Grant McClory
-
-
250,000
6.7
*
Lucia Giovannetti
-
-
200,000
5.4
*
BaseStones, Inc.
(15)
-
-
220,000
5.9
*
Oleta Investments, LLC
(16)
-
-
255,000
6.9
*
Chris Etherington
-
-
280,000
(17)
7.6
*
(1)
Based on 7,700,000 Class A Ordinary Shares and 3,705,000 Class
B Ordinary Shares issued and outstanding as of the date of this Annual Report.
(2)
The holders of Class A Ordinary Shares are entitled to ten (10)
votes for each share of Class A Ordinary Shares held of record, and the holders of Class B Ordinary Shares are entitled to one (1) vote
for each share of Class B Ordinary Shares held of record, on all matters submitted to a vote of the shareholders. A total of 11,405,000
ordinary shares representing total voting power of 80,705,000 votes are outstanding as of the date of this Annual Report.
48
(3)
Under the consulting agreement between Sergio Carlo Scalpelli
and the Company, Mr. Scalpelli was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary
Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.
(4)
Consists of (i) 100,000 Class B Ordinary Shares held by Sergio
Carlo Scalpelli; and (ii) 100,000 Class B Ordinary Shares held by KAP Global Holding Limited, which are considered to be beneficially
owned by Mr. Scalpelli.
(5)
The 100,000 Class B Ordinary Shares held by KAP Global Holding
Limited are considered to be beneficially owned by Alessandro Aleotti.
(6)
Currently holds no shares or options.
(7)
The 2,250,000 Class A Ordinary Shares held by Pinehurst Partners
LLC are considered to be beneficially owned by Daniel Joseph McClory.
(8)
Under the independent director agreement between Alberto Libanori
and the Company, Dr. Libanori was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary
Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.
(9)
Under the independent director agreement between Christopher
Paul Gardner and the Company, Mr. Gardner was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class
B Ordinary Shares, which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.
(10)
Under the independent director agreement between Pietro Bersani
and the Company, Mr. Bersani was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares,
which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.
(11)
Under the independent director agreement between Goran Pandev
and the Company, Mr. Pandev was granted a share option, with an exercise price equal to $2.00, to purchase 50,000 Class B Ordinary Shares,
which will vest over a three (3) year period at a rate of 1/3 per year beginning on January 26, 2023.
(12)
KAP Global Holding Limited is a Hong Kong limited company. KAP
Global Holding Limited's director is Stefano Locatelli. Marco Sala, a former director of Brera Holdings, Stefano Locatelli, Sergio
Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy Officer and a director, Massimo Ferlini
and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the Class B Ordinary Shares owned by KAP
Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding Limited's registered office is
located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong, China.
(13)
Niteroi Spa is an Italian joint-stock company. Niteroi Spa's
sole director is Adrio Maria de Carolis, a former director of Brera Holdings. Adrio Maria de Carolis is deemed to beneficially own the
Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive powers over its shares. Niteroi Spa's business
address is Piazza San Giorgio 2, 20121 Milan MI, Italy.
(14)
Pinehurst Partners LLC is a Colorado limited liability company.
Pinehurst Partners LLC's managing member is Daniel Joseph McClory, our Executive Chairman and Director. Daniel Joseph McClory is
deemed to beneficially own the Class A Ordinary Shares owned by Pinehurst Partners LLC and has sole voting and dispositive powers over
its shares. Pinehurst Partners LLC's business address is 6525 Gunpark Drive, Suite 370-103, Boulder, CO 80301, United States.
49
(15)
BaseStones, Inc. is a Nevada corporation. BaseStones, Inc.'s
president is Mohammad Ansari. Mohammad Ansari is deemed to beneficially own the Class B Ordinary Shares owned by BaseStones, Inc. and
has sole voting and dispositive powers over its shares. BaseStones, Inc.'s business address is 1901 Avenue of the Stars, #200,
Los Angeles, CA 90067, United States.
(16)
Oleta Investments, LLC is a Nevada limited liability company.
Oleta Investments, LLC's managing member is Chris Etherington. Chris Etherington is deemed to beneficially own the Class B Ordinary
Shares owned by Oleta Investments, LLC and has sole voting and dispositive powers over its shares. Oleta Investments, LLC's business
address is 48 Iron Trail, Ladera Ranch, CA, 92694, United States.
(17)
Consists of (i) 25,000 Class B Ordinary Shares held by Chris
Etherington; and (ii) 255,000 Class B Ordinary Shares held by Oleta Investments, LLC, of which Mr. Etherington has sole voting and dispositive
power.
We are not aware of any arrangement that may, at a subsequent date,
result in a change of control of our company.
7.B. Related Party Transactions
Unless otherwise
noted, the following is a description of related party transactions we have entered into since January 1, 2022, with any of the members
of our board of directors, any executive officer, any holder of more than 5% of our ordinary shares at the time of such transaction, or
any members of their immediate family, that had or will have a direct or indirect material interest, other than compensation arrangements,
which are described under "Item 6. Directors, Senior Management and Employees—B. Compensation" and "Item 6. Directors,
Senior Management and Employees—C. Board Practices."
Corporate
Reorganization
On July
18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and director, and MAX SRL, for a total of €25,000. In connection with this transaction, we paid Mr. Sala,
our director, €5,000 for 20% of the share capital of Brera Milano; and we paid Mr. Aleotti €4,000 for 16% of the share capital
of Brera Milano. Under this agreement, we also agreed to contribute €253,821 upon the final completion of the formal obligations
under this agreement at the Milan Register of Companies, to restore Brera Milano's share capital due to a €253,821 liability
indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer, paid €253,821 for purposes
of restoring Brera Milano's share capital, and completed certain other required formalities. As a result, the share transfer became
effective under Italian law, and Brera Milano became our wholly-owned subsidiary.
On July
13, 2022, our subsidiary Brera Milano entered into a private deed with Alessandro Aleotti and Leonardo Aleotti in which Brera Milano agreed
to purchase the trademarks "Brera" and "FENIX Trophy" for the cost of the trademarks' registration.
On July
13, 2022, Brera Milano entered into a private deed with FCD Brera in which Brera Milano granted a non-exclusive license to FCD Brera to
use the trademarks "Brera" and "FENIX Trophy" in connection with its football activities. Under the agreement,
FCD Brera agreed to carry out certain requested sports activities relating to the trademarks in exchange for fees to be agreed between
the parties. Costs attributable to the sports activities relating to the trademarks will be borne by FCD Brera, and revenues attributable
to such activities will be recognized by Brera Milano. If appropriate fees cannot be agreed to in exchange for the requested sports activities,
Brera Milano may decline to carry out the activities. Any costs that are sustained by FCD Brera in carrying out agreed-to sports activities
in the manner requested by Brera Milano may be expensed to Brera Milano for reimbursement. FCD Brera may otherwise continue to operate
independently of Brera Milano and the Company.
Sales
of Securities
Founder
Share Issuances
On July
14, 2022, we issued 8,100,000 Class A Ordinary Shares and 100,000 Class B Ordinary Shares in connection with the incorporation of Brera
Holdings Limited, at an issue price of $0.005 per share, for a total consideration of $41,000. All of the shares were sold to members
of our board of directors, executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital,
in reliance upon (i) the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws, or (ii) the provisions of Regulation S promulgated under the Securities Act.
50
The following
table presents the amounts of Class A Ordinary Shares issued and aggregate purchase prices paid by the members of our board of directors,
executive officers or their affiliates and beneficial owners of more than 5% of our outstanding share capital. The terms of these purchases
were the same for all purchasers of our ordinary shares.
Shareholder
Class A
Ordinary
Shares
Class B
Ordinary
Shares
Aggregate
Purchase
Price Paid
Daniel Joseph McClory, Executive Chairman and Director
2,500,000
-
$
12,500
Niteroi Spa
(1)
2,500,000
-
$
12,500
Alessandro Aleotti, Chief Strategy Officer and Director
2,500,000
-
$
12,500
Leonardo Aleotti
(2)
250,000
-
$
1,250
Marco Sala, former Director
350,000
-
$
1,750
KAP Global Holding Limited
(3)
-
100,000
$
500
(1)
Niteroi Spa is an Italian
joint-stock company. Niteroi Spa's sole director is Adrio Maria de Carolis, a former director of Brera Holdings. Adrio Maria de
Carolis is deemed to beneficially own the Class A Ordinary Shares owned by Niteroi Spa and has sole voting and dispositive powers over
its shares. Niteroi Spa's corporate office is Piazza San Giorgio 2, 20121 Milan MI, Italy.
(2)
Leonardo Aleotti is the
adult son of Alessandro Aleotti, our Chief Strategy Officer and a director.
(3)
KAP Global Holding Limited
is a Hong Kong limited company. KAP Global Holding Limited's director is Stefano Locatelli. Marco Sala, a former director of Brera
Holdings, Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and director, Alessandro Aleotti, our Chief Strategy
Officer and director, Massimo Ferlini and Christian Rocca as members of KAP Global Holding Limited are deemed to beneficially own the
Class B Ordinary Shares owned by KAP Global Holding Limited and have voting and dispositive powers over its shares. KAP Global Holding
Limited's registered office is located at Room 903, 9/F., Kodak House II, 39 Healthy Street East, Quarry Bay, Hong Kong.
Surrendered
Founder Shares and Related Share Issuances
On September
21, 2022, Daniel Joseph McClory, our Executive Chairman and director, surrendered his 2,500,000 Class A Ordinary Shares and we issued
2,250,000 Class A Ordinary Shares to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory, 200,000 Class B Ordinary
Shares to Lucia Giovannetti, and 50,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, for $11,250, $1,000 and $250,
respectively.
On October
5, 2022, Marco Sala surrendered 250,000 of his Class A Ordinary Shares, Daniel Joseph McClory surrendered 250,000 of his Class B Ordinary
Shares and we issued 50,000 Class A Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy Officer
and director, and 50,000 Class B Ordinary Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran Pandev,
our director, and Sergio Carlo Scalpelli, our Chief Executive Officer and director, for aggregate purchase prices of $250 each, and 250,000
Class B Ordinary Shares to Grant McClory, Daniel Joseph McClory's adult son, for $1,250.
On November
11, 2022, we issued 100,000 Class B Ordinary Shares to Christopher Paul Gardner, our director, and 50,000 Class B Ordinary Shares to Sergio
Carlo Scalpelli, our Chief Executive Officer and director, for $500 and $250, respectively.
Under our
constitution, we are authorized to issue two classes of ordinary shares, Class A Ordinary Shares and Class B Ordinary Shares, and any
number of classes of preferred shares. Class A Ordinary Shares are entitled to ten votes per share on proposals requiring or requesting
shareholder approval, and Class B Ordinary Shares are entitled to one vote on any such matter. Class A Ordinary Shares are convertible
to Class B Ordinary Shares as follows: (i) at the option of the holder of Class A Ordinary Shares without the payment of additional consideration
or (ii) automatically upon the transfer of Class A Ordinary Shares, except that the transfer of Class A Ordinary Shares to another holder
of Class A Ordinary Shares will not result in such automatic conversion. Class B Ordinary Shares are not convertible. Other than as to
voting and conversion rights, Class A Ordinary Shares and Class B Ordinary Shares have the same rights and preferences and rank equally.
As a result
of the above share issuances and surrenders, our founders, some of whom are, or are beneficially owned by, our officers and directors,
own 7,700,000 Class A Ordinary Shares, which amounts to 77,000,000 votes out of a total of 80,705,000 votes held by our outstanding ordinary
shares.
51
Private
Placements
On July
22, 2022, September 19, 2022, October 7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class B Ordinary
Shares and entered into certain subscription agreements with a number of (i) accredited investors as defined in Section 2(a)(15) of the
Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act,
and Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws or (ii) non-U.S. persons made in compliance
with the provisions of Regulation S promulgated under the Securities Act. Pursuant to the agreements, we issued 1,505,000 Class B Ordinary
Shares at $1.00 per share for a total of $1,505,000. The shares are subject to certain lockup provisions until 180 days after the commencement
of trading of our Class B Ordinary Shares, subject to certain exceptions. Boustead acted as placement agent in this private placement.
Pursuant to our engagement letter agreement with Boustead, in addition to payments of a success fee of $105,350, or 7% of the total purchase
price of the shares sold in the private placement, and a non-accountable expense allowance of $15,050, or 1% of the total purchase price
of the shares sold in the private placement, we agreed to issue Boustead a five-year warrant to purchase up to 105,350 Class B Ordinary
Shares, exercisable on a cashless basis, with an exercise price of $1.00 per share, subject to adjustment.
Capital
Increase Agreements
On July
18, 2022, we entered into a preliminary agreement for the purchase of all the shares of Brera Milano with Marco Sala, a former director
of Brera Holdings, Stefano Locatelli, Alessandro Aleotti, our Chief Strategy Officer and director, Christian Rocca, Sergio Carlo Scalpelli,
our Chief Executive Officer and a director, and MAX SRL. We also agreed to contribute €253,821 to Brera Milano upon the final completion
of the formal obligations under this agreement at the Milan Register of Companies, in order to restore Brera Milano's share capital
due to a €253,821 liability indicated by its financial statements. On July 29, 2022, we executed the final deed of share transfer,
paid €253,821 for purposes of restoring Brera Milano's share capital, and completed certain other required formalities. As
a result, the share transfer became effective under Italian law, and Brera Milano became our wholly-owned subsidiary.
Indemnification
Agreements
To the fullest
extent permitted by Irish law, our constitution confers an indemnity on our directors and officers. However, this indemnity is limited
by the Irish Companies Act, which prescribes that an advance commitment to indemnify only permits a company to pay the costs or discharge
the liability of a director or corporate secretary where judgment is given in favor of the director or corporate secretary in any civil
or criminal action in respect of such costs or liability, or where an Irish court grants relief because the director or corporate secretary
acted honestly and reasonably and ought fairly to be excused. Any provision whereby an Irish company seeks to commit in advance to indemnify
its directors or corporate secretary over and above the limitations imposed by the Irish Companies Act will be void under Irish law, whether
contained in its constitution or any contract between the company and the director or corporate secretary. This restriction does not apply
to our executives who are not directors, the corporate secretary or other persons who would be considered "officers" within
the meaning of that term under the Irish Companies Act.
Our constitution
also contains indemnification and expense advancement provisions for persons who are not directors or our corporate secretary.
We are permitted
under our constitution and the Irish Companies Act to take out directors' and officers' liability insurance, as well as other
types of insurance, for our directors, officers, employees and agents.
Additionally,
we have entered into agreements to indemnify our directors and our executive officers to the maximum extent allowed under applicable law.
These agreements, among other things, provide that we will indemnify our directors and executive officers for certain expenses (including
attorneys' fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including
any action by or in our right, on account of any services undertaken by such person on our behalf or that person's status as our
director or executive officer.
Other
Agreements
From March
2016 to May 2022, we engaged SWG S.p.A., or SWG, to provide certain polling services, free of charge, and without agreements in writing.
SWG is beneficially owned by Adrio Maria de Carolis, a beneficial owner of approximately 30.9% of our Class A Ordinary Shares and a former
director of Brera Holdings.
For the
year ended December 31, 2022, we had other receivables owed to Brera Calcio AS in the amount of €3,076 and to each of Alessandro
Aleotti, our Chief Strategy Officer and director, Marco Sala, a former director of Brera Holdings, Sergio Carlo Scalpelli, our Chief Executive
Officer and director, Stefano Locatelli and Christian Rocca in the amount of €333, deposits and prepayments owed to MAX SRL, Stefano
Locatelli and Sergio Carlo Scalpelli, our Chief Executive Officer and director in the amounts of €38,856, €35,868 and €22,020,
respectively, trade payables owed to MAX SRL, Stefano Locatelli, Sergio Carlo Scalpelli, our Chief Executive Officer and Francesca Duva,
the director of Brera Milano in the amounts of €19,666, €9,867, €4,146 and €3,090, respectively.
52
For the
year ended December 31, 2021, we had other receivables owed to Stefano Locatelli in the amount of €1,334 and to each of Alessandro
Aleotti, our Chief Strategy Officer and director, Marco Sala, a former director of Brera Holdings, Sergio Carlo Scalpelli, our Chief Executive
Officer and director, and Christian Rocca in the amount of €333, deposits and prepayments owed to MAX SRL and Stefano Locatelli in
the amounts of €14,545 and €14,000, respectively, trade payables owed to MAX SRL and Brera Calcio AS in the amounts of €6,112
and €36,600, respectively and we had a loan from Mr. Scalpelli in the amount of €20,000.
On August
16, 2022, we signed a sponsorship agreement with Fudbalski Klub Akademija Pandev, or Akademija Pandev, wherein we contributed €70,000
to Akademija Pandev in exchange for their use of the Brera trademarks during the 2022-23 football season. Goran Pandev, our director,
is the founder and owner of Akademija Pandev, a North Macedonian football club founded in 2010, that plays in the Macedonian First League.
For the entirety of 2022-23 season, Akademija Pandev will provide Brera brand awareness and will use our trademarks on their game shirts,
on their wall poster campaign in the city of Strumica, on their banners, including those used in the sports center of Goran Pandev, as
well as a mutually agreed upon joint communication both to the Macedonian press and on the club's official media channels. The sponsorship
agreement is non-exclusive and does not automatically renew. On November 25, 2022, we entered into an extension to the sponsorship agreement
in which we agreed to extend the term of the sponsorship agreement to December 31, 2023, and to pay Akademija Pandev an additional €30,000.
Under a
Private Agreement between the Company and Marco Sala, a former director of Brera Holdings, dated November 30, 2022, we agreed that Mr.
Sala would resign as sole director of Brera Milano, forfeit accrued and unpaid emoluments as sole director in the amount of approximately
€43,000, forfeit an indemnity of €11,000 due by way of severance, that the Company would pay Mr. Sala the total and all-inclusive
amount of €43,000, and that with fulfillment of such payment obligation, an agreement and acknowledgement by Mr. Sala that he expects
nothing else from Brera Milano, and that, with fulfillment of Mr. Sala's commitments to resign and make the forfeitures described
above, the Company recognizes Mr. Sala's discharge for work carried out during his tenure as sole director of Brera Milano. On November
30, 2022, Mr. Sala resigned as sole director of Brera Milano. On the same date, Brera Milano appointed Dr. Francesca Duva as new sole
director of Brera Milano and granted Dr. Duva an annual emolument of €30,000.
Initial Public Offering
On January 26, 2023, we entered into an underwriting
agreement (the "Underwriting Agreement") with Revere Securities, LLC, as representative of the underwriters named on Schedule
1 thereto (the "Representative"), relating to the Company's initial public offering (the "Offering") of
1,500,000 Class B Ordinary Shares (the "Offering Shares") of the Company, at an Offering price of $5.00 per share (the "Offering
Price"). Pursuant to the Underwriting Agreement, in exchange for the Representative's firm commitment to purchase the Offering
Shares, the Company agreed to sell the Offering Shares to the Representative at a purchase price of $4.65 (93% of the public offering
price per share). The Company also granted the Representative a 45-day over-allotment option to purchase up to an additional 225,000 Class
B Ordinary Shares at the Offering Price, representing fifteen percent (15%) of the Class B Ordinary Shares sold in the Offering, from
the Company, less underwriting discounts and commissions and a non-accountable expense allowance.
The Offering Shares commenced trading on the Nasdaq
Capital Market under the symbol "BREA." The closing of the Offering took place on January 31, 2023. After deducting underwriting
discounts and commissions and non-accountable expense allowance, the Company received net proceeds of approximately $6,900,000.
The Company also issued the Representative a warrant
to purchase up to 105,000 Class B Ordinary Shares (7% of the Class B Ordinary Shares sold in the Offering) (the "Representative's
Warrants"). The Representative's Warrants are exercisable at any time from July 26, 2023 to July 26, 2028 for $5.00 per share
(100% of the Offering Price per Class B Ordinary Share). The Representative's Warrants contain customary anti-dilution provisions
for share dividends, splits, mergers, and any future issuance of ordinary shares or ordinary shares equivalents at prices (or with exercise
and/or conversion prices) below the exercise price. The Representative's Warrant also contains piggyback registration rights in
compliance with FINRA Rule 5110.
The Offering Shares were offered and sold and
the Representative's Warrant was issued pursuant to the Company's Registration Statement on Form F-1 (File No. 333-268187),
as amended (the "Registration Statement"), initially filed with the Commission on November 4, 2022, and declared effective
by the Commission on January 26, 2023, and the final prospectus filed with the Commission on January 30, 2023 pursuant to Rule 424(b)(4)
of the Securities Act. The Offering Shares, Representative's Warrant and the Class B Ordinary Shares underlying the Representative's
Warrant were registered as a part of the Registration Statement. The Company intends to use the net proceeds from the Offering to purchase
acquisition or management rights of football clubs; continued investment in social impact football; sales and marketing; and working capital
and general corporate purposes.
The Underwriting Agreement
contained customary representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations
of the Company and the underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination
provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such
agreement and as of specific dates were solely for the benefit of the parties to such agreement and may be subject to limitations agreed
upon by the contracting parties.
53
The Company's officers, directors, and Class
A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant
any option for the sale of or otherwise dispose of any ordinary shares or other securities convertible into or exercisable or exchangeable
for ordinary shares for a period of 12 months without the prior written consent of the Representative.
Entry into a Letter of Intent with Fudbalski
Klub Akademija Pandev
On February 13, 2023,
we entered into a binding letter of intent (the "Letter of Intent") with Fudbalski Klub Akademija Pandev, a joint stock company
organized under the laws of North Macedonia ("FKAP"), and its sole equity holder, Goran Pandev, our director (the "FKAP
Owner"), relating to the acquisition of FKAP by the Company or Brera Milano.
Pursuant to the Letter of
Intent, the Company, FKAP and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the "Definitive
Agreements") that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from
the FKAP Owner a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting 90% of the
outstanding common shares of FKAP after such acquisition. The Company will pay the FKAP Owner €600,000 on the date that the parties
enter into the Definitive Agreements. Additionally, for a period of ten years beginning with December 31, 2023, and following each year
thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company
equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes
of the Letter of Intent, the "Applicable Net Income Amount" shall be equal to the sum of (i) 15% of the net income actually
received by FKAP from players' transfer market fees received during the applicable year; plus (ii) 15% of the net income actually
received by FKAP from Union of European Football Associations prize money paid for access to European qualifying rounds (not including
group stages, and only including such rounds) during the applicable year; and "VWAP Per Share" means the average of the daily
Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading
day immediately prior to the measurement date.
The Letter of Intent
will automatically terminate, and be of no further force and effect except as provided, upon the earlier of (i) execution of the Definitive
Agreements, (ii) mutual agreement between the Company and the FKAP Owner, or (iii) at least ten days' written notice of termination
from one party to the other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary covenants including
as to due diligence, exclusivity, and expenses.
Entry into a Contract
with Tchumene FC Sports Association
On March 17, 2023, we
entered into a contract (the "Contract") with Tchumene FC Sports Association, a football club organized under the laws of
Mozambique ("Tchumene FC" or the "Club"), relating to a strategic partnership through the establishment of sponsorship
and franchising relationships between us and Tchumene FC.
Pursuant to the Contract,
for the 2023 football season, Tchumene FC will be rebranded as "Brera Tchumene FC" with simultaneous modification of its logo
and corporate colors. We will determine the Club's game shirt sponsor, deliver media relating to the Club on its communication channels,
manage external media relations, use the Club's brand for any communication activity and promotion, and promote the Club around
the world through its relationship network with football operators and finance partners in the United States. We will not intervene or
assume responsibility over the sports management of the Club and all of the Club's sporting activity will remain under the exclusive
control of Tchumene FC. The Company will pay Tchumene FC €25,000, of which €15,000 was paid upon signing the Contract and €10,000
will be paid by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual
term as described below, the Company will pay €25,000 in one lump sum within thirty days of such renewal of the Contract for the
following football season. We will decide the shirt sponsor of the Club's football shirts. If the sponsor is an Italian company
that already works with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique,
we will negotiate with Tchumene FC the division of the sponsorship revenue in accordance with market standards.
The Contract will automatically
renew for each subsequent football season in which Tchumene FC plays in the Mozambique second division, unless terminated at the end of
any football season by either party upon 30 days' notice or upon a breach of contract with 30 days' notice. If Tchumene FC
enters Mozambique football's first division, the Contract will be terminated with the intent to renegotiate the terms to include
greater commitments between the parties.
The Contract also provides
that no exclusivity obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements with any company
operating in the sports industry.
54
Entry into a Share
Purchase Agreement with Fudbalski Klub Akademija Pandev
On April 28, 2023, we entered into an agreement
for the purchase and sale of outstanding common shares (the "Share Purchase Agreement") with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia ("FKAP"), and its sole equity holder, Goran Pandev, our
director (the "FKAP Owner"), relating to the acquisition of FKAP by the Company.
Pursuant to the Share Purchase
Agreement, the Company acquired from the FKAP Owner 2,250 common shares of FKAP, constituting 90% of the outstanding common shares of
FKAP, and the Company paid the FKAP Owner €600,000 upon the signing of the Share Purchase Agreement. Additionally, for a period of
ten years beginning with December 31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the
FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as
defined below) divided by the VWAP Per Share (as defined below). For purposes of the Share Purchase Agreement, the "Applicable Net
Income Amount" shall be equal to the sum of (i) 15% of the net income actually received by FKAP from players' transfer market
fees received during the applicable year; plus (ii) 15% of the net income actually received by FKAP from Union of European Football Associations
prize money paid for access to European qualifying rounds (not including group stages, and only including such rounds) during the applicable
year; and "VWAP Per Share" means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary
Shares for each of the ten consecutive trading days beginning on the trading day immediately prior to the measurement date.
The Share Purchase Agreement may be terminated,
amended, supplemented, waived or modified only by written instrument signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought. The Share Purchase Agreement contains customary covenants including as to due
diligence, representation and warranties, and indemnification.
Related
Party Transaction Policy
Pursuant
to our related party transaction policy, any related party transaction must be approved or ratified by our board of directors or a designated
committee thereof. In determining whether to approve or ratify a transaction with a related party, our board of directors or the designated
committee will consider all relevant facts and circumstances, including without limitation the commercial reasonableness of the terms,
the benefit and perceived benefit, or lack thereof, to us, opportunity costs of alternate transactions, the materiality and character
of the related party's direct or indirect interest and the actual or apparent conflict of interest of the related party. Our board
of directors or the designated committee will not approve or ratify a related party transaction unless it has determined that, upon consideration
of all relevant information, such transaction is in, or not inconsistent with, our best interests and the best interests of our shareholders.
7.C. Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
8.A. Consolidated Statements and Other Financial Information
Financial Statements
See "Item
18. Financial Statements,"
which contains our consolidated financial statements prepared in accordance with IFRS.
Legal Proceedings
From time to time, we may become involved in various
lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties
and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of
any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating
results.
Policy on Dividend Distributions
We have never declared or paid cash dividends
on our ordinary shares. We currently intend to retain all available funds and any future earnings for use in the operation of our business
and do not anticipate paying any cash dividends in the near future. Any future determination to declare dividends will be made at the
discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, contractual
restrictions, general business conditions and other factors that our board of directors may deem relevant, and will be subject to compliance
with applicable laws, including the Irish Companies Act, which requires Irish companies to have distributable reserves available for distribution
equal to or greater than the amount of the proposed dividend.
55
8.B. Significant Changes
Except as
disclosed elsewhere in this Annual Report, such as the disclosure relating to our initial public offering in January 2023, no significant
change has occurred since the date of our consolidated financial statements filed as part of this annual report.
ITEM 9. THE OFFER AND LISTING
9.A. Offer and Listing Details
Our Class B Ordinary Shares have traded on the
Nasdaq Capital Market since January 27, 2023, under the symbol "BREA".
9.B. Plan of Distribution
Not applicable.
9.C. Markets
See "Item 9. The Offer
and Listing—A. Offer and Listing Details."
9.D. Selling Shareholders
Not applicable.
9.E. Dilution
Not applicable.
9.F. Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
10.A. Share Capital
Not applicable.
10.B. Memorandum and Articles of Association
The description of certain terms and provisions
of our constitution, as amended, and certain related sections of the Irish Companies Act are incorporated by reference to our Registration
Statement filed on Form F-1 (File No. 333-268187) filed with the SEC and as declared effective on January 26, 2023.
10.C. Material Contracts
All material contracts governing the business
of the Company are described elsewhere in this Annual Report or in the information incorporated by reference herein.
10.D. Exchange Controls
Under the laws of Ireland, there are currently
no Irish restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance
of dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our ordinary shares.
See
"Item 10. Additional Information—E. Taxation."
10.E. Taxation
The following summary contains a description
of material Irish and U.S. federal tax consequences of the acquisition, ownership and disposition of our Class B Ordinary Shares. This
summary should not be considered a comprehensive description of all the tax considerations that may be relevant to the decision to acquire
ordinary shares in this offering.
56
Irish Tax Considerations
The following is a summary of the material Irish
tax consequences for certain beneficial holders of our Class B Ordinary Shares. The summary is based upon Irish tax laws and the practice
of the Revenue Commissioners of Ireland in effect on the date of this Annual Report and correspondence with the Revenue Commissioners
of Ireland. Changes in law and/or administrative practice may result in alteration of the tax considerations described below, possibly
with retrospective effect.
The summary does not constitute tax advice and
is intended only as a general guide. The summary is not exhaustive, and holders of our Class B Ordinary Shares should consult their own
tax advisors about the Irish tax consequences (and the tax consequences under the laws of other relevant jurisdictions) of this offering,
including the acquisition, ownership, and disposal of our Class B Ordinary Shares. The summary applies only to shareholders who will own
our Class B Ordinary Shares as capital assets and does not apply to other categories of shareholders, such as dealers in securities, trustees,
insurance companies, collective investment schemes and shareholders who have, or who are deemed to have, acquired ordinary shares by virtue
of an Irish office or employment (performed or carried on in Ireland).
Tax on Chargeable Gains
The current rate of tax on chargeable gains (where
applicable) in Ireland is 33%.
A disposal of our Class B Ordinary Shares by a
shareholder who is not resident or ordinarily resident for tax purposes in Ireland will not give rise to Irish tax on any chargeable gain
realized on such disposal unless such Class B Ordinary Shares are used in or for the purposes of a trade carried on by such shareholder
in Ireland through a branch or agency or are used or held or acquired for use by or for the purposes of such a branch or agency.
A holder of our Class B Ordinary Shares who is
an individual and who is temporarily non-resident in Ireland may, under Irish anti-avoidance legislation, be liable to Irish tax on any
chargeable gain realized on a disposal of our Class B Ordinary Shares during the period in which such individual is non-resident.
Stamp Duty
The rate of stamp duty (where applicable) on transfers
of shares in Irish incorporated companies generally is 1% of the price paid or the market value of the shares acquired, whichever is greater.
Where Irish stamp duty arises, it is generally a liability of the buyer or transferee. Irish stamp duty may, depending on the manner in
which our Class B Ordinary Shares are held, be payable in respect of transfers of our Class B Ordinary Shares.
Shares held through DTC
It is expected that a transfer of our Class B
Ordinary Shares effected by means of the transfer book entry interests in DTC will not be subject to Irish stamp duty.
Shares held outside of DTC or transferred into
or out of DTC
A transfer of our Class B Ordinary Shares where
any party to the transfer holds such shares outside of DTC may be subject to Irish stamp duty. Holders of our Class B Ordinary Shares
wishing to transfer their shares into (or out of) DTC may do so without giving rise to Irish stamp duty provided that:
●
there is no change in the beneficial ownership of such shares
as a result of the transfer; and
●
the transfer into (or out of) DTC is not effected in contemplation
of a sale of such shares by a beneficial owner to a third party.
Due to the potential Irish stamp duty charge on
transfers of our Class B Ordinary Shares, any person who wishes to acquire shares of our company should consider acquiring such shares
through DTC.
Withholding Tax on Dividends
We do not expect to pay dividends for the foreseeable
future. To the extent that we do make dividend payments (or other returns to shareholders that are treated as "distributions"
for Irish tax purposes), it should be noted that such distributions made by us will, in the absence of one of many exemptions, be subject
to Irish dividend withholding tax, or DWT, currently at a rate of 25%.
For DWT purposes, a distribution includes any
distribution that may be made by us to our shareholders, including cash dividends, non-cash dividends and additional stock taken in lieu
of a cash dividend. Where an exemption does not apply in respect of a distribution made to a particular shareholder, we are responsible
for withholding DWT prior to making such distribution.
57
General Exemptions
The following is a general overview of the scenarios
where it will be possible for us to make payments of dividends without deduction of DWT.
Irish domestic law provides that a non-Irish resident
holder of our Class B Ordinary Shares is not subject to DWT on dividends received from us if such shareholder is beneficially entitled
to the dividend and is either:
●
a person (not being a company) resident for tax purposes
in a Relevant Territory (including the United States) and is neither resident nor ordinarily resident in Ireland (the current list of
Relevant Territories for DWT purposes are: Albania, Armenia, Australia, Austria, Bahrain, Belarus, Belgium, Bosnia & Herzegovina,
Botswana, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia,
Germany, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Israel, Italy, Japan, Kazakhstan, Kenya, Korea, Kosovo, Kuwait, Latvia, Lithuania,
Luxembourg, Macedonia, Malaysia, Malta, Mexico, Moldova, Montenegro, Morocco, Netherlands, New Zealand, Norway, Pakistan, Panama, Poland,
Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland,
Thailand, The Republic Of Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan, Vietnam and Zambia);
●
a company which is not resident for tax purposes in Ireland
but is resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly,
of a person or persons who is or are resident in Ireland;
●
a company, which is not resident for tax purposes in Ireland,
that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may be) not controlled
by, directly or indirectly, persons who are not resident in a Relevant Territory;
●
a company, which is not resident for tax purposes in Ireland,
whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on a stock exchange
in Ireland, on a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for
Finance; or
●
a company, which is not resident for tax purposes in Ireland,
that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such companies
is substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange in a Relevant Territory or on such
other stock exchange approved by the Irish Minister for Finance,
and provided, in all cases noted above, we have
received from the holder of our Class B Ordinary Shares, where required, the relevant Irish Revenue Commissioners DWT Form(s) prior to
the payment of the dividend and such DWT Form(s) remain valid.
For non-Irish resident holders of our Class B
Ordinary Shares that cannot avail themselves of one of Ireland's domestic law exemptions from DWT, it may be possible for such shareholders
to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.
The holders of our Class B Ordinary Shares that
do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT (subject
if required to certain administrative obligations being satisfied). If any holders of our Class B Ordinary Shares are exempt from DWT,
but receive dividends subject to DWT, such shareholders may apply for refunds of such DWT from the Revenue Commissioners of Ireland.
Income Tax on Dividends Paid on our Class
B Ordinary Shares
Irish income tax may arise for certain persons
in respect of dividends received from Irish resident companies. A shareholder that is not resident or, in the case of individuals, ordinarily
resident in Ireland and that is entitled to an exemption from DWT generally has no liability to Irish income tax or the universal social
charge on a dividend received from us. An exception to this position may apply where such holder holds our Class B Ordinary Shares through
a branch or agency in Ireland through which a trade is carried on.
A holder of our Class B Ordinary Shares that is
not resident or ordinarily resident in Ireland and that is not entitled to an exemption from DWT generally has no additional Irish income
tax liability or a liability to the universal social charge. The DWT deducted by us discharges the liability to income tax. An exception
to this position may apply where the holder holds our Class B Ordinary Shares through a branch or agency in Ireland through which a trade
is carried on.
58
Capital Acquisitions Tax
Irish capital acquisitions tax, or CAT, comprises
principally gift tax and inheritance tax. CAT could apply to a gift or inheritance of our Class B Ordinary Shares irrespective of the
place of residence, ordinary residence or domicile of the parties. This is because our Class B Ordinary Shares are regarded as property
situated in Ireland for Irish CAT purposes as our share register must be held in Ireland. The person who receives the gift or inheritance
has primary liability for CAT.
CAT is currently levied at a rate of 33% above
certain tax-free thresholds. The appropriate tax-free threshold is dependent upon (i) the relationship between the donor and the donee,
and (ii) the aggregation of the values of previous taxable gifts and taxable inheritances received by the donee from persons within the
same group threshold. Gifts and inheritances passing between spouses of the same marriage or civil partners of the same civil partnership
are exempt from CAT. Children have a tax-free threshold of €335,000 in respect of taxable gifts or inheritances received from their
parents. The holders of our Class B Ordinary Shares should consult their own tax advisors as to whether CAT is creditable or deductible
in computing any domestic tax liabilities.
There is also a "small gift exemption"
from CAT whereby the first €3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar
year, is exempt from CAT and is also excluded from any future aggregation. This exemption does not apply to an inheritance.
THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE
ARE FOR GENERAL INFORMATION ONLY. HOLDERS OF OUR CLASS B ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES
IN IRELAND, INCLUDING RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSAL OF SUCH ORDINARY SHARES.
U.S. Federal Income Taxation Considerations
The following discussion describes the material
U.S. federal income tax consequences relating to the ownership and disposition of our ordinary shares by U.S. Holders (as defined below).
This discussion applies to U.S. Holders that purchase our ordinary shares pursuant to this Annual Report and hold such ordinary shares
as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, U.S. Treasury regulations
promulgated thereunder and administrative and judicial interpretations thereof, and the income tax treaty between Ireland and the United
States (the "Treaty"), all as in effect on the date hereof and all of which are subject to change, possibly with retroactive
effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders
in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as
certain financial institutions, insurance companies, currency or securities dealers and traders in securities or other persons that generally
mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies,
real estate investment trusts, certain former citizens or residents of the United States, persons who hold our ordinary shares as part
of a "straddle", "hedge", "conversion transaction", "synthetic security" or integrated
investment, persons that have a "functional currency" other than the U.S. dollar, persons that own directly, indirectly or
through attribution 10% or more of the voting power of our shares, corporations that accumulate earnings to avoid U.S. federal income
tax, persons subject to special tax accounting rules under Section 451(b) of the Code, partnerships and other pass-through entities, and
investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any
U.S. federal estate, gift or alternative minimum tax consequences.
As used in this discussion, the term "U.S.
Holder" means a beneficial owner of our ordinary shares that is, for U.S. federal income tax purposes, (i) an individual who is
a citizen or resident of the United States, (ii) a corporation (or 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, (iii) an estate the income
of which is subject to U.S. federal income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United
States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control
all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust
for U.S. federal income tax purposes.
If an entity treated as a partnership for U.S.
federal income tax purposes holds our ordinary shares, the U.S. federal income tax consequences relating to an investment in our ordinary
shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its
own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition
of our ordinary shares. Persons considering an investment in our ordinary shares should consult their own tax advisors as to the particular
tax consequences applicable to them relating to the purchase, ownership and disposition of our ordinary shares, including the applicability
of U.S. federal, state and local tax laws and non-U.S. tax laws.
59
Passive Foreign Investment Company Consequences
In general, a corporation organized outside the
United States will be treated as a passive foreign investment company, or PFIC, for any taxable year in which either (1) at least 75%
of its gross income is "passive income" or (2) on average at least 50% of its assets, determined on a quarterly basis, are
assets that produce passive income or are held for the production of passive income. Passive income for this purpose generally includes,
among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive
income. Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or
raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether
a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly,
at least a 25% interest (by value) is taken into account.
Although we do not believe that we were a PFIC for the year ending
December 31, 2022, our determination is based on an interpretation of complex provisions of the law, which are not addressed in a significant
number of administrative pronouncements or rulings by the Internal Revenue Service, or IRS. Accordingly, there can be no assurance that
our conclusions regarding our status as a PFIC for the 2022 taxable year will not be challenged by the IRS and, if challenged, upheld
in appropriate proceedings. In addition, because PFIC status is determined on an annual basis and generally cannot be determined until
the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may continue
to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based in part
on the value of our ordinary shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine
that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would
not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis.
If we are a PFIC in any taxable year during which
a U.S. Holder owns our ordinary shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC
excess distribution regime" upon (1) a distribution paid during a taxable year that is greater than 125% of the average annual distributions
paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our ordinary shares, and (2) any
gain recognized on a sale, exchange or other disposition, including a pledge, of our ordinary shares, whether or not we continue to be
a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution
or gain ratably over the U.S. Holder's holding period for our ordinary shares. The amount allocated to the current taxable year
(i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are
a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed
at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year,
and an interest charge, generally applicable to underpayments of tax, will be added to the tax.
If we are a PFIC for any year during which a U.S.
Holder holds our ordinary shares, that U.S. Holder must generally continue to treat us as a PFIC for all succeeding years during which
the U.S. Holder holds our ordinary shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed
sale" election with respect to our ordinary shares. If the election is made, the U.S. Holder will be deemed to sell our ordinary
shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized
from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's
ordinary shares would not be treated as shares of a PFIC unless we subsequently again become a PFIC.
If we are a PFIC for any taxable year during which
a U.S. Holder holds our ordinary shares and one of our non-U.S. corporate subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such
U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under
the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier
PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. U.S. Holders are advised to consult
their tax advisors regarding the application of the PFIC rules to our non-U.S. subsidiaries.
If we are a PFIC, a U.S. Holder will not be subject
to tax under the PFIC excess distribution regime on distributions or gain recognized on our ordinary shares if such U.S. Holder makes
a valid "mark-to-market" election for our ordinary shares. A mark-to-market election is available to a U.S. Holder only for
"marketable stock".
Our ordinary shares will be marketable stock so
long as they remain listed on Nasdaq and are regularly traded, other than in de minimis quantities, on at least 15 days during each calendar
quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account, as ordinary income each year, the
excess of the fair market value of our ordinary shares held at the end of such taxable year over the adjusted tax basis of such ordinary
shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such our
ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously
included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our
ordinary shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a
sale, exchange or other disposition of our ordinary shares in any taxable year in which we are a PFIC would be treated as ordinary income
and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market
gains previously included in income) and thereafter as capital loss.
60
A mark-to-market election will not apply to our
ordinary shares for any taxable year during which we are not a PFIC, but it will remain in effect with respect to any subsequent taxable
year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future.
Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier
PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market election for our ordinary shares.
The tax consequences that would apply if we are
or become a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund,
or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF
election. Consequently, prospective investors should assume that a QEF election will not be available.
U.S. persons who are investors in a PFIC are generally
required to file an annual information return on IRS Form 8621 containing such information as the U.S. Treasury Department may require.
The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect
to U.S. federal income tax.
The U.S. federal income tax rules relating
to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact
of PFIC status on the purchase, ownership and disposition of our ordinary shares, the consequences to them of an investment in a PFIC,
any elections available with respect to our ordinary shares and the IRS information reporting obligations with respect to the purchase,
ownership and disposition of the ordinary shares of a PFIC.
Distributions
Subject to the discussion above under "—
Passive
Foreign Investment Company Consequences
", a U.S. Holder that receives a distribution with respect to our ordinary shares generally
will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received
to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S.
federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's
pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce
(but not below zero) the adjusted tax basis of the U.S. Holder's ordinary shares. To the extent the non-dividend portion of the
distribution exceeds the adjusted tax basis of the U.S. Holder's ordinary shares, the remainder will be taxed as capital gain. Because
we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all
distributions to be reported to them as dividends. Distributions on our ordinary shares that are treated as dividends generally will constitute
income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such
dividends will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders with respect
to dividends received from U.S. corporations.
As discussed above under "
Dividend Policy
",
we do not currently expect to make distributions on our ordinary shares. Subject to the discussion above under "
—Passive
Foreign Investment Company Consequences
", for so long as our ordinary shares are listed on Nasdaq or we are eligible for benefits
under the Treaty, dividends paid to certain non-corporate U.S. Holders will be eligible for taxation as "qualified dividend income"
and therefore, subject to applicable holding period requirements, will be taxable at rates not in excess of the long-term capital gain
rate applicable to such U.S. Holder. The amount of a dividend will include any amounts withheld by us in respect of Irish income taxes.
The amount of the dividend will be treated as foreign source dividend income to U.S. Holders and will not be eligible for the dividends-received
deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date
of the U.S. Holder's receipt of the dividend. The amount of any dividend income paid in Euros will be the U.S. dollar amount calculated
by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact
converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should
not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars at a later date.
Subject to applicable limitations, some of which
vary depending upon the U.S. Holder's particular circumstances, Irish income taxes withheld from dividends on ordinary shares (at
a rate not exceeding the rate provided by the Treaty) will be creditable against the U.S. Holder's U.S. federal income tax liability.
The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers regarding the creditability of
foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct
foreign taxes, including any Irish income tax, in computing their taxable income, subject to generally applicable limitations under U.S.
law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable
year.
61
Dividends paid by a "qualified foreign corporation"
are eligible for taxation for certain non-corporate U.S. Holders at a reduced capital gains rate rather than the marginal tax rates generally
applicable to ordinary income provided that certain requirements are met. However, if we are a PFIC for the taxable year in which the
dividend is paid or the preceding taxable year (see discussion above under "—
Passive Foreign Investment Company Consequences
"),
we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.
Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to
its particular circumstances.
A non-U.S. corporation (other than a corporation
that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered
to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which
the U.S. Secretary of the Treasury determines is satisfactory for purposes of this provision and which includes an exchange of information
provision, or (b) with respect to any dividend it pays on ordinary shares that are readily tradable on an established securities market
in the United States. We believe that we qualify as a resident of Ireland for purposes of, and are eligible for the benefits of, the Treaty,
although there can be no assurance in this regard. Further, the IRS has determined that the Treaty is satisfactory for purposes of the
qualified dividend rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under "—
Passive
Foreign Investment Company Consequences
", if the Treaty is applicable, such dividends will generally be "qualified dividend
income" in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and the absence
of certain risk reduction transactions.
Sale, Exchange or Other Disposition of Our
Ordinary Shares
Subject to the discussion above under "—
Passive
Foreign Investment Company Consequences
", a U.S. Holder generally will recognize capital gain or loss for U.S. federal income
tax purposes upon the sale, exchange or other disposition of our ordinary shares in an amount equal to the difference, if any, between
the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other disposition
and such U.S. Holder's adjusted tax basis in our ordinary shares. Such capital gain or loss generally will be long-term capital
gain taxable at a reduced rate for noncorporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition,
our ordinary shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term
capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized
from the sale or other disposition of our ordinary shares will generally be gain or loss from sources within the United States for U.S.
foreign tax credit purposes.
Medicare Tax
Certain U.S. Holders that are individuals, estates
or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment
income, which may include their gross dividend income and net gains from the disposition of our ordinary shares. If you are a United States
person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this Medicare
tax to your income and gains in respect of your investment in our ordinary shares.
Information Reporting
U.S. Holders may be required to file certain U.S.
information reporting returns with the IRS with respect to an investment in our ordinary shares, including, among others, IRS Form 8938,
Statement of Specified Foreign Financial Assets
. As described above under "—
Passive Foreign Investment Company Consequences
",
each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than
$100,000 to acquire our ordinary shares are required to file IRS Form 926,
Return by a U.S. Transferor of Property to a Foreign Corporation
,
reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.
U.S. Holders should consult their own tax advisors
regarding the information reporting rules.
ALL PROSPECTIVE INVESTORS ARE URGED TO CONSULT
THEIR OWN TAX ADVISORS ABOUT THE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN OUR ORDINARY SHARES IN LIGHT OF THE INVESTOR'S OWN
CIRCUMSTANCES.
10.F. Dividends and Paying Agents
Not applicable.
10.G. Statement by Experts
Not applicable.
62
10.H. Documents on Display
We are subject to the informational requirements
of the Exchange Act as a foreign private issuer and file reports and other information with the SEC, including annual reports on Form
20-F and reports on Form 6-K. Reports and other information filed by us with the SEC, including this Annual Report, may be viewed from
the SEC's Internet site at http://www.sec.gov. In addition, we will provide hard copies of our Annual Report free of charge to shareholders
upon request.
Statements made in this Annual Report as to the
contents of any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this Annual
Report, reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed
qualified in its entirety by such reference.
As a foreign private issuer, we are exempt from
the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors
and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange
Act.
10.I. Subsidiary Information
See "Item 4. Information
on the Company—C. Organizational Structure."
10.J. Annual Report to Security Holders
If we are
required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual report
to security holders in electronic format in accordance with the EDGAR Filer Manual.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Brera's activities expose it to a variety
of financial risks: market risk (including foreign currency risk and interest rate risk), credit risk and concentration risk. The overall
risk management strategy focuses on the unpredictability of the finance markets and seeks to minimize the potential adverse effects on
financial performance. Risk management is carried out under the direction of the board of directors.
Risk management overview
Market risk represents the risk of loss that may
impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result
of fluctuations in interest rates and foreign exchange rates as well as, to a lesser extent, inflation and credit and concentration risks.
This note provides information about our exposure to each of these risks, our objectives, policies and processes for measuring and managing
risk. Further quantitative disclosures are included throughout these consolidated financial statements.
Interest Rate Risk
We are exposed to market risks in the ordinary
course of our business. Our primary interest rate relates to interest-bearing long-term borrowings. It is estimated that a 50-basis point
change in interest rates will affect our loss before tax by €110 and €125 as of December 31, 2022 and 2021, respectively. The
effect of rising interest rates on our financial condition is expected to be negligible given that we do not have material debt or accounts
receivable.
Foreign Currency Exchange Risk
The majority of our cash flows, financial assets
and liabilities are denominated in U.S. dollars and euros, which are the functional currencies for the Company and Brera Milano, respectively.
The reporting currency of the consolidated financial statements is euros. We are exposed to financial risk related to the fluctuation
of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the proportion of our business transactions
denominated in currencies other than the euro, primarily for capital expenditures, potential future debt, if any, and various operating
expenses such as salaries and professional fees. We do not currently use derivative financial instruments to reduce our foreign exchange
exposure and management does not believe our current exposure to currency risk to be significant.
63
Inflation Risk
We do not believe that inflation has had a material
effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary
pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm
our business, financial condition and results of operations.
Credit risk
Credit risk is the risk of financial loss to us
if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from our cash held with banks
and other financial intermediaries.
The carrying amount of the cash represented the
maximum credit exposure which amounted to €347,229 and €26,957 as of December 31, 2022 and 2021, respectively.
We had assessed no significant increase in credit
risk from initial recognition based on the availability of funds, the regulatory and economic environment of the financial intermediary.
As a result, the loss allowance recognized during the period was limited to 12 months expected credit losses. Based on historical information,
and adjusted for forward-looking expectations, we had assessed a zero-loss allowance on this cash balance as of December 31, 2022 and
2021, respectively.
Concentration of credit risk
Financial instruments, which potentially subject
the Company to concentration of credit risk, consist primarily of cash deposits and accounts receivable. The Company minimizes the concentration
of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. For the cash deposit
in the traditional banks in Italy, cash balances in excess of the amount covered by the statutory Deposit Guarantee Scheme in Italy (i.e.,
€100,000) are at risk. For the cash deposit in non-traditional banks (i.e., Wise Europe SA), the whole amount of the cash deposit
is at risk since it is not insured by the government.
As of December 31, 2022, and 2021, we had cash
deposits in a non-traditional bank, Wise Europe SA, amounting to €292,658 and €0, respectively. These deposits are not insured
by the local government. The Company performed a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe
SA and determined that the credit risk is low, based on the following factors: (i) Wise Europe SA safeguards its customers' funds
by holding them in a mix of cash in leading commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii)
Wise Europe SA is authorized by the National Bank of Belgium ("NBB"), which ensures that the bank operates under the regulations
and guidelines set by the NBB; and (iii) the Company has not experienced losses on these bank accounts and does not believe it is exposed
to any significant credit risk with respect to these bank accounts.
Concentration risk
One customer accounted for 74% of our sales for the year ended December
31, 2022, and three customers accounted for 75% of our sales for the years ended December 31, 2021. Accounts receivable from these customers
was €24,400 and €71,038 as of December 31, 2022 and 2021, respectively.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A. Debt Securities
Not applicable.
12.B. Warrants and Rights
Not applicable.
12.C. Other Securities
Not applicable.
12.D. American Depositary Shares
Not applicable.
64
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
Material Modifications to the Rights of Security Holders
There have been no material modifications
to the rights of our security holders.
Use of Proceeds
On January 31, 2023, we completed our initial
public offering of 1,500,000 Class B Ordinary Shares sold at a public offering price of $5.00 per share (the "IPO"). The Class
B Ordinary Shares offered and sold in the IPO were registered under the Securities Act pursuant to our Registration Statement on Form
F-1 (File No. 333-268187), which was declared effective by the SEC on January 26, 2023.
Our IPO generated gross proceeds of $7.5 million.
We had underwriting discounts and commissions of approximately $0.3 million and other issuance costs of approximately $0.3 million. We
paid out of Company proceeds all of our fees, costs and expenses in connection with the IPO.
No offering expenses were paid directly or indirectly
to any of our directors or officers (or their associates), persons owning 10% or more of our ordinary shares or any other affiliates.
There has been no material change in the expected
use of the net proceeds from our IPO as described in our final prospectus filed with the SEC on January 30, 2023, pursuant to Rule 424(b).
ITEM 15. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and
procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange
Act of 1934 ("Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC's
rules and forms. Disclosure controls include, without limitation, controls and procedures designed to ensure that information required
to be disclosed under the Exchange Act is accumulated and communicated to management, including principal executive and financial officers,
as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and
procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control
objectives.
Our management carried
out an evaluation, under the supervision of our chief executive officer and chief financial officer, of the effectiveness of our disclosure
controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act as of December 31, 2022.
Based on that evaluation, our management, including our chief executive officer and chief financial officer concluded that our disclosure
controls and procedures were effective as of the end of the period covered by this Annual Report.
Management's Annual Report on Internal Control over Financial
Reporting
This annual report does
not include a report of management's assessment regarding internal control over financial reporting or an attestation report of
the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.
65
Attestation Report of Independent Registered Public Accounting Firm
This annual report does
not include a report of management's assessment regarding internal control over financial reporting or an attestation report of
the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission
for newly public companies.
Changes in Internal Controls over Financial Reporting
There were no changes
in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period
covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal controls over
financial reporting.
It should be noted that
while our management believes that our disclosure controls and procedures provide a reasonable level of assurance, our management does
not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or fraud. A control system,
no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system
are met.
ITEM 16. [RESERVED]
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has determined
that
Pietro Bersani
is the "Audit Committee Financial Expert" as such term is
defined in Item 407(d) of Regulation S-K promulgated by the SEC and also meets Nasdaq's financial sophistication requirements. Mr.
Bersani is an "independent director" as defined by the rules and regulations of Nasdaq.
ITEM 16B. CODE OF ETHICS
We have
adopted a Code of Ethics and Business Conduct, or the Code of Ethics, that is applicable to all of our employees, officers and directors
and is available on our website at https://investors.breraholdings.com/governance/. Information contained on, or that can be accessed
through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. If we make any amendment
to the Code of Ethics or grant any waivers, including any implicit waiver, from a provision of the Code of Ethics, we will disclose the
nature of such amendment or waiver on our website to the extent required by the rules and regulations of the SEC. Under Item 16B of Form
20-F, if a waiver or amendment of the Code of Ethics applies to our principal executive officer, principal financial officer, principal
accounting officer or controller and relates to standards promoting any of the values described in Item 16B(b) of Form 20-F, we are required
to disclose such waiver or amendment on our website in accordance with the requirements of Instruction 4 to such Item 16B.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table represents aggregate fees
billed to the Company for fiscal years ended December 31, 2022 and 2021 by TAAD LLP, the Company's principal accounting firm.
For the year ended
December 31,
2022
2021
Audit Fees
$
59,148
$
-
Audit-Related Fees
$
-
$
-
Tax Fees
$
-
$
-
All Other Fees
$
-
$
-
Total
$
59,148
$
-
Audit Fees
Audit fees consisted of the aggregate fees for
the audits of our consolidated financial statements, half year reviews, consents, and assistance with review of documents filed with the
SEC.
Fees for the year ended December 31, 2022, also include the fees related to audit activities
conducted in connection to the IPO and under PCAOB standards.
Audit
Related Fees
Audit-related
fees consist
of the aggregate fees billed for each of the last two fiscal years for assurance and related services performed by
the Company's principal accountant that are reasonably related to the performance of the audit or review of our financial statements
and are not reported under the paragraph captioned "
Audit Fees
" above. We did not engage our principal accountant to
provide assurance or related services during the last two fiscal years.
66
Tax Fees
Tax fees consist of aggregate fees billed for
each of the last two fiscal years for professional services performed by the Company's principal accountant with respect to tax
compliance, tax advice, tax consulting and tax planning. We did not engage our principal accountant to provide tax compliance, tax advice
or tax planning services during the last two fiscal years.
All Other Fees
All other
fees consist of aggregate fees billed for each of the last two fiscal years for products and services provided by the Company's
principal accountant, other than for the services reported under the headings "
Audit Fees
," "
Audit-Related
Fees
" and "
Tax Fees
" above. We did not engage our principal accountant to render services to us during the
last two fiscal years, other than as reported above.
Audit Committee's Pre-Approval Policies and Procedures
Our audit
committee has adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services.
Pursuant to this policy, which is designed to ensure that such engagements do not impair the independence of our auditors, the audit committee
pre-approves each type of audit, audit-related, tax and other permitted services, subject to the ability of the audit committee to delegate
certain pre-approval authority to one or more of its members. All of the fees listed in the table above were approved by our audit committee.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT
COMMITTEES
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER
AND AFFILIATED PURCHASERS
Not applicable.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.
ITEM 16G. CORPORATE GOVERNANCE
We are incorporated in the Republic of Ireland
and our corporate governance practices are governed by applicable laws of Ireland and our constitution. In addition, because our Class
B Ordinary Shares are listed on Nasdaq, we are subject to Nasdaq's corporate governance requirements.
We are a "controlled company" within
the meaning of the Nasdaq Listing Rules, where more than 50% of the voting power of our securities for the election of directors was held
by an individual, group or another company and, as a result, qualified for exemptions from certain Nasdaq corporate governance requirements,
including, without limitation (i) the requirement that to hold an annual meeting of shareholders no later than one year after the end
of its fiscal year; (ii) the requirement that the compensation of our officers be determined or recommended to our board of directors
by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected
or recommended to the board of directors by a majority of independent directors or a nominating and corporate governance committee comprised
solely of independent directors. We have not relied on any of these "controlled company" exemptions.
However, as a foreign private issuer, Nasdaq Listing
Rule 5615(a)(3) permits us to follow home country practices in lieu of certain requirements of Listing Rule 5600, provided that we disclose
in our annual report filed with the SEC each requirement of Rule 5600 that we do not follow and describe the home country practice followed
in lieu of such requirement.
67
We are currently following some Irish corporate
governance practices in lieu of Nasdaq corporate governance listing standards as follows:
●
We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5635, which sets forth the circumstances under which shareholder approval is required prior to an issuance of
securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers,
directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings.
●
We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5250(b)(3), which sets forth the requirement to disclose third party director and nominee compensation.
●
We are currently following Irish corporate governance practice
in lieu of Nasdaq Rule 5250(d), which sets forth the requirement to distribute annual and interim reports.
Our Irish counsel has provided relevant letters
to Nasdaq certifying that under Irish law, we are not required to seek shareholders' approval in the above circumstances.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS
Not applicable.
ITEM 16J. INSIDER TRADING POLICIES
Not applicable.
68
PART III
ITEM 17. FINANCIAL STATEMENTS
The Company has elected to provide financial statements pursuant to
Item 18.
ITEM 18. FINANCIAL STATEMENTS
Our audited financial statements are included as the "F-1"
pages attached to this Annual Report.
All financial statements in this Annual Report, unless otherwise stated,
are presented in accordance with IFRS.
ITEM 19. EXHIBITS
Exhibit No.
Description
1.1
Constitution of the Registrant as in effect prior to October 27, 2022 (incorporated by reference to Exhibit 3.1 to Registration Statement on Form F-1 filed on November 4, 2022)
1.2
Amended and Restated Constitution of the Registrant in effect as of October 27, 2022 (incorporated by reference to Exhibit 3.2 to Registration Statement on Form F-1 filed on November 4, 2022)
2.1*
Description of Securities Pursuant to Section 12 of the Exchange Act as of December 31, 2022
4.1
Form of Private Placement Subscription Agreement (incorporated by reference to Exhibit 10.1 to Registration Statement on Form F-1 filed on November 4, 2022)
4.2
English translation of Lease Agreement – Arena Civica, dated as of April 1, 2022 (incorporated by reference to Exhibit 10.2 to Registration Statement on Form F-1 filed on November 4, 2022)
4.3
English translation of Lease Agreement – Arena Civica, dated as of October 19, 2022 (incorporated by reference to Exhibit 10.3 to Registration Statement on Form F-1 filed on November 4, 2022)
4.4
English translation of Lease Agreement – Brera Football Village (incorporated by reference to Exhibit 10.4 to Registration Statement on Form F-1 filed on November 4, 2022)
4.5*
English translation of Lease Contract between Brera Milano S.r.l. and DCS & Partner, dated as of March 1, 2023
4.6
English translation of Private Deed between KAP S.r.l. and Alessandro Aleotti and Leonardo Aleotti, dated as of July 13, 2022 (incorporated by reference to Exhibit 10.6 to Registration Statement on Form F-1 filed on November 4, 2022)
4.7
English translation of Private Deed between KAP S.r.l. and FCD Brera, dated as of July 13, 2022 (incorporated by reference to Exhibit 10.7 to Registration Statement on Form F-1 filed on November 4, 2022)
4.8
English translation of Guarantee Fund for Small and Medium-Size Enterprises Form between KAP S.r.l. and Mediocredito Centrale S.p.A., dated as of May 20, 2020 (incorporated by reference to Exhibit 10.8 to Registration Statement on Form F-1 filed on November 4, 2022)
4.9
English translation of Private Agreement for Non-Interest-Bearing Loan Between Individuals between KAP S.r.l. and Sergio Carlo Scalpelli, dated as of October 28, 2021 (incorporated by reference to Exhibit 10.9 to Registration Statement on Form F-1 filed on November 4, 2022)
4.10
Form of Independent Director Agreement (incorporated by reference to Exhibit 10.10 to Registration Statement on Form F-1 filed on November 4, 2022)
4.11
Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.11 to Registration Statement on Form F-1 filed on November 4, 2022)
4.12
Consulting Agreement between Brera Holdings Limited and Sergio Carlo Scalpelli, dated as of October 5, 2022 (incorporated by reference to Exhibit 10.12 to Registration Statement on Form F-1 filed on November 4, 2022)
4.13
Consulting Agreement between Brera Holdings Limited and Amedeo Montonati, dated as of October 18, 2022 (incorporated by reference to Exhibit 10.13 to Registration Statement on Form F-1 filed on November 4, 2022)
4.14
Brera Holdings Limited 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.14 to Registration Statement on Form F-1 filed on November 4, 2022)
4.15
Form of Share Option Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.15 to Registration Statement on Form F-1 filed on November 4, 2022)
4.16
Form of Restricted Shares Award Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.16 to Registration Statement on Form F-1 filed on November 4, 2022)
4.17
Form of Restricted Share Unit Award Agreement for 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.17 to Registration Statement on Form F-1 filed on November 4, 2022)
4.18
English translation of Sponsorship Agreement between KAP S.r.l. and Fudbalski Klub Akademija Pandev, dated as of August 16, 2022 (incorporated by reference to Exhibit 10.18 to Registration Statement on Form F-1 filed on November 4, 2022)
4.19
English translation of Private Agreement for the Extension of the Sponsorship Agreement between Brera Milano S.r.l. and Fudbalsky Klub Akademija Pandev, dated as of November 25, 2022 (incorporated by reference to Exhibit 10.19 to Registration Statement on Form F-1 filed on November 30, 2022)
69
4.20
English translation of Private Agreement between Brera Holdings PLC and Marco Sala, dated as of November 30, 2022 (incorporated by reference to Exhibit 10.20 to Registration Statement on Form F-1 filed on November 30, 2022)
4.21
English translation of Preliminary Agreement for the Sale of Shares of a Limited Liability Company (S.R.L.) between Brera Holdings Limited and Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca, Sergio Carlo Scalpelli, and MAX SRL, dated as of July 18, 2022 (incorporated by reference to Exhibit 2.1 to Registration Statement on Form F-1 filed on November 4, 2022)
4.22
English translation of Deed of Share Transfer between Brera Holdings Limited and Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca, Sergio Carlo Scalpelli, and MAX SRL, dated as of July 29, 2022 (incorporated by reference to Exhibit 2.2 to Registration Statement on Form F-1 filed on November 4, 2022)
4.23
Form of Underwriting Agreement (incorporated by reference to Exhibit 1.1 to Form 6-K filed on February 1, 2023)
4.24
Form of Representative's Warrant (incorporated by reference to Exhibit 4.1 to Form 6-K filed on February 1, 2023)
4.25
Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to Registration Statement on Form F-1 filed on November 4, 2022)
4.26
Letter of Intent, dated as of February 13, 2023, by and among Brera Holdings PLC, Fudbalski Klub Akademija Pandev and the Fudbalski Klub Akademija Pandev Equity Holder (incorporated by reference to Exhibit 1.1 to Form 6-K filed on February 15, 2023)
4.27
English translation of Contract, dated as of March 17, 2023, by and among Brera Milano S.r.l. and Tchumene FC Sports Association (incorporated by reference to Exhibit 1.1 to Form 6-K filed on March 29, 2023)
4.28*
Share Purchase Agreement, dated as of April 28, 2023, by and among Brera Holdings PLC, Fudbalski Klub Akademija Pandev and the Fudbalski Klub Akademija Pandev Equity Holder
4.29*
English Translation of Lease Contract between Fudbalski Klub Akademija Pandev and Basketball Club ABA Strumica, dated as of March 3, 2023
8.1*
List of Subsidiaries of the Registrant
11.1*
Code of Ethics and Business Conduct
12.1*
Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended
12.2*
Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended
13.1**
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent of TAAD LLP
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed herewith.
**
Furnished herewith.
70
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 annual report
on its behalf.
BRERA HOLDINGS PLC
Date: May 1, 2023
By:
/s/ Sergio Carlo Scalpelli
Name:
Sergio Carlo Scalpelli
Title:
Chief Executive Officer (Principal Executive Officer)
71
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements for the Years Ended December 31, 2022, 2021 and 2020
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID Number:
5854
)
F-2
Financial Statements:
Consolidated Statements of Financial Position
F-3
Consolidated Statements of Profit or Loss
F-4
Consolidated Statements of Changes in Shareholders' Deficit
F-5
Consolidated Statements of Cash Flows
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Shareholders of Brera Holdings PLC and subsidiary (FKA Brera Holdings Limited)
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial
position of Brera Holdings PLC and subsidiary (the Company) as of December 31, 2022 and 2021, and the related consolidated statements
of profit or loss, changes in shareholders' Deficit, and cash flows for the years then ended, 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 financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and
its cash flows for each of the years then ended December 31, 2022 and 2021, 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 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 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 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 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 audits 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 audits provide a reasonable basis for
our opinion.
/s/
TAAD LLP
We
have served as the Company's auditor since 2022.
Diamond
Bar, CA
May 1, 2023
F-
2
Brera Holdings PLC (FKA Brera Holdings Limited)
Consolidated Statements of Financial Position
as at December 31, 2022 and 2021
As at
December 31,
2022
As at
December 31,
2021
Notes
EUR
EUR
ASSETS
Non-current assets
Property, plant and equipment, net
5
11,365
14,175
Right-of-use assets
6
288,389
363,412
299,754
377,587
Current assets
Deferred offering costs
24
262,684
-
Trade and other receivables – outside parties
7
32,252
121,760
Trade and other receivables – related parties
7
4,409
2,667
Deposits and prepayments – outside parties
8
82,027
40,649
Deposits and prepayments – related parties
8
96,744
28,545
Cash and cash equivalents
9
347,229
26,957
825,345
220,578
Total assets
1,125,099
598,165
SHAREHOLDERS' DEFICIT AND LIABILITIES
Shareholders' deficit
Ordinary shares Class A, US$
0.005
par value,
50,000,000
Class A ordinary shares authorized,
7,700,000
and
2,850,000
shares issued and
2,850,000
shares issued as of December 31, 2022 and 2021, respectively
1
15
35,988
13,466
Ordinary shares Class B, US$
0.005
par value,
250,000,000
Class B ordinary shares authorized,
2,205,000
and
100,000
shares issued as of December 31, 2022 and 2021, respectively
1
15
10,306
473
Subscription receivable
15
(
935
)
(
13,939
)
Accumulated other comprehensive income
15
26,773
-
Other reserves
15
1,302,846
25,515
Accumulated deficit
(
1,506,191
)
(
279,336
)
Total shareholders'
    deficit
(
131,213
)
(
253,821
)
Non-current liabilities
Non-current lease liabilities
10
226,773
295,587
Non-current loan payable
11
15,713
21,916
242,486
317,503
Current liabilities
Trade and other payables – outside parties
12
613,489
297,492
Trade and other payables – related parties
12
36,769
42,712
Deferred revenue – outside parties
25
224,248
29,371
Loan from a shareholder
13
-
20,000
Current lease liabilities
10
80,637
77,520
Provisions
14
-
11,000
Income tax payable
52,480
53,304
Current loan payable
11
6,203
3,084
1,013,826
534,483
Total shareholders'
    deficit and liabilities
1,125,099
598,165
1
The share amounts are presented on a retrospective basis
for founder shares.
F-
3
Brera Holdings PLC (FKA Brera Holdings Limited)
Consolidated Statements of Profit or Loss
for the Years Ended December 31, 2022, 2021 and 2020
For the year
ended
December 31,
2022
For the year
ended
December 31,
2021
For the year
ended
December 31,
2020
Notes
EUR
EUR
EUR
Revenue
16
162,407
420,167
214,756
Costs and operating expenses:
Cost of revenue – outside parties
17
(
25,180
)
(
81,588
)
(
49,546
)
Cost of revenue – related parties
17
(
65,090
)
(
29,000
)
(
25,000
)
General and administrative – outside parties
18
(
1,152,873
)
(
286,669
)
(
135,217
)
General and administrative – related parties
18
(
146,000
)
(
30,000
)
(
15,000
)
Total operating expenses
(
1,389,143
)
(
427,257
)
(
224,763
)
Operating losses
(
1,226,736
)
(
7,090
)
(
10,007
)
Other income (expenses)
4,869
(
47,942
)
21,118
Finance costs
(
4,988
)
(
2,693
)
(
367
)
Total other (expenses) income
(
119
)
(
50,635
)
20,751
(Loss) profit before income taxes
(
1,226,855
)
(
57,725
)
10,744
Provision for income taxes expenses
20
-
(
29,331
)
(
8,236
)
Net (loss) profit
(
1,226,855
)
(
87,056
)
2,508
Other comprehensive loss:
Foreign currency translation adjustments
26,773
-
-
Total comprehensive (loss) income
(
1,200,082
)
(
87,056
)
2,508
Basic and diluted weighted average shares outstanding
1
Class A
21
5,203,562
2,850,000
2,850,000
Class B
21
709,301
100,000
100,000
Basic and diluted (loss) earnings per share (in EUR)
Class A
(
0.21
)
(
0.03
)
0.00
Class B
(
0.21
)
(
0.03
)
0.00
1
The share amounts are presented
on a retrospective basis for founder shares.
F-
4
Brera Holdings PLC (FKA Brera Holdings Limited)
Consolidated Statements of Changes in Shareholders'
Deficit for the Years Ended December 31, 2022, 2021 and 2020
Class
    A
Class
    B
Total
Ordinary
    Share
Ordinary
    Shares
Ordinary
    Shares
Subscription
Exchange
Other
Accumulated
shareholders'
Shares
Amount
Shares
Amount
Shares
Amount
Receivable
Reserve
reserves
deficit
deficit
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Balance
    as at December 31, 2019
1
-
-
2,850,000
13,466
100,000
473
(
13,939
)
-
25,000
(
194,788
)
(
169,788
)
Imputed
    interest
-
-
-
-
-
-
-
-
243
-
243
Profit
    for the year
-
-
-
-
-
-
-
-
-
2,508
2,508
Balance
    as at December 31, 2020
1
-
-
2,850,000
13,466
100,000
473
(
13,939
)
-
25,243
(
192,280
)
(
167,037
)
Imputed
    interest
-
-
-
-
-
-
-
-
272
-
272
Loss
    for the year
-
-
-
-
-
-
-
-
-
(
87,056
)
(
87,056
)
Balance
    as at December 31, 2021
1
-
-
2,850,000
13,466
100,000
473
(
13,939
)
-
25,515
(
279,336
)
(
253,821
)
Shares
    issued for cash
1
1
7,600,000
35,374
2,355,000
11,001
13,003
-
1,262,228
-
1,321,607
Surrender
    of shares
(
1
)
(
1
)
(
2,750,000
)
(
12,852
)
(
250,000
)
(
1,168
)
1
-
14,020
-
-
Imputed
    interest
-
-
-
-
-
-
-
-
1,083
-
1,083
Exchange
    difference arising from translation
-
-
-
-
-
-
-
26,773
-
-
26,773
Loss
    for the year
-
-
-
-
-
-
-
-
-
(
1,226,855
)
(
1,226,855
)
Balance
    as at December 31, 2022
-
-
7,700,000
35,988
2,205,000
10,306
(
935
)
26,773
1,302,846
(
1,506,191
)
(
131,213
)
1
The share amounts are presented
on a retrospective basis for founder shares.
F-
5
Brera Holdings PLC (FKA Brera Holdings Limited)
Consolidated Statements of Cash Flows for
the Years Ended December 31, 2022, 2021 and 2020
For the year
ended
December 31,
2022
For the year
ended
December 31,
2021
For the year
ended
December 31,
2020
EUR
EUR
EUR
(Loss) profit before income taxes
(
1,226,855
)
(
57,725
)
10,744
Adjustments for:
Depreciation on plant and equipment
4,019
4,455
1,185
Depreciation on right-of-use assets
92,293
64,426
1,855
Gain on modification of lease, net
(
451
)
-
-
Change in provisions
(
11,000
)
-
-
Bad debt written off
5,261
-
-
Interest expense
4,946
2,421
124
Operating (loss) profit before working capital changes
(
1,131,787
)
13,577
13,908
Change in deferred offering costs
(
262,684
)
-
-
Change in trade and other receivables
82,505
(
38,250
)
(
22,166
)
Change in deposits and prepayments
(
109,577
)
(
69,194
)
-
Change in deferred revenue
194,877
29,371
-
Change in trade and other payables
310,054
97,562
41,300
Cash (used in) generated from operations
(
916,612
)
33,066
33,042
Tax paid
(
824
)
(
6,217
)
(
4,137
)
Net cash (used in) generated from operating activities
(
917,436
)
26,849
28,905
Investing activity
Purchase of plant and equipment
(
1,209
)
(
16,353
)
-
Acquisition of a subsidiary
(
25,000
)
-
-
Cash used in an investing activity
(
26,209
)
(
16,353
)
-
Financing activities
Loan from a shareholder
-
20,000
-
Repayment of loan from a shareholder
(
20,000
)
-
-
Proceeds from shares issuance for cash
1,346,607
-
-
Repayment of lease liabilities
(
82,516
)
(
54,762
)
(
1,855
)
Interest portion of lease liabilities
(
3,680
)
(
2,234
)
(
28
)
Interest paid on long term borrowing
(
183
)
(
187
)
(
96
)
Contributions
-
272
243
New long-term borrowing raised
-
-
25,000
Partial repayment of long-term borrowing
(
3,084
)
-
-
Net cash generated from (used in) financing activities
1,237,144
(
36,911
)
23,264
Net increase (decrease) in cash and cash equivalents
293,499
(
26,415
)
52,169
Cash and cash equivalents at beginning of the year
26,957
53,372
1,203
Effect of foreign exchange rate changes
26,773
-
-
Cash and cash equivalents at end of the year
347,229
26,957
53,372
Non-cash financing activities
Right-of-use assets obtained in exchange for lease liabilities
22,752
425,250
-
Change in lease liabilities for modification of lease
5,933
-
-
F-
6
Brera Holdings PLC (FKA Brera Holdings Limited)
Notes to the Consolidated Financial Statements
for the Years Ended December 31, 2022, 2021 and 2020
Note 1 — General
information and reorganization transactions
Brera Holdings PLC (FKA Brera Holdings Limited)
("Brera Holdings" or the "Company"), a public company limited by shares, was incorporated in Ireland on June 30,
2022.
The sole subscriber to the incorporation constitution
of the Company was Goodbody Subscriber One Limited who subscribed for one (1) ordinary share for EUR
1.00
. On July 11, 2022, the
one
ordinary
share was transferred to Daniel Joseph McClory, and on July 14, 2022, the ordinary share was surrendered to the Company and cancelled
in accordance with Irish law. On July 13, 2022, an amended constitution was adopted by the Company reflecting an authorized share capital
of EUR
1.00
and US$
1,750,000
divided into
50,000,000
Class A Ordinary Shares, nominal value US$
0.005
per share,
250,000,000
Class B Ordinary
Shares, nominal value US$
0.005
per share,
50,000,000
preferred shares, nominal value US$
0.005
per share, and
one
ordinary share with a
nominal value of EUR
1.00
. On July 14, 2022, the Company issued
8,100,000
Class A Ordinary Shares and
100,000
Class B Ordinary Shares.
Brera Milano S.r.l. (FKA KAP S.r.l.) ("Brera
Milano" or "KAP"), an Italian limited liability company (società a responsabilità limitata), was formed
on December 20, 2016.
On July 18, 2022, the Company entered into a preliminary
agreement for the purchase of all the shares of Brera Milano with Marco Sala, Stefano Locatelli, Alessandro Aleotti, Christian Rocca,
Sergio Carlo Scalpelli, and MAX SRL (the "Acquisition"). Pursuant to the terms of the agreement, the Company acquired
100
%
of equity interest of Brera Milano on July 29, 2022. As a result, Brera Milano became a wholly owned subsidiary of the Company.
The Company also agreed to contribute EUR
253,821
to Brera Milano upon the final completion of the formal obligations under this agreement at the Milan Register of Companies, in order
to restore Brera Milano's share capital due to a EUR
253,821
liability indicated by its financial statements. On July 29, 2022, the
Company executed the final deed of share transfer, paid EUR
253,821
for purposes of restoring Brera Milano's share capital, and completed
certain other required formalities. On the same day, the share transfer became effective under Italian law. As a result, Brera Milano
became a wholly-owned subsidiary of the Company.
The Acquisition was accounted for as a reverse recapitalization, with
no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19–B27 of IFRS 3 for reverse acquisitions.
Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition and other factors including: (i) former
Brera Milano shareholders owning approximately
35
% of the combined company (on a fully diluted basis) immediately following the closing
of the Acquisition and are the largest shareholders' party of the Company, (ii) former Brera Milano shareholder, Alessandro Aleotti,
being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former Brera Milano shareholder, Sergio Carlo Scalpelli,
being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders of the Company other than the former Brera
Milano shareholders continuing as passive investors; and (v) the combined company continuing the football related business with Brera
Milano shareholders being the major subject matter experts of this industry in the Company and having the power to direct the development
and operations of the combined company after the Acquisition.
As of December 31, 2022, the Company, which was established
as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition completed on July
29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation, and it was not qualified
as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute as a business combination
since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the consolidated financial statements
of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera Milano and the assets and liabilities
are presented at their historical carrying values. As of December 31, 2022, the Company's consolidated financial statements are
prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities within the Group.
The Company, via its wholly-owned operating subsidiary,
Brera Milano, is engaged in a range of businesses including football division progression, global football player transfer services, sponsorship
services, and football school services and consulting services on football projects.
F-
7
Note 2 — General principles for the preparation
of the consolidated financial statements
(a)
Compliance with International
Financial Reporting Standards
The consolidated financial statements of the Group
have been prepared in accordance with IFRS.
COVID-19 pandemic
On January 30, 2020, the World Health Organization
("WHO") announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the "COVID-19
outbreak"), and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020,
the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19
outbreak continues to evolve as of the date of this report with new variants being discovered. As such, it is uncertain as to the full
magnitude that the pandemic will have on the Group's financial condition, liquidity, and future results of operations.
Management is actively monitoring the impact of
the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. The Group cannot estimate
the length or gravity of the impact of the COVID-19 outbreak at this time. If the pandemic continues, it may have a material effect on
the Group's results of future operations, financial position, and liquidity in the next 12 months.
(b)
Historical cost convention
The consolidated financial statements have been
prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below. Historical cost is generally
based on the fair value of the consideration given in exchange for goods and services.
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, regardless
of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset
or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account
when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated
financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16 Leases, and measurements
that have some similarities to fair value but are not fair value, such as value in use in IAS 36 Impairment of Assets.
In addition, for financial reporting purposes,
fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
●
Level 1 inputs are quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
●
Level 2 inputs are inputs,
other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
●
Level 3 inputs are unobservable
inputs for the asset or liability.
(c)
Basis of preparation
The consolidated financial statements consist
of the consolidated statements of financial position, the consolidated statements of profit or loss, consolidated statements of changes
in equity, consolidated statements of cash flows and the notes to the consolidated financial statements.
The consolidated statements of financial position
has been prepared based on the nature of the transactions, distinguishing: (a) current assets from non-current assets, where current assets
are intended as the assets that should be realized, sold or used during the normal operating cycle, or the assets owned with the aim of
being sold in the short term (within 12 months); (b) current liabilities from non-current liabilities, where current liabilities are intended
as the liabilities that should be paid during the normal operating cycle, or over the 12-month period subsequent to the reporting date.
The consolidated statements of profit or loss
have been prepared based on the function of the expenses.
The consolidated statements of cash flows have
been prepared using the indirect method.
The consolidated financial statements present
all amounts rounded to the nearest dollars of Euro ("EUR"), unless otherwise stated. They also present comparative information
in respect to the previous period.
F-
8
(d)
Functional and presentation
currency
Items included in the financial statements of
each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the
"functional currency"). These consolidated financial statements are presented in Euro (the Group's presentation currency).
Entity
Functional Currency
Brera Holdings PLC
United States dollar ("US$")
Brera Milano S.r.l.
Euro ("EUR")
Change in functional currency
The Company has changed its determination of functional
currency from Euro ("EUR") to United States Dollar ("US$") from its date of incorporation (i.e. June 30, 2022),
based on the expectation of the increased exposure to the US$ as a result of the growth in international operations.
The change in functional currency has been accounted
for prospectively from the date of change. As a result of the change, the Group has restated its consolidated financial statements for
comparative purposes in accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates.
The impact of the change in functional currency
on the Group's consolidated financial statements has been reflected in the consolidated statement of profit or loss, the consolidated
statement of financial position, and the consolidated statement of cash flows.
(e)
Critical Accounting Policies
and estimates
In preparing these consolidated financial statements,
management has made judgements and estimates that affect the application of the Group's accounting policies and the reported amounts
of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to estimates are recognized prospectively. Estimates are based on historical experience and other factors,
including expectations about future events that may have a financial impact on the Group and that are believed to be reasonable under
the circumstances.
(i)
Judgements
Information about judgements made in applying
accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included
in the following notes.
-
Note 1: Reverse recapitalization
The Acquisition was accounted for as
a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19–B27
of IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition
and other factors including: (i) former Brera Milano shareholders owning approximately
35
% of the combined company (on a fully diluted
basis) immediately following the closing of the Acquisition and are the largest shareholders' party of the Company, (ii) former
Brera Milano shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former
Brera Milano shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders
of the Company other than the former Brera Milano shareholders continuing as passive investors; and (v) the combined company continuing
the football related business with Brera Milano shareholders being the major subject matter experts of this industry in the Company and
having the power to direct the development and operations of the combined company after the Acquisition.
As of December 31, 2022, the Company,
which was established as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition
completed on July 29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation,
and it was not qualified as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute
as a business combination since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the
consolidated financial statements of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera
Milano and the assets and liabilities are presented at their historical carrying values. As of December 31, 2022, the Company's
consolidated financial statements are prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities
within the Group.
-
Note 2 (f): assessment of the
Group's future liquidity and cash flows;
-
Note 10: assessment of the
lease term of lease liabilities depending on whether the Group is reasonably certain to exercise the extension options.
F-
9
(ii)
Assumptions and estimation
uncertainties
Information about assumptions and estimates as
at December 31, 2022 that have high risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the
next financial year is included in the following notes.
-
Note 3: estimated useful lives,
depreciation method and impairment assessment of the property, plant and equipment and rights-of-use assets.
-
Note 4: measurement of the
provision for doubtful accounts, for the significant assumptions used by management in estimating the expected credit losses (weighted-average
loss rate or default rate, current and future financial situation of debtors for individual receivables that management is aware will
be difficult to collect, future general economic conditions).
(f)
Going concern assumption
In preparing the consolidated financial statements,
the directors of the Company have given careful consideration to the future liquidity of the Group in light of the fact that the Group
incurred a net loss of EUR
1,226,855
for the year ended December 31, 2022 and as of that date, the Group has deficit in equity attributable
to shareholders of the Company of EUR
131,213
and the Group had net liabilities of EUR
131,213
and net current liabilities of EUR
188,481
.
These consolidated financial statements do not
reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and classifications in the consolidated
statements of financial position that may be necessary were the Company unable to continue as a going concern and these adjustments could
be material.
On January 27, 2023, the Class B Ordinary Shares
of the Company commenced trading on the Nasdaq Capital Market under the symbol "BREA". The closing of the initial public offering
took place on January 31, 2023. After deducting underwriting discounts and commissions and non-accountable expense allowance, the Company
received net proceeds of approximately $
6,900,000
and management considers the Company to have sufficient cash and cash equivalents which
was €
6,059,848
(approximately $
6,482,826
) as of March 31, 2023. As a result of the successful initial public offering and funds raised,
management believes that the Company has the necessary resources and liquidity to meet its obligations and sustain its operations for
the foreseeable future (i.e., at least 12 months beyond the date of the issuance of audited consolidated financial statements for the
year ended December 31, 2022). Therefore, these financial statements have been prepared on a going concern basis and management considered
the preparation of the financial statements as a going concern was appropriate.
Note 3 — Summary of significant accounting
policies
Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:
●
has power over the investee;
●
is exposed, or has rights, to variable returns from its involvement with the investee; and
●
has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses
of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss from the date the
Group gains control until the date when the Group ceases to control the subsidiary.
Profit or loss and each item of other comprehensive
income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is
attributed to the owners 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 intragroup assets and liabilities, equity,
income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
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10
Non-controlling interests in subsidiaries are
presented separately from the Group's equity therein, which represent present ownership interests entitling their holders to a proportionate
share of net assets of the relevant subsidiaries upon liquidation.
The following table lists the constituent companies
in the Group.
Company name
Jurisdiction
Incorporation Date
Ownership
Brera Holdings PLC
Ireland
June 30, 2022
Group Holding Company
Brera Milano Srl
Italy
December 20, 2016
100% (via Brera Holdings PLC)
Property, plant and equipment
Property, plant and equipment are tangible assets
that are held for use in the production or supply of goods or services, or for administrative purposes. Property, plant and equipment
are stated in the consolidated statements of financial position at cost less subsequent accumulated depreciation and subsequent accumulated
impairment losses, if any.
Costs include any costs 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 and,
for qualifying assets, borrowing costs capitalized in accordance with the Group's accounting policy. Depreciation of these assets,
on the same basis as other property assets, commences when the assets are ready for their intended use.
Depreciation is recognized to allocate the cost
of assets less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual
values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.
An item of property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and
the carrying amount of the asset and is recognized in profit or loss.
Depreciation is charged to allocate the cost of
assets, over their estimated useful lives, using the straight-line method, on the following bases:
Years
Leasehold improvements
5
Furniture and fittings
5
Office equipment and software
5
Impairment on property, plant and equipment
and right-of-use assets
At the end of the reporting period, the Group
reviews the carrying amounts of its property, plant and equipment and right-of-use assets to determine whether there is any indication
that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated
in order to determine the extent of the impairment loss (if any).
The recoverable amount of property, plant and
equipment and right-of-use assets are estimated individually. When it is not possible to estimate the recoverable amount individually,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
In testing a cash-generating unit for impairment,
corporate assets are allocated to the relevant cash-generating unit when a reasonable and consistent basis of allocation can be established,
or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis
can be established. The recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate
asset belongs, and is compared with the carrying amount of the relevant cash-generating unit or group of cash-generating units.
Recoverable amount is the higher of fair value
less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset
(or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or a cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its
recoverable amount. For corporate assets or portion of corporate assets which cannot be allocated on a reasonable and consistent basis
to a cash-generating unit, the Group compares the carrying amount of a group of cash-generating units, including the carrying amounts
of the corporate assets or portion of corporate assets allocated to that group of cash-generating units, with the recoverable amount of
the group of cash-generating units. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount
of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit
or the group of cash-generating units. The carrying amount of an asset is not reduced below the highest of its fair value less costs of
disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been
allocated to the asset is allocated pro rata to the other assets of the unit or the group of cash-generating units. An impairment loss
is recognized immediately in profit or loss.
F-
11
Where an impairment loss subsequently reverses,
the carrying amount of the asset (or cash-generating unit or a group of cash-generating units) is increased to the revised estimate of
its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined
had no impairment loss been recognized for the asset (or a cash-generating unit or a group of cash-generating units) in prior years. A
reversal of an impairment loss is recognized immediately in profit or loss.
Provisions
Provisions are recognized when the Group has a
present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that
obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions for legal claims, service warranties
and one-time termination benefits for certain employees are recognized when the Group has a present legal or constructive obligation as
a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognized for future operating losses.
Financial instruments
Financial assets and financial liabilities are
recognized when a group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of
financial assets are recognized and derecognized on a trade date/settlement date basis. Regular way purchases or sales are purchases or
sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market
place.
Financial assets and financial liabilities are
initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance
with IFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities
(other than financial assets or financial liabilities at fair value through profit or loss ("FVTPL")) are added to or deducted
from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognized immediately in profit or loss.
The effective interest method is a method of calculating
the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.
Financial assets
Classification and subsequent measurement of
financial assets
Financial assets that meet the following conditions
are subsequently measured at amortized cost:
●
the financial asset is held
within a business model whose objective is to collect contractual cash flows; and
●
the contractual terms give
rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
(i)
Amortized cost and interest income
Interest income is recognized using the effective
interest method for financial assets measured subsequently at amortized cost and debt instruments/receivables subsequently measured at
FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset.
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12
Impairment of financial assets subject to impairment
assessment under IFRS 9
The Group performs impairment assessment under
expected credit loss ("ECL") model on financial assets (including trade and other receivables and loan receivables) which
are subject to impairment assessment under IFRS 9. 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
receivables. For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless there has been a significant increase
in credit risk since initial recognition, in which case 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.
(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, 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
120 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.
Despite the foregoing, the Group assumes that
the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to
have low credit risk at the reporting date. A debt instrument is determined to have low credit risk if (i) it has a low risk of default,
(ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and (iii) adverse changes in economic
and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual
cash flow obligations.
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.
In order to minimize the credit risk, management
of the Company has created a team responsible for the determination of credit limits and credit approvals for customers.
(ii)
Definition of default
The Group considers for internal credit risk management
purposes and based on historical experience, that an event of default to have occurred when there is information obtained from internal
or external sources that indicates the debtor is unlikely to pay its creditors, including the Group.
F-
13
(iii)
Credit-impaired financial assets
A financial asset is credit-impaired when one
or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. These events include
evidence that there is significant financial difficulty of the debtors or it is becoming probable that the debtor will enter bankruptcy.
(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, e.g.,
when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still
be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate.
Any recoveries made are recognized in profit or loss.
(v)
Measurement and recognition of expected credit losses
The measurement of expected credit losses 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 at
default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information
as described above. As for the exposure at default, for financial assets, this is represented by the assets' gross carrying amount
at the reporting date.
For financial assets, the expected credit loss
is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the
cash flows that the Group expects to receive, discounted at the original effective interest rate.
If the Group has measured the loss allowance for
a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date
that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the
current reporting date.
The Group recognizes an impairment gain or loss
in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.
Derecognition of financial assets
The Group derecognizes a financial asset only
when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the
risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and
rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated
liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Group continues to recognize the financial asset and a collateralized borrowing for the proceeds received.
On derecognition of a financial asset measured
at amortized cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is
recognized in profit or loss.
Financial liabilities and equity
Classification as debt or equity
Financial liabilities and equity instruments issued
by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences
a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds
received, net of direct issue costs.
Financial liabilities
Financial liabilities including trade and other
payables, loans from shareholders and borrowings are initially measured at fair value, net of transaction costs, and are subsequently
measured at amortized cost, using the effective interest method, with interest expense recognized on an effective yield basis, except
for short-term payables when the recognition of interest would be immaterial.
Interest-bearing loans are initially recognized
at fair value, and are subsequently measured at amortized cost, using the effective interest method.
F-
14
Derecognition of financial liabilities
The Group derecognizes financial liabilities when,
and only when, the Group's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the
financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Revenue from contracts with customers
Revenue is measured based on the consideration
specified in a contract with a customer and recognized as and when control of a service is transferred to a customer.
A performance obligation represents a good or
service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.
Control is transferred over time and revenue is
recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following
criteria is met:
●
the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;
●
the Group's performance creates or enhances an asset that the customer controls as the Group performs; or
●
the Group's performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.
Otherwise, revenue is recognized at a point in
time when the customer obtains control of the distinct good or service.
A contract asset represents the Group's
right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It
is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group's unconditional right to consideration,
i.e., only the passage of time is required before payment of that consideration is due.
A contract liability represents the Group's
obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is
due) from the customer.
A contract asset and a contract liability relating
to the same contract are accounted for and presented on a net basis.
Revenues are recognized upon the application of
the following steps:
1.
Identification of the contract or contracts with a customer;
2.
Identification of the performance obligations in the contract;
3.
Determination of the transaction price;
4.
Allocation of the transaction price to the performance obligations
in the contract; and
5.
Recognition of revenue when, or as, the performance obligation
is satisfied.
The Group enters into services agreements and
statements of work which set out the details of the work streams for each project to be provided to the customers. The work streams are
generally capable of being distinct and accounted for as separate performance obligations.
Revenue recognized from contracts with customers
is disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by
economic factors.
●
The Group provides consultancy services by providing information about its clients, products and services to their customers. The objective is to help its clients on its market positioning, internal roles structuring and research for new partners. The service is viewed as one performance obligation and revenue is recognized over time by using the output method when the performance obligation is satisfied and measured by the value of the service performed to date.
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15
Value of the service performed is determined based
on the hours incurred times a fixed rate as stipulated in the contract. Any variabilities in the transaction price are resolved before
each billing.
The Group has elected to apply the practical expedient
provided in IFRS 15, to recognize revenue in the amount to which it has the right to invoice and has not disclosed the aggregate amount
of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the
reporting period.
Interest income
Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable.
Leases
Definition of a lease
A contract is, or 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.
For contracts entered into or modified on or after
the date of initial application of IFRS 16 or arising from business combinations, the Group assesses whether a contract is or contains
a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will
not be reassessed unless the terms and conditions of the contract are subsequently changed.
The Group as a lessee
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to leases of motor vehicles that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option. It also applies the recognition exemption for lease of low-value assets. Lease payments on short-term leases and leases of low-value
assets are recognized as expense on a straight-line basis or another systematic basis over the lease term.
Right-of-use assets
The cost of right-of-use asset includes:
●
the amount of the initial measurement of the lease liability;
●
any lease payments made at or before the commencement date, less any lease incentives received;
●
any initial direct costs incurred by the Group; and
●
an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.
Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.
Right-of-use assets in which the Group is reasonably
certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the
end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful
life and the lease term.
The Group presents right-of-use assets as a separate
line item on the consolidated statements of financial position.
Refundable rental deposits
Refundable rental deposits paid are accounted
under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease
payments and included in the cost of right-of-use assets.
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16
Lease liabilities
At the commencement date of a lease, the Group
recognizes and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present
value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in
the lease is not readily determinable.
The lease payments include:
●
fixed payments (including in-substance fixed payments) less any lease incentives receivable;
●
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
●
amounts expected to be payable by the Group under residual value guarantees;
●
the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and
●
payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.
After the commencement date, lease liabilities
are adjusted by interest accretion and lease payments.
The Group remeasures lease liabilities (and makes
a corresponding adjustment to the related right-of-use assets) whenever:
●
the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.
●
the lease payments change due to changes in market rental rates following a market rent review/expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.
The Group presents lease liabilities as a separate
line item on the consolidated statements of financial position.
Borrowing costs
All borrowing costs are recognized in profit or
loss in the period in which they are incurred.
Taxation
Income tax expense represents the sum of the tax
currently payable and deferred tax.
The tax currently payable is based on taxable
profit for the year. Taxable profit differs from profit/(loss) before tax because of income or expense that are taxable or deductible
in other years and items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in
the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized
if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized
if the temporary difference arises from the initial recognition of goodwill.
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 profits will
be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate
(and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and
assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
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17
Deferred tax assets and liabilities are offset
when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income
taxes levied to the same taxable entity by the same taxation authority.
Current and deferred tax are recognized in profit
or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the
current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred
tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
Note 4 — Financial instruments, financial risks and capital
management
(a)
Categories of financial instruments
The following table sets out the financial instruments as at the end
of the reporting period:
December 31,
2022
December 31,
2021
EUR
EUR
Financial assets
Financial assets at amortized cost
383,890
151,384
Financial liabilities
Financial liabilities at amortized cost
896,422
414,575
Lease liabilities
307,410
373,107
(b)
Financial risk management policies and objectives
The Group's overall risk management policy
seeks to minimize potential adverse effects on financial performance of the Group. There has been no change to the Group's exposure
to these financial risks or the manner in which it manages and measures the risk. The risks associated with these financial instruments
and the policies to mitigate these risks are set out below.
(i)
Credit risk management
Credit risk refers to the risk that a
counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group's credit risk is primarily
attributable to its cash and cash equivalents and trade receivables and other receivables.
As at December 31, 2022, approximately
95
% of the Group's trade receivable arose from 2 customers, (2021: approximately
75
% of the Group's trade receivable arose
from 3 customers). In order to minimize the credit risk, the management of the Group has delegated a team responsible for determination
of credit limits and credit approvals.
Cash and cash equivalents are placed
with credit-worthy financial institutions with high credit ratings assigned by international credit-rating agencies and therefore credit
risk is limited. The Group has adopted procedures in extending credit terms to customers and monitoring its credit risk. Credit evaluations
are performed on customers requiring credit over a certain amount. Before accepting any new customer, the Group carries out research on
the credit risk of the new customer and assesses the potential customer's credit quality and defines credit limits by customer.
Limits attributed to customers are reviewed when necessary.
Concentration of
credit risk
Financial instruments, which potentially
subject the Group to concentration of credit risk, consist primarily of cash deposits and accounts receivable. The Company minimizes the
concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. For the
cash deposit in the traditional banks in Italy, cash balances in excess of the amount covered by the statutory Deposit Guarantee Scheme
in Italy (i.e. EUR
100,000
) are at risk. For the cash deposit in non-traditional banks (i.e. Wise Europe SA), the whole amount of the
cash deposit is at risk since it is not insured by the government.
As of December 31, 2022, and 2021, we
had cash deposits in a non-traditional bank, Wise Europe SA, amounting to EUR
292,658
and EUR
0
, respectively. These deposits are not insured
by the local government. The Company performed a detailed credit risk assessment concerning the uninsured deposit made in Wise Europe
SA and determined that the credit risk is low, based on the following factors: (i) Wise Europe SA safeguards its customers' funds
by holding them in a mix of cash in leading commercial banks and low-risk liquid assets, as required by its regulatory obligations; (ii)
Wise Europe SA is authorized by the National Bank of Belgium ("NBB"), which ensures that the bank operates under the regulations
and guidelines set by the NBB; and (iii) the Group has not experienced losses on these bank accounts and does not believe it is exposed
to any significant credit risk with respect to these bank accounts.
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18
The Group's current credit risk
grading framework comprises the following categories:
Category
Description
Basis of recognizing ECL
Low risk
The counterparty has a low risk of default and does not have any past-due amounts.
12-month ECL
Doubtful
There have been significant increases in credit risk since initial recognition through information developed internally or external resources.
Lifetime ECL—not credit-impaired
In default
There is evidence indicating the asset is credit-impaired.
Lifetime ECL—credit-impaired
Write-off
There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery.
Amount is written off
The table below details the credit
quality of the Group's financial assets as well as maximum exposure to credit risk by credit risk rating grades:
Financial assets at amortized cost
12-month or lifetime ECL
Gross
carrying
amount
EUR
Loss
allowance
EUR
Net
carrying
amount
EUR
2022
Trade receivables
Lifetime ECL – Not credit-impaired
31,660
-
31,660
Other receivables
12-month ECL
5,001
-
5,001
36,661
-
36,661
2021
Trade receivables
Lifetime ECL – Not credit-impaired
120,363
-
120,363
Other receivables
12-month ECL
4,064
-
4,064
124,427
-
124,427
(ii)
Interest rate risk management
Interest rate risk arises from the potential
changes in interest rates that may have an adverse effect on the Group in the current reporting period and future years.
The Group's primary interest rate
relates to interest-bearing long-term borrowings. The interest rate and terms of repayment of bank loans are disclosed in note 11 of the
consolidated financial statements.
The sensitivity analysis has been determined
based on the exposure to interest rates for non-derivative instruments at the end of the reporting period and the stipulated change taking
place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating
rates. A 50 basis point increase or decrease is used and represents management's assessment of the reasonably possible change in
interest rates.
As of December 31, 2022, it is estimated
that a 50 basis point change in interest rates will affect the Group's loss before tax by EUR
110
(2021: profit before tax by EUR
125
).
(iii)
Liquidity risk management
In the management of the liquidity risk,
the Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance its operations and mitigate
the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings and ensures compliance with loan
covenants.
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19
The following table details the Group's
contractual maturity for its non-derivative financial liabilities. The table has been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Group can be required to pay.
Interest rate
On demand or
within 1 year
Over 1 year
Total
undiscounted
cash flow
Total
carrying
amount
%
EUR
EUR
EUR
EUR
December 31, 2022
Non-interest bearing
-
874,506
-
874,506
874,506
Fixed interest rate instruments
0.75
6,346
15,866
22,212
21,916
Lease liabilities
0.75
–
8.1
82,666
229,562
312,228
307,410
December 31, 2021
Non-interest bearing
-
389,573
-
389,573
389,573
Fixed interest rate instruments
0.75
3,267
22,212
25,479
25,000
Lease liabilities
0.75
80,054
300,212
380,266
373,107
(iv)
Fair value of financial
assets and financial liabilities
The carrying amounts of financial assets
and liabilities on the consolidated statements of financial position approximate their respective fair values due to the relatively short-term
maturity of these consolidated financial instruments. The fair values of other classes of financial assets and liabilities are disclosed
in the respective notes to consolidated financial statements.
(c)
Capital risk management policies and objectives
Management reviews the capital structure regularly
to ensure that the Group will be able to continue as a going concern. The capital structure comprises only issued capital, reserves and
retained earnings. As a part of this review, the management consider the cost of capital and the risks associated with each class of capital.
Based on recommendations of the directors, the Group will balance its overall capital structure through the payment of dividends, new
share issues as well as the issue of new debts or the redemption of existing debts. The Group's overall strategy remains unchanged.
Note 5 — Property, plant and equipment
Office
equipment
Leasehold improvement
Total
EUR
EUR
EUR
Cost:
At January 1, 2020
5,923
-
5,923
Additions
-
-
-
At December 31, 2020
5,923
-
5,923
Additions
9,153
7,200
16,353
At December 31, 2021
15,076
7,200
22,276
Additions
1,209
-
1,209
At December 31, 2022
16,285
7,200
23,485
Accumulated depreciation:
At January 1, 2020
2,461
-
2,461
Depreciation for the year
1,185
-
1,185
At December 31, 2020
3,646
-
3,646
Depreciation for the year
3,015
1,440
4,455
At December 31, 2021
6,661
1,440
8,101
Depreciation for the year
2,579
1,440
4,019
At December 31, 2022
9,240
2,880
12,120
Net carrying amount:
At December 31, 2020
2,277
-
2,277
At December 31, 2021
8,415
5,760
14,175
At December 31, 2022
7,045
4,320
11,365
Depreciation expenses for the years ended December
31, 2022, 2021 and 2020 amounted to EUR
4,019
, EUR
4,455
and EUR
1,185
, respectively, which were included in general and administrative expenses.
F-
20
Note 6 — Right-of-use assets
Office space
and garage
Office
equipment
Vehicles
Total
EUR
EUR
EUR
EUR
Cost:
At January 1, 2020
-
-
4,443
4,443
Additions
-
-
-
-
At December 31, 2020
-
-
4,443
4,443
Additions
341,591
3,315
80,344
425,250
At December 31, 2021
341,591
3,315
84,787
429,693
Additions
-
-
22,752
22,752
Modification of lease
-
-
(
5,482
)
(
5,482
)
At December 31, 2022
341,591
3,315
102,057
446,963
Accumulated depreciation:
At January 1, 2020
-
-
-
-
Depreciation for the year
-
-
1,855
1,855
At December 31, 2020
-
-
1,855
1,855
Depreciation for the year
43,986
182
20,258
64,426
At December 31, 2021
43,986
182
22,113
66,281
Depreciation for the year
62,829
660
28,804
92,293
At December 31, 2022
106,815
842
50,917
158,574
Carrying amount:
At December 31, 2020
-
-
2,588
2,588
At December 31, 2021
297,605
3,133
62,674
363,412
At December 31, 2022
234,776
2,473
51,140
288,389
Amount recognized in profit and loss
2022
2021
2020
EUR
EUR
EUR
Depreciation expense on right-of-use assets
92,293
64,426
1,855
Interest expense on lease liabilities
3,680
2,234
28
Expenses relating to lease of short-term leases
2,951
3,597
1,210
Note 7 — Trade and other receivables
December 31,
2022
December 31,
2021
EUR
EUR
Trade receivables – outside parties
31,660
120,363
Other receivables – outside parties
592
1,397
Other receivables – related parties
4,409
2,667
36,661
124,427
F-
21
The credit period on rendering of service to outside
parties is based on ordinary course of businesses.
Loss allowance for trade receivables has been
measured at an amount equal to the lifetime ECL. The ECL on trade receivables are estimated using a provision matrix by reference to past
default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific
to the debtors, and where relevant general economic conditions of the industry in which the debtors operate. As at end of reporting period,
management considers the ECL for trade and other receivables is insignificant.
As the Group's historical credit loss experience
does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due
status is not further distinguished between the Group's different customer base.
Note 8 — Deposits and prepayments
December 31,
2022
December 31,
2021
EUR
EUR
Deposits – outside parties
39,193
39,694
Prepayments – related parties
96,744
28,545
Prepayments – outside parties
42,834
955
178,771
69,194
Note 9 — Cash and cash equivalents
December 31,
2022
December 31,
2021
EUR
EUR
Cash at bank
347,229
26,957
Note 10 — Lease liabilities and commitment
The Group entered into lease agreements for office
space, garage, office equipment and vehicles with expiration dates ranging from 2023 to 2027. The lease terms were between
2
to
6
years.
The Company's lease liabilities payables and commitments for minimum lease payments under these leases as at December 31, 2022 and
2021 are as follows:
December 31,
2022
December 31,
2021
EUR
EUR
Lease liabilities payable:
Less than 1 year
80,637
77,520
1 to 3 years
141,909
147,453
3 to 5 years
84,864
131,904
More than 5 years
-
16,230
307,410
373,107
A maturity analysis of lease liabilities based on undiscounted gross
cash flow is reported in the table below:
December 31,
2022
December 31,
2021
EUR
EUR
Less than 1 year
82,666
80,054
1 to 3 years
144,273
150,793
3 to 5 years
85,289
133,169
More than 5 years
-
16,250
312,228
380,266
At December 31, 2022, the total cash outflow for
leases amount to EUR
86,196
(2021: EUR
56,996
).
F-
22
Note 11 — Loan payable
December 31,
2022
December 31,
2021
EUR
EUR
Unsecured – at amortized cost:
Small and medium enterprises guarantee fund interest rate:
0.75
% per annum (2021: interest rate:
0.75
% per annum)
21,916
25,000
Analyzed between:
Current portion
Within 1 year
6,203
3,084
Non-current portion
Within 2 to 5 years
15,713
21,916
21,916
25,000
The loan was drawn on June 25, 2020 from an independent
third party. The monthly interest rate is
0.0625
% and the annualized interest rate is
0.75
% per annum. The loan term is
6
years and repayment
of principal begins
2
years from the loan drawdown date.
Note 12 — Trade and other payables
December 31,
2022
December 31,
2021
EUR
EUR
Trade payables – outside parties
100,791
68,986
Trade payables – related parties
29,533
42,712
Other payables – outside parties
512,698
257,877
Other payables – related parties
7,236
-
650,258
369,575
Trade payables mainly represents trade payables due to vendors, including
independent third party and related parties, who delivered the consultancy services. Other payable mainly represents social security contribution
payables, VAT and other tax payables.
Note 13 — Loan from a shareholder
The balance represents the loan from a shareholder, Sergio Carlo Scalpelli,
our Chief Executive Officer and director, in the amount of EUR
20,000
, interest-free with repayment scheduled on March 31, 2022, June 30,
2022 and September 30, 2022 in the amount of EUR
7,000
, EUR
7,000
and EUR
6,000
, respectively. Sergio Carlo Scalpelli waived the repayment
schedule, and the repayment date of the full amount was rescheduled to September 30, 2022. The full amount of the loan was repaid to Sergio
Carlo Scalpelli on September 30, 2022. The outstanding balance of the loan amounted to EUR
0
and EUR
20,000
for the years ended December
31, 2022 and 2021, respectively.
Note 14 — Provisions
The balance represents the termination benefits
for directors of Brera Milano. Provisions for termination benefits for directors are recognized when the Group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation
and the amount can be reliably estimated. The former director of Brera Milano, Marco Sala, agreed to waive the entitled provision upon
his resignation as director of Brera Milano in 2022.
Note 15 — Share capital and other reserves
The authorized share capital of the Company consists
of
350,000,001
shares, consisting of (i)
300,000,000
shares of ordinary shares, with a nominal value of US$
0.005
per share, of which
50,000,000
shares are designated Class A Ordinary Shares, nominal value US$
0.005
per share, and
250,000,000
shares are designated Class B Ordinary
Shares, nominal value US$
0.005
per share, and (ii)
50,000,000
shares of preferred shares, with a nominal value of US$
0.005
per share and
(iii) one ordinary share with a nominal value of EUR
1.00
. Class A Ordinary Shares are entitled to
ten
votes per share on proposals requiring
or requesting shareholder approval, and Class B Ordinary Shares are entitled to
one
vote on any such matter.
F-
23
The sole subscriber to the incorporation constitution
of Brera Holdings Limited was Goodbody Subscriber One Limited who subscribed for one (1) ordinary share for EUR
1.00
on June 30, 2022 but
no cash has been received. On July 11, 2022, the one ordinary share was transferred to Daniel Joseph McClory, and on July 14, 2022, the
ordinary share was surrendered to the Company and cancelled in accordance with Irish law. On July 13, 2022, an amended constitution was
adopted by Brera Holdings Limited reflecting an authorized share capital of EUR
1.00
and US$
1,750,000
divided into
50,000,000
Class A Ordinary
Shares, nominal value US$
0.005
per share,
250,000,000
Class B Ordinary Shares, nominal value US$
0.005
per share,
50,000,000
preferred
shares, nominal value US$
0.005
per share, and one ordinary share with a nominal value of EUR
1.00
. On July 14, 2022, the Company issued
8,100,000
Class A Ordinary Shares and
100,000
Class B Ordinary Shares.
As part of the Reorganization,
100
% of Brera Milano
shares were acquired by the Company in exchange for the payment of EUR
25,000
to Brera Milano shareholders (the "Acquisition").
The Company also agreed to contribute EUR
253,821
to Brera Milano upon the final completion of the formal obligations under their agreement
at the Milan Register of Companies, in order to restore Brera Milano's share capital due to a EUR
253,821
liability indicated by
its financial statements.
The Acquisition was accounted for as a reverse
recapitalization, with no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19–B27 of
IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting acquirer based upon the terms of the Acquisition and
other factors including: (i) former Brera Milano shareholders owning approximately
35
% of the combined company (on a fully diluted basis)
immediately following the closing of the Acquisition and are the largest shareholders' party of the Company, (ii) former Brera Milano
shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former Brera Milano
shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders of
the Company other than the former Brera Milano shareholders continuing as passive investors; and (v) the combined company continuing the
football related business with Brera Milano shareholders being the major subject matter experts of this industry in the Company and having
the power to direct the development and operations of the combined company after the Acquisition.
As of December 31, 2022, the Company, which was established
as a non-operational shell corporation on June 30, 2022, has undergone a transformation following a reverse acquisition completed on July
29, 2022. Prior to this acquisition, the Company had issued shares to existing shareholders as a shell corporation, and it was not qualified
as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute as a business combination
since there is no substantive change in the reporting entity or its assets and liabilities. Consequently, the consolidated financial statements
of the Company as of December 31, 2021, represented a continuation of the financial statements of Brera Milano and the assets and liabilities
are presented at their historical carrying values. As of December 31, 2022, the Company's consolidated financial statements are
prepared in accordance to IFRS 10 and represented the aggregated financial results of all entities within the Group.
On July 22, 2022, September 19, 2022, October
7, 2022, October 26, 2022, and November 4, 2022, we conducted private placements of Class B Ordinary Shares and entered into certain subscription
agreements with a number of (i) accredited investors as defined in Section 2(a)(15) of the Securities Act, and Rule 501 promulgated thereunder,
in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws or (ii) non-U.S. persons made in compliance with the provisions of Regulation S promulgated under
the Securities Act. Pursuant to the agreements, we issued
1,505,000
Class B Ordinary Shares at $
1.00
per share for a total of US$
1,505,000
.
The shares are subject to certain lockup provisions until 180 days after the commencement of trading of our Class B Ordinary Shares, subject
to certain exceptions. Boustead acted as placement agent in this private placement. Pursuant to our engagement letter agreement with Boustead,
in addition to payments of a success fee of US$
105,350
, or
7
% of the total purchase price of the shares sold in the private placement,
and a non-accountable expense allowance of US$
15,050
, or
1
% of the total purchase price of the shares sold in the private placement, we
agreed to issue Boustead a five-year warrant to purchase up to
105,350
Class B Ordinary Shares, exercisable on a cashless basis, with
an exercise price of US$
1.00
per share, subject to adjustment.
On September 21, 2022, Daniel Joseph McClory,
our Executive Chairman and director, surrendered his
2,500,000
Class A Ordinary Shares and we issued
2,250,000
Class A Ordinary Shares
to Pinehurst Partners LLC, whose sole beneficial owner is Daniel Joseph McClory,
200,000
Class B Ordinary Shares to Lucia Giovannetti,
and
50,000
Class B Ordinary Shares to Christopher Paul Gardner, our director, for US$
11,250
, US$
1,000
and US$
250
, respectively.
On October 5, 2022, Marco Sala surrendered
250,000
of his Class A Ordinary Shares, Daniel Joseph McClory surrendered
250,000
of his Class B Ordinary Shares and we issued
50,000
Class A
Ordinary Shares to each of Daniel Joseph McClory and Alessandro Aleotti, our Chief Strategy Officer and director, and
50,000
Class B Ordinary
Shares to each of Alberto Libanori, our director, Pietro Bersani, our director, Goran Pandev, our director, and Sergio Carlo Scalpelli,
our Chief Executive Officer and director, for aggregate purchase prices of $
250
each, and
250,000
Class B Ordinary Shares to Grant McClory,
Daniel Joseph McClory's adult son, for US$
1,250
.
On November 11, 2022, we issued
100,000
Class
B Ordinary Shares to Christopher Paul Gardner, our director, and
50,000
Class B Ordinary Shares to Sergio Carlo Scalpelli, our Chief Executive
Officer and director, for US$
500
and US$
250
, respectively.
F-
24
Note 16 — Revenue
2022
2021
2020
EUR
EUR
EUR
Revenue recognized over time
Consultancy revenue
162,407
420,167
214,756
All revenue was generated from sales transactions with independent
third parties.
One customer accounted for over
10
% of the Group's
total revenue, represented
74
% of the Group's sales for the year ended December 31, 2022. Three customers, each accounted for over
10
% of the Group's total revenue, represented
75
% and
98
% of the Group's sales for the years ended December 31, 2021 and 2020,
respectively. Trade receivable from these customers was EUR
24,400
, EUR
71,038
and EUR
81,385
as of December 31, 2022, 2021 and 2020, respectively.
Note 17 — Cost of revenue
Cost of revenue primarily consists of expenses
for consultants directly involved in the delivery of services to customers.
2022
2021
2020
EUR
EUR
EUR
Cost of revenue
90,270
110,588
74,546
72
%,
26
% and
34
% of the cost of revenue were incurred
from transactions with related parties of the Company for the year ended December 31, 2022, 2021 and 2020, respectively.
Four suppliers, each accounted for over
10
% of
the Group's total cost of revenue, represented
88
%,
56
% and
88
% of the Group's cost of revenue for the years ended December
31, 2022, 2021 and 2020, respectively. Trade payable from these suppliers was EUR
37,853
, EUR
6,112
and EUR
7,560
as of December 31, 2022,
2021 and 2020, respectively.
Note 18 — General and administrative expenses
Included within general and administrative expenses are the following
expenses.
2022
2021
2020
EUR
EUR
EUR
Advertising and marketing expenses
17,566
1,210
2,529
Bad debt expenses
5,261
-
-
Bank and other charges
4,424
2,718
719
Cleaning expenses
8,888
9,250
-
Depreciation
96,311
68,881
3,040
Director's emoluments (included in note 19)
118,699
58,164
80,660
Entertainment expenses
33,651
13,172
428
Insurance
3,190
1,680
-
Listing fee
47,464
-
-
Office supplies and administrative expenses
10,453
36,158
1,307
Professional and consultancy services - third parties
643,825
47,020
6,045
Professional and consultancy services - related parties
46,000
-
-
Expenses on short term leases
2,951
3,597
1,210
Sponsorship - related party
100,000
30,000
15,000
Staff costs
38,993
-
-
Stamp duties and other taxes
5,214
2,089
315
Subscriptions
427
5,454
9,469
Transportation and accommodation
39,466
11,613
10,688
Utilities
3,344
1,729
-
Other administrative expenses
72,746
23,934
18,807
1,298,873
316,669
150,217
F-
25
Note 19 — Director's emoluments
2022
2021
2020
EUR
EUR
EUR
Director's fee
106,693
46,892
59,756
Other emoluments
12,006
11,272
20,904
118,699
58,164
80,660
Other emoluments mainly represent social security fund and medical
allowance.
Note 20 — Provision for income taxes expenses
Ireland
Brera Holdings PLC is a holding company registered
in Ireland. The Company was incorporated in Ireland on June 30, 2022, no provision for income taxes in the Ireland has been made as Brera
Holdings PLC did not generate any Ireland taxable income for the year ended December 31, 2022. The corporate tax rate for trading income
in Ireland in 2022 is
12.50
% (2021:
12.50
%).
Italy
The Company conducts its major businesses in Italy
and is subject to tax in this jurisdiction. During the years ended December 31, 2022, 2021 and 2020, all taxable income (loss) of the
Company is generated in Italy. As a result of its business activities, the Company files tax returns that are subject to examination by
the Italian Revenue Agency.
Italian companies are subject to two enacted income
taxes at the following rates:
2022
2021
2020
IRES (state tax)
24.00
%
24.00
%
24.00
%
IRAP (regional tax)
3.90
%
3.90
%
3.90
%
IRES is a state tax and is calculated on the taxable
income determined on the income before taxes modified to reflect all temporary and permanent differences regulated by the tax law.
IRAP is a regional tax and each Italian region
has the power to increase the current rate of
3.90
% by a maximum of
0.92
%. In general, the taxable base of IRAP is a form of gross profit
determined as the difference between gross revenues (excluding interest and dividend income) and direct production costs (excluding interest
expense and other financial costs).
For the years ended December 31, 2022, 2021 and
2020, the Company's income tax expenses are as follows:
2022
2021
2020
EUR
EUR
EUR
Current tax expenses
-
29,331
8,236
-
29,331
8,236
A reconciliation of income taxes at statutory rates with the reported
taxes is as follows:
2022
2021
2020
EUR
EUR
EUR
(Loss) profit before tax for the year
(
1,226,855
)
(
57,725
)
10,744
Expected income tax recovery – IRES
(
112,400
)
(
13,854
)
2,579
Expected income tax recovery – IRAP
(
18,265
)
(
2,251
)
419
Expected income tax recovery – Ireland
(
94,815
)
-
-
Tax loss not recognized
225,480
-
-
Permanent differences
-
45,436
5,238
Current tax expenses
-
29,331
8,236
F-
26
Note 21 — Basic and diluted (loss) earnings per
share
The calculation of the basic and diluted (loss) earnings per
share attributable to the shareholders of the Group is based on the following data:
(Loss) earnings
2022
2021
2020
EUR
EUR
EUR
(Loss) earnings for the
    purpose of basic and diluted (loss) earnings per share
(
1,226,855
)
(
87,056
)
2,508
Number of shares
2022
2021
2020
Weighted average number of ordinary shares for the purposes of basic (loss) earnings per share (Ordinary shares Class A)
5,203,562
2,850,000
2,850,000
Weighted average number of ordinary shares for the purposes of basic (loss) earnings per share (Ordinary shares Class B)
709,301
100,000
100,000
Diluted (loss) earnings per share is calculated
by adjusting the weighted average number of ordinary shares in issue during the year to assume conversion of all dilutive potential ordinary
shares. The Company had no dilutive shares as of December 31, 2022, 2021 and 2020.
The Group computes net (loss) earnings per share
of Ordinary Shares Class A and Ordinary Shares Class B stock using the two-class method. Basic net (loss) earnings per share is computed
using the weighted-average number of shares outstanding during the period. Diluted net (loss) earnings per share is computed using the
weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive
securities consist of restricted stock units and other contingently issuable shares. The dilutive effect of outstanding restricted stock
units and other contingently issuable shares is reflected in diluted earnings per share by application of the treasury stock method.
The rights, including the liquidation and dividend
rights, of the holders of our Ordinary Shares Class A and Ordinary Shares Class B stock are identical, except with respect to voting.
In the years ended December 31, 2022, 2021 and
2020, the net (loss) earnings per share amounts are the same for Ordinary Shares Class A and Ordinary Shares Class B stock because the
holders of each class are entitled to equal per share dividends or distributions in liquidation.
The following table sets forth the computation
of basic and diluted net (loss) earnings per share for the years ended December 31, 2022, 2021 and 2020, which includes both Ordinary
Shares Class A and Ordinary Shares Class B:
2022
2021
2020
Ordinary
shares
Class A
Ordinary
shares
Class B
Ordinary
shares
Class A
Ordinary
shares
Class B
Ordinary
shares
Class A
Ordinary
shares
Class B
Net (loss) earnings per share, basic and diluted
Numerator:
Allocation of undistributed net (loss) earnings
(
1,079,683
)
(
147,172
)
(
84,105
)
(
2,951
)
2,423
85
Denominator:
Weighted average shares
5,203,562
709,301
2,850,000
100,000
2,850,000
100,000
Basic and diluted net (loss) earnings per share
(
0.21
)
(
0.21
)
(
0.03
)
(
0.03
)
0.00
0.00
F-
27
Note 22 — Related party
The related parties had transactions and outstanding balances for the
years ended December 31, 2022 and 2021 consist of the following:
Name of the related parties
Nature of relationship
Brera Calcio AS
Shareholder of the Company being the
president of this entity
Fudbalski Klub Akademija Pandev
Goran Pandev, the director of the Company, is the
founder and owner of this entity
Alessandro Aleotti
Shareholder, Chief Strategy Officer and Director of the Company
Marco Sala
Shareholder of the Company and former Director of Brera Milano
Max Srl
Shareholder of the Company
Stefano Locatelli
Shareholder of the Company
Christian Rocca
Shareholder of the Company
Sergio Carlo Scalpelli
Shareholder, Chief Executive Officer and Director of the Company
Adrio Maria de Carolis
Shareholder of the Company
Francesca Duva
Director of Brera Milano
2022
2021
EUR
EUR
Other receivables – related parties
Alessandro Aleotti
333
333
Marco Sala
333
333
Sergio Carlo Scalpelli
333
333
Christian Rocca
334
334
Stefano Locatelli
-
1,334
Brera Calcio AS
3,076
-
Deposits and prepayments – related parties
Max Srl
38,856
14,545
Stefano Locatelli
35,868
14,000
Sergio Carlo Scalpelli
22,020
-
Trade and other payables – related parties
Max Srl
19,666
6,112
Stefano Locatelli
9,867
-
Brera Calcio AS
-
36,600
Sergio Carlo Scalpelli
4,146
-
Francesca Duva
3,090
-
Loan from a shareholder
Sergio Carlo Scalpelli
-
20,000
As of December 31, 2022 and 2021, balances due
from and due to related parties primarily represent monetary advancements and repayments by the related parties for its normal course
of business.
During the years ended December 31, 2022 and 2021, Brera Milano engaged
SWG S.p.A., or SWG, to provide certain polling services, free of charge, and without agreements in writing. SWG is beneficially owned
by Adrio Maria de Carolis, a beneficial owner of Class A Ordinary Shares.
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Note 23 — Reconciliation of liabilities arising from financing
activities
Loan
payable
Loan from
a shareholder
Lease
liabilities
Total
EUR
EUR
EUR
EUR
At January 1, 2020
-
-
4,474
4,474
Financing cash flows
25,000
-
(
1,883
)
23,117
Interest expenses
-
-
28
28
At December 31, 2020
25,000
-
2,619
27,619
Financing cash flows
-
20,000
(
56,996
)
(
36,996
)
New leases entered
-
-
425,250
425,250
Interest expenses
-
-
2,234
2,234
At December 31, 2021
25,000
20,000
373,107
418,107
Financing cash flows
(
3,084
)
(
20,000
)
(
86,196
)
(
109,280
)
New leases entered
-
-
22,752
22,752
Change on modification of lease
-
-
(
5,933
)
(
5,933
)
Interest expenses
-
-
3,680
3,680
At December 31, 2022
21,916
-
307,410
329,326
Net proceeds from shares issuance for cash in
2022 was EUR
1,346,607
(2021 and 2020:
nil
).
Note 24 — Deferred offering costs
Deferred offering cost means any fees, commissions,
costs, expenses, concessions and other amounts payable to any party, including, without limitation, brokers, underwriters, advisors (accounting,
financial, legal and otherwise) and any consultants, in connection with the Company's initial public offering of Class B Ordinary
Shares ("Offering Shares"). The Offering Shares commenced trading on the Nasdaq Capital Market under the symbol "BREA".
The closing of the Offering took place on January 31, 2023. Upon completion of the IPO, these deferred offering costs shall be reclassified
from current assets to stockholders' equity and recorded against the net proceeds from the offering.
December 31,
2022
December 31,
2021
EUR
EUR
Deferred offering costs
262,684
-
Note 25 — Deferred revenue
Deferred revenue, also known as unearned revenue,
represents amounts received or invoiced in advance of delivering goods or rendering services. These amounts are recognized as revenue
when the performance obligations under the contracts are fulfilled. The Company accounts for deferred revenue in accordance with IFRS
15 - Revenue from Contracts with Customers.
December 31,
2022
December 31,
2021
EUR
EUR
Deferred revenue – outside parties
224,248
29,371
Note 26 — Subsequent events
(i)
Initial Public Offering
On January 26, 2023, we entered into an underwriting
agreement (the "Underwriting Agreement") with Revere Securities, LLC, as representative of the underwriters named on Schedule
1 thereto (the "Representative"), relating to the Company's initial public offering (the "Offering") of
1,500,000
Class B Ordinary Shares (the "Offering Shares") of the Company, at an Offering price of US$
5.00
per share (the "Offering
Price"). Pursuant to the Underwriting Agreement, in exchange for the Representative's firm commitment to purchase the Offering
Shares, the Company agreed to sell the Offering Shares to the Representative at a purchase price of US$
4.65
(
93
% of the public offering
price per share). The Company also granted the Representative a 45-day over-allotment option to purchase up to an additional
225,000
Class
B Ordinary Shares at the Offering Price, representing fifteen percent (
15
%) of the Class B Ordinary Shares sold in the Offering, from
the Company, less underwriting discounts and commissions and a non-accountable expense allowance.
The Offering Shares commenced trading on the Nasdaq
Capital Market under the symbol "BREA". The closing of the Offering took place on January 31, 2023. After deducting underwriting
discounts and commissions and non-accountable expense allowance, the Company received net proceeds of approximately US$
6,900,000
.
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29
The Company also issued the Representative a warrant
to purchase up to
105,000
Class B Ordinary Shares (
7
% of the Class B Ordinary Shares sold in the Offering) (the "Representative's
Warrants"). The Representative's Warrants are exercisable at any time from July 26, 2023 to July 26, 2028 for US$
5.00
per
share (
100
% of the Offering Price per Class B Ordinary Share). The Representative's Warrants contain customary anti-dilution provisions
for share dividends, splits, mergers, and any future issuance of ordinary shares or ordinary shares equivalents at prices (or with exercise
and/or conversion prices) below the exercise price. The Representative's Warrant also contains piggyback registration rights in
compliance with FINRA Rule 5110.
The Offering Shares were offered and sold and
the Representative's Warrant was issued pursuant to the Company's Registration Statement on Form F-1 (File No. 333-268187),
as amended (the "Registration Statement"), initially filed with the Commission on November 4, 2022, and declared effective
by the Commission on January 26, 2023, and the final prospectus filed with the Commission on January 30, 2023 pursuant to Rule 424(b)(4)
of the Securities Act. The Offering Shares, Representative's Warrant and the Class B Ordinary Shares underlying the Representative's
Warrant were registered as a part of the Registration Statement. The Company intends to use the net proceeds from the Offering to purchase
acquisition or management rights of football clubs; continued investment in social impact football; sales and marketing; and working capital
and general corporate purposes.
The Underwriting Agreement contained customary
representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations of the Company
and the underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.
The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and
as of specific dates were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the
contracting parties.
The Company's officers, directors, and Class
A Ordinary Shares shareholders, have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant
any option for the sale of or otherwise dispose of any ordinary shares or other securities convertible into or exercisable or exchangeable
for ordinary shares for a period of 12 months without the prior written consent of the Representative.
(ii)
Entry into a Letter of Intent with Fudbalski Klub Akademija
Pandev
On February 13, 2023, we entered into a binding
letter of intent (the "Letter of Intent") with Fudbalski Klub Akademija Pandev, a joint stock company organized under the
laws of North Macedonia ("FKAP"), and its sole equity holder, Goran Pandev, our director (the "FKAP Owner"), relating
to the acquisition of FKAP by the Company or Brera Milano.
Pursuant to the Letter of Intent, the Company, FKAP
and the FKAP Owner will enter into a securities purchase agreement and other documents or agreements (the "Definitive Agreements")
that will be consistent with the Letter of Intent and will describe the terms upon which the Company will acquire from the FKAP Owner
a number of shares of the issued and outstanding capital stock or other equity interests of FKAP constituting
90
% of the outstanding common
shares of FKAP after such acquisition. The Company will pay the FKAP Owner EUR
600,000
on the date that the parties enter into the Definitive
Agreements. Additionally, for a period of
ten years
beginning with December 31, 2023, and following each year thereafter until December
31, 2033, the Company shall issue to the FKAP Owner a number of restricted Class B Ordinary Shares of the Company equal to the quotient
of the Applicable Net Income Amount (as defined below) divided by the VWAP Per Share (as defined below). For purposes of the Letter of
Intent, the "Applicable Net Income Amount" shall be equal to the sum of (i)
15
% of the net income actually received by FKAP
from players' transfer market fees received during the applicable year; plus (ii)
15
% of the net income actually received by FKAP
from Union of European Football Associations prize money paid for access to European qualifying rounds (not including group stages, and
only including such rounds) during the applicable year; and "VWAP Per Share" means the average of the daily Volume-Weighted
Average Price per share of the Class B Ordinary Shares for each of the ten consecutive trading days beginning on the trading day immediately
prior to the measurement date.
The Letter of Intent will automatically terminate,
and be of no further force and effect except as provided, upon the earlier of (i) execution of the Definitive Agreements, (ii) mutual
agreement between the Company and the FKAP Owner, or (iii) at least ten days' written notice of termination from one party to the
other which may occur no sooner than March 31, 2023. The Letter of Intent contains customary covenants including as to due diligence,
exclusivity, and expenses.
(iii)
Entry into a Contract with Tchumene FC Sports Association
On March 17, 2023, we entered into a contract
(the "Contract") with Tchumene FC Sports Association, a football club organized under the laws of Mozambique ("Tchumene
FC" or the "Club"), relating to a strategic partnership through the establishment of sponsorship and franchising relationships
between us and Tchumene FC.
Pursuant to the Contract, for the 2023 football
season, Tchumene FC will be rebranded as "Brera Tchumene FC" with simultaneous modification of its logo and corporate colors.
We will determine the Club's game shirt sponsor, deliver media relating to the Club on its communication channels, manage external
media relations, use the Club's brand for any communication activity and promotion, and promote the Club around the world through
its relationship network with football operators and finance partners in the United States. We will not intervene or assume responsibility
over the sports management of the Club and all of the Club's sporting activity will remain under the exclusive control of Tchumene
FC. The Company will pay Tchumene FC €
25,000
, of which €
15,000
was paid upon signing the Contract and €
10,000
will be paid
by the middle of the 2023 football season. Additionally, if the Contract is renewed automatically for an additional annual term as described
below, the Company will pay €
25,000
in one lump sum within thirty days of such renewal of the Contract for the following football
season. We will decide the shirt sponsor of the Club's football shirts. If the sponsor is an Italian company that already works
with us, part of the sponsorship revenue may be allocated to Tchumene FC; however, if the sponsor is from Mozambique, we will negotiate
with Tchumene FC the division of the sponsorship revenue in accordance with market standards.
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30
The Contract will automatically renew for each
subsequent football season in which Tchumene FC plays in the Mozambique second division, unless terminated at the end of any football
season by either party upon 30 days' notice or upon a breach of contract with 30 days' notice. If Tchumene FC enters Mozambique
football's first division, the Contract will be terminated with the intent to renegotiate the terms to include greater commitments
between the parties.
The Contract also provides that no exclusivity
obligations arise under it, and that we may sign similar sponsorship, franchise or other agreements with any company operating in the
sports industry.
(iv)
Entry into a Share Purchase Agreement with Fudbalski Klub
Akademija Pandev
On April 28, 2023, we entered into an agreement
for the purchase and sale of outstanding common shares (the "Share Purchase Agreement") with Fudbalski Klub Akademija Pandev,
a joint stock company organized under the laws of North Macedonia ("FKAP"), and its sole equity holder, Goran Pandev, our
director (the "FKAP Owner"), relating to the acquisition of FKAP by the Company.
Pursuant to the Share Purchase Agreement, the Company
acquired from the FKAP Owner
2,250
common shares of FKAP, constituting
90
% of the outstanding common shares of FKAP, and the Company paid
the FKAP Owner EUR
600,000
upon the signing of the Share Purchase Agreement. Additionally, for a period of
ten years
beginning with December
31, 2023, and following each year thereafter until December 31, 2033, the Company shall issue to the FKAP Owner a number of restricted
Class B Ordinary Shares of the Company equal to the quotient of the Applicable Net Income Amount (as defined below) divided by the VWAP
Per Share (as defined below). For purposes of the Share Purchase Agreement, the "Applicable Net Income Amount" shall be equal
to the sum of (i)
15
% of the net income actually received by FKAP from players' transfer market fees received during the applicable
year; plus (ii)
15
% of the net income actually received by FKAP from Union of European Football Associations prize money paid for access
to European qualifying rounds (not including group stages, and only including such rounds) during the applicable year; and "VWAP
Per Share" means the average of the daily Volume-Weighted Average Price per share of the Class B Ordinary Shares for each of the
ten consecutive trading days beginning on the trading day immediately prior to the measurement date.
The Share Purchase Agreement may be terminated,
amended, supplemented, waived or modified only by written instrument signed by the party against which the enforcement of the termination,
amendment, supplement, waiver or modification is sought. The Share Purchase Agreement contains customary covenants including as to due
diligence, representation and warranties, and indemnification.
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