The Board of Directors of DXN Holdings Bhd. announced that the Company had, on 15 October 2023 ("Effective Date"), entered into a Memorandum of Understanding (the "MOU") with European Wellness Centers INC (BVI Business Registration No. 1809910) (hereinafter referred to as "EW") to establish collaboration and to explore the opportunity to develop and support the collaboration based on their respective fields of expertise and resources, thus creating synergistic benefits to both Parties.

EW is a member within a network of affiliated entities and subsidiaries representing the various international business divisions of the European Wellness Biomedical Group, which at the time of execution of this MOU comprise the academic and professional division, bio-manufacturing and biotech research division, healthcare and wellness center division, and product distribution division. The salient terms of the MOU are, amongst others, as follows: The Parties intend to work collaboratively with the other and have agreed to enter into this MOU based on the following: (a) The Parties will collaborate to jointly develop and establish a comprehensive wellness center, drawing from the extensive experience of world-renowned European Wellness Centers owned by EW;. (b) The Parties will engage in research and development in partnership with respected universities, including but not limited to the Heidelberg University of Germany, the University of California of Irvine, USA and local universities.

This research will encompass areas such as stem cells, peptides, age reversal, immunology, senescence cells, and will employ Phyto and Myco (Mushroom) therapies. Such research and development will be carried out in DXN's property, DXN Cyberville, located at Jalan Teknokrat 1, Cyberjaya, 63000 Cyberjaya, Selangor, of which the specific area in DXN Cyberville will be defined by DXN later in the further detailed agreement; (c) EW will provide wellness expertise, academic support, nutraceuticals, and training knowledge to all DXN distributors worldwide; (d) The Parties will promote and engage in cross-selling of their respective products; and (e) The Parties will actively promote all aspect of this collaboration in line with all applicable laws; and (f) The Parties will work closely with the Ministry of Health Malaysia (MOH) and the Ministry of Tourism, Arts, and Culture Malaysia (MOTAC) to provide preventive rather than solely curative wellness approaches to its customers. The Parties agree to appoint from each Party a representative to manage and oversee the collaborative activities and/or specific projects as well as to discuss matters related to this MOU.

The Parties hereby agree that the ownership and the usage of any research findings, content, invention and intellectual property arising from each respective project under this Collaboration shall be discussed and negotiated by the Parties in good faith. If in the course of this MOU, unfairness to any Party is disclosed or anticipated or any dispute arises, the Parties shall use their best endeavours to agree upon such action as may be necessary and equitable to remove or resolve the cause(s) of the same. If the Parties hereto fail to resolve the disputes or disputes amicably within thirty (30) days from the occurrence of the disputes or disputes, then this MOU shall be deemed to be terminated forthwith.

The MOU shall commence and be effective for a duration of three (3) years from the date of execution of this MOU is only effective if mutually made by the Parties in writing. Any renewal of this MOU is only effective if mutually made by the Parties In writing. Either Party may terminate this MOU by issuing a thirty (30) days' notice in writing to the other Party specifying its intent to do so.